MONETARY POLICY NORMALIZATION AND MARKET FUNCTIONING IN THE EURO AREA

Orderly market functioning is the cornerstone of monetary and financial stability.

Recent years have seen several high-profile episodes of financial market dysfunction, eliciting responses of central banks across the world, and potential new challenges are on the horizon.

Against the backdrop of greater volatility and rising rates, central banks have a role to play on several dimensions, including: how to preserve market functioning in a context of rapid withdrawal from a decade-long policy accommodation; how to address financial fragmentation and ensure a smooth transmission of monetary policy; how to identify the optimal level of excess liquidity in the financial system and define the most appropriate operational framework to steer short-term interest rates in the post-pandemic environment.
The workshop will discuss these topics.

4:45PM
REGISTRATION OF PARTICIPANTS

5:00PM
OPENING AND WELCOME
DONATO MASCIANDARO Director, BAFFI Centre, and Intesa Sanpaolo Chair in Economics of Financial Regulation, Bocconi University

KEYNOTE SPEECH
MONETARY POLICY NORMALIZATION AND MARKET FUNCTIONING IN THE EURO AREA
IMÈNE RAHMOUNI-ROUSSEAU Director General of Market Operations, European Central Bank

5:35PM
DISCUSSION

Discussants
STEFANO CASELLI Dean, SDA Bocconi School of Management, and Algebris Chair of Long Term Investment and Absolute Return, Bocconi University
MARCO BRANCOLINI Head of EUR Rates Strategy, Nomura
MORYA LONGO Il Sole 24Ore

6:30PM
CONCLUSION