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While the Bank remains as committed to fulfilling its original mandate as ever, its understanding of what the transition to market economics actually entails has evolved in recent years. At the beginning of 2017, for example, the EBRD began applying a new transition concept, which defines a “well functioning market economy” as more than just competitive; it should also be inclusive, well governed, green, resilient and integrated.
Every few years, the EBRD conducts the Life in Transition Survey (LiTS) – a major survey of households and individuals in the economies where it invests – in collaboration with the World Bank in order to inform its operations.
To date, four waves have been conducted, in 2006, 2010, 2016 and 2022.