Despite considerable progress in terms of macroeconomic stabilisation and in the implementation of market economy reforms, the erstwhile socialist countries in transition, in particular, still display significant structural differences from the current EU member states. One of these differences is that the accession candidates are in a process of catching-up economically.
Few other measures are currently under discussion, such as, imposing risk weight on sovereign exposure and new standardised approach for credit and operational risk. Having dealt with the framework of macro reforms, let me now briefly touch upon nuts and bolts of the reform process.