STABILIZATION MECHANISMS OF EU MONETARY POLICY IN THE CONTEXT OF INTERACTION WITH THE FINANCIAL SPHERE OF UKRAINE

Abstract

Existing classic methods of analysing the monetary policy of the central bank, such as the aggregate response function, explain the behavior of the ECB in a rather simplified way. This is the result of the fact that classical methods do not consider the regional features of the members of the European Monetary Un ion and the structure of the system of central banks. The study of monetary policy with the involvement of macroeconomic theories of organization, theories of teams and coalition behavior, which are new for a macroeconomic subject, can make a significant contribution to the research process of European monetary integration. Since European integration is declared as a strategic direction of Ukraine’s economic development, the analysis and generalization of the problem of the modern European economy in the context of the impact of Russia’s war against Ukraine from 2022 is relevant. Therefore, in order to understand the problems and prospects of modernization of the functioning of the monetary and credit system in the EU, it is important to research and scientifically substantiate the stabilization mechanisms for Ukraine. The article investigates some stabilization mechanisms that are Ukraine Facility and Multi-Agency Donor Coordination Platform. Funding by Ukraine Facility is analysed through its pillars, components and implementation of main conditions for receiving benefits on the way of Ukrainian economy recovery. MultiAgency Donor Coordination Platform for Ukraine, as innovative instrument for coordinating activities of its members, is researched on the base of its existing funding mechanisms: the G7 Finance Track, the G7+ Coordination Group on energy infrastructure and the International Financial Institutions (IFIs) Coordination Group.