Two years after Ukraine’s WTO accession in May 2008, policy makers have once again to take strategic decisions as to future trade policy of the country. It is hard to overestimate the importance of such decisions, since they do not only affect trade flows, but also the speed of structural reforms, an issue of practically same importance as trade itself.
We have already passed the "bottom" of the fall. We will get "plus" in the basic scenario in 2010 despite all the problems. GDP growth will be triggered by the economic activity of the metallurgists, the chemists, and in agriculture.
At normal times, many people wonder why central banks, especially in emerging markets, keep vast amounts of official reserves, and they accordingly emphasize the (opportunity) costs of such holdings. However, in times of a financial crisis, the benefits of holding official reserves become evident. Reserves help to absorb external shocks, making the likelihood and the negative consequences of such shocks smaller.
Monetary policy is currently a hotly debated and highly politicised issue in Ukraine. In order to structure the debate, it is necessary to distinguish three fields: the stance, the instruments and the use of instruments of monetary policy.