Economic governance

Corporate governance reform in Romania: a catalyst for OECD accession

The EBRD has been helping Romania in its efforts to accede to the Organisation for Economic Co-operation and Development (OECD) by significantly improving the country’s corporate governance standards. In collaboration with the Bucharest Stock Exchange (BSE), the Bank developed a new Corporate Governance Code to enhance standards on board accountability and director competence, as well as internal controls. This article details the background to the EBRD’s work in the country and the development of the Code, and discusses the benefits it will bring, including greater investor confidence, national practices that are aligned with international standards, and more opportunities for sustainable economic growth and stability.

Authors

Pavle Djuric, Senior Counsel, EBRD (djuricp@ebrd.com) 
Anar Aliyev, Principal Counsel, EBRD (aliyean@ebrd.com) 
Mariana Ciurel, Management Advisor, Bucharest Stock Exchange (mariana.ciurel@bvb.ro)

The long journey to improving the corporate governance of state-owned enterprises in Ukraine

This article outlines the major corporate governance journey of Ukrainian state-owned enterprise (SOE) Naftogaz, initiated by the EBRD in 2014 amid a national crisis in the country. It details the challenges, legislative changes, and the gradual shift towards transparency and accountability, as well as notable successes achieved and ongoing struggles against political interference and the impact of external factors such as the invasion by Russia and the ensuing war.

Authors

Gian Piero Cigna, Head of Financial Law Unit, EBRD (cignag@ebrd.com) 
Liubov Skoryk, Counsel, EBRD (skorykl@ebrd.com) 
Yuliya Zemlytska, Principal, Sector Reforms, EBRD (zemlytsi@ebrd.com)

From reform to impact: the past, present and future of legal and regulatory reforms aimed at improving access to finance for SMEs and startups

For decades, the EBRD’s Legal Transition Programme (LTP) has been instrumental in shaping the legal and regulatory frameworks that support factoring, crowd funding and secured transactions in economies where the EBRD invests. With transaction volumes for these products at an all-time high, now is a good time to assess what has been accomplished and identify areas where successes can be built on.

Authors

Milot Ahma, Principal Counsel, EBRD (ahmam@ebrd.com) 
Liubov Skoryk, Counsel, EBRD (skorykl@ebrd.com) 

With contributions from

Ouns Lemseffer, Partner, Clifford Chance 
Lizaveta Trakhalina, Principal Counsellor, Institutional Capacity and Delivery, EBRD

Delivering impact in Morocco: convening private- and public-sector stakeholders to support digital trade

In 2025, Morocco embarked on a transformative journey to enhance its digital trade landscape. An initiative led by the Ministry of Industry and Trade, in partnership with the EBRD’s Legal Transition Programme, aims to assess and promote the use of digital trade documents in the country and align Morocco’s legislation with the recent United Nations Commission for International Trade Law (UNCITRAL) Model Law on Electronic Transferable Records. Successful reform of commercial law requires close consultation and engagement with relevant private- and public-sector stakeholders. The EBRD has helped the Ministry bring together key stakeholders at an early stage to engage with the reform, guided by the International Chamber of Commerce of Morocco. The UNCITRAL Secretariat and the EBRD’s Trade Facilitation Programme (TFP) have provided relevant technical expertise on legal and trade finance matters.

Authors

Catherine Bridge Zoller, Senior Counsel, EBRD (bridgec@ebrd.com) 

With contributions from

Shona Tatchell, Director of Trade Facilitation Programme, EBRD 
Alexa Tiemann, Regional Policy Lead for Southern and Eastern Mediterranean, EBRD 
Luca Castellani, Legal Officer, UNCITRAL Secretariat

The impact of the Prozorro procurement system on the Ukrainian economy

Ukraine’s innovative national-level e-procurement system Prozorro is helping foster a well-governed market economy and strengthen democracy and the rule of law in the country. In addition, it is contributing to positive economic and market outcomes, some of which can be traced back to the EBRD’s technical cooperation with the Ukrainian government. This has included specific technical activities – such as legal assessment, regulatory reforms, entering the international trade system and piloting a digital infrastructure innovation – that have ultimately led to a better governed and more transparent, efficient and competitive economy in Ukraine.

Authors

Eliza Niewiadomska, Senior Counsel, EBRD (niewiade@ebrd.com)

The value, evolution and impact of dispute resolution activities under the EBRD’s Legal Transition Programme

Over two decades the work by the EBRD’s Legal Transition Programme (LTP) in the area of dispute resolution has evolved from strengthening post-Soviet commercial courts to effecting broader reforms in the areas of enforcement, mediation and competition. Building on and learning from its key achievements – such as increasing judicial capacity and creating mediation frameworks – the EBRD is now shifting towards investment-linked policy dialogue and technical cooperation. Nevertheless, the LTP remains committed to applying a holistic approach to contract enforcement and is aware of the continued need for support in this area.

Authors

Michel Nussbaumer, Director, Legal Transition, EBRD (nussbaum@ebrd.com) 
Veronica Bradautanu, Principal Counsel, EBRD (bradautv@ebrd.com) 
Yulia Shapovalova, Principal Counsel, EBRD (shapovay@ebrd.com) 
Illia Chernohorenko, Associate Counsel, EBRD (chernohi@ebrd.com) 
Patricia Zghibarta, Legal Consultant, EBRD (zghibarp@ebrd.com)