On october 29th the World Bank released its annual "Doing Business" report, ranking 189 economies by how attractive they are to firms. That Singapore led the list again this year, with Eritrea stuck in last place, was less surprising than the fact that Ukraine leapt up the rankings. This was in part due to improvements to its tax-collection system, introduced before its conflict with Russia flared up. The World Bank's indicators seekto covermany aspects of a country's business climate, but not the risk of invasion by a belligerent neighbour. The report's most interesting data-on the time it takes to settle a commercial dispute or to wind up a company-shed light on the problems facing Europe's periphery since the global financial crisis. Countries where it is quick and easy to do these things are usually more attractive to investors than places with lethargic legal systems. In much of southern Europe, which has been hit hard by the crisis, the courts are far slower than places such as France and Germany (see chart). This helps to explain why investment has been slow to revive there.
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