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Poland receives upgrades to EBRD transition progress scores


2012-11-12



Over the past year Poland has made further progress in its transition to the standards of a well-functioning market economy with reforms of its banking system and capital market regulations, but while the process is well advanced or close to complete in a number of areas, there are sectors where transition gaps still need to be bridged, the Transition Report 2012, an annual publication by the European Bank for Reconstruction and Development (EBRD), shows.

A strengthening of the Financial Supervision Commission (KNF) and the privatisation of PKO BP earned Poland a one-notch upgrade in banking (to 4-), and improvements in the legal and regulatory framework produced a similar upgrade in the area of capital markets, to 4. The report’s transition indicators range from 1 (little or no change from a rigid centrally planned economy) and 4+ (the standards of an industrialised market economy).

Of the 22 areas of reform covered by the report, Poland has scores of 4- or higher for 16 areas, led by small scale privatisation, price liberalisation, and trade and foreign exchange system, i.e. "first-phase" transition reforms, for which it received the maximum score of 4+. The surprisingly high scores given to the country’s railways (4) and roads (4-) reflect its market institutions and regulations (e.g. the degree of market liberalisation in the case of railways) rather than the state of the infrastructure.

There are six areas with scores of 3 or 3+, including three with a score of 3. Of these, two are in the energy sector (natural resources, sustainable energy). The other one is MSME finance.



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