## Financial Development in Emerging Europe: The Unfinished Agenda

_IMF Working Papers, November 12, 2007_

## Source details

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## Bibliographic details
- Authors: Edda Zoli
- Published: November 12, 2007
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781451868081.001

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### Summary assessment of financial development
- 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 shaping development.
- 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.

### Key findings and factors
- Progress in financial development is heterogeneous across Emerging Europe.
- Important shaping factors identified:
  - Macroeconomic stability.
  - Institutional quality, including law enforceability.
  - EU integration dynamics for member countries.

### Policy priorities and recommendations
- For EU members:
  - Leverage the EU integration process to propel further reforms shaping financial development.
- For non-EU emerging economies:
  - Maintain macroeconomic stability.
  - Strengthen enforceability of the law.
- Cross-cutting institutional and market-building recommendations:
  - Create a well-functioning government securities market.
  - Reinforce corporate governance.
  - Strengthen creditor rights protection.
  - Promote the emergence of institutional investors.

### Related platform notes
- The IMF eLibrary offers over 25,000 IMF publications in multiple formats.

*IMF Working Paper: Financial Development in Emerging Europe: The Unfinished Agenda (Working Paper No. 2007/245) by Edda Zoli.*

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_Source: https://www.imf.org/en/publications/wp/issues/2016/12/31/financial-development-in-emerging-europe-the-unfinished-agenda-21410_