EBRD Annual Report was Presented at RANEPA
An annual report on the transition process of the European Bank for Reconstruction and Development was presented at RANEPA. Ksenia Yudaeva, First Deputy Governor of the Bank of Russia, delivered a speech at the event.
RANEPA rector Vladimir Mau greeted the audience. Arvid Turkner, EBRD Director for Regional Development (Russia), emphasized “This presentation is an important event for us. Every year we thoroughly analyze one specific topic for the whole region, which encompasses 30 countries. Today Hans Peter Lankes, EBRD Acting Chief Economist, is going to tell you about it in detail”. He thanked Vladimir Mau for giving him the opportunity to present the report at RANEPA as well as he thanked Ksenia Yudaeva and all participants.
The report covered the analysis of the reform activities on the transition to the open economic model in countries of Central Europe, Central Asia, the South and the East Mediterranean. The goal of the research was to present the results for economic development. The report covers the evolution of financial markets in the region of transition economies in the period following the crisis of 2008-2009.
The presentation was delivered by Hans Peter Lankes, Managing Director of Corporate Strategy and Acting Chief Economist. The expert noted that the first EBRD annual report was drafted back in 1994. This new report is also available on the Internet and its significance consists in the great set of data that has been employed.
“We consistently apply our principles and we can assess the reform process. I hope the results we have achieved will be of great help to academic economists”- Peter Lankes said and underlined that this time finance became a key topic of the discussion. Moreover, the manifestations of the structural reforms in various areas were reviewed in the report. In order to reconstruct the whole picture more than 560 criteria were scrutinized. Since the middle 2000s there has been a decrease in pace of reforms and that was a common problem for the region, the speaker specified. In 2015 the picture was much better in comparison with the last several years, in Russia we observed considerable developments in infrastructure.
Then Ksenia Yudaeva, First Deputy Governor of the Bank of Russia took the floor. According to her, under the stagnation circumstances over the last several years there have been traditional for the region financing activities: they mainly concerned debt instruments regarding capital raising. “We have observed a debt burden increase that nonetheless was accompanied with a reduction in investment and small business access to the loan financing” – the expert believes.