The Vienna Initiative was established in 2009 in response to the global financial crisis to help emerging European economies cope with the turmoil. The Forum addresses capital outflows from subsidiaries of large cross-border banks in Central and South-Eastern Europe. In January 2012, Vienna Initiative 2 was launched in response to the new risks posed to Central and South-Eastern Europe by the eurozone crisis.
“Given the share capital structure of Moldovan banks, consisting mainly of European investors, and the presence of subsidiaries of European banking groups on the Moldovan market, the impact of the EU financial regulatory policy will be decisive,” the Moldovan central bank argued its decision.
The members of the association coordinate, among other things, political actions, especially in the field of banking supervision, which are designed to take into account both the interests of the home states of banking groups and the interests of the host states in which these groups have subsidiaries or branches.
The Vienna Initiative includes central banks of emerging European and EU economies, EU institutions (the European Commission and the European Central Bank), the IMF, the World Bank, the EBRD, the European Investment Bank, and Western banking groups with a cross-border commercial presence.
