Monetary Policy in Emerging Markets: Evolution of Inflation Targeting

About

On 27 November, the NBU held its regular workshop on Monetary Policy in Emerging Markets. The event focused on inflation targeting, a monetary regime that has stood the test of time and extreme conditions.

The workshop marked 35 years since inflation targeting was first applied, and a decade since it was adopted by Ukraine. During the event, high-level experts discussed lessons learned and prospects for monetary policy.

The workshop’s keynote speaker was Sveriges Riksbank Governor Erik Thedéen. Sweden is known to be among the first countries ever to employ inflation targeting. The event convened representatives of the International Monetary Fund, the European Central Bank, the central banks of Ukraine, Armenia, and Poland, the Bank of England, the Ministry of Deregulation and State Transformation of Argentina, and the universities of York and Chile.

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

Agenda

11/27/2025

11:20 - 11:30

Opening Remarks

Andriy Pyshnyy, National Bank of Ukraine

11:30 - 12:50

Research Session 1. Building Resilient Policy Frameworks

Moderator: Viktor Koziuk, West Ukrainian National University

Managing the Risks of Inflation Expectation De-Anchoring
Kai Christoffel, European Central Bank

Geopolitical Risks and Monetary Policy in Ukraine
Magnus Jonsson, Sveriges Riksbank

Moving targets? Inflation targeting frameworks, 1990–2025
Matthieu Chavaz, Bank for International Settlements

12:50 - 13:00

Break

13:00 - 14:20

Discussion Panel 1. Monetary Policy Under Pressure and the Path Ahead

Moderator: Martin Sandbu, Financial Times

Panelists:

Armen Nurbekyan, Central Bank of Armenia
Volodymyr Lepushynskyi, National Bank of Ukraine
Boris Hofmann, Bank for International Settlements

14:20 - 14:30

Break

14:30 - 15:50

Research Session 2. Real-Economy Effects of Monetary Policy

Moderator: Maksym Solodarenko, National Bank of Ukraine, KSE

Monetary policy along the yield curve: why can central banks affect long-term real rates?
Tim Willems, Bank of England

When Phillips Meets Beveridge (online)
Tho Pham, University of York

Unemployment level and the non-linear effects of monetary policy in Poland
Małgorzata Walerych, Narodowy Bank Polski

15:50 - 16:00

Break

16:00 - 16:40

Keynote Address

Erik Thedéen, Sveriges Riksbank
Inflation targeting in Sweden: Lessons and Challenges

Moderator: Sergiy Nikolaychuk, National Bank of Ukraine

16:40 - 18:00

Discussion Panel 2. Policy Lessons and Challenges in Inflation Targeting

Moderator: Natan Epstein, International Monetary Fund

Panelists:
José De Gregorio, Universidad de Chile
Dimitar Bogov, European Bank for Reconstruction and Development
Marko Škreb, Central Banking Consultant

18:00 - 18:10

Break

18:10 - 18:50

Distinguished Lecture

Federico Sturzenegger, Ministry of Deregulation and State Transformation of Argentina

Moderator: Oleksandr Faryna, National Bank of Ukraine

18:50 - 19:00

Concluding Remarks

Sergiy Nikolaychuk, National Bank of Ukraine

Featured speakers

Erik Thedéen

Governor of the Riksbank

More details

Erik Thedéen has served as Governor of the Riksbank and Chairman of its Executive Board since 1 January 2023, with a six-year term of office. He represents Sweden in key international bodies as a member of the BIS Economic Consultative Committee, the Global Economy Meeting, and the BIS Board of Directors, and also sits on the BIS Innovation Hub (BISIH) Advisory Committee. He is Chairman of the Basel Committee on Banking Supervision (BCBS), a member of the General Board of the European Systemic Risk Board (ESRB), and a member of the ECB’s General Council. Governor Thedéen is Sweden’s Governor at the IMF and takes part in informal ECOFIN gatherings, Nordic governors’ meetings, G4 Ministers and Governors consultations, and the Nordic–Baltic Macroprudential Forum (NBMF).

Federico Sturzenegger

Minister of Deregulation and State Transformation of Argentina

More details

Federico Sturzenegger is Minister of Deregulation and State Transformation of Argentina, teaches at the University of San Andrés in Buenos Aires (UdeSA) and at the Kennedy School of Government at Harvard University. He is also Professor Honoris Causa at HEC Paris. He received his BA in Economics from the National University of La Plata in 1987 and completed his PhD at the Massachusetts Institute of Technology (MIT) in 1991. He was a professor at the University of California (UCLA) and at the Universidad Torcuato Di Tella. Previously he was Chief Economist of YPF, Secretary of Economic Policy (2001), president of Banco Ciudad (2008-2013), national congressman (2013- 2015) and governor of the Central Bank of Argentina from 2015 to 2018.