Kategorie-Archiv: Slowakei

Refinancing of CEE countries after Greece’s financial crisis

In the following paper I analysed the development of the refinancing costs of the central european countries after the financial crisis of Greece. The financial status of most of the CEE countries is better than the average of the members of the EU and the Eurozone. Even though Hungary is suffering from a financial crisis, it still manages to achieve the average of the members of the EU. During 2010 we see an improvement of the financial status of most of the CEE countries, while EU members like Spain, Greece, Portugal and Ireland had to suffer from increasing refinancing costs. The consolidation of the national budget will be easier in the CEE countries due to lower debt, the positive economic outlook and the absence of powerful unions. Due to the financial crises of Portugal, Ireland,Greece and Spain (PIGS) superfluous liquidity went out of these bonds and went into safe bonds like Germany, where the nominal interest rates declined. Most of the CEE countries were able to benefit from this development too. Their refinancing costs declined. The correlation proves this. Refinancing conditions will be further upgraded by entry into the EMU if the CEE countries still desire this membership in view of the change of the EMU from a monetary to a transfer union.

See slides: Refinancing CEE Countries

Result

The refinancing cost of the CEE countries has not increased due to the financial crisis in Greece. The contrary is true as a result of the high liquidity and positive financial status of most of the countries. The stability of the Euro and a potential membership of the C.E.E. counties in the EMU, we saw that these countries would not be a problem for the Euro, but rather the membership of the PIGS countries.

Slowakei — Überblick

Slowakei

Lage
Zentraleuropa, zwischen Polen, Tschechien, der Ukraine und Ungarn
Fläche
gesamt: 48 845 qkm
Land
48 800 qkm
Wasser
45 qkm
Landesgrenzen
gesamt: 1 355 km
Grenzstaaten
Österreich 91 km, Tschechische Republik 215 km, Ungarn 515 km, Polen 444 km, Ukraine 90 km
Küste
Kein Zugang zum Meer

Slowakei Karte

Daten des Statistischen Bundesamtes

bild
Bevölkerung 5,4 Mill. 2001
Fläche 49035 qkm 2001
Bevölkerungsdichte 110 Einw. je qkm 2001
Arbeitslosenquote 18,8 % 2000
Bruttoinlandsprodukt (BIP) 19272 Mill.US-$ 2000
Jährliches BIP-Wachstum (real) 2,2 % 2000
BIP je Einwohner (real) 4162 US-$ 2000
Inflationsrate 7,3 % 2001
Importe 13423 Mill.US-$ 2000
Exporte 11885 Mill.US-$ 2000
Saldo der Im- und Exporte -1538 Mill.US-$ 2000
PKW-Dichte 236 je 1000 Einw. 2000
Personal-Computer 148 je 1000 Einw. 2001
bild

Einwohner
5 408 000 (2000 geschätzt)
Hauptstadt
Bratislava (Pressburg)
Klima
gemäßigt subkontinental – kalte, feuchte Winter und warme Sommer.

The World Bank assist Slovak Republic in modernizing its systems for employment

The World Bank approved a US$ 6 million Human Capital Technical Assistance Project for Slovak Republic. The Project will assist the Government in modernizing its systems for employment, education and social cohesion by developing an effective policy infrastructure to implement, manage and evaluate reforms in these sectors in the Ministry of Labor, Social Affairs and Family (MoLSAF) and in the Ministry of Education (MOE).

The Human Capital Technical Assistance (HCTA) Project is the first technical assistance project to be presented under the new Social and Institutional Development and Economic Management Technical Assistance Program that establishes a provision for up to US$100 million of technical assistance during FY2005-2007 available to the EU8 Poland, Czech Republic, Hungary, Slovakia, Slovenia, Lithuania, Latvia, and Estonia countries as a group.

„The Bank is seeking to introduce new ways of working with the EU8 countries to work more closely in partnership in addressing their development constraints and this is a step in this direction“, said Roger Grawe, the World Bank Country Director for Central Europe and Baltics.

The Human Capital Technical Assistance Project has three main components:

Creation of a Policy Capacity Framework. The objective of this component is to create a framework within which policy making and the design and implementation of components of reform in the two Ministries and associated institutions can be coordinated. The component will provide technical assistance to: (i) assess the current inter-institutional arrangements for policy-making and implementation for social and educational policy making and implementation among the two participating Ministries and their associated institutions; and (ii) develop a consistent and sustainable strategy to increase technical capacity for implementation and monitoring of the reforms.

Investment in Human Resources. The objective of this component is to achieve a significant improvement in the quality of human resources available for policy making and implementation in the two participating Ministries and associated institutions, through training and development of existing staff in policy and reform impact analysis and hiring of new staff through targeted recruitment strategies.

Building and Upgrading Institutional Capacity. The objective of this component is to create and implement an integrated policy management system to structure and guide the various steps in the policy cycle in both the participating Ministries, and in the network of associated institutions. The component will: (i) develop effective mechanisms to improve evidence-based policy making, including the development of important national social and educational action plans and reports; (ii) improve the quality and quantity of internationally comparable data available to policy makers in both MoLSAF and MOE; and (iii) will develop social policy monitoring and evaluation indicators in the field of employment, education and social cohesion.

„Despite the rapid implementation of key reforms in the Slovak Republic in the course of the last few years, there is still a lack of policy-making capacity. In part the problem is one of institutional coordination. There is also a shortage of public employees trained in the field of policy making“ said Mary Canning, head of the World Bank team working on the Project: „Without needed capabilities, skills and knowledge, there is a danger that important social reforms might be reversed or distorted. The current civil service legislation offers the legal basis to enhance the capacity of the civil service to implement and sustain various social reforms, but actual investment in human resources and their management is still lacking.“

The Human Capital Technical Assistance Project will contribute to development of the human resources involved in policy-making; strengthening the management systems and processes governing policy preparation and ensuring the capacity for evidence based policy monitoring.

The World Bank loan has a maturity of 5 years with a 4.5 years of grace period. The Human Capital Technical Assistance Project will be implemented over the next 3 years and will be completed in 2008.