For nearly two decades now, this Scientific Meeting highlights the importance of institutions in designing and implementing economic policy measures. In addition to this, it also emphasizes the existence of a certain vacuum in institutional transition, given that the institutions of the previous political and economic system have been abandoned, and new market institutions are being built slowly, partially and inefficiently.

In the work of this Scientific Meeting, special focus is placed on the necessity of a substantial improvement in institutions and a more responsible attitude towards them adopted by all political and economic parties, in accordance with the rule of law principles. It is emphasized that poor development of the institutional environment, within which economic activities take place, is one of the key factors causing the economic lag of the Republic of Serbia, not only compared to the developed countries, but also in comparison to other countries in transition.

In addition to the abovementioned aspects of institutional foundations of economic growth and development, this Scientific Meeting also considers relevant issues of structural changes, development of the financial system and employment policy. Given that, during the transition process in the Republic of Serbia up to this point in time, many structural deformities have been created, it is suggested that implementation of structural changes is a high-priority task of the reforms. During this process, the Government’s responsibility is of utmost importance, because it is the Government’s duty to encourage sectors that drive economic development.

All papers presented during this Scientific Meeting are published in the Conference Proceedings and are hence made available to the professional community and holders of economic policy, which bears both scientific and practical implications for future institutional solutions in the Republic of Serbia.