About the event

In recent years, the global economy has faced an unprecedented series of challenges, including the impact of the COVID-19 pandemic, russian aggression against Ukraine, and increasing geopolitical and geoeconomic tensions. These events have resulted in significant and lasting disruptions to the supply side of the economy, coupled with heightened levels of uncertainty. These developments are now seen as the new normal for both advanced and emerging economies across the world, presenting additional complexities for central banks, particularly in emerging markets that are susceptible to external shocks.  As a result, there is a pressing need to develop adaptable and integrated economic policy frameworks that can ensure stability in both macroeconomic and financial realms.

The National Bank of Ukraine organized a workshop titled Monetary Policy in Emerging Markets: Crafting Integrated Solutions, which brought together distinguished economists from central banks, international financial organizations, academia, and the public and private sectors. The workshop aimed to explore the ways in which central banks in emerging markets can adjust their frameworks and integrate their policy tools to achieve their objectives while upholding their credibility and independence.

The event’s keynote speakers, Marcin Kolasa and Jesper Linde from the International Monetary Fund, delivered a lecture on the Integrated Policy Framework. The event took place online on 4 December 2024, using the Zoom platform.

Five key takeaways from what the speakers at the NBU workshop said:

1. Expanding the toolkit of central banks is necessary for optimal monetary policy response to short-term shocks
2. Capital flow management and international reserves accumulation reduce the risks of economic destabilization going forward
3. Ensuring macrofinancial stability requires effective fiscal-monetary interaction
4. Effective use of combined policy instruments requires a consolidated and integrated analytical approach
5. It is important to keep a balance between the complexity of models and their comprehensibility to the public.

Details of the workshop’s results can be found here.