Narodowy Bank Polski


Building Market Economies in Europe:
Lessons and Challenges after 25 Years of Transition
4th Edition of the Annual NBP Conference on The Future of the European Economy

Introduction: Marek Belka, President, NBP

Ups and downs of the transition

Warsaw, 24 October 2014

The fourth edition of the Annual NBP Conference on The Future of the European Economy, to be held on 24 October 2014 in Warsaw, will focus on Building Market Economies in Europe: Lessons and Challenges after 25 Years of Transition. This edition of the Annual NBP Conference will be unique as a joint project of two institutions – Narodowy Bank Polski and the International Monetary Fund.

The objective of the conference is to verify and assess the process of the building of market economies in Europe after 25 years, including lessons learnt from transition and focusing on the challenges lying ahead.

The conference will be held in English and arranged into four discussion panels devoted to particular economic components necessary for the building of market economies.

  • The foundation: monetary and exchange rate policy
    The first panel will discuss the various approaches to monetary and exchange rate policies that have established foundations on which to build broader policy frameworks. Special attention will be given to inflation-targeting frameworks.
  • Bricks and mortar: economic convergence
    Real economic growth represents the structure of the building of the market economy. This process will be the focus of the second panel. Economic convergence, through which transition countries catch up with the advanced market economies, will be examined in detail, including its driving forces and the priorities to retain competitiveness.
  • The plumbing: financial sector development
    Financial sector development provides critical infrastructure to the economy, channelling the financial flows of credit and investment. The third panel’s main theme will be political and structural changes which took place in the financial sector of transition economies. Issues to be discussed include advantages and disadvantages of the dominance of foreign capital and of the so-called “underdevelopment” of the financial sector.
  • “Crystal Ball” Panel. Building for the future: what have we learned from the past 25 years
    and what is to come in the next 25?

    The final, “crystal ball” panel will focus on what transition countries of Central and Eastern Europe have learned for the last 25 years and where they are going in the next 25. This panel is envisaged as a free, frank and interdisciplinary exchange of views.

Admission to the conference is by personal invitation only.


NBP interest rates

Reference rate 6.75
Lombard rate 7.25
Deposit rate 6.25
Rediscount rate 6.80
Discount rate 6.85

Exchange rates

Table of 2022-12-05
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1 USD4.4415
1 CHF4.7542
1 GBP5.4558
100 JPY3.2842

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