on november 26 and 27, 2012. now, let me introduce our first keynote speaker, professor andrew k. rose from university of california, berkeley. andrew k. rose is the b. t. rocca jr. professor of international business in the economic analysis and policy group, haas school of business at the university of california, berkeley. he serves as associate dean for academic affairs, and chair of the faculty. he is also a research associate of the nber ( national bureau of economic research, based in cambridge, ma ), and a research fellow of the cepr ( centre for economic policy research, london ). professor rose has published numerous articles in refereed economics journals, including the american economic review, the quarterly journal of economics, the review of economic studies, and the journal of finance. rose is interested in the theory and practice of economic policy, and his research addresses issues in international trade, finance, and macroeconomics. bis central bankers ’ speeches

olli rehn : eurozone - monetary policy and strategy review speech by mr olli rehn, governor of the bank of finland, at the citi virtual macro forum, 14 october 2020. * * * ladies and gentlemen, it is a great pleasure to speak at the citi 2020 virtual macro forum today. in my opening remarks, let me focus on two topics. first, i will give you a snapshot of the ecb ’ s monetary policy at the current juncture and, second, i will focus on the ecb ’ s strategy review that is now underway. according to the ecb ’ s recent forecast, the eurozone economy will contract by 8 % this year. next year it will rebound to 5 % growth, which will level off to 3 % in 2022. as a consequence, economic activity is foreseen to return to pre - pandemic levels only towards the end of 2022. the covid - 19 crisis has dampened inflationary pressures worldwide. hicp inflation in the eurozone dropped into negative territory in august, with consumer prices declining by 0. 2 % yearon - year. this is mainly due to temporary factors, but the elevated level of economic slack, weak energy inflation and the recent appreciation of the euro will continue to act as headwinds. thus, our baseline projections forecast headline inflation to rise only gradually, i. e. to 1. 0 % in 2021 and to 1. 3 % in 2022. the ecb ’ s monetary policy is now very accommodative, and so is fiscal policy in the euro area. importantly, monetary policy and fiscal policy now work hand - in - hand and reinforce each other. europe ’ s recovery fund – next generation eu – will support the recovery, investment and reforms towards the necessary green and digital transformation. the ecb has used a number of instruments to ease financial conditions, thus securing access to finance for households and businesses. these include the pandemic securities purchase programme ( pepp ), targeted longer - term refinancing operations ( tltros ), and securing dollar liquidity for european banks through swap lines with the us federal reserve. through its forward guidance, the governing council has stated that it is ready to do whatever it takes, within its mandate, to maintain price stability and support economic activity across europe in these tough times. ecb president christine lagarde has called it, for good reason, a safety net that will be