The usual increase in uncertainty during presidential and parliamentary elections poses the main internal risk to the said macroeconomic forecast, including Ukraine’s ability to meet its inflation target in 2020. The NBU will consider this risk in its monetary decisions mainly due to its impact on the financial market and inflation expectations.
But whether you stand on top of the BIS tower in Basel – where the FSB is housed -, the Eurotower in Frankfurt, or the Toorop building in Amsterdam, the view is not fundamentally different. In fact, many financial stability risks we face today are not only common across Europe, but are global in nature.