On 20–21 June 2024, the National Bank of Ukraine and Narodowy Bank Polski hosted the 8th Annual Research Conference Navigating the Changing Landscape: Central Banks in a New Normal. The event gathered more than 300 leading experts and representatives of central banks, financial institutions, universities, and think tanks from almost 30 countries.
The conference placed its focus on strategies that central banks can pursue to effectively manage the economic fallout from the war against Ukraine and to meet related modern-day challenges. Over the course of two days, the event’s participants discussed issues relevant to Ukraine and the world, both online and – for the first time since 2019 – by having a live debate right here in Ukraine.
During day one of the conference, representatives of the International Monetary Fund, the European Central Bank, the central banks of the United States, Canada, Poland, Moldova, and Ukraine, the Bank for International Settlements, the Center for Research on International Economics (CRIE), and Western universities participated in panels that focused on:
- the effects of large and asymmetric shocks on economic development
- the relationship between monetary policy and financial stability
- constraints of the monetary policy transmission mechanism
- how financial literacy shapes inflation expectations
Keynote speaker Frank Smets of the European Central Bank delivered a lecture about fiscal backing and inflation in U.S. business cycles.
Day two covered practical aspects of macroeconomic policy. During the three panels, representatives of the IMF, the U.S. Embassy in Ukraine, the EU Delegation to Ukraine, the central banks of Lithuania, Poland, and Ukraine, the Ukrainian government, the Peterson Institute for International Economics, the Bruegel think tank, the consulting company OGResearch, and Kyiv School of Economics, and Ukrainian and international experts, researchers, professors, and students discussed:
- central banking in a new normal
- Ukraine’s post-war recovery through European integration
- sanctions policy, reparations, and ways to put frozen russian assets to good use.
The IMF’s First Deputy Managing Director Gita Gopinath – headliner of day two – told the participants about major shocks the global economy has faced in recent years and optimal strategies that central banks have pursued under such conditions.
As expected, the event also featured an award ceremony for winners of the 7th Conference for Students and Young Researchers.
“We’re sincerely grateful to the team and our partners for excellent logistics, and to the participants for making the discussion so incredibly professional and in-depth. That the conference has returned to Kyiv and an offline format is a small but important victory. Over the 849 days of the full-scale war, we have grown much stronger, more united, and more aware not only of what we expect from monetary and fiscal policy, but also of what we want Ukraine to be like. This conference will go down in history as a milestone on this path,” said NBU Governor Andriy Pyshnyy as he recapped the event.
“It is my honor to express the unwavering support of the United States for prudent monetary policymaking that prioritizes macrofinancial stability and fosters an equal playing field for businesses. These policies are the foundation of economic growth and prosperity for all. The United States will continue to support Ukraine to develop a robust financial sector that is aligned with European Union standards and integrated into international systems. We understand that Ukraine’s macroeconomic stability is a critical component of winning the war. The government needs a strong private sector to generate the tax revenue to win the war and win the future. That critical link between the economy and the war effort is one reason that USAID has made it a priority to bolster Ukrainian small and medium businesses and financial institutions,” said USAID Acting Mission Director Jeffrey Lehrer.
The NBU conducted the 8th Annual Research Conference jointly with NBP and with support from the USAID Investment for Business Resilience Activity and the IMF. The NBU is grateful to all of its colleagues for their support in making this important research event possible.
For a detailed summary of the conference, read Andriy Pyshnyy’s column Five Key Conclusions of 8th Annual Research Conference.
Useful stuff:
The USAID Investment for Business Resilience (IBR) Activity is a five-year program implemented by DAI Global LLC that supports systemic changes in Ukraine’s economy and increases the supply of finance available to Ukrainian businesses. IBR aims to transform the country’s financial sector into a well-functioning and competitive market that is aligned with European Union standards and integrated into international financial systems, while directly providing financing to enterprises for sustained economic growth. For additional information about the IBR, please visit its Facebook page at: https://www.facebook.com/IBRUAproject.