That forced the government to cut non-military expenditures, while the central bank started its policy of monetary stabilization. Following convincing military successes, economic reforms helped Croatia restore private consumption, stabilize its markets, and win the war economically (Schönfelder 2005). 5. Macroeconomic policies in wartime This is why it is very important to properly shape macroeconomic policies in wartime.
The NBU's first steps after the Russian invasion were directed at preventing panic and disruptive behavior, ensuring the uninterrupted functioning of the banking system and payments, keeping the economy running under an unprecedented shock, and reining in inflation expectations.