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Global Financial Stability

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Global Financial Stability

Implications of the War in Ukraine


5 min read
3 take-aways
Audio & text

What's inside?

Uncertainties arising from the conflict in Ukraine are affecting the global economy.

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  • Analytical
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The repercussions of Russia’s invasion of Ukraine have only added to existing vulnerabilities in the global economy and created new risk transmission channels. The International Monetary Fund’s Fabio Natalucci and Bruce Edwards explore this latest geopolitical and economic disruption – taking place on the heels of a global recession and pandemic – and its implications for Europe, the United States and the rest of the world. Their enlightening conversation recaps the potential impacts of war on world financial security.


The Russian invasion of Ukraine represents a different sort of exogenous shock to the global economy.

The current crisis in Ukraine presents major uncertainty that no doubt affects the world’s economy. Russia’s incursion marks the third global upheaval since the Great Recession of 2007–2009 and the COVID-19 pandemic that began in 2020. Each of these has had different impacts on the global economy. 

The effects of events in Ukraine are not systemically threatening. The global financial system is far stronger today than it was in 2007: Banks are better capitalized, and liquidity abounds. Critical inflection points in the financial system, such as clearing facilities...

About the Podcast

Fabio Natalucci is the deputy director of the Monetary and Capital Markets Department at the IMF. Bruce Edwards is host of the IMF podcast.

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