With inflation having essentially converged to the 2% target and real short-term interest rates close to estimates of the natural rate, the ECB could be forgiven for thinking that monetary policy has stabilised. But this normality would be misleading and central banks must be ready to respond with agility to future shocks, which are likely to be larger and more complex than before. In this speech, Governor Villeroy de Galhau will first outline where we are today and how we got there, emphasizing the importance of the ECB’s credibility and the forceful and persistent response to the inflation surge. He will then describe why an agile monetary policy reaction function will be needed in the future and what this implies in practice.
For online attendance via ZOOM Webinar please use the below link:
https://eui-eu.zoom.us/j/97950008178
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The Economic and Monetary Union Laboratory (EMU Lab) is a collaborative initiative driven by the Tommaso Padoa-Schioppa Chair and the Pierre Werner Chair, aiming to reassess the Economic and Monetary Union's structure in light of current European and global economic conditions.
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