KYIV, Aug 15 - A prolonged war is becoming increasingly likely, and this prospect requires a review of the country's macroeconomic strategy, in particular, the current set of policies leading to reduction of forex reserves is becoming increasingly untenable, said a group of international and Ukrainian economists.

"A prolonged war is increasingly likely, a prospect that calls for a recalibration of the country’s macroeconomic strategy. Specifically, the current policy mix, which relies on running down foreign reserves and other temporary measures, is progressively untenable," says their Macroeconomic Policies for Wartime Ukraine, published by the London-based Center for Economic Policy Research (CEPR).