The current environment of high inflation, tightening monetary policy, and more generally a highly uncertain macroeconomic outlook creates new challenges to macroprudential authorities throughout Europe and the world. Macroprudential policy is still a relatively new economic policy tool, and this is practically the first time since macroprudential policy has become widely used in the aftermath of the Global Financial Crisis, that policy interest rates are on a clear upward trajectory in response to severe inflationary pressures. As a result, it is currently particularly challenging for macroprudential policy makers to assess the impact of macroprudential tools on the demand and supply of loans, on asset prices, credit risk and other fields related to financial stability.
To discuss the potential implications of these development, especially tightening monetary policy, on macroprudential policy, SUERF, together with the National Bank of Slovakia organizes a workshop entitled “Macroprudential Policy and the End of the Zero-Interest-Rate Environment” The aim of the workshop is to bring together the cross-country perspective of international organizations and recent country-specific experiences in dealing with this new and challenging environment for macroprudential policy making.
Scientific coordination: Ernest Gnan, OeNB and SUERF, Reiner Martin and Ján Klacso, Národná banka Slovenska