Joint IFI Action Plan
The EBRD, EIB, and World Bank Group launched a Joint IFI Action Plan in support of banking systems and lending to the real economy in Central and Eastern Europe on February 27, 2009. The plan’s objective was to commit to finance up to €24.5 billion for 2009-2010. In the end, the initial commitments were exceeded and more than €33 billion in crisis-related support for financial sectors in the region was made available.
The participating IFIs made joint assessments of large bank groups’ financing needs and deployed rapid assistance in a coordinated manner, according to each institution’s geographical and financing remit. Financing was complemented with efforts to coordinate national support packages and policy dialogue among key stakeholders in the region, in close cooperation with the International Monetary Fund (IMF), the European Commission, and key European institutions. The resources made available to the private sector under the Joint IFI Action Plan complemented those made available to the public sector by the IMF, the European Commission and IBRD, creating positive synergies between macroeconomic and micro/financial sector support and enhancing public confidence.
The Joint IFI Action Plan facilitated the management of the crisis within what emerged as a novel European private-public sector coordination platform. The “Vienna Initiative” has built upon this platform to bring together stakeholders from the public and private sectors to safeguard the financial stability of emerging Europe.
Joint IFI Action Plan, Joint IFI Action Plan-One Year On (1 March 2010)