As liberal elites
both East and West commemorate the peaceful end of the Cold War and
celebrate the successes of the last three decades,
it has been important to recognize how painful the post-communist transition was – and, for many, continued to be.As - used as Role/function; subject is marked in bold and both the verb's - simple present tense - are marked in italics.
The underlined portion is modifying the preceding clause - so the usage of simple present tense is apt. Also, note that the transition happened in the past - usage of was is correct and for many - continues to be in present is also correct. So option B stands out.
A. It has been important to recognize how painful the post-communist transition was – and, for many, continued to be
for many continued to be - use of past tense - changes the meaning - incorrect
C. It is important to recognize how painful the post-communist
transition is – and, for many, will continue to be
this option changes the intended meaning. It suggests that the transition is painful now and for many, it will continue to be ..- incorrect
D. It has been important recognizing how painful the post-communist transition has been – and, for many, continues to be
awkward sentence
E. It being important to recognize how painful the post-communist transition could be – and, for many, continued to be
usage of being; transition could be - hypothetical ; continued to be - past tense - awkward construction and leads to changes in the intended meaning.
Best option is B