The National Bank of Ukraine held its regular workshop on “Monetary Policy in Emerging Markets” focused on inflation targeting, marking 35 years since the regime was first applied and 10 years since Ukraine adopted it. The session, with Sveriges Riksbank Governor Erik Thedéen as keynote speaker, reviewed lessons from inflation targeting’s performance under extreme conditions and discussed prospects for monetary policy in emerging markets. Discussions converged on three themes: the centrality of central bank independence and disciplined transparency to sustain trust and enable difficult decisions; the need to use policy flexibility to address a world of more frequent supply-side shocks while avoiding persistent deviations from targets; and the view that monetary and financial stability are complementary, with macroprudential policy as the first line of defence but with scope for monetary policy to consider financial-stability risks under powerful shocks that can threaten price stability. The workshop brought together participants from the International Monetary Fund, the European Central Bank, the Bank of England, the central banks of Ukraine, Armenia and Poland, Argentina’s Ministry of Deregulation and State Transformation, and academia. The NBU published a recording of the event and made speakers’ presentations and the programme available online.
National Bank of Ukraine 2025-12-04
National Bank of Ukraine workshop reinforces inflation-targeting lessons on independence, calibrated flexibility and financial stability
The National Bank of Ukraine hosted a workshop on "Monetary Policy in Emerging Markets," focusing on inflation targeting under extreme conditions. Discussions highlighted central bank independence, policy flexibility for supply-side shocks, and the roles of monetary and financial stability. Participants included representatives from the International Monetary Fund, European Central Bank, Bank of England, and other central banks and academic institutions.