Vienna Initiative: regulatory capture and policy confusion continues
Publication | May 14, 2012
In February 2009 the European Bank for Reconstruction and Development, together with the European Investment Bank and the World Bank Group launched a series of meetings with commercial banks, coordinated with the European Commission and the International Monetary Fund, to shore up a weak link in the financial systems of the European Union. The weak link is in so-called ‘emerging Europe’, the countries of central and eastern Europe that are in the EU, but are outside the European Monetary Union, the Euro-zone. These are mostly ex-Communist countries whose financial systems had remained undeveloped under communism.