European Finance Association

49th Annual Meeting

Barcelona, Spain 24-27 August 2022


The Financial Consequences of the War in Ukraine

Thursday, August 25, 2022. 14:00-15:30

The panel session is organized in collaboration with IESE Banking Initiative.

Russia’s invasion of Ukraine has represented an important shock to the world economy and to Europe in particular. Price raises in energy and agricultural product markets foster inflation and threaten recession in several economies. What is more, the war in Ukraine and the associated sanctions to Russia and partners may provide an impulse for a decoupling of the economies and financial systems of the West and China with the world dividing in blocks. Geopolitics come at the forefront.

The panel will examine the consequences of the war for financial systems in Europe and the world at large. In particular, it will take stock of the conflict with a historical perspective, look at effects in the banking system and financial markets, examine the repercussions for European fiscal and monetary policy, and scrutinize the implications for the global financial order including the impact of sanctions.

  • Elena Carletti, Bocconi University
  • Harold James, Princeton University
  • Lucrezia Reichlin, London Business School
  • Nicolas Véron, Peterson Institute for International Economics & Bruegel

Xavier Vives, IESE Business School