both an opportunity and a major test for the g20 which represents 85 per cent of world gdp and 75 per cent of global trade. following the east asian financial crisis of 1997, the g20 was founded in 1999 as a forum for the finance ministers and central bank governors to discuss global issues and policy options. after the global financial crisis of 2008, g20 was upgraded to the level of heads of states / governments in 2009. in an interconnected world, national policies alone may not be fully effective when the nature of the shocks is global and persistent. 1 / 6 bis - central bankers'speeches 6. post covid, the world economy was recovering gradually on the back of large policy stimulus and rising pace of vaccination when the war in ukraine led to sharp increases in global food, energy and commodity prices. it also triggered renewed supply chain disruptions. geopolitics has now been taken over by geoeconomics. according to the imf1, the global economy is now experiencing a process of geo - economic fragmentation, operating through five key channels – trade, technology, capital flows, labour mobility and global governance. there are rising restrictions on trade and diffusion of technology, barriers to labour migration, reduced capital flows and increased uncertainty about global public goods. the interlinkage between geopolitics and economic prospects of nations has become stronger, with each influencing the other. there is now growing trend of friend - shoring and onshoring. the focus is now on ensuring food and energy security and on securing strategic minerals – lithium, rare earths, copper, zinc, chromium, graphite, etc. which are required for producing batteries, solar panels and wind turbines. 7. actually, the backlash against globalisation had started even before the pandemic struck, as globalisation created both winners and losers. the international order could not provide cooperative solutions to make the process win - win for all. this indeed is the biggest challenge for g20 as a multilateral group. globalisation must produce better and more equitable outcomes for all, including the global south. 8. of the multiple risks facing the world community, the surge in inflation has posed a complex monetary policy dilemma in every economy between raising interest rates enough to tame inflation, and at the same time minimising the growth sacrifice to avoid a hard landing. the aggressive monetary policy tightening by systemic central banks since early 2022 and the consequent appreciation of the us dollar have led to several economies,

andriy pyshnyy : speech - workshop on monetary policy in emerging markets speech by mr andriy pyshnyy, governor of the national bank of ukraine, at the nbueabcn workshop on monetary policy in emerging markets, kyiv, 4 december 2024. * * * dear colleagues, i am delighted to welcome you to this workshop dedicated to monetary policy in emerging markets! every year, this event brings together leading experts from central banks, international financial institutions, and think tanks. as ever, it provides we professionals with a chance to mull over the most pressing challenges facing us, and to discuss the policy responses that we can use to meet these challenges. the topic of the workshop is highly relevant and at the same time extremely complex – requiring as it does the crafting of integrated and consolidated solutions. we must discover not only how to respond adroitly to rapidly changing conditions, but also how to effectively shape these conditions in our favor. the world today is not what it was yesterday. tomorrow it will change again. but at all times we have a duty to pursue our mandate. moreover, fulfilling our mandate is becoming increasingly important in these uncertain times, as one of a central bank's functions is to reduce uncertainty. the russian invasion of ukraine was an inflection point at which a new reality began. not only did the war pose a tremendous challenge to our country, it also triggered tectonic shifts in the global socio - economic landscape. the shockwaves have spread far beyond ukraine, causing disruption to global supply chains, energy crises, and the imposition of sanctions. significant uncertainty is the new economic normal. in ukraine, the war challenged us to take quick, bold decisions. as i have repeatedly said, there is no textbook in the world that answers the question, " how do you conduct your monetary policy when your country is being attacked by a state with a much larger economy? " in fact, we are adding chapters to textbooks even as the war grinds on, through our actions to counteract inflationary and depreciation pressures in the face of subdued investment activity, unprecedented migration, and structural changes in the economy. not just ukraine, but all countries are facing the challenges and consequences of uncertainty – emerging markets are no exception. striking a balance between shortterm emergency measures and strategic goals is a task that faces us all. the purpose of our workshop is to discuss integrated solutions that match the complex nature of our modern challenges