The monetary policy challenges, post-pandemic reality, and economic consequences of the war in Ukraine were discussed at the international conference Monetary Policy in a New European Reality, hosted today by the Central Bank of Poland (Narodowy Bank Polski).
The event was held for the first time for central banks and brought together officials from the Baltic, Adriatic, and Black Sea countries as part of the Three Seas Initiative, which comprises 12 EU Member States. The Governor of the National Bank of Moldova, Octavian Armașu, was joined by the Governors of the Central Banks of Ukraine and Georgia, who also took part in the conference.
The event has set itself an innovative destination, providing a platform for sharing experiences, perspectives and ideas on the monetary policy challenges facing central banks in the current conditions.
The three sessions focused on the severe impact of the COVID crisis and the devastating effect of the Ukrainian war on inflation both regionally and globally.
"All central banks are facing the same dilemmas and are looking for the best solutions for their economies. There is no universal recipe. For each central bank this is a very complex responsibility, depending on the peculiarities of the country. In this sense, the NBM is making every effort to take the most appropriate measures ", mentioned Octavian Armașu.
The Three Seas Initiative was launched by Croatia and Poland in 2015 as a platform for EU Member States in Central and Eastern Europe to stimulate cooperation in the region, accelerate transport and digital infrastructure modernization processes, and strengthen energy independence. The members of this initiative are Poland, Hungary, Czech Republic, Slovakia, Lithuania, Latvia, Estonia, Austria, Slovenia, Croatia, Romania, and Bulgaria.
