National Bank of Ukraine convenes workshop on integrated monetary policy frameworks for emerging markets

The National Bank of Ukraine hosted its workshop “Monetary Policy in Emerging Markets: Crafting Integrated Solutions,” bringing together economists from the International Monetary Fund, the European Central Bank, several emerging market central banks, and academia to discuss how central banks can design integrated policy frameworks to support macroeconomic and financial stability amid large shocks and uncertainty. Discussions centred on expanding beyond conventional interest rate tools, with speakers presenting research and models supporting the use of foreign-exchange interventions and capital flow measures alongside rate policy, and highlighting how reserve accumulation and capital flow management can mitigate destabilisation risks. The programme also covered fiscal-monetary interaction, including analytical work on the fiscal channel of monetary policy and approaches to distinguishing stabilisation roles across monetary and fiscal authorities, as well as modelling tools such as the IMF’s Integrated Policy Framework and the FINEX forecasting approach. Participants also stressed the trade-off between model complexity and public comprehensibility and the importance of communicating modelling results effectively.