Vienna Initiative 2.0

 Mission Statement



The financial crisis has brought conflicts of interest between the banking sector’s home and host countries sharply into focus. Countries where foreign banks’ subsidiaries or branches are systemic face particular challenges in safeguarding financial stability and ensuring adequate credit supply for their economies. The countries of Central, Eastern and Southeastern Europe (CESEE) are important hosts to foreign banks headquartered predominantly in Western Europe. The ongoing eurozone crisis has highlighted the risk of disorderly deleveraging of western parent banks vis-à-vis their affiliates in CESEE and difficulties in cooperation between home and host country authorities.

Against this background, it is the objective of the Vienna Initiative 2 to help:

  • Avoid disorderly deleveraging.
  • Ensure that potential cross-border financial stability issues are resolved
  • Achieve policy actions, notably in the supervisory area, that are taken in the best joint interest of home and host countries.

The Vienna Initiative 2 builds on the success of the Vienna Initiative 1, which was established at the height of the global financial crisis of 2008/09. It again uses a private-public sector platform, which brings together key International Financial Institutions, the European Commission and relevant EU institutions, the principal cross-border banking groups, and home and host country authorities, complementing other initiatives. Its geographical coverage extends beyond the European Union (EU) and also includes other CESEE counties with a substantial presence of western banks—instances where cross-border arrangements are naturally much less developed than inside the EU.

The work within the Vienna Initiative 2 aims for practical results by monitoring of, and reporting on, the deleveraging process and by setting up temporary structures where private and public sector decision makers meet to exchange experience and discuss appropriate actions.

Full Mission Statement

Topics and instruments


Under the Vienna Initiative 2.0, the Steering Committee has identified the following streams as the focus of on-going work to continue to make the financial sectors in emerging Europe more resilient in the longer term:

A Host Country Cross-Border Forum for Croatia was held in Zagreb, 29 October 2012.

Opening Remarks, Host Country Cross-Border Stability Forum, 29 October 2012.

  • Bank Lending Surveys

CESEE Bank Lending Survey H2, 2013

CESEE Bank Lending Survey H1, 2014


Presentations and Events


Events

Vienna Initiative Full Forum, Brussels, October 21-22, 2013
Agenda
List of Participants

Vienna Initiative Full Forum Meeting, Brussels, 9 November 2012
Keynote Speech by Marek Belka, Chairman of the Vienna Initiative Steering Committee

Vienna 2.0 Highlevel Workshop, London, 12 September 2012
Agenda
List of participants

Vienna Initiative Full Forum Meeting, Brussels, 12 March 2012
Elaboration of Vienna 2.0
Basel III Implementation

Meeting of Vienna Initiative, Vienna, 16 January 2012
From Vienna 1.0 to Vienna 2.0
Deleveraging Outlook and Structural Change in Banking Systems

 

 

Presentations

For additional information on events and presentations from past events, please enter the password.

Vienna Initiative Full Forum 9 November, 2012 Presentations

Press releases


Vienna 2 Initiative draws attention to weak credit growth and special challenges for South Eastern Europe (23 October 2013)

Focus on reviving credit growth as external funding withdrawal in emerging Europe picks up (30 July 2013)

Deleveraging abating in emerging Europe amid regulatory and structural shifts (2 May 2013)

Vienna 2 Initiative Steering Committee Discusses Deleveraging, Asset Quality and Implications of Banking Union Plans  (24 January 2013)

The Steering Committee of Vienna 2 delivers observations on cross-border bank resolution to European authorities (18 January 2013)

Vienna 2 Full Forum Focuses on Deleveraging and Bank Resolution (12 November 2012)

Vienna 2 proposes enhancements in cross-border supervision to European authorities (26 October 2012)

Vienna 2.0 Initiative Holds Workshop on Cross-Border Bank Supervision and Resolution in Emerging Europe (13 September 2012)

Vienna Initiative Adopts Mission Statement, sets its Objectives (20 July 2012)

Vienna Initiative Welcomes NBP Governor Marek Belka’s Chairmanship of its Steering Committee (20 June 2012)

Full Forum Meeting of the European Bank Coordination Vienna 2.0 Initative (13 March 2012)

Special Meeting of the European Bank Coordination “Vienna” Initiative (16 January 2012)

Press releases and related press coverage
Public-private forum boosts coordination to support financial sector stability in emerging Europe

The General Board of the European Systemic Risk Board (ESRB) held its fifth regular meeting today

Officials Unite Again to Protect Eastern Europe’s Banks