Lagarde Praises Ukraine's Central Bank for Resilience During War

European Central Bank (ECB) President Christine Lagarde addressed the 10th Annual Research Conference hosted by the National Bank of Ukraine and Narodowy Bank Polski. She reflected on her visit to Kyiv in June last year, where she paid tribute to the Ukrainians who lost their lives due to Russia's unjustified war.

Lagarde highlighted the strength of the Ukrainian people and institutions, citing a quote from poet Lesia Ukrainka: 'Those who have not lived amidst the storm do not know the value of strength.'

The ECB President commended the National Bank of Ukraine (NBU) for keeping the country's financial system functioning under extraordinary circumstances. She noted that the NBU has ensured the reliability of Ukraine's main payment system and strengthened safeguards around the banking system.

Lagarde also praised the NBU for normalizing its monetary policy, moving from a fixed wartime exchange rate to a managed flexibility regime. The ECB President emphasized the importance of central bank credibility and highlighted the NBU's efforts to strengthen it through various measures.