From the Chair

It has been a busy few months for the Alumni Association. We are coming to the end of the first stage of our efforts to involve alumni more in the association and to strengthen links between existing and former Bank staff.

I am very keen on bringing the association and the Bank closer to the membership. In 2024, we opened up a way for alumni to nominate themselves to the AA informal Advisory Committee. We are now beginning the process of replacing our first nominees at the end of their tenure. At the same time, two of our long-running members are also standing down after many years of dedication to building the Alumni Association. I would like to thank George (our former Chair), Andre and Julie for all of their hard work and advice. They have helped us immensely as we continue to go from strength to strength.

I am now inviting alumni to put themselves forward for the Advisory Committee. We will be looking for two members to serve initially for one year, with the possibility of a one-year extension. The successful candidates will join the committee early in 2026. We meet four times a year and members can also join remotely. More details on how to self-nominate are set out later in this newsletter.

We have also been busy advocating on two issues that I know are of concern to alumni. The Bank has been given to understand that there is no change to the tax-exempt nature of our retirement plans. They continue to be protected in the way that they always have been, as you will have noted in the recent message we sent out to alumni. We are also continuing to discuss the challenges associated with the cost of our CIGNA health insurance. Substantial price rises are continuing for healthcare and health insurance globally. The EBRD scheme is not immune and it is now almost certain that we will see substantial increases next year when the EBRD is due to renew the CIGNA scheme.

I hope, however, that we will be able to agree with the Bank that members should be able to move between levels in the scheme and, therefore, better manage how much they wish to pay. I will keep you updated as this matter progresses in 2026.

In our newsletter, we trace the intellectual thread of the Transition Report. EBRD Chief Economist Beata Javorcik explores sweeping demographic shifts in the latest report; Ralph de Haas reflects on alum Philippe Aghion’s trajectory from transition thinking to a Nobel Prize; and alumni Hans Peter Lankes and Sergei Guriev revisit the mid‑1990s transition concept that shaped the EBRD’s 2016 framework for sustainable market economies. Plus, we have articles on Ammar Al‑Saleh’s advancement of development finance at the Dutch Entrepreneurial Development Bank (FMO), Ana Bachurova’s Antarctic adventure, Vedrana Jelušić Kašić’s insights from Croatia and Stuart Trow’s new book.

I wish you all a wonderful holiday season and look forward to seeing you in 2026. 

Jonathan Charles
Chair, Alumni Association