Thursday, April 22, 2021
Thursday, April 22, 2021

In cooperation with


Thursday, 22 April 2021
Online connection
Welcome & opening


Ernest Gnan, Head of Economic Analysis Division, OeNB and SUERF Secretary General

Opening Address

Pietro Carlo Padoan, Chairman of the UniCredit Group

Keynote Lecture: The Pandemic reset and its implications for household finances

Michael Haliassos, Chair of Macroeconomics and Finance, Goethe University Frankfurt presentation

8th SUERF UniCredit Foundation Award: Paper Presentations

Paper 1: The Saving and Employment Effects of Higher Job Loss Risk

Ragnar Juelsrud & Ella Getz Wold, Norges Bank presentation

Paper 2: The Great depression as a saving glut

Victor Degorce & Eric Monnet, PhD student at the EHESS | Paris School of Economics and EHESS CEPR Research affiliate presentation
Chair: Maurizio Beretta, Chairman, UniCredit Foundation
Panel: COVID and savings behaviour: What lessons? Any lasting impact?
Moderator: Arne Holzhausen, Head of Insurance, Wealth and Trend Research, Allianz SE
Jens Ulbrich, Director, Deutsche Bundesbank

In this video, Arne Holzhausen, Allianz SE, Stefan Gerlach, EFG Bank, Geoff Kenny, ECB, Erik Nielsen, UniCredit Group, Jorge Sicilia, BBVA, Kurtulus T. Diamondopoulos, World Gold Council, and Jens Ulbrich, Deutsche Bundesbank, discuss what has been driving savings – and consumption – behavior during the COVID-19 crises, and how savings, consumption and the economic recovery might evolve going forward.

Savings rates (the share of savings in households” disposable income) have doubled in many countries during the COVID-19 pandemic, as a result of the impossibility to consume due to lockdowns and other containment measures, while households” and businesses” income losses were supported by government aid.

Will households, once the lockdowns will be over, reduce their savings rates back to pre-crisis levels? Will they seek to run down their stock of savings accumulated during the pandemic to pre-crisis levels? Will this leed to a spending spree and trigger a vigorous economic recovery? Or are higher savings here to stay, implying a lacklustre economic recovery? And how has portfolio choice been affected by the COVID and the very low risk-free interest rate? Will there be lasting changes, e.g. towards stocks and real estate?


Household savings during the pandemic

Geoff Kenny, Head, Monetary Economics Section, DG Research, ECB presentation

COVID and savings behaviour: What lessons? Any lasting impact?

Stefan Gerlach, Chief Economist, EFG presentation

The unprecedented changes in households’ and corporates’ savings during the pandemic

Erik Nielsen, Global Chief Economist, UniCredit Group presentation

Covid-19 and savings behavior: a few selected issues

Jorge Sicilia, Chief Economist, BBVA presentation

Savings behaviour in crisis and post-crisis times

Kurtulus T. Diamondopoulos, Director, Central Banks and Public Policy, World Gold Council presentation