Past Event

Monetary and fiscal policy interaction in times of Next Generation EU

Could Next Generation EU enable a better coordination of monetary and fiscal policy

Date: January 20, 2021, 3:00 pm Topic: European Macroeconomics & Governance

Since the beginning of the COVID-19 crisis, fiscal and monetary policy have been well coordinated to support the economy. In particular, the ECB’s asset purchases, whose effectiveness have been questioned in recent years, seem to have finally found a strong transmission channel by enabling substantially accommodating fiscal policy in the euro area.

At a time when monetary policy has been constrained by the effective lower bound for almost a decade and had some difficulties to reach its target, coordination is essential. This has fortunately been the case in 2020, but it may be more difficult in the future with one central bank and 19 Treasuries. Could Next Generation EU (the ability to borrow and spend at the central level) help in that regard and provide a template for better coordination between monetary and fiscal policy in the euro area in the future?

This is an invitation-only event open only to Bruegel members and a small number of selected invitees.

Schedule

Jan 20, 2021

15:00-16:00

Conversation

Chair: Grégory Claeys, Senior Fellow

Lorenzo Bini Smaghi, Chairman of the Board, Société Générale

Hans Vijlbrief, State Secretary for Finance, The Netherlands

Additional speaker to be confirmed

Speakers

Lorenzo Bini Smaghi

Chairman of the Board, Société Générale

Grégory Claeys

Senior Fellow

Hans Vijlbrief

State Secretary for Finance, The Netherlands

Location & Contact

Bruegel, Rue de la Charité 33, 1210 Brussels

Matilda Sevon

[email protected]

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Upcoming Event

Sep
2
14:15

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International tax debate moves from digital focus to global minimum

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By: Maria Demertzis Topic: European Macroeconomics & Governance Date: May 27, 2021
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Past Event

Past Event

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This event, jointly organised with ISPI, as the National Coordinator and Chair of the T20 Italy, is part of the T20 Spring Roundtables and it will focus on strategies for a swift and sustainable economic recovery for Europe.

Speakers: Franco Bruni, Maria Demertzis, Elena Flores, Paul De Grauwe, Christian Odendahl, Miguel Otero-Iglesias and André Sapir Topic: European Macroeconomics & Governance Date: May 19, 2021
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Podcast

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By: The Sound of Economics Topic: Global Economics & Governance Date: April 21, 2021
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Blog Post

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COVID-19 has complicated inflation measurement. Policymakers need to take this into account and should look at alternative measures of inflation to understand what is actually happening in the economy.

By: Grégory Claeys and Lionel Guetta-Jeanrenaud Topic: European Macroeconomics & Governance Date: March 24, 2021
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Podcast

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Policy Contribution

Low interest rates in Europe and the US: one trend, two stories

Interest rates have been on a long-term decline, associated with declining productivity growth. To tackle this, the priorities are to reduce market concentration and, in Europe, change the financing model.

By: Maria Demertzis and Nicola Viegi Topic: European Macroeconomics & Governance, Global Economics & Governance Date: March 10, 2021
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