Thinking Beyond the Pandemic: Monetary Policy Challenges in the Medium- to Long-Term

The report provides an in-depth evaluation of Moldova's capacity to adapt to crises such as the COVID-19 pandemic, the energy crisis, and geopolitical tensions resulting from Russia's war in Ukraine. It examines Moldova's position as a small, open economy with significant exposure to external shocks, highlighting vulnerabilities in energy imports, trade imbalances, and political stability. Key topics include Moldova's shift toward European integration, with milestones such as EU candidate status and expanded trade relations, which have helped reduce reliance on Russia. The report analyzes macroeconomic trends, financial sector stability, and energy dependency, identifying progress in institutional reforms and external support mechanisms that have bolstered the economy. However, ongoing challenges remain, such as inflation, fiscal deficits, and the unresolved Transnistria conflict, requiring targeted policy reforms and sustainable strategies for long-term resilience.

The publication is a comprehensive analysis by the Economic Policy Research Center (EPRC). It investigates the multifaceted effects of the Ukraine war on Georgia's economic landscape, combining insights from historical developments, current vulnerabilities, and future prospects. Authored by Gigi Ormotsadze and Tedo Evgenidze, the report highlights the country’s integration into global systems, its dependency on external economic factors, and the challenges posed by political and economic shifts. The document explores key sectors such as trade, energy, and finance, and scrutinizes how inflows of migrants, financial assets, and geopolitical instability have created both opportunities and risks. It underscores the resilience Georgia has demonstrated in its recovery from crises like COVID-19 and the Russian invasion of Ukraine, while noting systemic weaknesses such as high debt levels, governance inefficiencies, and a reliance on external markets. The report closes with targeted policy recommendations aimed at mitigating vulnerabilities and fostering sustainable growth.

The publication examines financing options for small and medium-sized enterprises (SMEs) owned by Belarusians in the European Union through crowdfunding platforms. The paper notes that Belarusian entrepreneurs in Europe face restricted access to traditional bank loans, mainly due to a lack of collateral, sanctions, and short credit histories. For these businesses, crowdfunding platforms are emerging as an alternative way to raise capital from a broad base of investors. The authors discuss both the advantages (access to capital, lower financing costs, increased business visibility) and challenges (low investment liquidity, costs of crowdfunding campaigns) associated with this method of financing. The report also provides recommendations, such as launching information campaigns for Belarusian entrepreneurs in the EU and building their financial literacy, which could help them make better use of crowdfunding investment opportunities.