Ukraine war has valuable lessons for central banks, governor says

Central Banking Summer Meetings: Pyshnyy says new IMF aid structures will make the world safer

Andriy-Pyshnyy-446A6361.jpg
Andriy Pyshnyy
Lucy Stewart/Infopro Digital

The National Bank of Ukraine’s response to the Russian invasion contains valuable lessons for central banks, governor Andriy Pyshnyy told the Central Banking Summer Meetings.

Central banks had to expect ever more unpredictable exogenous shocks as the world became more interdependent, Pyshnyy said in his speech on June 14. Quoting the author Nassim Nicholas Taleb, he said the proliferation of these “black swans” meant financial institutions had to develop their “antifragility”.

This meant “the

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