Law in Transition journal

This issue seeks to capture the impact of the Legal Transition Programme’s work. The various stories – which are based on the authors’ empirical observations, rather than a strict methodological approach – highlight the real changes that our activities have brought about, with a focus on projects supporting the transition to a green economy and fostering improvements in economic governance.

The 2024 theme is about the need to forge strong partnerships in order to deliver reforms - partnerships with other international financial institutions, national authorities, donors, non-governmental organisations and the private sector. With stories from Azerbaijan, Moldova, Serbia and the wider EBRD regions, each article shows how a particular collaboration has been instrumental in delivering outcomes and impact on the ground.

As usual, the publication reflects on the work of the Legal Transition Programme in the last year or so. Our programme aims to support the economies where the EBRD operates in establishing better legal frameworks for business and investment. This edition is full of lessons learned from our recent activities, which in the past year have focused primarily on climate work and post-Covid recovery.

The many crises our world has faced in recent years only make it more urgent to build societies based on the rule of law. In the economic sphere, it is crucial to strengthen investors’ confidence that they can conduct their activities in a safe and predictable environment. The trend towards digitalisation of government services is an essential step in that direction. That process was accelerated by practical considerations linked to the pandemic. When social contacts are limited, citizens must be able to continue interacting with government structures through digital tools. The work of the Legal Transition Programme actively promotes policies and regulations for the digitalisation of government services.

In 2020 Covid-19 revolutionised the way we live and work. And, accordingly, the crisis changed the way international financial institutions provide their assistance. In addition to its €4 billion Solidarity Package, the EBRD seized the opportunity to reimagine policy dialogue in a global pandemic. Helping governments improve their legal environments for business had to be adapted to the emergency they faced.

This year’s publication of the Law in Transition journal showcases the EBRD’s work in upgrading legal regimes for business and investment in the economies where we invest. In particular, the various stories highlight the strong links between our activities and the Sustainable Development Goals. During these times of coronavirus, it is especially important to keep achievement of the SDGs in focus.

The Law in Transition Special Edition aims to demonstrate the importance and impact of the EBRD's legal work in delivering the Bank's mandate. Many of the articles detail how OGC lawyers contribute to the delivery of each of the Bank's transition qualities.

Being able to share knowledge and lessons learned is a key part of any development programme. For more than two decades the EBRD’s Legal Transition Programme has used this journal to do just that – report on what it has learned and how it has helped create an investor-friendly legal environment in the economies where the Bank invests. This year’s issue reflects the richness and variety of EBRD initiatives that aim to reform laws and build capacity in the Bank’s regions.

This issue of Law in Transition focuses on promoting innovation and sustainable growth through law reform. In particular, it considers how finding innovative solutions to complex development challenges is essential, and innovation thrives best when facilitated by enabling conditions, including predictable and transparent legal rules enforced by a competent judiciary.

This issue of Law in Transition focuses on promoting sustainable market economies through commercial law reform. It draws on contributions from a wide range of experts working within the EBRD’s countries of operations and beyond.

This issue of Law in Transition focuses on natural resources and that sector’s contribution to sustainable development. It draws on a wide range of contributions from authors and organisations working both within the EBRD’s countries of operations and beyond.

Small finance business is the focus of the latest issue of Law in Transition journal. Although small businesses drive economic recovery and growth across the EBRD region, many small and medium-sized enterprises (SMEs) still face significant obstacles in accessing finance. The report looks at the mechanisms in place to help small businesses grow, as well as the key role that legal and regulatory frameworks can play to promote and enhance their development.

This edition of Law in transition is devoted to the role of enforcement agents in giving effect to judicial decisions. It highlights the assessment work and technical assistance projects of the EBRD and other international organisations in this area. It contains in-depth analysis of underlying causes of problems affecting enforcement agents, how these problems interrelate, and how they might be addressed. I hope this volume will be a useful tool for governments, international organisations and others active in promoting reform of enforcement mechanisms in transition countries.

Legal reform is a unique dimension of the EBRD’s work. Legal reform activities focus on the development of the legal rules, institutions and culture on which a vibrant market-oriented economy depends.

Building a sound legal and regulatory framework is an integral part of the market development process. Any uncertainty of legal and regulatory treatment often hampers the development of capital markets. In this latest issue of Law in transition, practitioners and leading scholars share their insights from engagement in various countries and the EBRD presents findings from its legal and regulatory assessment of local capital markets.

Fair and effective courts, with a view to ensuring quality, form part of the bedrock of democracy and the rule of law. They also play a critical role in fostering economic development and investment. This edition of Law in transition is devoted to the role of the courts and judges in transition countries. It highlights the assessment work and technical assistance projects of the EBRD and other international organisations in the area of judicial capacity and contains in-depth analysis of underlying causes of judicial capacity problems, how these problems relate to one another, and how they might be addressed.

As many businesses worldwide face challenges to their business models and underlying liquidity, there is a growing need for commercial laws that can address the requirements of businesses in financial difficulties and minimise potential losses to businesses and their creditors. This year’s issue focuses on restructuring and insolvency laws, and how important they are in times of turmoil and transition.

Procurement best practices are becoming increasingly globalised. This year’s Law in transition online examines how governments in the region are faring in adopting new procurement concepts, and using recommended tools such as eProcurement.

It has been five years since Law in transition last focused on issues surrounding public-private partnerships (PPPs). Since then nearly 20 EBRD countries of operations have attempted to develop, upgrade and expand the scope of their PPP legislative framework. This issue aims to provide a forum for sharing achievements and failures, raising concerns and comparing notes.