CMS Hungary Partner Katalin Horvath and CMS Austria Partner Stefan Paulmayer discuss the implications of central bank digital currencies (CBDCs) and the evolving landscape of digital payments in Europe.

In recent months, Slovenia’s real estate market has experienced significant shifts driven by economic, technological, and regulatory factors, with more changes expected.

On June 15, 2024, the long-awaited Act on the Judicial Protection Procedure for Former Holders of Qualified Liabilities of Banks (ZPSVIKOB 1) entered into force in the Republic of Slovenia.

Slovenia’s economy has demonstrated resilience and adaptability, with a projected GDP growth rate of 2.3% in 2024, up from 1.6% the previous year. Inflation has stabilized at around 2.8%, and unemployment is at a historically low rate of 3.7%.

Following a prolonged financial crisis, Greece’s economic recovery has significantly progressed in recent years, leading to a resurgence in the real estate market. This revival is not just a mere uptick but a significant surge, evident in rising property prices, increased transaction volumes, and growing interest from foreign investors. Prominent areas such as Athens and Thessaloniki and popular islands like Crete, Mykonos, and Santorini have experienced a substantial increase in real estate activity.

The energy market in Greece is undergoing dynamic changes and challenges. The country is trying to adapt to the requirements of the energy transition by focusing on the development of renewable energy sources (RES) and enhancing its energy independence. At the same time, legislative developments and initiatives aim to address existing challenges and promote sustainable solutions.

Despite a slowdown experienced in the Greek M&A sector in 2023, primarily attributed to factors such as inflation, increased interest rates, pervasive geopolitical instabilities, and diverging valuation perspectives between sellers and buyers, the ongoing year of 2024 has seen a notable upsurge in transaction activity. This upward trend underscores the robustness and resilience of the market, which is not only recovering but is also attracting heightened attention from international investors.

In The Debrief, our Practice Leaders across CEE share updates on recent and upcoming legislation, consider the impact of recent court decisions, showcase landmark projects, and keep our readers apprised of the latest developments impacting their respective practice areas.

Over the past three decades, Central and Eastern Europe (CEE) has experienced significant economic progress, which has catalyzed the development and sophistication of the legal profession within the region. As most economies in the region transitioned from centralized models to more market-driven frameworks, there arose a complex array of legal needs spanning corporate law, international trade regulations, intellectual property rights, environmental law, and others. This economic transformation has facilitated the growth of robust national law firms equipped to manage both the opportunities and challenges inherent in a rapidly expanding market environment.

Summer is traditionally a slower period for many, including the legal sector, but, if used right, the time can pay dividends for law firms.

In The Corner Office, we ask Managing Partners at law firms across Central and Eastern Europe about their backgrounds, strategies, and responsibilities. With managing firm clients being a critical aspect of firms’ operations, we asked: What are the three most important elements when onboarding a new client?

Romania’s economic landscape has shown both growth and resilience this year, driven mostly by public and private investments and domestic consumption. Popovici Nitu Stoica & Asociatii Managing Partner Florian Nitu, Nestor Nestor Diculescu Kingston Petersen Partner Gabriela Cacerea, and Tuca, Zbarcea & Asociatii Managing Partner Gabriel Zbarcea report on the pulse of the Romanian economy, focusing on key sectors, such as infrastructure, energy, IT, and automotive, that are leading this growth despite challenges like inflation, labor shortages, and geopolitical uncertainties.

The competitive landscape in Romania is marked by rigorous enforcement and alignment with EU regulations, making it a challenging, dynamic environment for businesses. Tuca Zbarcea & Asociatii Partner Andreea Oprisan discusses recent legislative developments and the Romanian Competition Council’s proactive measures in an effort to shed light on this complex legal framework.

In light of Moldova’s recent candidacy for European Union membership, significant political and legal reforms have been undertaken to align the country’s laws with EU standards. Among these changes, the data protection legal framework has seen notable upgrades to mirror the General Data Protection Regulation, with Gladei & Partners Partner Iulian Pasatii emphasizing the introduction of contractual clauses for data transfers and the new concept of subprocessors. According to him, these changes aim to reduce bureaucratic burdens, particularly benefiting Moldova’s IT sector, while presenting opportunities for clearer guidelines and enhanced data protection practices. However, challenges remain as Moldova strives to balance stringent EU-aligned regulations with the flexibility needed for business growth.

In the Inside Track, General Counsels across CEE share the nuances of their roles, challenges, and strategies for success. With organizations continuously challenged to adapt to new and complex legal frameworks, this time we asked: For the implementation of whistleblowing requirements, do you intend to use internal resources or outsource, and why?

Microsoft Corporate, External, and Legal Affairs Head for Central Europe Gabriela Popescu talks about her career and her passion for navigating complex legal landscapes.

Bogdan Plesuvescu has worked in both Moldova and Romania’s banking sectors, progressing from a legal role at Banca Transilvania to CEO of Viktoriabank to Deputy CEO back at the “mother organization.”

An in-depth look at Paul Buta of Musat & Asociatii covering his career path, education, and top projects as a lawyer as well as a few insights about him as a manager at work and as a person outside the office.