The annual conference organized by the Vienna Initiative for Coordination of the European Bank and the Croatian National Bank started today in Split, the Croatian National Bank announced.
Boris Vujcic, CNB Governor and Chairman of the Steering Committee of the Vienna Initiative, delivered the opening speech at the conference. The participants of the full Vienna Initiative Forum will discuss current economic developments in Central, Eastern and Southeastern Europe, the challenges faced by central banks in the post-epidemic period, the promotion of sustainable growth, the role of financial institutions in fostering the transition of green, new financial instruments under the EU Invest program and funding for innovation among other topics. Conference participants include the Vice President of the European Bank for Reconstruction and Development (EBRD), Mark Bowman, the Vice President of the European Investment Bank (EIB), Lyiana Pavlova, the Vice President of the World Bank for Europe and Central Asia, Anna Bjerde, who will join the governors of the central banks of Estonia, northern Macedonia, Montenegro, Slovenia and Ukraine. Representatives of the International Monetary Fund (IMF), the European Central Bank (ECB), the European Commission (EC) and the European Investment Fund (EIF) will also attend the conference along with commercial banks and other financial sector actors.
The Vienna Initiative is a unique public-private sector platform that brings together key international financial institutions, the EC, the ECB and relevant EU institutions, major cross-border banking groups and local and host country authorities. Their aim is to work to maintain financial stability in the countries of Central, Eastern and Southeastern Europe.
The Vienna Initiative began at the height of the 2008/2009 global financial crisis. It brought together international financial institutions, European institutions, host and country of origin regulatory authorities and the largest cross-border banking groups operating in Central, Eastern and Southeastern European countries. Its initial objectives were to support the financial sectors in developing Europe, prevent a disorderly deleveraging, and maintain credit flow to the economies in the region. These objectives were successfully achieved at the time.
With the region recovering, the Initiative’s focus shifted to addressing remaining and emerging challenges in the financial industry, including resolving non-performing loans, developing local capital markets in emerging Europe, financing innovation, and the green transition.