The full-scale russian invasion of Ukraine on 24 February 2022 has resulted in tremendous human losses and massive economic damage. Through its targeted destruction of public infrastructure and private property, russia has rattled the very foundation of Ukraine’s economy, which is still reeling from the COVID-19 pandemic. The ensuing internal displacement and migration have exacerbated the loss of productive capacity.

Swift action by key policy institutions and international donors has limited and partially reversed the adverse effects of the war. Much remains to be done to restore the long-term potential of the Ukrainian economy while rebuilding damaged cities and communities.

The Seventh Annual Research Conference of the central banks of Ukraine and Poland, conducted in Krakow on 22–23 June with IMF support, placed its focus on the development and pursuit of economic policy in wartime and during post-war reconstruction. The conference gathered more than 100 leading experts, central bankers, and representatives of think tanks and financial organizations from 60 countries. Barry Eichengreen, Professor of Economics and Political Science at the University of California, Berkeley, and Boris Vujčić, Governor of the Croatian National Bank, were the event’s keynote speakers.

During the two-day conference, experts discussed various issues that are important for both Ukraine and the rest of the world, as the consequences of the full-scale war unleashed by russia have been felt at the global level.

Top five takeaways from the conference:

  • 1. The full-scale invasion by russia has had profound adverse consequences that extend far beyond Ukraine’s borders.
  • 2. Liberal democracies have no alternative but to support Ukraine militarily, financially, and through humanitarian aid.
  • 3. Efforts to impose more sanctions on the aggressor and tighten existing sanctions are bringing the world closer to defeating the common enemy and overcoming the influence of autocratic regimes and resource dependence.
  • 4. Post-war recovery is a long process. Now is the time to start preparing for it..
  • 5. The role of the central bank during the war and in the period of post-war reconstruction is crucial.

This year, the National Bank of Ukraine has conducted the Annual Research Conference jointly with Narodowy Bank Polski, with the assistance of the International Monetary Fund.

The NBU is grateful to colleagues from NBP and the IMF for their support in making this important research event possible.

Watch live on YouTube:
Day 1 (22 June)

Day 2 (23 June)
5 Photo 87 Photo
105 Photo 58 Photo
91 Photo 116 Photo
Thursday, 22 June 2023 (GMT+2, Central European Summer Time)
Venue: NBP Regional Office (Basztowa 20, 30-960 Kraków)
08:00 – 09:00
Registration and Welcome Coffee
09:00 – 09:30
Opening Remarks
Sergiy Nikolaychuk, National Bank of Ukraine Download presentation: Introductory Speech of Deputy Governor of the NBU Serhiy Nikolaychuk at the VII Annual Research Conference
Paweł Szałamacha, Narodowy Bank Polski
Vahram Stepanyan, International Monetary Fund
09:30 – 11:30
Academic Session 1: Trade and Sanctions
Michał Brzoza-Brzezina, Narodowy Bank Polski

International Trade and Macroeconomic Dynamics with Sanction
Fabio Ghironi, University of Washington
Marcin Bielecki, Narodowy Bank Polski Download presentation: Marcin Bielecki

Euroasian Roundabout: Trade Flows into Russia through the Caucasus and Central Asia
Beata Javorcik, European Bank for Reconstruction and Development, University of Oxford Download presentation: Beata Javorcik
Iikka Korhonen, The Bank of Finland Institute for Emerging Economies (BOFIT) Download presentation: Iikka Korhonen

Sanctions and Russian Online Prices
Luigi Palumbo, Bank of Italy Download presentation: Luigi Palumbo
Oleksandr Talavera, University of Birmingham Download presentation: Oleksandr Talavera
11:30 – 12:00
Coffee Break
12:00 – 13:00
Keynote Lecture
Barry Eichengreen, University of California, Berkeley Download presentation: Barry Eichengreen

Jacek Suda, Narodowy Bank Polski
13:00 – 14:15
14:15 – 16:15
Academic Session 2: Local and Regional Effects of War
Krzysztof Makarski, Narodowy Bank Polski

Supply Chain Shocks and Inflation in Europe
Jakub Mućk, Narodowy Bank Polski Download presentation: Jakub Mućk
Oleksiy Kryvtsov, Bank of Canada Download presentation: Oleksiy Kryvtsov

Sparse Warcasting
Mihnea Constantinescu, National Bank of Ukraine Download presentation: Mihnea Constantinescu
Annukka Ristiniemi, European Central Bank Download presentation: Annukka Ristiniemi

Labor Markets during War Time: Evidence from Online Job Ads
Tho Pham, University of York
Paweł Strzelecki, Narodowy Bank Polski Download presentation: Paweł Strzelecki
16:15 – 16:45
Coffee Break
16:45 – 18:15
Policy Panel: Supporting Ukraine: More critical than ever
Yuriy Gorodnichenko, University of California, Berkeley

Luis Garicano, London School of Economics and Chicago Booth
Torbjörn Becker, Stockholm School of Economics
Piotr Żuk, Narodowy Bank Polski Download presentation: Piotr Żuk

Friday, 23 June 2023 (GMT+2, Central European Summer Time)
Venue: NBP Regional Office (Basztowa 20, 30-960 Kraków)
08:30 – 09:00
Registration and Welcome Coffee
09:00 – 11:00
Academic Session 3: Policy during Large and Asymmetric Shocks
Olesia Verchenko, Kyiv School of Economics

Can Energy Subsidies Help Slay Inflation?
Jesper Linde, International Monetary Fund Download presentation: Jesper Linde
Mathias Trabandt, Goethe University Frankfurt Download presentation: Mathias Trabandt

Keynesian Micromanagement
Mishel Ghassibe, Barcelona School of Economics, CREi Download presentation: Mishel Ghassibe
Paweł Kopiec, Narodowy Bank Polski Download presentation: Paweł Kopiec

Fiscal Deficits and Inflation Risks: the Role of Fiscal and Monetary Regimes
Aaron Mehrotra, Bank for International Settlements
Oleksandr Faryna, National Bank of Ukraine Download presentation: Oleksandr Faryna
11:00 – 11:30
Coffee Break
11:30 – 12:30
Keynote Lecture on Croatian Experience and Lessons from the Economic and Financial Post-War Recovery, Including the Characteristics/Success of the Stabilization Program
Boris Vujčić, Croatian National Bank Download presentation: Boris Vujčić

Sergiy Nikolaychuk, National Bank of Ukraine
12:30 – 13:45
13:45 – 15:15
Policy Panel: Post-War Policy Priorities
Antonio Spilimbergo, International Monetary Fund

Stefan Ingves, Toronto Centre
Alexander Pivovarsky, European Bank for Reconstruction and Development
John Power, Bank of England Download presentation: John Power
Jan Svejnar, Columbia University
Sergiy Nikolaychuk
National Bank of Ukraine
Paweł Szałamacha
Narodowy Bank Polski
Vahram Stepanyan
International Monetary Fund
Michał Brzoza-Brzezina
Narodowy Bank Polski
Fabio Ghironi
University of Washington
Marcin Bielecki
Narodowy Bank Polski
Beata Javorcik
European Bank for Reconstruction and Development, University of Oxford
Iikka Korhonen
The Bank of Finland Institute for Emerging Economies (BOFIT)
Luigi Palumbo
Bank of Italy
Oleksandr Talavera
University of Birmingham
Barry Eichengreen
University of California, Berkeley
Jacek Suda
Narodowy Bank Polski
Krzysztof Makarski
Narodowy Bank Polski
Jakub Mućk
Narodowy Bank Polski
Oleksiy Kryvtsov
Bank of Canada
Mihnea Constantinescu
National Bank of Ukraine
Annukka Ristiniemi
European Central Bank
Tho Pham
University of York
Paweł Strzelecki
Narodowy Bank Polski
Yuriy Gorodnichenko
University of California, Berkeley
Luis Garicano
London School of Economics and Chicago Booth
Torbjörn Becker
Stockholm School of Economics
Piotr Żuk
Narodowy Bank Polski
Olesia Verchenko
Kyiv School of Economics
Jesper Linde
International Monetary Fund
Mathias Trabandt
Goethe University Frankfurt
Mishel Ghassibe
Barcelona School of Economics, CREi
Paweł Kopiec
Narodowy Bank Polski
Aaron Mehrotra
Bank for International Settlements
Oleksandr Faryna
National Bank of Ukraine
Boris Vujčić
Croatian National Bank
Antonio Spilimbergo
International Monetary Fund
Stefan Ingves
Toronto Centre
Alex Pivovarsky
European Bank for Reconstruction and Development
John Power
Bank of England
Jan Švejnar
Columbia University
With the support of

International Monetary Fund

Ukraine became a member of the International Monetary Fund (IMF) in 1992. The main areas of Ukraine’s and the NBU’s cooperation with the IMF are as follows: cooperation related to the programs that support the balance of payments (the stand-by arrangement and the extended fund facility), annual consultations under Article IV of the Articles of Agreement of the International Monetary Fund, technical assistance, and other activities envisaged by Ukraine’s membership of the IMF.

The IMF has been supporting Ukraine since the full-scale invasion broke out. In March 2022, Ukraine received USD 1.4 billion in aid within the Rapid Financing Instrument (RFI). In October, the IMF provided USD 1.3 billion in additional assistance under the RFI’s food shock window to help countries survive the food crisis triggered by russia’s full-scale war against Ukraine. In March 2023, the IMF approved a 48-month extended arrangement for Ukraine under the Extended Fund Facility (EFF) with an amount of SDR 11.6 billion (or about USD 15.6 billion).

Since 2016, the IMF has been supporting the Annual Research Conference jointly organized by the NBU and Narodowy Bank Polski. Christopher Erceg, Davide Furceri, Jesper Linde, Maurice Obstfeld, Jonathan Ostry, and Olga Stankova are among the IMF-affiliated speakers that joined the event in previous years.

More information