Monthly Archive: January 2017

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Oligarchs. More a symptom than a cause of Ukraine’s crisis

Oligarchs have captured the Ukrainian state. However, they are more a symptom than the cause of the country’s crisis. That is why successful de-oligarchisation would not bring real progress, but only give rise to a new generation of oligarchs. What is needed instead is a political culture of transparency and accountability.

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The Failed Promise of Deoligarchization in Ukraine

The oligarchic system, which inseparably involves informal ties and corruption between the the top tiers of government and oligarchs, did not disappear after the Revolution of Dignity. It merely evolved slightly to adapt to the new political situation. A closer look at the relationships between the government and big business shows that all post-Maidan statements of Ukraine’s top officials about ‘deoligarchisation’ are pure wishful thinking. The long-established main oligarchic groups started more or less close co-operation with the government elite, which needed their support and was at the same time too weak or lacked the political will to really undermine the oligarchs’ positions.

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іМоRе # 51. An ambiguous start to the year: anti-reforms prevented the manifestation of a decent result

The index for monitoring of reforms (iMoRe) remains low. Assessment of reforms progress for December 19, 2016 – January 8, 2017 is only +0.8 points out of a possible +5.0 points. Progress was observed in public administration reform, public finances and the business environment. Even though these areas have benefitted from a number of progressive legislative actions, the index value is low due to several anti-reforms.

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The NBU Goal and Tasks For 2017: Inflation Targeting Alone Is Not Enough

The first and foremost priority of the National Bank of Ukraine (NBU) is to keep inflation low. This is stated in the law, and in the principles of the monetary policy for 2017-2020 proposed by the NBU Board, and recently approved by the NBU Council. The goal for 2017 is set at 8+-2%. Will the public accept this goal?

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A Super State Bank: PrivatBank Has Been Nationalised. What Comes Next?

The market share of state-owned banks has been constantly growing since 2014 when a so-called banking sector cleanup started. After PrivatBank was nationalised, the government’s share exceeded 50%. How should we view this, what will it result in, and what can the state actually do about PrivatBank? Mykhaylo Demkiv, a financial analyst at the ICU, sums up the situation.

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Ukrainian Catastrophe: No Large Group of People Has Seen Its Income Grow Compared to 1989. Sergey Guriev’s Lecture

The European Bank of Reconstruction and Development (EBRD) has produced a large-scale “Transition Report 2016-2017”, which considers in detail how the transition to a market economy has affected the welfare, life satisfaction and even the height of the population of transition countries.
In Ukraine, the report was presented by Sergey Guriev, the EBRD’s Chief Economist. VoxUkraine has recorded his lecture that took place on November 23, 2016, at Kyiv School of Economics.

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iMoRe # 50. Anniversary Issue, and No Surprise: The Index Is +1

Progress in reforming the banking sector and road infrastructure has positively influenced iMoRe – the index for monitoring of reforms. For December 5 – December 18 iMoRe reached a score of +1.0 out of a possible +5 points. Experts noted the progress in the reforms of the monetary sphere, public administration, public finance and energy sector.