The latest instalment of the FT’s award-winning virtual conference looked closely at the economic, diplomatic and humanitarian impact of the war in Ukraine. It also explored how business models are adjusting to the new inflationary environment as well as the opportunities and challenges presented by technological innovation, hybrid working and climate change.
Speaking from the frontline in an interview by FT editor Roula Khalaf, Ukrainian president Volodymyr Zelenskyysaid stalemate with Russia was “not an option for us”.
Mr Zelenskyy reiterated his appeal for Western military support and said that while some sanctions had dealt a severe blow, they had "not really influenced the Russian position”. Full sovereignty of Ukraine remains his ultimate goal, he said.
The economic, social and political aftershocks of the war in Ukraine were a focal point throughout the day.
Bank of Japan governor Haruhiko Kuroda suggested price rises were driven by energy costs and would not be sustained, and that the impact on the yen of rising US rates was likely to ease.
The prime minister of Latvia, Krišjānis Kariņš, and prime minister of Lithuania, Ingrida Šimonytė, both urged Europeans to look past the cost of living crisis and higher energy prices to ensure Russia loses the war in Ukraine. “Our goal must be for Putin to lose the war…It’s worth paying the cost in terms of energy,” said Kariņš.
US secretary of commerce Gina Raimondo addressed the global chip crisis threatening digitised industries. Speakers also discussed the potential of Chinese government policy changes to lift the economy, assessing European unity and whether it can hold together in the face of inflationary rises and an enduring war in Ukraine.
Day three of The Global Boardroom opened with a look at the likelihood of potential conflict in Asia-Pacific over Taiwan, particularly following Russia’s invasion of Ukraine. Discussions turned to Africa and whether high debt levels would remain an obstacle to recovery.
UK business secretary Kwasi Kwarteng argued that Brexit had brought some benefits for international policy, such as enabling the UK to respond quickly to the Ukraine crisis while the EU was held up negotiating sanctions.
The ongoing disruption of global supply chains was also on the agenda along with many other topics.
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