Progress in transition
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Progress in structural and institutional reforms across the transition region continued over the past 12 months, albeit at a slower pace than in previous years. Reform was fastest in south-eastern Europe (SEE), with significant progress in the less advanced countries of the Western Balkans. Reforms in the Commonwealth of Independent States and Mongolia (CIS+M) occurred predominantly in the non-resource rich countries, whereas resource-rich countries made only limited progress. Two patterns of reforms were observed in the CIS+M. First, there were substantial advances in creating a private economy in countries with strong pro-market support. Secondly, in the western CIS market developments and external economic factors triggered a number of reforms in the financial sector. In central eastern Europe and the Baltic states (CEB), where transition has gone furthest, progress in the past year was limited.
The EBRD tracks reform developments in 29 transition countries through a set of nine transition indicators. These indicators cover three phases of progress. The first phase– market-enabling reforms– includes the liberalisation of prices, the liberalisation of trade and access to foreign exchange, and small-scale privatisation. The second phase, designed to be market deepening, includes large-scale privatisation, the reform of the banking sector and the creation and development of securities markets and non-bank financial institutions. The third phase– market-sustaining economic reforms– includes enterprise restructuring and modernisation, the implementation of governance standards, the development and enforcement of effective competition policy, and reform of vital market-supporting infrastructure.
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