The wider benefits of assistance

Nearly two decades ago, central bankers from the wealthier democracies joined together to support their counterparts in the newly emerging post-communist world. Central bankers in Europe, the Balkans and Eurasia faced the daunting task of completely reshaping - and in several cases creating from scratch - central banks capable of controlling inflation, managing payments systems and regulating unruly new commercial banks. Before focusing on these tasks, most of the post-communist central banks