The papers collected in this volume are those presented at the seventeenth Collo­ quium arranged by the Societe Universitaire Europeenne de Recherches Financieres (SUERF), which took place in Berlin in October 1992. The Society is supported by a large number of central banks and commercial banks, by other fmancial and business institutions and by personal subscriptions from academics and others interested in monetary and fmancial problems. Since its establishment in 1963, it has developed as a forum for the exchange of information, research results and ideas among academics and practitioners in these fields, including central bank officials and civil servants responsible for formulating and applying monetary and financial policies, national and international. A major activity of SUERF is to organise and conduct Colloquia on subjects of topical interest to its members. The titles, places and dates of previous Colloqu~ for which volumes of the collected papers were published are noted on the last page of this volume.

Inhalt

Preface. I. Introduction; C. de Boissieu. II. The New Europe; Evolving Economic and Financial Systems in East and West; H. Tietmeyer. III. Notes on Voucher Privatization in Eastern Europe; J.S. Earle, R. Frydman, A. Rapaczynski. IV. Bank-Industry Linkages: Models for Eastern European Economic Restructuring; R.C. Smith, I. Walter. V. In the Image of the West: Creating Financial Systems in Eastern Europe; C. Mayer. VI. Privatisation in Western Economies; J. Kay. VII. Barriers to Privatisation: the Case of Poland; C.C. Bandyk. VIII. Privatization in Romania - the Case for Financial Institutions; T. Nicolaescu. IX. From the Plan to the Market: Banking and Financial Reform Aspects; M. Guitián. X. Financial Aspects of Enterprise Restructuring; M.F. Long. XI. Financial Sector Reform and Monetary Policy in Central and Eastern Europe; H.J. Blommestein. XII. Secular Pressures on Banking in Developed Financial Systems: is Traditional Banking an Industry in Secular Decline? D.T. Llewellyn. XIII. Regulation in an International Financial Market Place; P. Doyle, P.D. Mortimer-Lee. XIV. Reforming the Financial System in Central and Eastern Europe; E.N. Karailiev, I.D. Petkova. XV. Towards a Single European Currency: ECU, Franc-fort, Question-Mark; A. Szász. XVI. Monetary Policy Issues and Monetary Integration in Selected East European Countries; W. Duchatczek, A. Schubert. XVII. Economic and Monetary Policy in Eastern Europe: Monetarist or Keynesian Approach? O. Sobek.XVIII. Central Bank Independence: Searching for the Philosophers' Stone; S. Eijffinger, E. Schaling. XIX. Strategic Impediments to Currency Unification; B. Reszat. XX. The Romanian Leu - a Difficult Road towards Convertibility; I. Dumitriu. XXI. National Saving in Developing and Reforming Countries; P.S. Andersen. XXII. Western Enterprises' Response to the Reform Processes in Eastern Europe; G. Fink. XXIII. Capital Needs and Investment Financing in Eastern Countries; H. Handler, A. Steinherr. XXIV. Financial Integration and Disintegration in the Former USSR; A. Anikin. XXV. La crise économique en Europe centrale et la croissance de la CE; l'agenda pour 1993-1995; C. Reuss. XXVI. Retirement Savings of Western Europe: the Motor for Deepening Integration in a Wider Europe of the Regions? G. Bishop. XXVII. General Report on the Colloquium; G. Winckler.