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

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) 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) Filiz Unsal, Head I Structural Policy Analysis Division I OECD 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) Cornelia Holthausen, Director General, Macroprudential Policy and Financial Stability, European Central Bank (ECB) Presentation (pdf) Peter Praet, Senior Fellow, Université Libre de Bruxelles, SUERF Honorary Member

15:45	End

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