The National Bank of Ukraine published a summary of the 9th NBU-NBP Annual Research Conference, “Economic and Financial Integration in a Stormy and Fragmenting World,” held in Kyiv on 19–20 June 2025. The event brought together more than 530 researchers, policymakers and practitioners from 34 countries to examine how central banks are operating amid geopolitical turbulence, increasing fragmentation, evolving supply chains and heightened scrutiny of credibility, analytical capacity and independence. The programme combined academic research and policy panels on integration strategies, including the role of leading currencies, geopolitical shocks and fragmentation, sanctions policy, the evolution of monetary regimes and new approaches to institutional interaction. Keynote contributions included Christine Lagarde highlighting lessons from European economic integration and pointing to the NBU’s banking-sector reforms, risk-based supervision, alignment with EU standards and financial-system resilience; Andrew Bailey emphasising the need for robust independence, flexible monetary policy and equal weight for monetary and financial stability objectives; and Kenneth Rogoff arguing that waning US dollar dominance could create scope for the euro to strengthen if the European Union deepens internal financial markets and institutional depth and maintains stable rules and geopolitical agency. The conference was co-hosted with Narodowy Bank Polski and supported by Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH and the International Monetary Fund.

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