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How to spend it? How to pay it back? EU and US Perspectives
How to spend it? How to pay it back? EU and US Perspectives
How to spend it? How to pay it back? EU and US Perspectives


How to spend it? How to pay it back? EU and US Perspectives

Low interest rates mechanically offer more policy room and consensus is that governments should make full use hereof to combat the headwinds from the Covid-19 crisis; even in those countries with already high debt levels. A lively debate is already emerging as to whether, this time, higher public debt will come with higher inflation. Non-financial corporations are also set to see debt levels increase from often high starting points and even prior to the crisis this was a source of concern. Question is whether the 2020 crisis will mark a turning point that will see capital favoured over debt, and what this could mean both for real investment and financial asset prices.

Format: Online via Cisco WebEx
Date:     Wednesday, 14 October 2020
Time:     13:30-18:30 CET (Brussels, Frankfurt, Paris, Vienna)
07:30-12:30 EST (New York)

SUERF gratefully acknowledges professional technical support of SUERF online events by the OeNB"s Information Management and Services Division.

Participation in this conference is open to all SUERF Members (Personal Members and all employees from SUERF Member Institutions - Central Banks, Corporate and Academic Institutions).

For Non-Members by invitation only. For more information please contact


Wednesday, 14 October 2020
13:30 Welcome

Jakob de Haan, SUERF President

13:45 Opening remarks

Finding the right “Hall of mirrors”? The mixed blessings of lessons from the past for shaping a post-COVID future
Robert Holzmann, Governor, Oesterreichische Nationalbank

14:00 Keynote Session I

Chair: Ernest Gnan, SUERF Secretary General and OeNB

The pandemic and ECB monetary policy
Philip R Lane, ECB Chief Economist and Member of the ECB’s Executive Board

Presentation by Philip R Lane

Financial infrastructure and cross-Atlantic monetary transmission
Lorenzo Bini Smaghi, Chairman, Société Générale

15:00 Panel: Covid-19 to climate change: policy responses and future challenges

Chair: Debora Revoltella, Chief Economist, EIB I SUERF Council

Jean-Pierre Vidal, European Council, Cabinet of President Charles Michel I SUERF Council

Presentation (pdf)Presentation (pdf)

Patricia Mosser, Director, MPA Program in Economic Policy Management; Senior Research Scholar of International and Public Affairs, Columbia University
Presentation (pdf)Presentation (pdf)

Ambroise Fayolle, Vice-President, European Investment Bank

16:00 Keynote Session II

Chair: Michala Marcussen, Group Chief Economist, Société Générale I SUERF Vice President

Lessons from the successes and failures of the responses to the Pandemic Economic Crisis
Joseph E Stiglitz, University Professor, Columbia University

Risks and vulnerabilities in the corporate sector as a result of the COVID-19 crisis: the experience of Spain
Pablo Hernández de Cos, Governor, Banco de España

Speech by P. Hernández de Cos

Central banks’ response to the “tragedy on the horizon”
François Villeroy de Galhau, Governor, Banque de France

Speech by François Villeroy de Galhau

17:30 Panel: Debt, innovation and inequality

Chair: Jan Svejnar, Director, Columbia I SIPA I CGEG

Jens Ulbrich, Director, General Economics, Deutsche Bundesbank I SUERF Council

Fernando Restoy, Chairman, Financial Stability Institute, BIS

Marc Auboin, Counsellor in the Economic Research and Statistics Division of the WTO

Angel Ubide, Managing Director, Citadel LLC

18:30 The End

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