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Sep 18, 2009 13:00 EEST
September 18 (SeeNews) - Several Balkan central bank governors called on Thursday for the region's countries to unify their stock markets into a single bourse as a way of preparing for eventual European integration, Reuters reported.
Serbia, Bosnia, Montenegro and Macedonia have their own stock markets, while Albania is considering launching its own one.
Serbian central banker Radovan Jelasic told Reuters in an interview that taking into consideration the size of the market and how small the market capitlisation is of all the markets, "it would definitely be a very good thing".
"Bosnia Herzegovina is a small market and we have two stock exchanges ... I think a regional stock exchange is possible and we need that," Bosnia central bank governor Kemal Kozaric told Reuters in a separate interview. "It's not our responsibility, but we are talking about it."
Albania, once Europe's most isolated and hardline Communist dictatorship, is the latest country talking about opening a stock market. "The problem is the efficiency of the stock market, not only in Albania, but also in the region," Albania's central bank governor Ardian Fullani said.
According to him a single stock exchange will provide for lower costs, more efficiency and better control. Fullani also said it would be a good idea to adopt a regional regulatory framework in other economic areas to help prepare the Balkans for eventual EU membership. Central bankers from the region met in the Albanian capital Tirana on Thursday. Their proposal came on the same day when Vienna, Budapest, Prague and Ljubljana Stock Exchanges unvelied their new family brand, CEE Stock Exchange Group.
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