Therefore, the turmoil has confirmed one clear advantage of the euro, namely that, in stormy seas, it is better to be aboard a large ship than a small boat. This seems to be also reflected in the fact that many central and eastern European countries have expressed the wish to join the euro area as quickly as possible.
Taking into account the risks outlined above, high uncertainty, and a significant amount of expected budget expenditures, maintaining exchange rate sustainability amid a pursuit of currency liberalization plans will require the NBU to continue to take a monetary policy approach that makes hryvnia-denominated savings highly attractive. With this in mind, the NBU Board decided to keep the key policy rate at 25%.