Event organizer: Le Cercle des économistes
Media Center

How far should central banks intervene?

Debate 10 Amphi 3 July 3, 2021 18:40 - 19:30


Overview

To help stabilize financial markets and, above all, to support economic activity during the last crises, central banks have proven themselves reactive and creative, adopting so-called unconventional monetary policies (negative interest rates, massive purchases of public and private securities, etc.). How effective would their interventions have been without coordination with fiscal policy? These crises have reminded us of the complementarities between monetary policy and fiscal policy. But what is the limit to central bank purchases of public debt? What are the resulting risks? Is the independence of central banks threatened? Should we fear a return of inflation? Has the increase in the price of financial and real estate assets contributed to widening inequalities and does it not create a risk of financial instability? What more can central banks do? How can the climate constraint be added to their strategy?


Speakers

Jean BEUNARDEAU
Chairman of the Board
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HSBC Continental Europe
Bio
Agustin CARSTENS
CEO
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Banque des Règlements Internationaux (BIS)
Bio
Mario CENTENO
Governor
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Banque du Portugal
Bio
Patricia CRIFO
Professor of Economics
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Ecole Polytechnique
Bio
Kenneth ROGOFF
Professor of Economics
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Université de Harvard
Bio
Béatrice WEDER DI MAURO
Chairwoman
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Centre de recherche sur les politiques économiques (CEPR)
Bio

Coordinator

Catherine LUBOCHINSKY
Member
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Le Cercle des économistes
Biographie

Moderator

Stanley PIGNAL
European business and finance correspondent
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The Economist
Biographie