ABSTRACT
As with the banking system, the development of credit policy has reflected the evolution of the economy as a whole. Money and credit policies are important steering instruments in a planned economy; at the same time, they reflect how efficiently it functions. The USSR government resolution of December 5, 1929, "On the Reorganization of the Principles of Management of Soviet Industry", laid the groundwork for the credit reform. The basic principles of credit policy laid down in the beginning of the thirties remained in force for more than twenty-five years in the Soviet Union and a decade in the people's democracies. The Hungarian steering model that came into force on January 1, 1968, is more decentralized than other steering systems in the Council for Mutual Economic Assistance (CMEA). Poland was the first CMEA nation to abandon the packagetype apportionment of credits and instead tie credits to individual components of working assets.
