sergiy nikolaychuk : speech - 9th european central bank conference on central, eastern and south - eastern european countries speech by mr sergiy nikolaychuk, deputy governor of the national bank of ukraine, at the 9th ecb conference on central, eastern and south - eastern european ( cesee ) countries, frankfurt am main, 17 july 2023. * * * dear all, i am greatly honored to speak at this event hosted by the ecb and i would like to sincerely thank the ecb for the invitation to participate in this conference. for the national bank of ukraine it is extremely important to be the part of the family of european central banks highlighting ukraine's eu integration efforts. i understand that my intervention today will differ from what my fellow panelists spoke of. other countries in the region discuss macroeconomic responses to the secondround effects from the russian invasion of ukraine and can afford to underline other, often long - term, risks and challenges. in the meantime, we are in the epicenter of this horrific reality while trying to navigate the economy and ensure macroeconomic and financial stability. since russia's invasion last year, ukraine has been facing enormous challenges in conducting all elements of macroeconomic policy. along with other state actors, the national bank of ukraine has been forced to make decisions under constant shelling, risk of occupation, power blackouts, destruction of whole cities and overall exceptional uncertainty. nevertheless, we have successfully maintained our focus on safeguarding price and financial stability. at the initial stage of the war, in order to prevent the panic and preserve uninterrupted functioning of the banking system and payments, the nbu adopted a wide range of " classic " anti - crisis measures, such as fixing the exchange rate introducing tough capital controls easing requirements for banks and providing them with vast liquidity. moreover, to ensure uninterrupted funding of critical public expenditures, the nbu started supporting state budget via purchasing government bonds. but while these early measures helped the banks, businesses and households to quickly adapt to the new reality, this mix was not sustainable in the long run. that's why we started to adjust our policies and ration our resources as the blitzkrieg moved to a war of attrition. the need for such changes in policy was clearly indicated by fast depletion of the international reserves as nbu's fx sales were not covered by the official inflows. thus, we had to repeg the exchange rate (

be parallels to the digital transformation of the reading experience. research suggests that readers retain less information from e - books than from traditional paper books. i feel these are relevant questions which deserve further investigation, and i would urge all of you, too, to look into these at future meetings of the international cash conference. 5 conclusion ladies and gentlemen, money is what money does. based on the core functions of money, cash is money. that is not to say that there cannot and will not be other forms of money. true diversity implies co - existence. cash has unique features which point towards its continued high usage in the euro area. as central bankers, it is our task to always maintain the public ’ s trust in euro cash. as researchers, we need to understand the core functions of money in the digital era. cash is the natural starting point and the relevant benchmark in comparisons with other payment instruments. 4 / 5 bis central bankers'speeches i now look forward to having fruitful discussions with all of you. i hope you have a great time at the conference here in munich and are able to exchange many valuable insights and ideas. thank you. 1 h. esselink and l. hernandez ( 2017 ), the use of cash by households in the euro area, ecb occasional paper series, no. 201, november 2017. 2 deutsche bundesbank ( 2018 ), payment behaviour in germany in 2017 – fourth study of the utilisation of cash and cashless payment instruments. 3 h. esselink and l. hernandez ( 2017 ), the use of cash by households in the euro area, ecb occasional paper series, no. 201, november 2017. 5 / 5 bis central bankers'speeches