For months, the central bank has been pressurized to make decisions that are economically unsound, that focus on short-term, easy “victories,” and that could take a tremendous toll on the Ukrainian economy and people in the long run. As governor, I have been safeguarding the NBU’s institutional capacity for more than two years.
My answer to the question of whether or not activism can be measured by simple statistics is negative. Strategic activism in monetary policy cannot be quantified in simple terms, not in abstraction from knowledge of the key structural forces and economic relationships that govern the functioning of our systems at any point in time.