Public sector officials from within the European Bank Coordination “Vienna” Initiative met in Vienna on January 16 with the aim to enhance the coordination of national policies that could impact the economies of emerging Europe. According to a press release, the meeting brought together supervisors, central banks and fiscal authorities from host and home countries of major cross-border banks, as well as officials from EU institutions (the European Commission, the EBA, the ESRB) and International Financial Institutions (IMF, EBRD, EIB, and the World Bank Group). The ECB participated as observer. The purpose of the meeting was to exchange views on how to better co-ordinate national policies in order to avoid adverse cross-border effects in the context of the ongoing bank deleveraging in advanced Europe and to support transition toward a more sustainable banking model in emerging Europe. “What I took away from this meeting was a remarkable consensus,” Erik Berglof, chief economist of the European Bank for Reconstruction and Development, said at a Euromoney conference in Vienna, quoted by BBC. “Now it’s to sit down and work out the details together with the private sector.” The euro zone crisis has led to renewed risks in the financial sectors of emerging Europe since mid-2011. Market tensions notably in equity and funding markets have resulted in significant deleveraging pressures in most countries. In order to respond to intensified funding strains and limited market access, several home and host regulators have tightened liquidity provisions.