02.10.2012

Ministry of Finance Government Debt and Financial Markets Directorate employees held in September working meetings with representatives of the Austrian Federal Financing Agency, the Austrian National Bank, the Austrian Financial Market Supervisory Authority, the Vienna Stock Exchange, the Austrian Chamber of Commerce and the Austrian Consumer Protection Association. The expert visits have taken place within the framework of the Strengthening the MoF Administrative Capacity in the Area of Financial Services and Markets Project under Operational Programme Administrative Capacity. The project is co-financed by the EU through the European Social Fund and is being implemented by the Ministry of Finance Government Debt and Financial Markets Directorate.

The key objectives of the visits were to strengthen the expert contacts and exchange of experience between the MoF and Austrian institutions responsible for financial market policies and supervision. Discussed were the organizational structure, coordination and decision making procedures applied in Austria and Bulgaria in respect of financial market policy formation and the participation of the two countries in the EU decision making process. Among the topics discussed were issues pertaining to banking and capital market regulation, under debate at EU level, as well as topics on which both countries had similar positions. Issues in the area of government securities regulation, issue and trade were also included in the discussions.

The experience exchange between the Bulgarian and Austrian Ministries of Finance is very helpful for strengthening the expert capacity in both institutions and would contribute to the undertaking of effective measures in response to the challenges facing the EU financial sector.