Thursday, November 16, 2023

In cooperation with

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
Pierre Gramegna, Managing Director, European Stability Mechanism (ESM)
Session 1 - Inflation, high interest rates and macro-financial stability 

Inflation, higher-for-longer rates, and macro-financial stability

Deniz Igan, Head of Macroeconomic Analysis, BIS I SUERF presentation

On a Lender of last resort with a central bank and a stability fund

Luca Zavalloni, Economist, European Stability Mechanism (ESM) presentation

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
Chair: Olli Castren, Head of Economics and Impact Assessment, European Banking Authority (EBA)
Lunch break
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
Nicola Giammarioli, Secretary General I Member of the Management Board, European Stability Mechanism (ESM)
Debora Revoltella, Director, European Investment Bank (EIB) I SUERF presentation
Filiz Unsal, Head I Structural Policy Analysis Division I OECD presentation
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
Cornelia Holthausen, Director General, Macroprudential Policy and Financial Stability, European Central Bank (ECB) presentation
Peter Praet, Senior Fellow, Université Libre de Bruxelles, SUERF Honorary Member