Past Event

Central banking after the great recession

Have Central Banks lost their ability to control domestic inflation? Are macroprudential tools sufficient to ensure financial stability? Do new monetary tools, a closer relationship with fiscal policy and the renewed financial stability mandate require a new central banking paradigm?

Date: January 18, 2016, 10:30 am Topic: Macroeconomic policy

Old theories in monetary policy are being challenged and macroprudential policy is ever more important. This two-session workshop addressed the place of central banks in the post-crisis economy.

Session 1: Macroprudential policy and its relationship with monetary policy: the complex European framework

Macroprudential policy has two main goals: to increase the resilience of the financial system and to tame the financial cycle with more targeted tools than monetary policy. These measure can be tailored to country-specific circumstances, which is especially important in a heterogeneous monetary union. However, macroprudential policies are new and still under construction, especially in advanced economies. Are macroprudential tools sufficient to ensure financial stability? Could the complex European set-up make their implementation less effective?

Session 2: After the crisis, the evolving role of central banks

Do we have to re-open the institutional design question we had thought we had solved establishing independent central bank moving interest rates in the pursuit of price stability? Do new monetary tools, a closer relationship with fiscal policy and the renewed financial stability mandate require a new central banking paradigm?

Event materials

Event Notes
Markus Brunnermeier – Presentation
Claudia Buch – Presentation
Charles Goodhart – Presentation
Andrzej Rzońca – Presentation

Schedule

Jan 18, 2016

10.30 - 10.50

Check-in and Coffee

10.50 - 11.00

Welcome

Guntram B. Wolff, Director

11.00 - 12.30

Macroprudential policy and its relationship with monetary policy: the complex European framework

Chair: Dirk Schoenmaker, Non-Resident fellow

Cecilia Skingsley, Deputy Governor, National Bank of Sweden

Claudia M. Buch, Vice-President, Deutsche Bundesbank

Ignazio Angeloni

12.30 - 13.00

Lunch

13.00 - 15.00

After the crisis, the evolving role of central banks

Chair: Grégory Claeys, Senior Fellow

Andrzej Rzońca, Member of the Monetary Policy Council, National Bank of Poland

Charles Goodhart, Emeritus Professor, London School of Economics

Markus K. Brunnermeier, Professor, Princeton University

Speakers

Ignazio Angeloni

Markus K. Brunnermeier

Professor, Princeton University

Claudia M. Buch

Vice-President, Deutsche Bundesbank

Grégory Claeys

Senior Fellow

Charles Goodhart

Emeritus Professor, London School of Economics

Dirk Schoenmaker

Non-Resident fellow

Andrzej Rzońca

Member of the Monetary Policy Council, National Bank of Poland

Cecilia Skingsley

Deputy Governor, National Bank of Sweden

Guntram B. Wolff

Director

Location & Contact

Bruegel, Rue de la Charité 33, 1210 Brussels

Matilda Sevón

[email protected] +32 2 227 4212

Read about event More on this topic
 

Past Event

Past Event

Inside the European crises: a conversation with Marco Buti

At this event Marco Buti talks to Maria Demertzis, André Sapir and Guntram Wolff about his new book, in which he gives an insiders look at European policy making.

Speakers: Marco Buti, Maria Demertzis, André Sapir and Guntram B. Wolff Topic: European governance Date: December 3, 2021
Read about event More on this topic
 

Past Event

Past Event

Role of innovation in decarbonisation

A fireside conversation with Eni CEO Claudio Descalzi on decarbonisation.

Speakers: Claudio Descalzi and Guntram B. Wolff Topic: Green economy Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: November 29, 2021
Read about event More on this topic
 

Past Event

Past Event

Fiscal policy and rules after the pandemic

What are the possibilities for shaping the new fiscal policy?

Speakers: Zsolt Darvas, Maria Demertzis, Michel Heijdra and Katja Lautar Topic: Macroeconomic policy Date: November 24, 2021
Read article
 

Blog Post

European governance

Including home-ownership costs in the inflation indicator is not just a technical issue

The European Central Bank is right to propose inclusion of owner-occupied housing services in the inflation indicator. But the ECB’s preferred method would involve an asset price in the consumer inflation indicator.

By: Zsolt Darvas and Catarina Martins Topic: European governance, Macroeconomic policy Date: November 18, 2021
Read about event More on this topic
 

Past Event

Past Event

Covid recovery and the green transition: What can promotional banks do?

What is the role of promotional banks in financing the green transition?

Speakers: Sophie Barbier, Maria Demertzis, Ricardo Mourinho and Lucinio Muñoz Topic: Green economy Date: November 18, 2021
Read about event
 

Past Event

Past Event

How can we create more sustainable value chains?

There is an urgent need for GVCs to become more resilient and inclusive, and meet the net-zero challenge.

Speakers: Erik Berglöf and Alicia García-Herrero Topic: Global economy and trade, Green economy Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: November 10, 2021
Read article Download PDF More by this author
 

Parliamentary Testimony

European governanceEuropean Parliament

The New Euro Area Inflation Indicator and Target: The Right Reset?

Testimony to the Monetary Dialogue Preparatory Meeting of the European Parliament's Committee on Economic and Monetary Affairs (ECON).

By: Zsolt Darvas Topic: European governance, European Parliament, Macroeconomic policy Date: November 9, 2021
Read about event More on this topic
 

Past Event

Past Event

Phasing out COVID-19 emergency support programmes: effects on productivity and financial stability

How can European countries phase out the COVID-19 support measures without having a negative impact on productivity and financial stability?

Speakers: Eric Bartelsman, Maria Demertzis, Peter Grasmann and Laurie Mayers Topic: Macroeconomic policy Date: November 9, 2021
Read article
 

External Publication

European governanceEuropean Parliament

The new euro area inflation indicator and target: the right reset?

In-depth analysis on the European Central Bank's revised inflation target prepared for the European Parliament's Committee on Economic and Monetary Affairs (ECON).

By: Zsolt Darvas and Catarina Martins Topic: European governance, European Parliament, Macroeconomic policy Date: November 4, 2021
Read about event More on this topic
 

Past Event

Past Event

European monetary policy: lessons from the past two decades

This event will feature the presentation of “Monetary Policy in Times of Crisis – A Tale of Two Decades of the European Central Bank."

Speakers: Petra Geraats, Wolfgang Lemke, Francesco Papadia and Massimo Rostagno Topic: Macroeconomic policy Date: November 4, 2021
Read article Download PDF More on this topic
 

Working Paper

Does money growth tell us anything about inflation?

Attention should be paid to a possible sequence of negative events: if inflation would start to be volatile and money growth remains high, efforts to control inflation could be undermined.

By: Leonardo Cadamuro and Francesco Papadia Topic: Macroeconomic policy Date: November 4, 2021
Read article
 

Blog Post

European governance

Is the risk of stagflation real?

Most economic forecasts predict a return, in the medium-term, to pre-pandemic growth and inflation. Nevertheless, the European Central Bank and fiscal authorities need to be vigilant for signs of the contrary.

By: Monika Grzegorczyk, Francesco Papadia and Pauline Weil Topic: European governance, Macroeconomic policy Date: November 2, 2021
Load more posts