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Succesful monetary communication


A central aspect of monetary policy is the communication of central bank decisions, which can decisively influence the reaction of market participants. In cooperation with the National Bank of Ukraine, Berlin Economics has organised a workshop and published several papers on the topic.


The study investigates the impact of a possible WTO accession of Uzbekistan on trade relations.

The Nagorno-Karabakh conflict is a long-simmering conflict between Armenia and Azerbaijan over the national affiliation of the Nagorno-Karabakh region in the South Caucasus. In addition to the humanitarian and political consequences, the conflict situation is also causing economic distortions. The economic effects of a conflict settlement are examined in more detail in this study.

Within the GET-project, we estimated the impact of the war in Ukraine on several Eastern European economies.


The aim of this briefing is the identification of Armenian agro-food products with the highest export potential. The assessment was conducted in a two-stage approach.

The Policy Briefing contains a number of proposals for improving the work of the Moldovan Investment Agency. In particular, reference is made to international best practices. Complete Study    

On behalf of the Moldovan Prime Minister’s Office, the German Economic Team prepared a policy study on reform options for the Moldovan Investment Agency.

Agriculture is one of Ukraine’s most important sectors. What is the impact of Russia’s invasion?

Inflation-indexed bonds remove the inflation risk for the investor by transferring it to the issuer. This makes such bonds particularly suitable in countries with volatile inflation rates or unstable monetary policies. Georgia meets a number of criteria for introducing inflation-indexed bonds. The policy study discusses the pros and cons of introducing this type of bond. […]

Georgia’s capital markets are still at an early stage of development. In such an environment, the introduction of inflation-indexed bonds could make sense.

In order for Ukraine to achieve its energy efficiency goals, a number of political reform measures are required. The study helps to identify necessary reforms.

Relying on empirical data, the impact of the EU’s oil import ban on the Russian economy is estimated.