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

SUERF • CGEG|COLUMBIA|SIPA • EIB • SOCIETE GENERALE E-Conference

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 suerf@oenb.at.

Program

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) Patricia Mosser, Director, MPA Program in Economic Policy Management; Senior Research Scholar of International and Public Affairs, Columbia University 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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How to spend it? How to pay it back? EU and US Perspectives