NBU Governor Kyrylo Shevchenko addressed an ad-hoc meeting of the ECB General Council on 4 May. The meeting focused on the impact of russia’s war against Ukraine on the EU economy, as well as prospects for further technical cooperation between the NBU and the European System of Central Banks.
“I am sincerely grateful for the help and support you have been providing to Ukraine, and the NBU, since the war broke out,” said Kyrylo Shevchenko in the opening remarks of his speech.
The invitation to participate in a meeting of the ECB General Council is a strong signal of support for our country, the NBU Governor said.
The NBU is committed to pursue its goal of becoming a full member of the European community of central banks, Kyrylo Shevchenko emphasized. This task is clearly defined in the NBU’s vision, he said.
“Despite the atrocities committed by russia in its war of aggression, Ukraine remains faithful to its European integration path. We are working together to create a better future for Ukraine,” the NBU Governor said.
Kyrylo Shevchenko informed his colleagues about the current state of Ukraine’s economy, financial and banking systems, and measures taken by the NBU to maintain financial stability while under martial law. After Ukraine wins the war, the NBU will gradually return to the pursuit of its inflation targeting regime with a floating exchange rate, he stressed.
Members of the ECB General Council expressed their full support for the people of Ukraine. The ECB is also planning to launch a trainee program for Ukrainian graduates and young professionals and offer 15 traineeships to cover its organisational needs. Talented young Ukrainians will soon be able to put into practice the skills gained from their education and acquire professional experience at the ECB.
“Today’s meeting is a strong sign of European unity in the face of the war against Ukraine,” said ECB President Christine Lagarde.
As previously reported, this is the first time in Ukraine’s history that the NBU has been invited to a meeting of the ECB General Council. The NBU Governor was invited to the ad-hoc meeting by ECB President Christine Lagarde during their bilateral meeting that took place when the NBU leadership were in the United States for the Spring Meetings of the IMF and the World Bank.
The ECB General Council comprises the ECB President, the ECB Vice President, and governors of the central banks of the 27 EU Member States (representing 19 eurozone countries and 8 noneurozone countries). The ECB General Council meets on a quarterly basis.