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Safeguarding macro & financial stability in a fragile environment: Transmission channels and policy challenges

SUERF I ESM High-level workshop

Safeguarding macro & financial stability in a fragile environment: Transmission channels and policy challenges

Thursday, 16 November 2023 I online via Webex

The event will explore the challenges to macro and financial stability for the euro area emerging in the current environment, both from an academic and policy perspective. Monetary and fiscal policy had to adjust to the pandemic crisis and the subsequent terms-of-trade and supply side shock. 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 and climate change, impacting on both policy areas and shaping macro-economic and financial stability prospects in the long-term.

Scientific coordination: Ernest Gnan, SUERF and Rolf Strauch, ESM

Thursday, 16 November 2023
11:00 Welcome

Pierre Gramegna, Managing Director, European Stability Mechanism (ESM)

11:15 Session 1 - Inflation, high interest rates and macro-financial stability 

Chair: Olli Castren, Head of Economics and Impact Assessment, European Banking Authority (EBA)

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
Presentation (pdf)Presentation (pdf)

Inflation, higher-for-longer rates, and macro-financial stability
Deniz Igan, Head of Macroeconomic Analysis, BIS I SUERF
Presentation (pdf)Presentation (pdf)

On a Lender of last resort with a central bank and a stability fund
Luca Zavalloni, Economist, European Stability Mechanism (ESM)
Presentation (pdf)Presentation (pdf)

12:30 Lunch break
13:15 Session 2 - Safeguarding macro & financial stability in a fragile environment: policy challenges 

Chair: Ernest Gnan, Secretary General, SUERF

Keynote address: Safeguarding macro & financial stability in a fragile environment
Daniel Gros, Professor, Bocconi University I Director of the Institute for European Policymaking
Presentation (pdf)Presentation (pdf)

Nicola Giammarioli, Secretary General I Member of the Management Board, European Stability Mechanism (ESM)

Debora Revoltella, Director, European Investment Bank (EIB) I SUERF
Presentation (pdf)Presentation (pdf)

Filiz Unsal, Head I Structural Policy Analysis Division I OECD
Presentation (pdf)Presentation (pdf)

14:30 Session 3 - Safeguarding macro & financial stability in a fragile environment: transmission channels 

Chair: Rolf Strauch, Chief Economist I Management Board Member, European Stability Mechanism (ESM)

Keynote address: Global Financial Stability Outlook
Tobias Adrian, Financial Counsellor I Director of the Monetary and Capital Markets Department , International Monetary Fund (IMF)
Presentation (pdf)Presentation (pdf)

Cornelia Holthausen, Director General, Macroprudential Policy and Financial Stability, European Central Bank (ECB)
Presentation (pdf)Presentation (pdf)

Peter Praet, Senior Fellow, Université Libre de Bruxelles, SUERF Honorary Member

15:45 End

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