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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
Inflation, higher-for-longer rates, and macro-financial stability
Deniz Igan, Head of Macroeconomic Analysis, BIS I SUERF presentationOn a Lender of last resort with a central bank and a stability fund
Luca Zavalloni, Economist, European Stability Mechanism (ESM) presentationMonetary policy and housing market volatility
Klaus Adam, Professor of Economics I Dean of the Department of Law and Economics at the University of Mannheim presentationKeynote address: Safeguarding macro & financial stability in a fragile environment
Daniel Gros, Professor, Bocconi University I Director of the Institute for European Policymaking presentationKeynote address: Global Financial Stability Outlook
Tobias Adrian, Financial Counsellor I Director of the Monetary and Capital Markets Department , International Monetary Fund (IMF) presentation
