Conclusions

Abstract

This book sheds light on the evolving monetary policy and central bank practices and the changing regulatory environment in the South and East Mediterranean countries. Over the past two decades, central banks in the SEMCs have engaged in price stability objectives and financial sector reforms, with varying degrees of depth, engagement and success. Many countries have achieved more success as compared to the others (for example Morocco and Turkey), maintaining price stability, eliminating interest rate subsidies and controls, reinforcing the responsibilities and roles of the supervisor, improving the risk-management practices in line with the state-of-the-art, successfully implementing a deposit insurance scheme, and introducing a credit information system that may well serve as a best-practice for other developing financial systems.