Ukraine’s next government has 2 big challenges to face
With Ukrainian presidential elections scheduled for May, the next government will have to return stability to an area that's seen mass protests since last November.
The current government is unlikely to last beyond those elections.
Former prime minister Yulia Tymoshenko has ruled herself out of the running for the current government, after being released from more than two years of imprisonment, but is still considered a favourite for the position of President.
Opposition leader and former multiple boxing world heavyweight title holder Vitali Klitschko has said that he is very likely to stand.
Dealing with the old regime
The people of Ukraine will demand that former regime officials responsible violence against protestors are held to account, says Young Voices advocate Maria Semykoz.
This might involve sweeping reforms of the judiciary and law-enforcement, as well as the possibility of lustration, which Semykoz says would see officials from Yanukovych's rule banned from holding political positions.
"This task is not easy, as despite the fall of Yanukovych, the old elite is still powerful both politically and economically", says Semykoz.
Economic pain on the horizon
In a note published on Friday, UBS economist Anna Zadornova suggests that Ukraine's economy could become unstuck without assistance.
With a 7.7 per cent public deficit and 9.1 per cent current account deficit against official foreign exchange reserves of just $16bn, a rollover in public debt of $15.6bn due this February to the end of 2015 will be "near to impossible without external help" says Zadornova.
In a post entitled "Dear compatriots!" Ukraine's finance ministry has announced that it is looking for $35bn of financial aid over the next two years, and will be organising a "big international donor conference".
International risks
Societe Generale's Kit Juckes says that markets will need to keep a keen eye on Russia's reaction to events.
While matters there are largely an emerging market story, says Juckes, if the "transition of power doesn't go smoothly (and that isn't certain) the spill-over will be significant."
Some candidates are more likely to irk Russia than others.
Semykoz believes that a government led by Yulia Tymoshenko or her allies is unlikely to press Russia on a treaty that sees Ukraine pay the highest base price in Europe for Russian gas.
If the next President comes from parties of the former opposition, such as Vitali Klitschko or Petro Poroshenko, then we're likely to see attempts to renegotiate that treaty.