Regional cooperation gains new momentum - Croatia signs Memorandum of Understanding with seven countries
At the invitation of the Deputy Prime Minister of the Republic of Croatia and Minister of Finance Marko Primorac and the Ministry of Finance of the Republic of Croatia, finance ministers and other senior officials from Slovenia, Slovakia, Poland, Romania, Bulgaria, Hungary, North Macedonia and Croatia met today in Zagreb to sign a Memorandum of Understanding on cooperation aimed at the development of capital markets.
This initiative aims to foster joint development of national capital markets of the participating countries through closer cooperation and regulatory alignment; the ultimate goal is to enhance liquidity and create stronger, more visible, efficient, and competitive capital markets. By exploiting the full potential of capital markets and the broader financial system, the participating countries seek to strengthen their economies and deepen their cooperation.
The event included a ministerial panel, moderated by the President of the Hanfa Board Ante Žigman. At the panel, the ministers of the signatory countries presented their expectations for future cooperation, the reasons making them perceive the signing of the Memorandum as an important step forward and the experiences from the previous processes regarding capital market development.
In this regard, Ante Žigman stressed in a press statement: “Hanfa very much welcomes the signing of this Memorandum of Understanding, which represents an important step towards the strengthening and deeper integration of capital markets in Central and South-Eastern Europe. We are particularly pleased that the Republic of Croatia will host this regional initiative, which confirms the key role of our country and Hanfa in further developing and linking the capital markets." Žigman also referred to the role of Hanfa: “As the regulator of the Croatian capital market, we believe that cooperation between countries and, if necessary, further harmonisation of the regulatory framework, will contribute to the creation of a larger regional market, increased liquidity and more efficient financing of the economy. This initiative follows the objectives of the European Commission and opens up space for new investment opportunities, innovation development and a more stable financial system. Within its mandate, Hanfa will actively contribute to the implementation of the objectives agreed in order to further strengthen investor confidence and boost long-term sustainable economic growth.”
The signing of this Memorandum builds upon the Memorandum of Understanding signed at the end of 2024 between the stock exchanges of Bratislava, Bucharest, Budapest, Ljubljana, Skopje, Sofia, Warsaw, and Zagreb with the aim of strengthening cooperation and integration of capital markets in Central and South-Eastern Europe, alongside the European Bank for Reconstruction and Development (EBRD), which continues to support this process.
The signatory countries conformed their shared political will and vision to strengthen and increase the efficiency and competitiveness of capital markets in Central and South-Eastern Europe, underscoring a commitment to cooperation with an emphasis on the development of capital markets and the implementation of necessary measures aimed at expanding financing capacity of Central and South-Eastern European countries’ markets, stimulating investments and promoting sustainable economic growth.
The Memorandum is also aligned with the European Union's objectives, particularly its Savings and Investment Strategy, which aims to channel household savings and private capital into capital markets in order to stimulate investment, especially in small and medium-sized enterprises, improve cross-border capital flows, and build a deeper, more liquid, and more resilient EU capital market.
