On 1 May 2004 ten new member states joined the EU: eight of them located in Central and Eastern Europe and emerging from almost fifty years of centrally planned economies; two located in the Mediterranean basin and already during the last decade evolving into market economies.

The following figures highlight the standing of the new Member States (NMS) within the EU:

- Population: NMS represent over 20% of the overall EU population after accession
- GDP (at nominal): EU10 NMS will add 5% of GDP to the EU GDP
- GDP per capita (at PPP) in NMS accounts for 51% of EU15 average
- Average GDP growth rate in NMS between 1999 and 2003 is 3.2% (EU15: 2,0%)

The banking and the financial services industries, especially in the Eastern and Central European countries (CEEC), underwent extensive reforms, as part of the overall process that governments adopted in the Nineties to transform their centrally planned economies to market oriented ones. The reforms were carried out on the basis that functioning and efficient banking and financial systems are a prerequisite for sustained economic growth and macroeconomic stability.