for the global economy. from a long - term perspective, the world has become more and more peaceful and nonviolent over the last decades and centuries. 7 furthermore, poverty and diseases have been on a spectacular decrease around the globe, even if the pandemic has interrupted this trend. last but not least, we already have most https : / / www. economicsandpeace. org / wp - content / uploads / 2022 / 06 / gpi - 2022 - web. pdf of the technological means to tackle climate change. the investment needs for the green transition may sound overwhelming, but the private and public funds to be mobilized only amount to about 2 % of global gdp per year. 8 this sum roughly corresponds to the estimated investment gap that advanced economies have accumulated over several decades, and it is dwarfed by military expenditures in war times. in short, humankind ’ s problem - solving skills should give us confidence for the future. now, allow me to introduce our first keynote speaker : graciela kaminsky, professor of economics and international affairs in the department of economics and elliott school of international affairs of george washington university. on top of her academic career, graciela, for instance, worked as a staff economist for the board of governors of the federal reserve system. she has been a visiting scholar at the central banks of japan, spain, hong kong and singapore and a consultant to the inter - american development bank, the imf and the world bank. holding a ph. d. in economics from mit, professor kaminsky has published widely in leading academic journals, such as the american economic review. her research covers a variety of topics in macroeconomics and international finance, including financial globalization, currency and banking crises, as well as inflation stabilization policies. she is now going to talk about “ rare disasters – current and future vulnerabilities in eastern europe ” and compare the current crisis with crises from the past 200 years. i very much look forward to this first talk and wish us all a stimulating conference. dear graciela, the floor is yours. https : / / royalsocietypublishing. org / doi / 10. 1098 / rspb. 2015. 0820

robert holzmann governor oesterreichische nationalbank welcome remarks vienna, november 21, 2022 check against delivery! economic and monetary policy under wartime conditions – implications for cesee conference on european economic integration ( ceei ) 2022 dear participants, ladies and gentlemen, on behalf of the oesterreichische nationalbank, i would like to welcome you warmly to this year ’ s conference on european economic integration. it is a great pleasure to see so many familiar faces. allow me to extend a special welcome to : • • our first keynote speaker, professor graciela kaminsky, who is professor of economics and international affairs in the department of economics and elliott school of international affairs of george washington university, as well as to my esteemed central bank colleagues • deputy governor leonardo badea from romania, • first deputy governor marta kightley from poland, • governor gent sejko from albania ; and • chairman of the board gediminas simkus from lithuania. at this year ’ s conference, we are going to discuss a topic that has been foremost on our minds for the past nine months : “ economic and monetary policy under wartime conditions. ” since february 24 of this year, we have been witnessing something that used to be unimaginable over the past decades : outright war in europe. apart from being a crime, russia ’ s invasion of ukraine is causing a human tragedy. we therefore deplore the many thousands of innocent victims of this cruel bloodshed. yet, war also has an economic dimension ; and this is what we are going to focus on today and tomorrow. we will be paying special attention to the implications of the war for ukraine ’ s neighbors in central, eastern and southeastern europe, or cesee for short – on top of the pandemic and the climate crisis. publisher and editor : oesterreichische nationalbank communications division otto - wagner - platz 3, 1010 vienna, po box 61 let me briefly share a few thoughts on the economics of war. first, the idea that wars are waged only for economic reasons is based on a widespread myth. unlike in pre - industrial times, today there is little economic rationale for war. at the end of the 18th century, the german philosopher immanuel kant stated that “ the spirit of trade cannot coexist with war. ” 1 almost 150 years later, ludwig von mises, a ukrainian - born proponent of the austrian school of economics pointed out that “ there