Past Event

Central banking after the great recession

Have Central Banks lost their ability to control domestic inflation? Are macroprudential tools sufficient to ensure financial stability? Do new monetary tools, a closer relationship with fiscal policy and the renewed financial stability mandate require a new central banking paradigm?

Date: January 18, 2016, 10:30 am Topic: European Macroeconomics & Governance

Old theories in monetary policy are being challenged and macroprudential policy is ever more important. This two-session workshop addressed the place of central banks in the post-crisis economy.

Session 1: Macroprudential policy and its relationship with monetary policy: the complex European framework

Macroprudential policy has two main goals: to increase the resilience of the financial system and to tame the financial cycle with more targeted tools than monetary policy. These measure can be tailored to country-specific circumstances, which is especially important in a heterogeneous monetary union. However, macroprudential policies are new and still under construction, especially in advanced economies. Are macroprudential tools sufficient to ensure financial stability? Could the complex European set-up make their implementation less effective?

Session 2: After the crisis, the evolving role of central banks

Do we have to re-open the institutional design question we had thought we had solved establishing independent central bank moving interest rates in the pursuit of price stability? Do new monetary tools, a closer relationship with fiscal policy and the renewed financial stability mandate require a new central banking paradigm?

Event materials

Event Notes
Markus Brunnermeier – Presentation
Claudia Buch – Presentation
Charles Goodhart – Presentation
Andrzej Rzońca – Presentation

Schedule

Jan 18, 2016

10.30 - 10.50

Check-in and Coffee

10.50 - 11.00

Welcome

Guntram B. Wolff, Director

11.00 - 12.30

Macroprudential policy and its relationship with monetary policy: the complex European framework

Chair: Dirk Schoenmaker, Non-Resident fellow

Cecilia Skingsley, Deputy Governor, National Bank of Sweden

Claudia M. Buch, Deputy President of the Deutsche Bundesbank

Ignazio Angeloni

12.30 - 13.00

Lunch

13.00 - 15.00

After the crisis, the evolving role of central banks

Chair: Grégory Claeys, Research Fellow

Andrzej Rzońca, Member of the Monetary Policy Council, National Bank of Poland

Charles Goodhart, Emeritus Professor, London School of Economics

Markus K. Brunnermeier, Professor, Princeton University

Speakers

Ignazio Angeloni

Markus K. Brunnermeier

Professor, Princeton University

Claudia M. Buch

Deputy President of the Deutsche Bundesbank

Grégory Claeys

Research Fellow

Charles Goodhart

Emeritus Professor, London School of Economics

Dirk Schoenmaker

Non-Resident fellow

Andrzej Rzońca

Member of the Monetary Policy Council, National Bank of Poland

Cecilia Skingsley

Deputy Governor, National Bank of Sweden

Guntram B. Wolff

Director

Location & Contact

Bruegel, Rue de la Charité 33, 1210 Brussels

Matilda Sevón

matilda.sevon@bruegel.org +32 2 227 4212

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