In the paper liberalisation course in WTO and in the OECD are characterised and the survey of the Slovak commitments related to these organisations in the sphere of the capital and financial services flows is presented. Concluding part of the paper deals with assets and risks of the liberalisation process in the financial sector. The paper points out how diverse standpoints of individual countries during negotiations on General Agreement on Trade in Services (GATS) led to generally complicated and non-transparent concept of liberalisation. Service sectors liable to the liberalisation process after GATS rules are only those that accessory countries itemise in relevant lists of liberalisation commitments; accessory countries can define within the framework of sectors specific exceptions concerning market access and national treatment. Slovak Republic actively participated at several negotiation rounds on the liberalisation of trade with financial services.;These negotiations were successfully concluded on 12. 12. 1997 (after the conclusion of the approval process an agreement on financial services came into force on 1. 3. 1999). After adopted commitments SR is obliged not to deteriorate conditions for providing financial services and move along in further liberalisation of financial services indiscriminately towards all WTO countries. With the exception of two sectors all other sectors of financial services were included in the List of Special Obligations. Capital flow and trading in financial services among OECD member countries is regulated by the Liberalisation Code for the Capital Flow and Liberalisation. Code for Current Invisible Operations. Unlike GATS, where rules that are being exercised are formulated rather by individual accessory countries, within the framework of OECD willingness and ability to exercise equal liberalisation principles are essential conditions of membership. Liberalisation in the sense of liberalisation codes of OECD means the abatement of measures (laws, decrees, regulations; rules, and guidelines), that limit agreements or implementation bf transactions and transfers from the-point of view of operations specified in Codes. Liberalisation measures as well as limitations are applied towards all member countries on indiscriminate base. For all that the application of this principle does not depend, on the extent of limitations relevant country still exercises. The paper characterises the mode. of accepting liberalisation obligations and reservations towards concrete items of codes, and the meaning of the institute of stabilisation and derogation. Concerning the admission of SR into OECD one observes considerable acceleration of the liberalisation process. The adjustment of legislation that blocked the deetatization process and privatising of the whole range of important enterprises and financial institutions constitutes part of this liberalisation process. Legislation measures enabling all types of foreign financial institutions their operation in Slovakia in their branch offices and gaining real estates inevitable for their operation are part of this liberalisation process as well. Reservations claimed by the Slovak Republic at the admission into OECD in the sphere of foreign direct investments at home refer currently to specific areas only. Marked advance has been achieved also in the liberalisation of other capital flows (aside from foreign direct investments). All long-term and medium-term capital transaction from abroad are in principle liberalised. As for the capital flows from Slovakia abroad, the extent of residual restrictions is a bit broader. All listed restrictions should be gradually eliminated by the years 2001-2003. The; Slovak approach towards liberalisation of financial services on the across border basis is markedly more reserved compared to that of the liberalisation of capital flows. This treatment is justified by several inevitable structural reforms in the financial sector, which are currently prepared and implemented. Characteristics of assets and risks of the liberalisation in the financial sector draws the attention to the significant dilemma presented to the economic policy at the regulation of this process. The task of the economic policy is to ensure the balance between positive effects of this process for economic development and to mitigate its negative macroeconomic effects. Stable macro-economic policy, structural reforms in financial sector, prudent regulation and consistent financial supervision occupy key position in this process.
