Macroeconomic reforms alone – such as privatization, price liberalization and making national currencies convertible – are not sufficient to overcome the corruption now holding back many post-communist countries, according to the European Bank for Reconstruction and Development.In its annual report on transition economies released last week, the EBRD argues that such reforms have not had the effects on either the relationship between the state and the economy and hence on the level of corruption that both that bank and most other advocates of reform had hoped and expected.And it concludes t...
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