From Ms Brigid Janssen.

Sir, From Moldova to Mongolia, the European Bank for Reconstruction and Development invests to build a sound market economy from the centrally planned systems that were dominated by the Soviet Union. Neither Russia nor any of the other 29 countries where the EBRD invests would recognise the strange characterisation by Antonio Maria Costa of a region where it is "mission accomplished" and EBRD investment is not needed ("Privatise the bank and put its cash in the Mideast", November 30). It is not political expediency that will determine when it is closing time for the EBRD: it is the market. When countries have access to capital - as they do now in the EU-8 - the EBRD has proved that it is quick to take the market test and move on.