Central & Eastern Europe: Mission control
The European Bank of Reconstruction and Development was set up to facilitate the transition of the former communist states into fully functioning market economies. With the first wave of countries about to join the European Union, Derek Bedlow asks general counsel Emmanuel Maurice what the bank plans to do next
As banks go, the European Bank for Reconstruction and Development (EBRD) is a pretty unusual animal – not least because its ultimate goal is its own demise. Founded in 1991 in the aftermath of the fall of communism in the Soviet Union and Central and Eastern Europe, it was created to nurture the region’s economies towards the creation of effective market economies, both through direct investment into projects and companies and by working with governments to create an environment in which private enterprise can flourish.
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