Summary and important goals of the

V CONGRESS ON HOUSING FINANCE IN THE CENTRAL AND EASTERN EUROPE COUNTRIES, Warsaw, December 4-5, 2008

SUMMARY

Market participants, banks, developers, regulators and particularly clients will have to face a

lot of difficulties over the next few years until the financial markets, including the housing

finance market, will reach stability. Certainly, stabilization needs to be achieved in different

areas, which - directly or indirectly - influence the market. These areas include particularly

monetary policy as it affected the current crisis. A few central banks’ policies failed to

prevent the huge increase in some strategic materials/ commodities prices, as well as the high

imbalance between different markets. The fact that one year ago almost 60 per cent of

supervisory authorities in different countries did not see the financial crisis threat shows that

their supervisory policies were disfunctional.

We can expect a new economic order in the coming decade.

The main issue the Participants of the 5th Congress tried to resolve was to determine how

financial flows should be organize not to let the imbalance on the international markets

restrict the access to financial means, in order to build trust between market participants.

Building trust should be a common purpose of regulators, banks and developers, focused on

implementation of common growth and crisis prevention strategies. Without any strategic

consensus in some basic areas of our life, including the housing finance market, it will be

difficult to deal with the crisis consequences. The Congress Participants’ expectation was to

assure that this event will motivate the political and economic environments to undertake

common activities that could benefit all market participants.

More information about V Congress summary will be avalaible on following link:

2009 07 31_congress_summary_eng.pdf