Past Event

CANCELLED: How adequate is the European toolbox to deal with financial stability risks in a low rate environment?

Bruegel is delighted to welcome the governor of the Central Bank of Ireland, Gabriel Makhlouf. He will deliver a keynote address about how adequate the European toolbox is to tackle financial stability risks in a low rate environment. Following his speech, a panel of experts will further discuss the topic.

Date: March 31, 2020, 12:30 pm Topic: European Macroeconomics & Governance

Policy rates have been near (or even below) zero for almost a decade, while long term interest rates have been overall on a decreasing trend for several decades and have even been flirting with zero in some European countries for the last 5 years. Moreover, markets now expect rates to be at a low level for the foreseeable future.

This event will discuss the implications of a ‘low for long’ world on financial stability, as well as the adequacy of the European toolbox and institutional setup (in which responsibilities are scattered across several authorities: ECB, ESRB, national macro-prudential authorities, etc.) to deal with financial stability risks in this low rate environment.

Registration for this event is not yet open. 


Please note the following precautions in relation to the coronavirus:
  • Even though we are going ahead with our event, please take note that the event will be livestreamed on the webpage of the event (linked above), and you can watch it safely from your office or home. Unless you plan to actively participate in the discussion, we would kindly appreciate if you opted for watching the livestream, to avoid big crowds.
  • Please also do not attend this event if in the last 14 days you have been to China or Northern Italy areas classified by the Italian authorities as a so-called red area/”area rossa”: Bertonico; Casalpusterlengo; Castelgerundo; Castiglione d’Adda; Codogno; Fombio; Maleo; San Fiorano; Somaglia; Terranova dei passerine; Vò, or other risk areas.
  • During the event: Do not shake hands with other participants. Wash your hands frequently. When coughing and sneezing, cover mouth and nose. Avoid close contact with anyone showing symptoms of a respiratory illness.

Schedule

Mar 31, 2020

12:30-13:00

Check-in and lunch

13:00-13:20

Presentation

Gabriel Makhlouf, Governor, Central Bank of Ireland

13:20-14:10

Discussion

Chair: Guntram B. Wolff, Director

Agnès Bénassy-Quéré, Member of the board

Gabriel Makhlouf, Governor, Central Bank of Ireland

14:10-14:30

Q&A

14:30

End

Speakers

Gabriel Makhlouf

Governor, Central Bank of Ireland

Guntram B. Wolff

Director

Agnès Bénassy-Quéré

Member of the board

Location & Contact

Bruegel, Rue de la Charité 33, 1210 Brussels

Matilda Sevón

[email protected] +32 2 227 4212

Read about event
 

Past Event

Past Event

Bruegel Annual Meetings 2020 - Day 1

The Annual Meetings are Bruegel's flagship event which gathers high-level speakers to discuss the economic topics that affect Europe and the world.

Topic: Energy & Climate, European Macroeconomics & Governance, Finance & Financial Regulation, Global Economics & Governance, Innovation & Competition Policy Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: September 1, 2020
Read article More on this topic
 

Opinion

The Independence of the Central Bank at Risk

The ruling of the German Federal Constitutional Court (GFCC) of May 5 on the ECB’s monetary policy affects not only the relation of Germany to the European Central Bank (ECB) and the Court of Justice of the European Union (ECJ) but also the constitutional foundations of monetary policy.

By: Peter Bofinger, Martin Hellwig, Michael Hüther, Monika Schnitzer, Moritz Schularick and Guntram B. Wolff Topic: European Macroeconomics & Governance Date: June 2, 2020
Read article Download PDF
 

Policy Contribution

COVID-19’s reality shock for external-funding dependent emerging economies

COVID-19 is by far the biggest challenge policymakers in emerging economies have had to deal with in recent history. Beyond the potentially large negative impact on these countries’ fiscal accounts, and the related solvency issues, worsening conditions for these countries’ external funding are a major challenge.

By: Alicia García-Herrero and Elina Ribakova Topic: Finance & Financial Regulation, Global Economics & Governance Date: May 28, 2020
Read article More on this topic More by this author
 

Opinion

The message in the ruling

The German Constitutional Court's ruling on the ECB's asset purchase programme is open to much criticism but it can hardly be blamed for raising an important question.

By: Jean Pisani-Ferry Topic: European Macroeconomics & Governance Date: May 12, 2020
Read about event More on this topic
 

Past Event

Past Event

The Sound of Economics Live: The macroeconomic policy response to the COVID-19 crisis

Which macroeconomic policy response is the best option to deal with the crisis currently unfolding and will ensure that the recovery will be as quick as possible?

Speakers: Grégory Claeys, Giuseppe Porcaro, Lucrezia Reichlin and Guntram B. Wolff Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: March 31, 2020
Read article Download PDF More on this topic
 

External Publication

Facing the lower bound: what will the ECB do in the next recession?

In responding to the global financial crisis, the ECB has pushed its monetary policy into unchartered territories . Today, it appears increasingly constrained by persistently low interest rates. This paper seeks to understand this challenge and assess whether its toolkit would allow the ECB to weather a European recession.

By: Aliénor Cameron, Grégory Claeys and Maria Demertzis Topic: European Macroeconomics & Governance Date: March 27, 2020
Read about event More on this topic
 

Past Event

Past Event

The Sound of Economics Live: Banks and Loan Losses in the Pandemic Turmoil

At this online event we will record an episode of the Sound of Economics, Bruegel's podcast series. In this episode, we discuss the implications of the coronavirus crisis on financial stability and credit availability.

Speakers: Giuseppe Porcaro, Nicolas Véron and Guntram B. Wolff Topic: Finance & Financial Regulation Date: March 25, 2020
Read article More on this topic More by this author
 

Blog Post

Banks in pandemic turmoil

The banking system is critical to society and requires attention and support. In doing so, however, tough love is preferable to complacency.

By: Nicolas Véron Topic: Finance & Financial Regulation Date: March 24, 2020
Read article More on this topic More by this author
 

Blog Post

What should be done to reduce euro-area spreads?

Spreads are rising again in the euro-area at the worst possible time, when fiscal policy is needed to fight the coronavirus pandemic and the related economic shock. This blog post reviews the main options available to European policymakers, their feasibility and potential effectiveness to deal with this issue.

By: Grégory Claeys Topic: European Macroeconomics & Governance Date: March 18, 2020
Read article More on this topic More by this author
 

Opinion

The European coronavirus response must be a solution, not more stigma

Lagarde needs a different bazooka in responding to a natural disaster like COVID-19.

By: Rebecca Christie Topic: European Macroeconomics & Governance Date: March 18, 2020
Read about event More on this topic
 

Past Event

Past Event

CANCELLED: The new age of old age? Laying out the Non-Financial Defined Contribution scheme

Are Non-Financial Defined Contribution (NDC) schemes the best approach to reforming pension systems?

Speakers: Robert Holzmann and Maria Demertzis Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: March 18, 2020
Read article More on this topic
 

Opinion

A letter to Santa, the G7

The G7 should set an example of international cooperation and come out with a strong signal of unity and support for the euro-area. Only then will the cost of the crisis be temporary and manageable. This is our letter to Santa. I hope at least some -if not all -of these wishes can be fulfilled.

By: Alicia García-Herrero and Guntram B. Wolff Topic: Global Economics & Governance Date: March 17, 2020
Load more posts