In 1994–98, Algeria was successful in restoring macroeconomic stability and implementing structural reforms. The fiscal position deteriorated in the first part of 1999, owing to low oil prices. Executive Directors supported the reform program introduced in early 2000, and welcomed its emphasis on accelerating reform of the banking and public sector companies but stressed the need for detailed implementation plans. The economic environment should be improved to promote private economic activity, including domestic and foreign investment. The authorities are urged to accelerate trade liberalization.
IMF Managing Director Michel Camdessus reported to the IMF Executive Board on December 6 on the status of Russia’s economic program. (The full text of News Brief 99/81, issued on December 7, is available on the IMF’s website: http://www.imf.org.)
Abstract
This paper discusses the central banking, monetary, and banking laws for 17 countries in Europe, an area where many of the techniques that are now universally used in regulating or controlling the supply of money and credit were developed. The complete text of the basic central bank law of each country is given, as well as the by-laws of the central bank where they supplement major provisions of the basic law, and subsidiary legislation where pertinent. General banking laws are in most instances presented in summary form.