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SUERF BAFFI Bocconi e-Lecture

Libra 2.0 – What does it mean for monetary policy and financial stability?

Calendar Aug 31, 2020 Schedule16:30 - 17:30 CET (UTC+01:00)

Date: Monday, 31 August 2020 − 16:30-17:20 CET

Katrin Assenmacher,  Head of the Monetary Policy Strategy Division at the European Central Bank (ECB).
Dirk Niepelt, Director of the Study Center Gerzensee; Professor at the University of Bern.

Donato Masciandaro, Professor of Economics, Chair in Economics of Financial Regulation, Director, Baffi Carefin Center, Bocconi University and SUERF Council

Facebook’s announcement of Libra in June 2019 has prompted the G7 to issue a report on the risks of global stablecoins. While the report acknowledged deficiencies in current cross-border payment systems, it highlighted that stablecoins had to operate in a sound legal and regulatory framework.  In April 2020, an updated Libra whitepaper was published that addressed some of these concerns. Nevertheless, many questions still remain open and further work is needed to better understand the implications of Libra for monetary policy and financial stability. The presentation will discuss the potential impact of widely adopted global stablecoins on monetary policy transmission, bank intermediation and financial stability.

Webinar Slides (pdf)
Presentation by Katrin Assenmacher
Presentation by Dirk Niepelt


Donato Masciandaro, born in Italy in 1961, from 2010 is Full Professor of Economics and Director of the BAFFI CAREFIN Centre for Applied Research on International Markets, Banking, Finance and Regulation. From 2005 he holds the Chair in Economics of Financial Regulation, at Bocconi University. From 2013 he is Head of the Department of Economics; he was already Department Head from 2008 to 2010. He is member of the Council and Honorary Treasurer of SUERF - The European Money and Finance Forum. He served as Visiting Scholar at the IMF (International Monetary Fund), as well as Consultant at the Inter-American Development Bank and the United Nations. He is Associated Editor of the Journal of Financial Stability. His main research interests are in Financial Regulation and Supervision: a) General Issues; b) Illegal Financial Markets; c) Central Banking.



Katrin Assenmacher is Head of the Monetary Policy Strategy Division at the European Central Bank (ECB) since November 2016. From 2010 to 2016 she led the Monetary Policy Analysis unit at the Swiss National Bank (SNB). Her professional interests lie in the areas of monetary policy and time-series econometrics. She published several articles in international academic journals on modelling the role of money in the inflation process, analysing business cycle indices and estimating central bank reaction functions. Katrin was a visiting scholar at the Federal Reserve Banks of St. Louis and Atlanta, the Oesterreichische Nationalbank and the Universities of Copenhagen and Southern California. She holds a Doctorate and a Diploma in economics from the University of Bonn, where she also received her Habilitation. 




Dirk Niepelt is director of the Study Center Gerzensee; professor at the University of Bern; President of the Swiss Society of Economics and Statistics; research fellow at the Centre for Economic Policy Research (CEPR, London); CESifo (Munich) research network member; and member of the macroeconomic committee of the Verein für Socialpolitik. Prior to joining the Study Center, he was assistant professor at the Institute for International Economic Studies (IIES) at Stockholm University. He was an invited professor at the University of Lausanne; a visiting professor at the IIES; and held visiting positions at the European Central Bank, the International Monetary Fund and the Federal Reserve Bank of St. Louis. Before completing his doctoral education, he worked at applied research institutes in St. Gallen and Zurich (FEW, KOF). Dirk Niepelt received his PhD in economics from the Massachusetts Institute of Technology and holds licentiate and doctorate degrees from the University of St. Gallen. 

With friendly support of the Intesa Sanpaolo Chair in Economics of Financial Regulation, Bocconi University.

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