Wednesday, October 14, 2020

In cooperation with

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.

Participation in this conference is open to all SUERF Members (Personal Members and all employees from SUERF Member Institutions).


Wednesday, 14 October 2020
Jakob de Haan, SUERF President
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
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
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

Ambroise Fayolle, Vice-President, European Investment Bank
Patricia Mosser, Director, MPA Program in Economic Policy Management; Senior Research Scholar of International and Public Affairs, Columbia University presentation
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

Panel: Debt, innovation and inequality
Chair: Jan Svejnar, Director, Columbia I SIPA I CGEG
Jens Ulbrich, Director, General Economics, Deutsche Bundesbank I SUERF Council
Marc Auboin, Counsellor in the Economic Research and Statistics Division of the WTO
Fernando Restoy, Chairman, Financial Stability Institute, BIS
Angel Ubide, Managing Director, Citadel LLC
The End