Ukraine's leading English-language newspaper since 1995

Ukraine’s leaders need to reach what EBRD President Jean Lemierre referred to as a “constitutional consensus.”

econstruction and Development (EBRD) last hosted its Board of Governors meeting here. Much progress has been made politically and economically.

The country weathered a political revolution in 2004 and the electorate rallied behind the Orange leadership to reject authoritarian rule and embrace representative democracy. As Kamen Zahariev said in his interview with the Post, Ukraine’s voters will never accept a dictatorship again.

The economy is booming and a consumer culture is rapidly developing. Kyiv’s gridlocked streets are evidence of the population’s growing affluence, Only 10 years ago, traffic jams were unheard of and taxis could whisk their passengers across the city regardless of the time of day.

Despite the admirable progress, much critical work is left unfinished.

Ukraine’s political gridlock is as bad as the traffic on Kyiv’s streets. It’s holding up critical reforms needed to complete Ukraine’s full transition and end the decades-long post-Soviet hangover.

The country's leaders need to to reach what EBRD President Jean Lemierre referred to as a “constitutional consensus,” and finally settle the rules of the game of how the country is governed, administered and managed.

Out of the consensus will flow the long-delayed reforms needed to unlock Ukraine's potential.

Land use and registry reform would finally allow Ukrainian and foreign investors to tap into Ukraine’s obvious comparative advantage in all agricultural sectors.

A joint stock company law to protect minority shareholders’ rights would encourage heretofore hesitant investors to enter Ukraine’s marketplace and capital markets.

A reformed, well-defined, nonpartisan judicial system would curtail corruption, benefiting foreign investors and Ukrainians alike.

Banking and tax reform would foster the growth of Ukraine’s underdeveloped small- and medium- enterprises and begin forming a domestic capital market. Ukraine’s leaders need to end the gridlock and secure lasting political stability.