2022: The year in review

The invasion of Ukraine left central banks facing yet another exceptional set of challenges this year

Clockwise from top left: Christine Lagarde; Ukrainian soldiers in Chernihiv Oblast; Roberto Campos Neto; Jerome Powell; Elvira Nabiullina
Clockwise from top left: Christine Lagarde; Ukrainian soldiers in Chernihiv Oblast; Roberto Campos Neto; Jerome Powell; Elvira Nabiullina
ECB/Ukraine Ministry of Defence/Brazilian Senate, Edilson Rodrigues/Federal Reserve/Kremlin

On February 24, the world watched as Russian tanks crossed the border into Ukraine, marking a steep escalation of a war that has been ongoing since Russia annexed Crimea in 2014. The invasion deepened geopolitical fault lines worldwide and sent shockwaves through the global economy, impacting almost every aspect of central bank policy. As the conflict continues to play out, central bankers are coming to terms with an inflationary threat that seemed in recent years to have been banished.

It has

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