ZSOFIA ARVAI Economics and Research Department, National Bank of HungaryGERWIN BELL Senior Economist, International Monetary Fund's European I DepartmentPETER BOFINGER Professor of Economics, University of WürzburgLAJOS BOKROS Director of Financial Advisory Service, Europe and Central Asia, The World BankCLAUDIA BUCH Head of Research Group, Financial Markets, Kiel Institute of World EconomicsCHRISTA HAINZ Economics Postgraduate, Lugwig-Maximilians-University, MunichWERNER NEUHAUSS Senior Project Manager and Financial Sector Specialist, Kreditanstalt für Wiederaufbau (KfW), Germany's Development Bank, FrankfurtZBIGNIEW POLANSKI Professor of Money and Banking, Warsaw School of Economics and Advisor to the President of the National Bank of PolandMONIKA SCHNITZER Professor of Economics, Lugwig-Maximilians-UniversityJÁNOS VINCZE Advisor, Research and Economics Department, National Bank of HungaryTIMO WOLLMERSHÄUSER Research Assistant, Department of Economics, University of WürzburgCLAUS-PETER ZEITINGER Founder and Managing Director, Internationale Projekt Consult (IPC) GmbH, Frankfurt

• List of Tables List of Figures Acknowledgements PART I: KEYNOTE ADDRESS Experience and Perspectives of Financial Sector Development in Central and Eastern Europe; L.Bokros PART II: THE GOVERNANCE OF BANKS IN EMERGING FINANCIAL SYSTEMS Is Foreign Control a Panacea? On Governance and Restructuring of Commercial Banks in Transition Economies; C.Buch Refinancing Banks in an Unstable Financial Environment: The KfW Experience; W.Neuhauss PART III: FINANCIAL CRISIS IN RETROSPECT Models of Financial Crisis? Can They Explain the 'Boom' of Financial Crises in Transition?; Z.Arvai & J.Vincze Promoting Financial Development and Preventing Crisis: Lessons from Poland; Z.Polanski The Role of the Financial Sector in Macroeconomic Adjustment Programmes; G.Bell PART IV: FINANCIAL DEVELOPMENT IN EASTERN EUROPE: LOOKING AHEAD 'EU Accession Countries: What Path to a Successful EMU Membership?'; P.Bofinger & T.Wollmershäuser Financial Institution Building: Only a Drop in the Ocean?; C.P.Zeitinger The Development of the Banking Sector in Eastern Europe: The Next Decade; C.Hainz & M.Schnitzer Index

ZSOFIA ARVAI Economics and Research Department, National Bank of HungaryGERWIN BELL Senior Economist, International Monetary Fund's European I DepartmentPETER BOFINGER Professor of Economics, University of WürzburgLAJOS BOKROS Director of Financial Advisory Service, Europe and Central Asia, The World BankCLAUDIA BUCH Head of Research Group, Financial Markets, Kiel Institute of World EconomicsCHRISTA HAINZ Economics Postgraduate, Lugwig-Maximilians-University, MunichWERNER NEUHAUSS Senior Project Manager and Financial Sector Specialist, Kreditanstalt für Wiederaufbau (KfW), Germany's Development Bank, FrankfurtZBIGNIEW POLANSKI Professor of Money and Banking, Warsaw School of Economics and Advisor to the President of the National Bank of PolandMONIKA SCHNITZER Professor of Economics, Lugwig-Maximilians-UniversityJÁNOS VINCZE Advisor, Research and Economics Department, National Bank of HungaryTIMO WOLLMERSHÄUSER Research Assistant, Department of Economics, University of WürzburgCLAUS-PETER ZEITINGER Founder and Managing Director, Internationale Projekt Consult (IPC) GmbH, Frankfurt

• List of Tables List of Figures Acknowledgements PART I: KEYNOTE ADDRESS Experience and Perspectives of Financial Sector Development in Central and Eastern Europe; L.Bokros PART II: THE GOVERNANCE OF BANKS IN EMERGING FINANCIAL SYSTEMS Is Foreign Control a Panacea? On Governance and Restructuring of Commercial Banks in Transition Economies; C.Buch Refinancing Banks in an Unstable Financial Environment: The KfW Experience; W.Neuhauss PART III: FINANCIAL CRISIS IN RETROSPECT Models of Financial Crisis? Can They Explain the 'Boom' of Financial Crises in Transition?; Z.Arvai & J.Vincze Promoting Financial Development and Preventing Crisis: Lessons from Poland; Z.Polanski The Role of the Financial Sector in Macroeconomic Adjustment Programmes; G.Bell PART IV: FINANCIAL DEVELOPMENT IN EASTERN EUROPE: LOOKING AHEAD 'EU Accession Countries: What Path to a Successful EMU Membership?'; P.Bofinger & T.Wollmershäuser Financial Institution Building: Only a Drop in the Ocean?; C.P.Zeitinger The Development of the Banking Sector in Eastern Europe: The Next Decade; C.Hainz & M.Schnitzer Index

ZSOFIA ARVAI Economics and Research Department, National Bank of HungaryGERWIN BELL Senior Economist, International Monetary Fund's European I DepartmentPETER BOFINGER Professor of Economics, University of WürzburgLAJOS BOKROS Director of Financial Advisory Service, Europe and Central Asia, The World BankCLAUDIA BUCH Head of Research Group, Financial Markets, Kiel Institute of World EconomicsCHRISTA HAINZ Economics Postgraduate, Lugwig-Maximilians-University, MunichWERNER NEUHAUSS Senior Project Manager and Financial Sector Specialist, Kreditanstalt für Wiederaufbau (KfW), Germany's Development Bank, FrankfurtZBIGNIEW POLANSKI Professor of Money and Banking, Warsaw School of Economics and Advisor to the President of the National Bank of PolandMONIKA SCHNITZER Professor of Economics, Lugwig-Maximilians-UniversityJÁNOS VINCZE Advisor, Research and Economics Department, National Bank of HungaryTIMO WOLLMERSHÄUSER Research Assistant, Department of Economics, University of WürzburgCLAUS-PETER ZEITINGER Founder and Managing Director, Internationale Projekt Consult (IPC) GmbH, Frankfurt

• List of Tables List of Figures Acknowledgements PART I: KEYNOTE ADDRESS Experience and Perspectives of Financial Sector Development in Central and Eastern Europe; L.Bokros PART II: THE GOVERNANCE OF BANKS IN EMERGING FINANCIAL SYSTEMS Is Foreign Control a Panacea? On Governance and Restructuring of Commercial Banks in Transition Economies; C.Buch Refinancing Banks in an Unstable Financial Environment: The KfW Experience; W.Neuhauss PART III: FINANCIAL CRISIS IN RETROSPECT Models of Financial Crisis? Can They Explain the 'Boom' of Financial Crises in Transition?; Z.Arvai & J.Vincze Promoting Financial Development and Preventing Crisis: Lessons from Poland; Z.Polanski The Role of the Financial Sector in Macroeconomic Adjustment Programmes; G.Bell PART IV: FINANCIAL DEVELOPMENT IN EASTERN EUROPE: LOOKING AHEAD 'EU Accession Countries: What Path to a Successful EMU Membership?'; P.Bofinger & T.Wollmershäuser Financial Institution Building: Only a Drop in the Ocean?; C.P.Zeitinger The Development of the Banking Sector in Eastern Europe: The Next Decade; C.Hainz & M.Schnitzer Index