Description
Most research in Peacebuilding and International Political Economy does not effectively interrogate the impact that international financial institutions have on the very possibility for peace in peri-conflict societies. Ukraine has been both embroiled in war since the War in Donbas erupted in 2014, inclusive of the formal Russian invasion in 2022, and has had a long-term relationship with international financial institutions – such as the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB). There is a nascent literature on the political economy of international financial institutions in war, such as the World Bank and International Monetary Fund, but as of yet, not much attention has focused on the activities of the EBRD and EIB in conflict-affected situations. This paper addresses these gaps and seeks to understand the approach and activities of the EBRD and EIB during conflict in Ukraine, and interrogate what impact, if any, their programmes have had on the possibilities for peace in the country. This piece does so by using a critical political economy theoretical framework and methodologically engages with the documents on Ukraine and fragile and conflict-affected states produced by the EBRD and EIB. The aim of the paper is to contribute further to the political economy of peacebuilding literature and study the neglected and powerful European regional banks.
