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Measures in the First Phase of Banking Harmonization with EU Legislation - Case of Serbia

Author

Listed:
  • Juric Bajec

    (Faculty of Economics, Belgrade)

  • Nikola Fabris

    (Faculty of Economics, Belgrade)

  • Jelena Galic

    (Economics Institute, Belgrade)

  • Dragana Petrakovic

    (Economics Institute, Belgrade)

Abstract

Measures in the first phase of banking harmonization are regulated by the following four main EU Directives: First Banking Directive (77/780/EEC), Directive on own funds (89/299/EEC), Directive on a solvency ratio (89/647/EEC) and Directive on deposit-guarantee schemes (94/19/EEC). This article discusses measures undertaken in the first phase of banking harmonization with EU Legislation in Serbia and the results accomplished by these measures and proposes some further steps that have to be implemented in order to accelerate harmonization of the domestic financial system with EU standards. The article analyses banking reform processes in Serbia so far, describes the requirements of the four EU directives mentioned and compares domestic legislation with them. The conclusion is that in Serbia’s financial reform the initial positive results have been achieved, but the process has not yet been completed and there are still various problems both at the level of the financial system and at the level of specified financial institutions.

Suggested Citation

  • Juric Bajec & Nikola Fabris & Jelena Galic & Dragana Petrakovic, 2005. "Measures in the First Phase of Banking Harmonization with EU Legislation - Case of Serbia," South-Eastern Europe Journal of Economics, Association of Economic Universities of South and Eastern Europe and the Black Sea Region, vol. 3(1), pages 145-161.
    • Handle: RePEc:seb:journl:v:3:y:2005:i:1:p:145-161
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    More about this item

    Keywords

    financial system; banking sector; restructuring; harmonization; EU directives;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • P31 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Socialist Enterprises and Their Transitions

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