The Vienna Initiative was launched at the height of the global economic crisis in January 2009 and brought together all the relevant public and private sector stakeholders of EU-based cross-border banks active in emerging Europe.
It provided a forum for decision making and coordination that helped prevent a systemic banking crisis in the region and ensured that credit kept flowing to the real economies during the crisis.
The Vienna Initiative has been and still is a powerful example of a successful relationship between public and private sectors and now functions as a network and virtual think-tank uniting those concerned with the fate of the sector and with the ability to influence it.
On 27 March, a conference will be held marking the achievements of the Vienna Initiative and looking ahead to the role it will continue to play in maintaining the stability of the financial sector in central and south eastern Europe.
It will be hosted in Vienna by Austrian National Bank Governor Ewald Nowotny and Chaired by Boris Vujčić, the Governor of Croatian National Bank. EBRD Vice President Pierre Heilbronn will take part in a panel discussion on the future of the Initiative.
The conference will be attended by other officials from all the public and private institutions that make up the Vienna Initiative and also include as speakers some of the Initiative’s original architects.