Financial sector reform in transition economies, and policies for SME growth


Warsaw, 17 November 2009



Following the launch of the SCU Initiative on 1 April 2009, the first meeting of the Working Group on Financial Markets Development and Impact of Central Banks was held on 17 November 2009 in Warsaw, Poland.


The purpose of this meeting was to initiate dialogue between countries from the South Caucasus and Ukraine, OECD countries and key representatives of the private equity industry, business incubators, research institutions and government regulators to discuss regulatory measures to support entrepreneurship in the region through better financial sector regulation and innovative financing arrangements.


Questions addressed in this meeting included:

  • What are the challenges in financial markets reform faced by transition economies?
  • How to regulate financial sectors appropriately, in times of economic crisis and beyond?
  • What should be the role of supervisory authorities?
  • How to build national and regional financial markets to develop into a financial centre? – Learnings from other transition economies;
  • How to finance economic growth in the SCU region in times of crisis? – Developing guidelines for the monitoring and evaluation of targeted programmes to support financing of high growth SMEs;
  • How to develop innovative sources of financing, such as venture capital, business angels networks and micro-finance facilities?

The meeting was co-chaired by the Czech Republic and hosted and co-organised by the National Supervision Authority of the Republic of Poland.



 Meeting documentation


Agenda [Draft agenda l Russian]

Press release



 Meeting presentations


Opening remarks by H.E. Mr. Dag Artelius, Ambassador of the Kingdom of Sweden to the Republic of Poland


Session I: Changes in financial market reform and the impact of the financial crisis on the South Caucasus and Ukraine

Financial Crisis Presentation, Mr. Adrian Blundell-Wignall, Deputy Director of the Directorate for Financial and Enterprise Affairs, OECD

The need to address financial market development in the region, Mr. Fadi Farra, Head of the Eurasia Competitiveness Programme, Private Sector Development Division, OECD

Financial sector reform in transition economies, and policies for SME growth: presentation hartelius

Country presentations of current challenges in financial market reform: ArmeniaAzerbaijanGeorgiaUkraine


Session II: The institutional framework question

The financial crisis experience in the South Caucasus and Ukraine, Mr. Marek Dabrowski, President, CASE Centre for Social and Economic Research

Current state of the financial crisis, and priorities for the region, Mr. Mark Allen, Senior Regional Representative, International Monetary Fund

Financial markets supervision: Poland's case, Mr. Jaroslaw H. Kozlowski, Expert, Polish Financial Supervision Authority

Financial regulation in the Czech Republic, Mr. Pavel Vacek, Director of Financial Market Regulation, Czech National Bank


Session III: Financing SME growth

Issues surrounding foreign bank penetration, Mr. Colm Foy, Co-ordinator, Asia and Pacific, OECD Development Centre

Implications of foreign bank activities in emerging markets: maximising the positive impact for economic development, Ms. Burcu Hacibedel, Economist, OECD Development Centre

Start-up support for SMEs through credit-guarantee schemes, Mr. Lubomír Rajdl, Member of the Board of Directors, Czech-Moravian Guarantee and Development Bank

A view from the private sector: positive contributions for SME growth, Mr. Rainer Münz, Erste Bank Group


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