WPC 2015 Plenary session 2: The future of central banking
Channel: World Policy Conference TV
Date: 20/11/2015

Session 2: The future of central banking

Since the crisis occurred, Central banks of large advanced economies have embarked on very accommodating conventional and unconventional monetary policy. What is the meaning of this persistent situation, more than eight years after the start of the subprime crisis and more than seven years after Lehman Brothers bankruptcy? In particular:

    - What are the unintended financial and real economy consequences of such a long standing high level of monetary accommodation in the advanced economies?
    - What is the likely impact, in particular on volatility of global financial markets, on the global economy and on emerging economies, of the progressive withdrawal of monetary stimulus that is presently proceeding in the United States?
    - Are we experiencing a kind of “new normal” monetary policy required by persistent adverse new economic and financial structural features of the advanced economies?
    - Are there key “fundamentals” of Central Banking that should be kept in mind in all circumstances (like central bank independence, medium and long term price stability goal, financial stability etc.)?

Moderator:
Arthur Rutishauser, Editor-in-Chief, SonntagsZeitung
Speakers:
1. Marek Belka, President, National Bank of Poland
2. Jacob Frenkel, Chairman of JPMorgan Chase International, Chairman of the Board of Trustees of the Group of Thirty (G-30), Former Governor of the Bank of Israel
3. Mugur Isarescu, Governor of the National Bank of Romania, Former Romanian Prime Minister
4. Jean-Claude Trichet, former President, ECB