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FINANCIAL COOPERATION BETWEEN ALBANIA AND SERBIA (Policy Brief 2016/06)

Author(s): Elena Pici / Language(s): English

The economic dimension of regional cooperation is a key pillar for achieving an interconnected and developed Western Balkan region.With this regard, strategic policy documents of Western Balkan countries, compiled in collaboration with EU Institutions, underline the objective of establishing a unified regional market in the Balkans.The South East Europe Strategy(SEE 2020), the central platform of economic cooperation in the Western Balkans, focuses on several shared projects in the areas of trade,tourism, transport and energy in order to foster the formation of the regional market.

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Ratingul transparenței acționarilor băncilor din Moldova

Author(s): Dumitru Pîntea / Language(s): Romanian

The purpose of this report is to provide the general public with a credible source of information on the degree of transparency of bank shareholders and, in this way, to hold banks accountable in the process of improving shareholder transparency. One of the main vulnerabilities of several Moldovan banks, which has a strong imprint on the national economy, is the transparency and low quality of many shareholders. Often, this issue undermined corporate governance and facilitated exposures to related parties, ultimately resulting in significantly riskier activity. Also, the results of the banking crisis of 2014-2015 demonstrate that the lack of transparency of shareholders and final beneficiaries was one of the key elements behind the massive frauds in the sector.

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Are the Sanctions envisioned by Law enough to Deter the Bank’s improper Behaviour?

Author(s): Dumitru Pîntea / Language(s): English

To protect the interests of depositors and to maintain the stability of financial system, the central banks or other assigned institutions have the duty to ensure the regulation and prudential supervision of commercial banks. These objectives can’t be achieved unless prudential norms and indicators are established, their compliance is monitored, and if appropriate, sanctions are imposed to prevent and limit the risks. In addition, taking into account the possibility to calibrate risks, the sanctions aim to correct the modus operandi of the bank as a whole, and individually, of key persons, who ultimately decide on the level of assumed risks. The international financial leaders have reached a consensus on the need to strengthen supervision and prudential regulation framework because of pressing negative effects and frequency of banking crises. The new Basel III Agreement is the outcome of many debates and covers a number of reference norms designed to reform and strengthen the worldwide financial industry. As regards the relevant intervention measures and sanctions, the new provisions aim to standardize both their level and implementation mode or triggering conditions. Though the new provisions fundamentally affect the bank’s profitability, a number of countries started to implement them in 2011, being aware of the need to maintain the macro-prudential balance.

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KROLL Investigation: Between Expectations and Reality

Author(s): Eugen Ghilețchi / Language(s): English

In 2014, the domestic banking system was shaken by one of the biggest internal crises in our country's history. The bank fraud that resulted in the theft accounting for 12 per cent of the GDP was the consequence of flawed corporate governance in some banks, of dysfunctions and lack of coordination among state institutions, including the ones in charge of ensuring financial stability, as well as the consequence of ill-intentioned decision-makers in state institutions and banks1. In almost 3 years after the crisis, the authorities recovered around MDL 963 million from selling the assets of the three banks, while Kroll Company, contracted to conduct an investigation and support the authorities in recovering the stolen money, detected committed crimes that together add up to around USD 600 million2. // Currently, the only solution that could actually lessen the burden on citizens is to follow the missing money and to recover it to the possible extent. Taking into account the complexity of schemes used by crooks in bank frauds, the full recovery of the assets is virtually impossible in such situations. International experts believe that retrieving even 50 per cent of the lost money in such cases is an achievement.

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Draft Law on Anti-Money Laundering and Countering Financing of Terrorism – Source of Economic Stability or Instability?

Author(s): Sergiu Gaibu / Language(s): English

The aim of this note is to provide recommendations on improvement of the draft law as well as of the certain elements of mechanisms present in Moldova on preventing and combating money laundering, so that to protect the fundamental rights, proper functioning of the business environment and to preserve a rational approach to prevention and combating the money laundering phenomenon. It is vitally important to understand the general context and the role of prevention and combating money laundering in such context. The primary goal of modern societies and states is to eradicate organized crime, drug trafficking, human trafficking, organ trafficking and illegal arms trafficking. In this context the international community developed services to identify and fight these crimes. Once the technologies were developed and the financial flows enhanced, it became obvious that the criminals’ ultimate goal is to bring the enormous income back into the legal ‘white’ circulation. And after realizing this fact, the combating of money laundering was organized and the money laundering activity was incriminated to attack the results of illegal activity.

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Soluții pentru mobilizarea resurselor interne pentru proiecte infrastructurale și dezvoltarea țării: Piața Valorilor Mobiliare de Stat

Author(s): Dumitru Pîntea,Eugen Ghilețchi,Sergiu Gaibu / Language(s): Romanian

The concept of development and liberalization of the state securities market derives from the need to boost the development process of the capital market and the national financial system as a whole. As a result of the frauds registered in the banking sector, the reformation of the financial system becomes imminent, and the rehabilitation and recovery process is announced to be long and will gradually include all its components and sectors. Thus, although at the moment the reform process is focused especially on the banking environment, special attention and a sustained involvement of efforts must also be given to the capital market, or there are solid premises for this sector to become an important element of the financial intermediation mechanism, but also a factor for diluting the risks and vulnerabilities present and revealed by the banking sector.

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Prevenirea și combaterea spălării banilor: Foaie de parcurs pentru adaptarea cadrului regulator la contextul Republicii Moldova

Author(s): Sergiu Gaibu / Language(s): Romanian

As a result of the analysis of the situation of the Republic of Moldova, based on the vulnerabilities of the private sector but also of the state institutions, 13 principles to be followed were developed for the realization of a balanced and rational system for preventing and combating money laundering and terrorist financing. The established principles take into account the requirements of EU Directive 2015/849, the money laundering risks specific to the environment in the Republic of Moldova, as well as the limited resources of the business environment and those of public authorities. Also, these principles focus on the critical risks of money laundering and elimination of vulnerabilities within state institutions, the risks of abusive applicability and susceptibility to corruption.

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Republica Moldova - studiu de caz al noilor scheme de spălare a banilor. Lecții de învățat și consecinţe pentru UE

Author(s): Sergiu Gaibu,Andres Knobel / Language(s): Romanian

The evolution and proliferation of new forms of terrorism, organized crime, intrusion and information warfare generate new money laundering schemes to finance these types of activities. Their purpose is to avoid anti-money laundering mechanisms created through a joint international effort. Money laundering is essentially an international phenomenon, so it is extremely important that regulations and prevention measures are developed and implemented in all countries. This approach is particularly relevant for the European Union (EU), where all new developments, including the fifth Anti-Money Laundering Directive and the legislative framework for the automatic exchange of information, can be undermined if neighboring countries fall behind.

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Sprijinirea întreprinderilor mici și mijlocii în implementarea plăților fără numerar

Author(s): Marina Soloviova / Language(s): Romanian

In the present study, we evaluated, based on statistical data and interviews with representatives of commercial banks and payment systems, the current situation and the development potential of cashless payments in the Republic of Moldova. A desk research was also carried out of the practices of other countries aimed at stimulating cashless payments, especially among small traders. Economic policy proposals were submitted to support small and medium enterprises in the Republic of Moldova in the implementation of cashless payments.

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ECB to the Rescue, Again: Ideas on Debt Relief in the Euro Area

Author(s): Sebastian Płóciennik / Language(s): English

The pandemic has exacerbated the dispute over public debt in the euro area. The supporters of restructuring propose to redeem or extend the maturity of the bonds purchased by the European Central Bank (ECB) in recent years. Opponents of this idea point to legal problems and economic threats. This is another edition - after negotiations on the reconstruction fund - of the discussion on the future of the monetary union and the limits of financial solidarity between the Member States.

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La Punct. Sistemul financiar: de la transparență la încredere

Author(s): Dumitru Pîntea / Language(s): Romanian

Un sistem financiar robust, bine supravegheat și flexibil în realizarea funcțiilor de bază reprezintă o premisă solidă pentru o creștere economică durabilă. La baza stabilității sistemului financiar este încrederea, atât de partea investitorilor, cât și de partea consumatorilor de servicii financiare. Lipsa încrederii generează crize, și apare atunci când relația instituție financiară – client este lipsită de transparența necesară iar dezvăluirea informațiilor redusă. În lipsa unor informații pertinente privind situația reală din sistemul financiar, organele de supraveghere nu pot lua decizii juste privind stabilitatea financiară colectivă. De cealaltă parte, nici consumatorul nu poate lua decizii clare care să-i garanteze încrederea deplină și perspective financiare pozitive. Reieșind din acest fapt, dezvăluirea informațiilor are un rol primordial în asigurarea încrederii în sistemului financiar și fortificarea disciplinei de piață. Respectiv transparența este acel mecanism care poate recompensa instituțiile care își informează adecvat clienții, și penaliza pe cele ce desfășoară o activitate obscură.

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Bond... Eurobond... Necunoscutele din spatele unei emisii de succes

Author(s): Dumitru Pîntea,Adrian Lupușor / Language(s): Romanian

În ultimul timp tot mai mult se vehiculează ideea diversificării surselor de finanțare a soldului (deficitului) bugetului de stat prin emiterea unui Eurobond pe piețele financiare internaționale. Recent, Guvernul a prevăzut această posibilitate odată cu aprobarea Programului „Managementul datoriei de stat pe termen mediu (2020-2022)”. Astfel, ținând cont de tendința de diminuare a intrărilor de împrumuturi în condiții concesionale de la instituțiile financiare internaționale, pe termen mediu, Republica Moldova urmează să acceseze noi oportunități de finanțare, atât pe piața financiară internă, cât și pe cea externă. Una din opțiuni presupune accesarea pieței financiare internaționale și emiterea unui Eurobond cu maturitatea de 7 ani în sumă totală de 500,0 mil. USD, cu scopul enunțat de a extinde maturitatea portofoliului, de a diversifica baza investițională și de a acoperi insuficiența de resurse externe care a fost prognozată pentru anii 2021 și 2022.

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Rosyjski sektor bankowy: rok w kryzysie

Author(s): Maria Domańska / Language(s): Polish

Aktualną sytuację w sektorze bankowym Rosji należy określić jako kryzys systemowy – świadczą o tym wyniki finansowe za 2015 rok. Główne przyczyny złych wyników sektora to trwające od kilku lat spowolnienie gospodarcze i skutki kryzysu lat 2008–2009, wieloletnie zaniedbania ze strony nadzoru bankowego, wreszcie wprowadzone w sierpniu 2014 roku zachodnie sankcje finansowe, które znacząco ograniczyły możliwości pozyskiwania przez banki kredytów zagranicznych. Dzięki znaczącemu wsparciu państwowemu, udzielonemu bankom od końca 2014 do końca 2015 roku kryzys przeszedł z fazy ostrej, rozpoczętej załamaniem na rynku walutowym w grudniu 2014 roku, do fazy stagnacji. Jej przejawem jest pewna stabilizacja w sektorze i mniejsze prawdopodobieństwo gwałtownych turbulencji na rynku bankowym. Banki będą się jednak w najbliższych latach zmagały z długofalowymi, strukturalnymi problemami, wynikającymi ze złego stanu rosyjskiej gospodarki. Jednocześnie nie mogą one liczyć na kontynuację pomocy ze strony państwa z uwagi na brak wystarczających środków w budżecie. Realne problemy banków mogą być przy tym o wiele poważniejsze, niż to wynika ze statystyk z uwagi na częste przypadki fałszowania wyników finansowych.

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Între justiție iluzorie, tactică politică și atentate în adresa independenței băncii centrale. Opinie pe marginea inițiativei de a redistribui o parte din profiturile BNM pentru acoperirea a „furtului miliardului”

Author(s): Adrian Lupușor / Language(s): Romanian

At the beginning of this week, the President of the country, Igor Dodon, came up with the initiative to reallocate part of the profit of the National Bank of Moldova (BNM) to the state budget in order to partially cover the state debt formed following the entry into force of the "law billion". The NBM supported this proposal, stating that "the partial distribution of the NBM's profits, under the agreed conditions, corresponds to international standards in the field of capitalization of central banks. The solution is a balanced one and will allow the gradual accumulation of the National Bank's capital, necessary for the exercise of its mandate, as well as the reduction of the burden on the state budget by distributing profits to it". This initiative requires a deeper deciphering and analytical interpretation, as it contradicts the principles of central bank independence and has important implications for the macro-financial stability framework in the country. In addition, the initiative cannot solve the fundamental problem: lack of real progress in the process of investigations on the "theft of the billion", and the necessary resources for the early repayment of the debt have not been identified.

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Trei elemente pentru soluția problemei inflației: Politica monetară mai echilibrată + depolitizarea subiectului + compensații sociale mai bine țintite

Author(s): Adrian Lupușor / Language(s): Romanian

Inflation has become the main economic and social problem of the current year, both for the Republic of Moldova and for the global economy, against the background of the increase in international prices for food products and energy resources, and the war in Ukraine. Thus, annual inflation reached 29.1% in May, and in the coming months, it will most likely exceed the 30% threshold. At the same time, in the European Union, Great Britain or the United States of America it has reached maximum levels in recent decades. For Moldova, whose consumption depends on imports to the extent of about 60%, and in the case of energy resources the dependence is practically complete on imports, global inflation immediately turned into a complex national problem.

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CSD Policy Brief No. 85: The Kremlin Playbook: Тhe Movie.

Author(s): Author Not Specified / Language(s): English

The Kremlin Playbook 2: The Enablers revealed how Russia has developed and sustained state capture networks in Europe to enable the expansion of its economic and political influence. // Austria has been one of the most vulnerable countries in Europe. Russia has increased its economic footprint in the country significantly over the last decade. Russian entities have rechanneled billions of euro in Russia-owned banks in Austria. The latter received an exemption from the European sanctions to continue operating within the Eurozone system and facilitate loans and deposit operations involving Russian entities.

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CSD Policy Brief №. 126: Illicit Financial Flows and Disinformation in Southeast Europe.

Author(s): Author Not Specified / Language(s): English

Southeast Europe (SEE) remains one of the most vulnerable soft targets for the Kremlin’s ongoing hybrid war against the European Union and the democratic West. The combination of state and media capture, simmering ethnic divisions both between and within countries, and the legacy of Russian cognitive bias all make the region vulnerable to Kremlin’s aggression following their invasion of Ukraine. Illicit finance and disinformation are two of the most potent sharp power tools that the Kremlin has deployed to undermine democratic processes in Southeast Europe. The usage of these tools has also provided fertile ground for the corrosive influence of China and other authoritarian powers. // Illicit financial flows (IFFs) underpin state and media capture oligarchic networks across SEE. Amounting to 6% of the region’s GDP, IFFs are more pervasive in the Balkans than the global average, which stands at 3-5% of world GDP. Widespread disinformation is one of the most insidious symptoms of media capture in SEE. Serbia in particular has emerged as the primary launchpad for both illicit financial flows and pro-Kremlin disinformation in the Western Balkans. However, Bulgaria’s experience has demonstrated that even EU membership does not wipe these problems away. Tackling the nexus of IFFs and media capture in the Balkans calls for continued democratization and rule of law reforms within the framework of an accelerated EU integration. Political leaders throughout the region should be called to account for their support, either open or indirect, of outside authoritarian influence and corrosive capital inflows.

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Česká pozice v EU – výzvy pro léta 2012+. Podklady k expertnímu semináři Česká evropská politika v roce 2012 a úkoly pro rok 2013 v rámci projektu.

Author(s): Arnošt Marks / Language(s): Czech

The current situation in the European Union is still defined by the deep financial and economic crisis of 2009, which turned into an economic and political crisis of the entire EU and the Eurozone. This still dramatically threatens Greece, possibly several other southern EU states. // At the EU level, a whole range of tools and steps have been developed over the last two to three years to try to solve the situation. Their character and essence are different. From simple or one-off measures such as simplification of financing from EU funds in Greece to considerations of far-reaching institutional changes, including in the form of amendments to the basic Treaties. // This background material briefly maps the key topics for the debate on the general positions of the Czech Republic in the coming months of 2012 and 2013.

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Aktuální otázky Víceletého finančního rámce pro období 2014+. Podklady k expertnímu semináři Víceletý finanční rámec 2014-2020: Evropská rada bez dohody a co dál? v rámci projektu

Author(s): Arnošt Marks / Language(s): Czech

The complicated negotiations on the Multiannual Financial Framework (MFF) are always a complex ritual of last-minute haggling in the spotlight. This year's negotiations on the content of the budget are unique in that they are dramatically overlaid with events associated with the financial and economic crisis, the eurozone crisis and other turbulent economic and political events in Europe. The list of issues that seem at first glance to be more important than the VFR is very long and controversial, as the debates within the Challenging the Czech Tales on European Policies project have shown.

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Fiskální smlouva – stará pravidla v novém hávu? Co přináší návrh fiskální smlouvy a proč se Česká republika nepřidala

Author(s): Vít Dostál,Viera Knutelská / Language(s): Czech

The second briefing paper prepared as part of the Challenging the Czech Tales on European Policies project focuses on the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union, i.e. the so-called fiscal contract. The aim of the text is to compare the proposed amendments with the already existing rules introduced by secondary legislation and to evaluate the arguments according to which the Czech Republic decided not to accede to the fiscal treaty at the last meeting of the European Council. In September 2010, the European Commission proposed a package of six economic governance reform acts, the so-called six-pack. These acts were finally approved in November 2011 and entered into force in December. The package, which includes the reform of the Growth and Stability Pact, introduces the European Semester and new options for sanctions for breaching budgetary commitments, was aimed at strengthening the previously "toothless" provisions of the Stability and Growth Pact so that member states are forced to comply with the provisions on maximum budget deficits and public debts.

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