The market requires new non-standard approaches towards conflict resolution. Financial mediation is one of the most efficient approaches. The national financial market is in a deep crisis, which results in arising irreconcilable conflicts among its players that ruin business, lead to the loss of business reputation, deterioration of the quality of the customer portfolio and increase in quantity of “toxic assets” of financial institutions.
The founder of ICC Group, the Chairman of the Board of Public Organization Financial Stability Mykola Korolenko shared his thoughts regarding understanding and practical introduction of the concept of “culture of financial relations” and philosophy of ongoing improvement KAIZEN (Kaizen Club) in the corporate culture of an enterprise.
In the beginning of February this year it was 2nd anniversary since the concept of a floating mechanism of exchange rate formation appeared in the Ukrainian business language. Without a doubt, this mechanism is correct and optimal for stable economies. Yet, taking into account past experience, we can now evaluate the correctness of this decision of the National Bank of Ukraine and its effectiveness for development of the national economy, and also answer the question whether this step of the regulator helped Ukrainian business.
Recently, the National Bank of Ukraine promulgated Decree number 863 of December 25, 2014 "On Approval of the Procedure for Determination of Systemically Important Banks." At first glance, the National Bank of Ukraine used the known solutions generally accepted in the international banking environment, which govern the behavior of the financial regulator concerning major players in the market during the crisis period, and this solution for today's Ukraine is the most actual.
At present time of reconstruction of economy of Ukraine it is important to look frankly at all the problems and quickly solve pressing issues especially those can fill the budget at least by UAH 2.5 billion monthly.
The answer to this question is the leadership of the National Bank of Ukraine and the Ministry of Finance of Ukraine. And the major reason for the depreciation of hryvnia is that these two institutions were not working and are not working together simultaneously and consistently. The Ministry of Finance of Ukraine performs its task, urging people not to panic, refers to military action, but specifically does nothing to stabilize the financial situation.