Convergence Between the EU and Central and Eastern Europe
Edited by David G. Dickinson and Andrew W. Mullineux
Chapter 15: The Polish banking sector and EU regulations
Andrzej Raczko INTRODUCTION The process of the integration of the Polish banking sector with that of the European Union (EU) can be evaluated from the point of view of the aims towards which both sides are orientated. The strategic goal of the Union countries consists in the creation of a uniform market, that is, the establishment of a legal and organizational environment in Poland, which would ensure that the functioning of companies is subject to standards analogous to those prevailing in the EU. The uniform conditions are supposed to apply both to banks and to companies who are their clients. From this point of view, the Polish banking sector should conform to EU safety standards and should also deliver at least the basic basket of products and services. This represents an area where the Polish objectives are convergent with those of EU countries. We must not, however, forget about another aspect Ð the unrestrained operation of foreign banks in Poland will constitute competition for the Polish banking sector. We are thus faced with the problem of how we should prepare the already functioning banks for the new conditions. In addition, the adaptation of the existing banks to the requirements of market competition raises the question of the pace at which the changes should be introduced. The purpose of this chapter is to evaluate the speed and the sequence of the adaptation endeavours with regard to the Polish banking sector with a view to establishing not only a stable and safe system...
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