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Financial Development in Emerging Europe: The Unfinished Agenda

38 Pages Posted: 20 Nov 2007  

Edda Zoli

International Monetary Fund (IMF)

Date Written: November 2007


This paper assesses the status of financial development in Emerging Europe, analyzes the factors that have shaped it, and discusses policy priorities. Financial development has progressed to varying degrees across the region. Macroeconomic stability and institutional quality have been important factors. Going forward, the EU integration process is likely to propel further reforms and shape financial development in EU members. In non-EU emerging economies the focus should be on maintaining macroeconomic stability and strengthening law enforceability. Creating a well-functioning government securities market, reinforcing corporate governance and creditor rights protection, and promoting the emergence of institutional investors would be beneficial.

Keywords: Emerging markets, Europe, Securities markets, Governance

Suggested Citation

Zoli, Edda, Financial Development in Emerging Europe: The Unfinished Agenda (November 2007). IMF Working Papers, Vol. , pp. 1-36, 2007. Available at SSRN:

Edda Zoli (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

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