On 9 February, at 11.30 am, the first listening event will be held online, with contributions from eminent academics on the Eurosystem's monetary policy strategy review.
The video of the event is available on the Bank's YouTube channel at https://youtu.be/SAD_wNysN3k.
Six experts in macroeconomics, and monetary and financial economics from six different universities will attend the event:
- Prof. Pierpaolo Benigno, University of Bern
- Prof. Elena Carletti, Bocconi University
- Prof. Giovanni Dosi, Sant'Anna School of Advanced Studies in Pisa
- Prof. Donato Masciandaro, Bocconi University
- Prof. Marcello Messori, LUISS, and Director of the Luiss School of Political Economy
- Prof. Loriana Pelizzon, Ca 'Foscari University
The round table will also be attended by Ignazio Visco, Governor of the Bank of Italy; Eugenio Gaiotti, Head of the Directorate General for Economics, Statistics and Research; and Luigi Cannari, Head of the Directorate General for Markets and Payment Systems. The event is testimony to the importance attributed by the Bank of Italy, the ECB, and by the other central banks of the euro area to listening to the opinions and assessments of various sectors of society on the monetary policy of the Eurosystem.
The round table will start with the last strategy review in 2003 and the sweeping changes that have taken place in the economy. Topics will include the global financial crisis, the sovereign debt crisis in the euro area, the pandemic, and the adoption of unconventional tools to preserve the transmission of monetary policy to the economy, stimulate demand and ensure price stability. Further long-term developments such as globalization, digitalization, the ageing population, and climate change will also be examined, since these can all have lasting effects on the decisions and behaviour of firms and households, the functioning of financial markets, and on the economy as a whole. The pandemic, in particular, has posed new challenges, owing both to the depth of the economic crisis it has triggered in the immediate term and to its potential impact in the medium and long term.
The conversation will then turn to the implications of these changes for monetary policy, as follows:
The economy and the effectiveness of the Eurosystem's monetary policy
• What are the main strengths and weaknesses of the ECB's current strategy in terms of the definition of its goals and pursuit of price stability?
• How can we assess the effectiveness of the ECB's monetary policy measures, including 'unconventional' measures?
• What are the implications of persistently low inflation for the ECB's strategy?
The challenges for monetary policy
• What are the main economic challenges that the ECB strategy will have to address in the coming years?
• What should be the role of employment, social inclusion, climate change, and financial stability within its mandate?
• How effective is communication by the ECB, and how can it be improved?