This book contains 21 papers on the wide range of issues concerning financial sector transition in the countries of Europe and Central Asia (ECA). The first section places the transition economies in the context of developments in global financial markets. Part two looks at the experience of the past ten years. Parts three and four examine, with reference to specific countries, transactions in the banking and capital markets. Part five takes an analytic approach to key policy issues, whilst highlighting some of the lessons from the past decade. The concluding section describes the role of the World Bank and IMF in supporting financial transition.