Lámfalussy

The Lamfalussy Lectures Conference series, the prestigious international conference named after Baron Alexandre Lamfalussy, „the father of the Euro” hosted by the Magyar Nemzeti Bank (MNB), the central bank of Hungary, is coming to a special edition this year, as the MNB is celebrating a double anniversary, the centenary of the establishment of the independent central bank of Hungary and the tenth edition of the Lamfalussy Lectures Conference series. On this occasion, the Lamfalussy Conference returns with a unique edition, honouring these outstanding milestones to be held on Monday, 16 September 2024.

The main theme of the 2024 Lamfalussy conference is ‘The Age of Geoeconomics: Evolution of Central Banking’. The theme reflects on the need of central banks repositioning themselves and adjusting their monetary policies to a new geopolitical landscape and the geoeconomic challenges. The conference will start with an introductory speech by the Governor of Magyar Nemzeti Bank, followed by the Lamfalussy lecture given by the winner of the 2024 Lamfalussy Award. Following the high-level speeches, two panel discussions and a roundtable discussion will take place focusing on the most pressing and significant issues of central banking.

The first panel discussion titled ’’Geopolitical Tensions: the Decade of New Risks for Monetary Policy’’ will delve into the monetary policy implications of the newfound vulnerabilities triggered by geopolitical changes. The current international environment is admittedly highly challenging and the newly emerged factors put pressure on policymakers to reconsider their practice of forecasting, evaluation and decision-making. This implies that central banks have to reinvent their policy framework to ensure stability in a world dominated by instability. This panel will focus on how central banks could navigate through these uncharted waters, leading the way to make their economies more resilient to the transformative forces of our interconnected global economy.

The second panel discussion titled ’Interaction between Fiscal and Monetary Policy’ will focus on one of the most topical questions of today’s central banking. After more than a decade of low interest rates, central banks are fighting inflation again. High public debt poses a challenge for monetary policy in many countries as monetary tightening limits the space for fiscal policy through higher interest rate burden as well as slower GDP growth. Is there a conflict between price stability and full employment? Is hard landing necessary for bringing down inflation permanently? Should either fiscal or monetary policy play a dominant role? Is the period of low interest rates over? If yes, how should fiscal policy adjust in order to keep public debt on a sustainable path? Can central banks lose control over inflation? Participants of the panel will search for new answers to these old questions.

The tenth edition of the conference provides a special occasion to dedicate the event to the memory of Baron Lamfalussy and in view of the centenary highlighting what Alexander Lámfalussy’s legacy could teach the central bankers of the next 100 years. Therefore, at the cornerstone of the conference will be a roundtable discussion under the title of ’’Alexander Lámfalussy’s Legacy in the 21st Century’’, where the previous awardees of the Lamfalussy Award will reflect on the inevitable merits of Baron Alexandre Lamfalussy.