The 2014 EBRD Annual Meeting and Business Forum took place in Warsaw, capital of Poland, largest of the eight countries which joined the EU in 2004. The previous quarter of a century saw many dramatic changes in this region and beyond and the event was an opportunity to review the past and look forward to the future.
The Annual Meeting, which took place under the banner 'Changing Economies, Changing Lives', also marked the 25th anniversary of the collapse of communist rule in central Europe, an event which led to the creation of the EBRD as the Bank we know today.
At the 2014 event, held in Warsaw's Stadion Narodowy, the EBRD’s Board of Governors, representing the Bank’s 66 shareholders, discussed proposals to “re-energise” the reform process in the EBRD region.
They also agreed to start investing in Cyprus, most likely for a limited period, to help the country overcome transition challenges that emerged during its severe economic crisis.
The EBRD's governors also approved Libya's membership of the Bank with a view to it becoming a recipient country, enabling it to benefit from the Bank’s investment programmes.
EBRD President Sir Suma Chakrabarti set the Bank on a new course to rekindle the process of reform and prepare the road for stronger growth and higher living standards, proposing new ‘Medium Term Directions’ that addressed the need to re-energise transition.
The ‘Medium Term Directions' aimed to make market reforms more resilient, to promote greater regional and international integration and to provide an effective response to challenges such as climate change and food security.
The EBRD's Governors were also able to share their views on the Bank's performance and future in their speeches and statements delivered at the Annual Meeting.
In addition to the formal discussions, policy-makers and leading experts held high-level panel discussions at the Business Forum, addressing issues key to the future economic and social well-being of the countries where the EBRD works.
At the same time, new EBRD economic forecasts published in Warsaw revealed a significant deterioration in the outlook for Russia and Ukraine as well as a worsening picture for some other countries such as Turkey.