of core inflation to 5. 0 % this year and 3. 7 % in the subsequent year. the expected increase in some tariffs to the market levels and higher excise taxes on alcoholic 1 / 3 bis central bankers'speeches and tobacco products will restrain the decline in inflation. the nbu has also performed scheduled revisions of other macroeconomic forecasts economic growth will slow in 2019 to rebound in 2020. as well as in january, the nbu forecasts a slowdown in economic growth to 2. 5 %. this will be due to a slowdown in the global economy and trade, restrained fiscal policy resulting from the need to repay large volumes of public debt, and tight monetary conditions required to bring inflation to its target. moreover, the harvest of grains and oil crops is expected to be lower compared to the bumper crop of 2018. private consumption will remain the main driver of economic growth. however, its growth will decelerate due to a slower growth in real household income – wages, pensions, and remittances from abroad. investment demand will be limited by political uncertainty in the year of presidential and parliamentary elections. growth in real gdp will accelerate to 2. 9 % in 2020 and 3. 7 % in 2021. the growth will be propelled by a gradual easing of monetary policy, which will bolster domestic demand, and spur investment activity as the election cycle is over. economic growth will be restrained by decreased volumes of natural gas transit to europe as a result of the construction of bypass pipelines. in 2019, the current account deficit is projected to stay at the previous year ’ s level, at 3. 3 % of gdp, due to various factors. proceeds from the sales of last year ’ s record harvest of corn and the effect of favorable trade conditions will be offset, as the economies of ukraine ’ s main trading partners cool. the cooling will negatively affect exports and remittances from labor migrants. in future, the current account deficit will widen slightly, to 4 % of gdp in 2021, as a result of a decrease in natural gas transit and weak demand from ukraine ’ s main trading partners caused by stronger investment demand on the domestic markets. the continued fulfillment of ukraine ’ s obligations under the current cooperation program with the international monetary fund remains the basic assumption of the macroeconomic forecast. this will allow ukraine to attract other official financing, improve the conditions of access to the international capital markets, and support the active interest of nonresidents in hryvniadenominated

being left behind by the highly technical nature of certain innovations. for instance, discussions are underway at the banque de france over how to monitor the development of initiatives concerning blockchain technology, both in terms of the possibilities it offers and the issues it raises notably in terms of security. the second principle is a proportionate adaptation of regulations and supervision to address the development of fintechs. the regulation applied to these new players should avoid stifling innovations that may be beneficial to consumers and, more generally, to the economy and society ; but at the same time it should also guarantee consumer protection and address issues of financial stability. specific regulations, allowing for a gradual adjustment of regulatory intensity, might be better suited to preventing the risks generated by fintech firms. i prefer to talk of “ gradualism ” rather than the “ sandbox ” approach, which is another frequently mentioned solution : when precisely should fintechs be placed inside or outside of a regulatory sandbox? segregation may be less manageable than a process of proportionate adaptation. that said, both approaches may be combined. moreover, fintech companies, which mainly operate on the internet, are not bound by borders. this raises questions as to the efficacy of regulations which are still largely domestic or based on residency criteria. the cross - border nature of technological innovation in the area of banking and financial services is a strong incentive for the regulatory authorities to coordinate their policies at the international level. constructing the possible trinity between innovation, stability and regulation for digital finance requires the regulator to improve vulnerability analysis, enhance the security of transactions, adapt regulations and relax supervision, while all the time remaining vigilant. more precisely, the need to adapt supervision to the specific features of fintech companies will require setting up dedicated teams to assist them in obtaining the necessary authorisations and to organise their supervision : this will be the case in france thanks to the creation of a joint unit by the acpr ( the french regulator for banks and payment institutions ) and the amf ( the french market regulator ). however, this is only the first stage. in the long run, it will be necessary to bis central bankers ’ speeches ensure that the same rules apply to the same activities, irrespective of the players performing them. in order to ensure a level playing field, financial players must be regulated according to what they do and not what they are. addressing the growing influence of borderless technology on the financial system will also require an international coordination effort. such