SUERF-ESM - Safeguarding macro and financial stability in a fragile environment - 20231116

On 16 November 2023, around 220 international experts gathered online for a high-level workshop jointly organized by SUERF - The European Money and Finance Forum and the European Stability Mechanism (ESM). The theme was “Safeguarding macro & financial stability in a fragile environment: Transmission channels and policy challenges”.
The event explored the challenges to macroeconomic and financial stability for the euro area emerging in the current environment, both from an academic and policy perspective. Monetary and fiscal policies had to adjust to the pandemic crisis and the subsequent terms-of-trade and supply side shocks. The new monetary policy cycle is now feeding through the economy and affecting the financial system. Fiscal policy was well aligned with monetary policy during the pandemic shock, but less so more recently adding another layer of complexity. At the same time, European economies are affected by longer-term trends, such as ageing, climate change, and digitalization, affecting both policy areas and shaping macro-economic and financial stability prospects in the long-term. Structural reforms and the further developments of cooperation and integration among EU countries can play important roles in mitigating policy tradeoffs.
Scientific coordination: Ernest Gnan, SUERF, and Rolf Strauch, ESM
Timeline and speakers:
00:00:13 - Welcome and opening: Pierre Gramegna, Managing Director, European Stability Mechanism (ESM)
Session 1 - Inflation, high interest rates and macro-financial stability
00:06:28 - Introduction: Olli Castren, Head of Economics and Impact Assessment, European Banking Authority
00:07:46 - Monetary policy and housing market volatility: Klaus Adam, Professor of Economics I Dean of the Department of Law and Economics at the University of Mannheim
00:29:00 - Inflation, higher-for-longer rates, and macro-financial stability: Deniz Igan, Head of Macroeconomic Analysis, BIS I SUERF
00:47:37 - Discussion, Q&A
00:59:02 - On a Lender of last resort with a central bank and a stability fund: Luca Zavalloni, Economist, European Stability Mechanism (ESM)
01:18:40 - Q&A
Session 2 - Safeguarding macro & financial stability in a fragile environment: policy challenges
01:26:09 - Introduction: Ernest Gnan, Secretary General, SUERF
01:28:40 - Keynote address: Safeguarding macro & financial stability in a fragile environment: Daniel Gros, Professor, Bocconi University I Director of the Institute for European Policymaking
01:48:35 -Nicola Giammarioli, Secretary General I Member of the Management Board, European Stability Mechanism (ESM)
01:57:51 - Debora Revoltella, Director, European Investment Bank (EIB)
02:11:17 - Filiz Unsal, Head I Structural Policy Analysis Division I OECD
02:22:45 - Discussion, Q&A
Session 3 - Safeguarding macro & financial stability in a fragile environment: transmission channels
02:40:36 - Introduction: Rolf Strauch, Chief Economist I Management Board Member, European Stability Mechanism (ESM)
02:42:52 - Keynote address: Global Financial Stability Outlook - Tobias Adrian, Financial Counsellor I Director of the Monetary and Capital Markets Department, International Monetary Fund (IMF)
03:06:52 - Cornelia Holthausen, Director General, Macroprudential Policy and Financial Stability, European Central Bank (ECB)
03:24:00 - Peter Praet, Senior Fellow, Université Libre de Bruxelles, SUERF Honorary Member
03:39:10 - Discussion, Q&A
03:54:25 - Conclusions: Rolf Strauch
03:56:26 - Closing and farewell: Ernest Gnan
© SUERF 2023. For event slides see: www.suerf.org/esm. Views are those expressed by speakers only and not those of their affiliated institutions or SUERF. For SUERF events see: www.suerf.org/.... For SUERF Policy Briefs and Notes see: www.suerf.org/.... Become a SUERF member: www.suerf.org/....