The European Central Bank (ECB) will once again hold this Monday in Sintra, in the district of Lisbon, its annual forum, this year dedicated to the challenges of monetary policy in a rapidly changing world.
After two years held by telematic means due to the pandemic, the three-day summit returns to Sintra in person, as in previous years.
This year’s theme has been changed to reflect recent global developments and the summit will discuss the challenges facing the euro zone economy today.
Rising inflation, primarily as a result of rising energy prices, pandemic-related supply shortages and unleashed pent-up demand, has created a difficult and uncertain environment for central banks globally. And the invasion of Ukraine by Russia further complicated the economic outlook, especially for Europe”, highlights the ECB, on its page dedicated to the summit.
Central bank governors, academics, economists and financial market representatives analyze the implications of these factors for the eurozone economy in the global contextincluding trends that appear to have been reinforced by the pandemic and how they may affect monetary policy going forward.
The objective, the organization points out, is to discuss, in particular, with regard to inflation in the euro area, the role of international production networks and the key factors in the behavior of energy prices, including geopolitical developments and changes in supply structures.
Regarding the formulation of monetary policy, the impact of inflation expectations and booms real estate It will also be the subject of debate, with sessions on new technologies as well as central bank digital currencies in the current global environment and the characteristics of a potential digital euro.
The summit will start with a welcome dinner by ECB President Christine Lagarde, followed by a speech by Ngozi Okonjo-Iweala, Director General of the World Trade Organization.
On Tuesday, the forum kicks off with a speech by Lagarde, with a session on globalization and the labor market scheduled for this morning, moderated by the ECB’s chief economist, Philip Lane, and another on the volatility of energy prices and a panel . on the digital euro project.
On Wednesday, the Vice President of the ECB, Luis de Guindos, will moderate a debate on monetary policy and the boom real estate, as well as a session on global value chains, supply constraints and international trade.
there will still be a panel on inflation expectations in the formulation of monetary policymoderated by Isabel Schnabel, member of the Executive Committee of the ECB.
That same day in the afternoon, the high point will be the panel in which, in addition to Lagarde, the president of the United States Federal Reserve, Jerome Powell, the governor of the Bank of England, Andrew Bailey, and the general director of The Bank for International Settlements, Agustín Carstens, will participate.
Since 2013, Sintra has hosted the annual ECB forum, which replicates the model that the Fed has established since 1978 in the city of Jackson Hole, Kansas, in the United States.
Source: Observadora
