Finance Minister and Central Banker of the Year: The regional winners
Croatia stands out in eastern Europe because of its success in defeating inflation. It was one of the first countries in the region to achieve a single-digit inflation rate - and is the only one where the rate has fallen below 5%.
An equally notable feature of Croatia's stabilization programme has been the presence of Marko Skreb at every stage. As director of research at the National Bank of Croatia, he helped design the economic rehabilitation programme which defeated hyperinflation in October 1993. Last March, aged 38, he was appointed governor of the National Bank. "It is perhaps harder to maintain a low inflation rate over time than to reduce it in the first place," says Skreb, "but we have achieved that. The data for July show that the [annualized] rate is 3.5%. At the same time, we have brought about a very significant decline in interest rates, which have fallen from 30% to single digits."
As governor, Skreb has demonstrated that he is much more than a gifted economist. "His independence and personal qualities make him by far the most suitable person for this job," says a foreign banker in Zagreb.