Specific challenges for the ECB Against this backdrop, let me focus on two additional challenges related to the institutional context within which the ECB operates. The first challenge here is provided by the observation that the ECB has to operate in an incomplete monetary union with a more convoluted process of policy coordination.
A decrease in global demand has also limited export opportunities for Ukraine. According to NBU estimates, the effect of these factors will be the most pronounced in Q2 2020. However, a gradual lifting of quarantine restrictions will allow the economy to recover quickly in H2 2020. Loose fiscal and monetary policies will contribute to the economic recovery.