The demise of the Berlin Wall and the collapse of the USSR signaled a rush to privatization in Central and Eastern …-owned-and-operated enterprises to private owners and/or managers in order to create a viable private sector, capital markets and other institutions … and processes, which describe a free market capitalist system. However, the pace of privatization has not been the same …

and supervisory institutions have been set-up. The reforms, though slow paced initially but well synchronized, have begun …