After a difficult and hesitant start in the 1990s, there is now clear evidence that the transition economies of Southeastern Europe have improved their macroeconomic management and enhanced their financial systems so that they can look forward to sustained and high-quality growth.
For the banking sector the role and contribution of the Basel Committee which provided an internationally accepted common framework is to be acknowledged. As we all know, the European capital adequacy rules for banks – which in the EU are also applied to investment firms – draws largely on the Basel framework.