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.