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Magnetism, ferrolectricity and superconductivity are the examples showing that short-range quantum interactions can evolve in macroscale correlations. Although the physics of these materials in thermodynamic equilibrium is relatively well understood, understanding response of these media to ultrashort (faster than 0.1 ns) excitation is among the challenges of contemporary science. Such an excitation brings the medium into a strongly non-equilibrium state in which a conventional description of magnetism, ferroelectricity, multiferroicity and superconductivity in terms of thermodynamics is no longer valid. The department “Ultrafast Spectroscopy of Correlated Materials” (USCM) aims to tackle this problem with the help of novel experimental approaches allowing time-resolved measurements with subpicosecond resolution.