EBRD

The European Bank of Reconstruction and Development began life as a combination lender and aid agency to help bring relatively poor areas in the EU up to standards in the more well off areas. It funded bridges and drainage, hospitals and schools and it was good. It has no money other than what it raises from "donors" which is a fictitious term meaning member states which, of course, means EU taxpayers.

What is it spending money on now? Let's just say that it's not good and if you are a taxpayer in the EU, it's your money. The EBRD itself says that 35% of the money it spends comes from EU coffers. As you will see, more comes direct from member states.

A new report from the European Bank of Reconstruction and Development looks at Kazakhstan, reliant on oil exports for about half of its revenues, and concludes that things aren't looking good for the country’s finances in the light of a of a global shift away from fossil fuels.

The changing dynamics in global energy markets are likely to put pressure on fossil fuel exporters such as Kazakhstan, the EBRD says.

No-deal Brexit would hit south-eastern European economies hardest among EBRD regions, says the European Bank for Reconstruction and Development (EBRD) in a surprising counter-point to the position espoused by the EU generally .