Indeed, people are the single most important market factor. This appears an easy choice to make. But creating this reality is very different. While the new European workforce is discovering that monthly salaries and social benefits are not the birthright they once thought, everyday examples in the privatisation process prove that corruption may soon assume such proportions that it will not only slow down the transition, but will also ruin it. At the latest annual meeting of the IBRD and the IMF in Washington, it was decided that a future precondition for the approval of loans would be an evaluation of the functioning of the rule of law in a country and the existence of anti-corruption laws.
Regulators are under great pressure.
Sometimes, says Prof. Janos Kornai, from Harvard University, but no one can blame the market .