Press Release: European Bank Coordination Meeting: international coordination helped avert a systemic bank crisis in Central and Eastern Europe

On 25 September 2009 the European Commission, the IMF, the EBRD, the EIB, the World Bank Group and the ECB met with 15 structurally important EU-based parent banks of subsidiary banks in Central and Eastern Europe and their home and host country supervisors, fiscal authorities and central banks from Austria, Belgium, France, Germany, Greece, Italy, Sweden, as well as Bosnia Herzegovina, Hungary, Latvia, Serbia, and Romania. The participants took stock of crisis response and management in the context of the European Bank Coordination ('Vienna') Initiative since the start of the crisis and discussed strategies to address jointly new emerging challenges.