Issue 34, December 2025

Ralph de Haas examines how Philippe Aghion's Nobel Prize-winning research continues to underpin the EBRD's approach to fostering sustainable growth.

Hans Peter Lankes revisits the evolution of the EBRD' "transition impact" concept, from its origins in the early 1990s.

Sergei Guriev discusses two key reviews that shaped EBRD’s mandate, culminating in the 2016 Transition Concept, which outlined six vital qualities for sustainable market economies.

Former EBRD Director for Croatia, Slovenia, Hungary and Slovakia, Vedrana Jelušić Kašić highlights how EBRD partnerships have strengthened Croatia’s private sector and advanced green transition. From supporting capital market development and cross‑border investments to promoting inclusion and governance, her work reflects the Bank’s core mission.

Amar Al-Saleh explores how blended finance is reshaping the collaboration between FMO and the EBRD to unlock investment in frontier markets.

Ana Bachurova shares how an Antarctic expedition revealed fragility of our planet and reinforced the urgent need for climate action and sustainable finance.