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COVID-19 in CEE and Europe’s neighbourhood: Do we need a Vienna Initiative 3.0?

How is the Vienna Initiative evolving to respond to the crisis caused by COVID-19?


Pierre Heilbronn

Vice President, Policy and Partnerships, European Bank for Reconstruction and Development

video & audio recordings


Vienna Initiative is a public-private platform, established during the 2008/9 financial crisis to ensure orderly deleveraging of Eurozone-based banks from Central, Eastern and South-East Europe (CESEE).

The focus of the Vienna Initiative has shifted over time and most recently when the COVID-19 crisis prompted the Vienna Initiative to re-focus on crisis response and its coordination role. Among many challenges arising from the current crisis, the main activities of Vienna Initiative are focused on ensuring that IFI product offering is better tailored to the needs of private banking groups, harmonising regulatory responses and accounting treatment to the extent possible, and improving liquidity conditions in CESEE, with particular emphasis on non-EU countries.