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Lámfalussy

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Monday, 6 February 2023

 

The Lamfalussy Lectures Series, named after Baron Alexandre Lamfalussy, „the father of the Euro”, is a prestigious international conference hosted by the Magyar Nemzeti Bank, the central bank of Hungary.

The main theme of the 2023 Lamfalussy conference is „New dimensions of central banking in the post-COVID era”. 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 2023 Lamfalussy Award, and a keynote speech. Following the high-level speeches two panel discussions will take place focusing on the most pressing and significant issues of global economic and monetary policies.

The theme reflects on the need of central banks repositioning themselves and adjusting their monetary policies to the changed financial and economic situation caused by the Covid-19 shock. Unprecedented measures have to be taken by central banks alongside with the fiscal policy makers in order to reboot the economy. Decision-makers need not only to be ready to innovate, but to act as quickly and efficiently as possible.

The conference will focus on two of the most topical questions of today’s financial landscape: the increasing interest in central bank digital currencies and the central bank’s role in promoting the green economy.

During the panel discussion entitled „Money and technology – prospects for central bank digital currencies” the potential role of CBDC will be discussed. Due to explosive technological developments in the financial system, the international central banking community has been forced to innovate. The increase in the market capitalization of cryptocurrencies to above $ 1 trillion, the enhanced use of blockchain technology in financial services, the development of international giants’ own financial platforms and the direct peer-to-peer lending are all changes that have resulted in a new situation regarding the financial infrastructure management and control. These developments have encouraged central banks to react. Are central banks able to lead this technological innovation? The private sector is also exploring the possibilities of creating currencies. Recently, more and more central banks, including the ECB, the Fed, the central banks of China, India and Japan, as well as a number of smaller central banks, have begun exploring the possibility of introducing CBDC or preparing specific project, in some cases already testing. The introduction of CBDC has generated debates all around the world.

The panel discussion entitled „The role of central banks in promoting the green economy in order to achieve sustainable long-term growth” tries to find the answer to what extend do central banks need to be involved in climate policy. More and more leading central banks have announced the intention to play an active role in facilitating the green transition of the financial sector and of the economies in broader context. Can central banks give up their market neutrality and loosen the distance from structural policies? In some countries, initiatives have been launched to incorporate in the central bank’s mandate to promote the green transition in order to avoid legal and legitimacy disputes. Possible central bank steps could include greening the central bank's non-monetary assets, greening the monetary policy securities and refinancing portfolios, stronger focus on climate risk in financial stabilization analysis or supporting government policies in the green transition in general.
The conference speakers will have to address these important questions.

Top Quotes from 2021 E-Conference

„Today extremely low real interest rates appear to be a permanent feature of our economies. No one would have thought that just a few years ago.”

Boris Vujčić
Governor, Hrvatska narodna banka

”Hitchhikers Guide to the Galaxy’s number 42'', somehow reminds me of the monetary policy today. It is being proposed as an answer to almost any problem.”

Boris Vujčić
Governor, Hrvatska narodna banka

“We will strike a balance between stabilizing economic growth and preventing risks, moreover, we will prioritize the overall policy design and planning for green finance."

Gang Yi
Governor, People’s Bank of China

„A new age of central banking is at our doorsteps. A large-scale attempt to support economic growth can only coincide with a dynamic growth in the central bank balance sheet, which will be the new normal in the future.”

Barnabás Virág
Deputy Governor, Magyar Nemzeti Bank

“With monetary policy constrained in the post-COVID world, we are going to need more active countercyclical fiscal policy to keep the economy on track”

William B. English
Professor in the Practice, Yale University

“Our commitment to preserve favourable financing conditions stabilizes markets, supports financial intermediation and reassures potential borrowers“

Philip R. Lane
Member of the Executive Board, European Central Bank; former Governor of the Central Bank of Ireland

“There is great applause for the swift and massive action taken by central banks in providing needed liquidity to economic agents just after the outbreak of the pandemic.”

Jacques de Larosiere 
Former Managing Director of the IMF; former Governor of Banque de France

„Fiscal policies should play a much larger role to stimulus the economy, after COVID-19. The governmental spending will boost the economy.”

Yang Yao
Dean and Professor, National School of Development, Peking University

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