Students preparing to be firefighters gather in front of an apartment building that was hit by a Russian missile, amid Russia's attack on Ukraine, in Ternopil, Ukraine. Photo taken on November 20, 2025.
Photo Credit: REUTERS/Thomas Peter

You only live twice: Financial inflows and growth in a westward-facing Ukraine

Yuriy Gorodnichenko (University of California, Berkeley) and Maurice Obstfeld (PIIE) 

Early, sustained, and well-governed foreign capital inflows offer Ukraine its most realistic pathway to rapid postwar reconstruction and income growth. The experience of Eastern European countries that joined the EU and NATO points to the possibilities.

A general view of the US Federal Reserve Marriner S. Eccles building, in Washington, DC. Picture taken on Monday, May 27, 2024. Sipa USA/Graeme Sloan
Photo Credit: Sipa USA/Graeme Sloan

PIIE Briefings

Central bank independence in practice

John H. Cochrane (Hoover Institution), Adam S. Posen (PIIE), and David Wilcox (PIIE), editors

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What Now, Europe?

Making the EU friendlier to high-growth businesses

January 27, 2026, 9:00 AM to 9:45 AM EST
Nicolas Véron (PIIE) and Jörg Kukies (Financing Innovative Ventures in Europe)
Jan
27

The worst inflation outbreak in 40 years: Distilling lessons from the COVID era

February 6, 2026, 9:00 AM to 2:15 PM EST

Featured speakers: Alan S. Blinder (Princeton University), Patrick Honohan (PIIE; Former Governor, Central Bank of Ireland), Phil Levy (World Bank Group) and Adam S. Posen (PIIE)
Feb
06

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