Progress in transition
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The transition countries have continued to make progress in structural and institutional reform over the past 12 months. The pace of reform in south-eastern Europe picked up again after a slowdown in 2005, with significant progress in both the less advanced countries of the region and the EU accession candidates. Reforms in the Commonwealth of Independent States were undertaken across the region but the strongest results were in some of the wealthier countries. In central eastern Europe and the Baltic states, where transition has gone furthest, progress in the past year was modest. Across the transition region there was marked progress in reform of the financial sector and telecommunications, resulting from a strong market reaction to recent institutional strengthening.
The EBRD tracks reform developments in 29 transition countries through a set of nine transition indicators. These cover four main elements of a market economy– markets and trade, enterprises, financial institutions and infrastructure. Markets and trade reform is measured by the liberalisation of prices, the liberalisation of trade and access to foreign exchange, and the effectiveness of competition policy. Enterprise reform includes separate indicators for large and small-scale privatisation and a measure of governance and enterprise restructuring. Reform of financial institutions is measured by the development of the banking sector, including the quality of financial regulation, as well as the creation and development of securities markets and non-bank financial institutions. Infrastructure reform is measured by progress in five sectors– electricity, railways, roads, telecommunications, and water and waste water– covering such issues as commercialisation, tariff reform, quality of the regulatory framework and involvement of the private sector.
The measurement scale for the indicators ranges from 1 to 4+, where 1 represents little or no change from a rigid centrally planned economy and 4+ represents the standards of an industrialised market economy. The reform scores reflect the assessments of EBRD country economists using the criteria described in the methodological notes at the back of this Report.
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