The expectation of the collection campaign in favor of the government in Kyiv was great.

How is the result to be evaluated?

Even after their meeting on the Petersberg near Bonn, the finance ministers from the group of seven traditional industrialized countries (G7) refer to fresh commitments of 9.5 billion dollars, which is the equivalent of almost 9 billion euros.

In the whole year they would have mobilized 19.8 billion dollars, according to their communiqué.

This will help Ukraine to close the financial gap it needs to fund basic government spending.

Most recently, there was talk of 15 billion for about three months - it was not always clear whether in euros or dollars, but since the two currencies have recently converged in value, the difference is no longer very large anyway.

Manfred Schäfers

Business correspondent in Berlin.

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According to the Federal Ministry of Finance, America accounted for $7.5 billion of the new commitments at Petersberg and Germany for $1 billion.

The remaining five contribute the remaining billion.

Unlike the Americans and Germans, they apparently couldn't bring themselves to grant grants, they should only give guarantees or loans.

The remaining $10.3 billion is disbursed or committed by the International Monetary Fund.

This makes the result appear less dazzling.

Federal Finance Minister Christian Lindner (FDP) was nevertheless satisfied.

"The expectations were exceeded." This will ensure the solvency of Ukraine for a "foreseeable future this year".

"The International Monetary Fund has a lot less to worry about." The heads of state and government of the G7 no longer have to worry about closing a gap at the summit in Elmau at the end of June.

Lindner excludes joint debts

Lindner ruled out joint EU borrowing for the reconstruction of Ukraine after the end of the war.

If there are considerations for this, "then the answer is: No," he said.

"Germany rejects further funds along the lines of 'Next Generation EU' for whatever purpose."

This is a tried and tested tool that has been used on a number of occasions.

Bundesbank President Joachim Nagel said after the meeting, "Now it's time to fight inflation".

It is known that many companies are planning price increases.

"Central banks are now required to ensure that inflation does not become entrenched," he warned.

"We have to act decisively." Nagel confirmed his assessment that the European Central Bank could see the first rate hike in July.

"Further interest rate moves could then be made in the near future."

Finance Minister Lindner was satisfied.

"I welcome the fact that an interest rate step has been announced and that others will follow in quick succession." This reduces inflation risks from the external value of the euro.

"Currency development can also be a driver of inflation," he pointed out.

The President of the Bundesbank reacted reservedly to the minister's vaguely worded advice on how the monetary watchdogs should behave.

"Exchange rates have to be approached with humility," he stressed.

It has often been the case that interest rates have developed in a similar way, but the exchange rates have taken a different direction.

Many depend on expectations.

His conclusion: “Monetary policy should look at inflation figures.

Then we are very well positioned.”