The Economic Potential of a Larger Europe
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The Economic Potential of a Larger Europe

Edited by Klaus Liebscher, Josef Christl, Peter Mooslechner and Doris Ritzberger-Grünwald

The Economic Potential of a Larger Europe gives insights into past, present and future issues related to the ongoing EU enlargement process. Providing a unique forum for debate and a multiplicity of views and experiences from both high-profile academics and those who engage with enlargement on an implementation level, this book covers a wide range of topics that are key to a successful transition and integration process and thus to the provision of a prosperous growth environment within a larger Europe. Special attention is paid to monetary integration, notably entry into ERM II, on which representatives of the national central banks involved present their views.
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Chapter 6: Capacity building initiatives - A personal account from the giving and receiving end

Josef Tosovsky


6. Capacity building initiatives – a personal account from the giving and receiving end s Josef Tosovsk´ 1 y I would like to share my experience with capacity building from two perspectives: first, as a former governor of a central bank in a transition economy – that is from the receiving end of technical assistance. Second, from the giving end, as the current head of the Financial Stability Institute (FSI), which among other activities helps to upgrade skills and knowledge, and to build capacity in the area of financial regulation and supervision. Allow me to start with the first perspective and a personal recollection of some historical developments. At the beginning of 1990, shortly after the ‘velvet revolution’ in the Czech Republic, a very small group of newly appointed government officials started to prepare economic reforms. In long discussions and meetings, we worked out proposals for very radical and fast structural economic changes. We soon realized that a swift transition from a centrally planned economy to a market economy, and the political change from a totalitarian regime to a democratic system, would not be without difficulties. We faced two basic kinds of problems. First, the structure of education and the mix of skills in a command economy did not match the needs of a market economy. Second, life under a socialist regime had shaped people’s quality of life, mentality and morals. These problems also undermined the ability of the central bank to fulfil its main task at the time,...

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