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Lámfalussy

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The Lamfalussy Lectures Conference, named after Baron Alexandre Lamfalussy, „the father of the Euro”, is a prestigious annual international conference hosted by the Magyar Nemzeti Bank, the central bank of Hungary. It is one of the key fora for European and global thinking on economic policy that provides platform for central bank governors and respected financial professionals to discuss the most urgent and topical issues related to global economic policy, specifically to monetary policy and to the stability of the financial system.

The motivation behind the launch of the conference series was that the 2008-2009 global financial and economic crisis has shaken the foundation of economics and shed new light on issues that were assumed to have been resolved. In this era of paradigm change, it is crucial for top-level national and international economic policy decision-makers to exchange opinions on the newly emerging economic world order. The high level of economic and financial integration calls for the exchange of views, the coordination of actions and the reinforcement of relationship networks among European and non-European decision-makers and economic opinion leaders.

The Lamfalussy conference series is organised in Budapest at the beginning of each year with the participation of hundreds of economic and financial professionals. The first conference, organised in January 2014, examined the economic, monetary and financial integration of Europe, the causes of the euro crisis, monetary policy challenges, euro accession strategies and issues related to the Banking Union. The central theme of the second conference in February 2015 was the changing role and objectives of central banks due to the financial crisis. The third, commemorative conference in February 2016 paid tribute to the work of the late Professor Lamfalussy. The fourth conference in January 2017 had a double focus: it discussed the opportunities in the European-Asian economic cooperation and the centrifuge forces threatening the future of the European integration. The 2018 event analysed the most significant trends and great transformations taking place nowadays within the EU and in Asia. The conference held in February 2019 focused on the process of economic catching-up, particularly within the EU and in Asia, while the latest, 2020 event examined the new challenges related to sustainable convergence.

Along with the Lamfalussy Lectures Conference, the Magyar Nemzeti Bank also established an international award given annually to recognise outstanding professional performance and lifetime achievements on the international scene that influence the work of the Magyar Nemzeti Bank and the international financial system in general. During the conference, the Lamfalussy Lecture is given by the winner of the Lamfalussy Award. The winners of the Award so far were Ewald Nowotny, then Governor of the Oesterreichische Nationalbank, Benoît Couré, then Member of the Executive Board of the European Central Bank, the Bank for International Settlements, Jacques de Larosiere , former Managing Director of the International Monetary Fund, Zhou Xiaochuan, then Governor of the People’s Bank of China, Yves Mersch, then Member of the Executive Board of the European Central Bank, and Peter Praet, former Member of the Executive Board of the European Central Bank.

GOVERNOR'S GREETINGS

 

The Covid-19 pandemic has caused an extraordinary economic and social disruption around the globe. 2020 was a black year from both social and economic perspectives. Unfortunately, many people lost loved ones and many people have found themselves in a financially difficult situation. In order to reduce the negative economic impact of the pandemic, policymakers have introduced supporting measures on an unprecedented scale all over the world. The pandemic has changed how the world operates and how we think about our daily lives. There are potential shifts that will remain with us, even after the pandemic resolves. However, digitalisation and green economies could benefit from the pandemic.

Past crises have taught us that the collaboration of different economic policy branches is more than essential to achieve the optimal policy mix, especially in difficult times. Fiscal and monetary authorities are cooperating closely to support jobs, businesses, and the financial sector at the same time. In this regard, public debt management and the evolution of central bank balance sheets have become two main areas of interest. Sustainability is of key concern, which central banks have the means and the ability to embrace and actively promote in order to achieve a long-term growth model that is also sustainable.

In the short-term, economic restoration takes priority. However, as the pandemic hopefully comes to an end soon, policymakers should shift their focus to a sustainable future. The objective of this year’s Lámfalussy conference, organised for the 8th time in general and for the first time in an unusual online setting, is to provide a platform for prominent economic experts of the world to share their views on the future of monetary policy after Covid-19.

The handling of the Covid-19 pandemic might only be the harbinger of dealing with unexpected challenges in the new decade. Together, we will overcome the virus as well as future challenges to come. What really matters in handling the coming challenges are the mindsets, habits, and connections of the players from households to governments and from business sectors to civil movements. With these, I wish you fruitful discussions at this year’s conference and beyond.

 

György H Matolcsy, Governor, Magyar Nemzeti Bank

 

György H Matolcsy

Governor
Magyar Nemzeti Bank

György H Matolcsy

Magyar Nemzeti Bank

Governor

Dr. György Matolcsy serves his second term as the governor of Magyar Nemzeti Bank, the cen-tral bank of Hungary. He was nominated to the position in 2013 and his tenure was renewed in 2019 for another 6 years. Since 2013 he is also a member of the Fiscal Council. Prior to his cur-rent position he was minister of national economy between 2010-2013. In 2007 he founded the Hungarian Economic Development Institute, which he headed for 3 years. Between 2000-2002 he was Hungary’s minister of economic affairs. Mr Matolcsy is the author of the Széchenyi Plan, a comprehensive strategy aiming to promote the economic growth in Hungary.
He was director of the Institute for Growth (2002-2010) and its predecessor organisation, the Privatisation Research Institute from 1995 to 2000. From the end of 1998 he has been a member of the economic advisory body of Prime Minister Viktor Orbán.
Starting in 1991 he spent 3 years as a member of the Board of Governors at the European Bank for Reconstruction and Development (EBRD) representing the Hungarian Government. In 1990 he joined the Office of the Prime Minister and served as the personal economic advisor to Prime Minister József Antall.
Acknowledging his efforts in promoting economic development in Hungary, he was awarded the Barankovics Commemorative Coin in 2013.
He graduated at Karl Marx University of Economics in 1977 and obtained his Doctorate degree in 1984.
Mr. Matolcsy is actively involved in educational activities. He is a frequent lecturer at top foreign and Hungarian universities. He is an honorary doctor at the University of Debrecen and the Uni-versity of Kaposvár, and honorary member of Fudan Development Institute (FDDI) of Fudan Uni-versity and of the FDDI International Advisory Board of Shanghai Forum.
Mr. Matolcsy is the author of numerous publications, articles and books. His most recent book, Economic Balance and Growth was published in 2015, whereas his other books include Bringing Up the Rear (Éllovasból sereghajtó; 2008), American Empire (Amerikai birodalom; 2004), and Our Living Memories (Élő emlékeink; 2003).

Boris Vujčić

Governor 
Hrvatska narodna banka

Boris Vujčić

Hrvatska narodna banka

Governor

Boris Vujčić holds a PhD in Economics from the University of Zagreb. He has also received diplomas in Economics from the Montpellier University (France) and was a pre-doctoral PhD Fulbright student at the Michigan State University. He joined the Croatian National Bank in 1997, and was Director of the Research Department for three years before becoming Deputy Governor in 2000, a position to which he was re-appointed in 2006.
In July 2012, Mr Vujčić became Governor of the Croatian National Bank for a six-year term of office and was re-appointed for another six-year term of office in July 2018. Mr Vujčić has been a Deputy Chief Negotiator in Republic of Croatia’s negotiations with the European Union 2005-2012. He was also a member of the Global Development Network (GDN) Board in the same period, 2005-2012. He is a Member of the Steering Committee of the ESRB, since 2016, a Chairman of the Steering Committee of the Vienna Initiative, 2016-2020, and a Member of the General Council of the ECB, since 2013.
Mr Vujčić’s fields of expertise are macro and monetary economics, international finance and labor economics.

Gang Yi

Governor
People’s Bank of China

Gang Yi

People’s Bank of China

Governor

Dr. YI Gang is the Governor of the People’s Bank of China and the Deputy Director of the Financial Stability and Development Committee of the State Council. He sits on the Board of Directors of the Bank for International Settlements.
Dr. Yi joined the People’s Bank of China in 1997 and has held a number of positions, including Secretary-General of the Monetary Policy Committee and Director-General of the Monetary Policy Department. In December 2007, he became a deputy governor and was appointed Administrator of the State Administration of Foreign Exchange in July 2009, a position he held until December 2015. He was appointed Governor of the People’s Bank of China in March 2018.
Dr. Yi received a Ph.D. in Economics from the University of Illinois in 1986 and was a faculty member in the Department of Economics, Indiana University from 1986 to 1994. In 1994, he co-founded the China Center for Economic Res
earch (CCER) at Peking University and has been a professor at the CCER since then. His research interests include money, banking and the Chinese economy.

Barnabás Virág

Deputy Governor
Magyar Nemzeti Bank

Barnabás Virág

Magyar Nemzeti Bank

Deputy Governor

Barnabás Virág has been Deputy Governor of the Magyar Nemzeti Bank since 22 June 2020
Deputy Governor of the Magyar Nemzeti Bank responsible for monetary policy and financial stability since 22 June 2020. From 2015 until his appointment as Deputy Governor he served as Executive Director of the MNB responsible for monetary policy and economic analysis. Between 2013 and 2015 he was Director of the MNB responsible for economic analysis. From 2003 he worked as an Analyst at the MNB. Prior to that he taught at the Budapest University of Economics and State Administration (today Budapest Corvinus University) and was an Analyst at the Ministry of Finance.
In 2017 he was awarded the Popovics Prize.
He completed his studies at the Budapest University of Economics and State Administration.

Philip R. Lane

Member of the Executive Board
European Central Bank

Philip R. Lane

European Central Bank

Member of the Executive Board

Philip R. Lane joined the European Central Bank as a Member of the Executive Board in 2019. He is responsible for the Directorate General Economics and the Directorate General Monetary Policy. Before joining the ECB, he was the Governor of the Central Bank of Ireland. He has also chaired the Advisory Scientific Committee and Advisory Technical Committee of the European Systemic Risk Board and was Whately Professor of Political Economy at Trinity College Dublin. He is also a research fellow at the Centre for Economic Policy Research. A graduate of Trinity College Dublin, he was awarded a PhD in Economics from Harvard University in 1995 and was Assistant Professor of Economics and International Affairs at Columbia University from 1995 to 1997, before returning to Dublin. In 2001 he was the inaugural recipient of the Bernácer Prize for outstanding contributions to European monetary economics.

Jacques de Larosiere

Former Managing Director
International Monetary Fund

Jacques de Larosiere

International Monetary Fund

Former Managing Director

Jacques de Larosiere is a Former Managing Director of the International Monetary Fund. After beginning his career as a member of the Inspectorate General of Finances, he was Director of the Trésor, Governor of the Banque de France, President of the European Bank for Reconstruction and Development, President of the Observatoire de l'Epargne Européenne and he is currently Advisor to BNP Paribas’s Chairman. Mr de Larosiere is a former student of the ENA and a graduate of the IEP of Paris.

Yang Yao

Dean and Professor
National School of Development
Peking University

Yang Yao

Peking University

Dean and Professor

JYang Yao is a Cheung-Kong Scholar and Boya Chair professor at the China Center for Economic Research (CCER) and the National School of Development (NSD), Peking University. He currently serves as the director of CCER, the dean of NSD, the executive dean of the ISSCAD, and the editor of CCER’s house journal China Economic Quarterly. He is a member of China Economist 50 Forum. His research interests include economic transition and development in China. He has published more than hundred research papers in international and domestic journals as well as several books on institutional economics and economic development in China. He is also a prolific writer for magazines and newspapers, including the Financial Times and the Project Syndicate.
Dr. Yao was awarded the 2008 and 2014 Sun Yefang Award in Economic Science, the 2008 and 2010 Pu Shan Award in International Economics and the 2008 Zhang Peigang Award in Development Economics, and was named the Best Teacher by the PKU Student Union in 2006 and the Best Advisor by the PKU Graduate Students Union in 2017.
Dr Yao obtained a BS in geography in 1986 and an MS in economics in 1989, both from Peking University, and his PhD in development economics from the Department of Agricultural and Applied Economics at the University of Wisconsin–Madison in 1996.

William B. English

Professor in the Practice
Yale University

William B. English

Yale University

Professor in the Practice of Finance

Bill English joined the faculty at Yale University in 2017, after 25 years at the Board of Governors of the Federal Reserve System. Bill teaches and conducts research on monetary policy and central banking issues, with students in both the School of Management and the Economics Department. His work has been published in the American Economic Review, the Journal of Monetary Economics, the Economic Journal, and the IMF Economic Review, among other journals. Before coming to Yale, Bill was the Senior Special Advisor to the Board for monetary policy and, prior to that, held a range of positions at the Board of Governors, including, from 2010 to 2015, Director of the Division of Monetary Affairs and Secretary to the Federal Open Market Committee. While at the Federal Reserve, Bill visited the White House Council of Economic Advisers and the Bank for International Settlements. Prior to joining the Federal Reserve, Bill taught at the University of Pennsylvania and the University of Chicago. He received a PhD in Economics from the Massachusetts Institute of Technology in 1986 and a BA in Economics and Mathematics from Yale University in 1982.

MODERATOR

 

György Szapáry

Chief Adviser to the Governor, former Ambassador of Hungary to the United States
Magyar Nemzeti Bank

X

György Szapáry

Magyar Nemzeti Bank

Chief Adviser to the Governor, former Ambassador of Hungary to the United States

György Szapáry has a Ph.D. in economics from the Université Catholique de Louvain, Belgium. In 1965-1966, he worked at the EU Commission in Brussels. From 1967 to 1990, he worked at the IMF in Washington, D.C., while between 1990 and 1993, he was the IMF’s Senior Resident Representative in Hungary. Between 1993 and 2007, with a short break as Adviser to the Governor, he was Deputy Governor of the Magyar Nemzeti Bank. In 2008-2010, he was visiting professor of economics at the Central European University in Budapest, was Chief Economic Adviser to Prime Minister Viktor Orbán and served as a member of the Board of Directors of the OTP Bank. From January 2011 to January 2015, he was Ambassador of Hungary to the United States. Currently he is Chief Adviser to the Governor of the Magyar Nemzeti Bank, honorary professor at the MNB Department of the Corvinus University of Budapest and President of the Council of the Eötvös Lóránd University. He is doctor honoris causa of the University of Miskolc and the recipient of the insignia of Chevalier de la Légion d’Honneur.

PROGRAMME

 

MONDAY, 25 JANUARY 2021

Welcome speech and award ceremony

Barnabás Virág 
Deputy Governor, Magyar Nemzeti Bank

Lámfalussy Lecture

Keynote speech

Gang Yi
Governor, People’s Bank of China

Panel discussion

Moderator:
György Szapáry
Chief Adviser to the Governor, Magyar Nemzeti Bank

Philip R. Lane
Member of the Executive Board, European Central Bank; former Governor of the Central Bank of Ireland
Jacques de Larosiere 
Former Managing Director of the IMF; former Governor of Banque de France
Yang Yao
Dean and Professor, National School of Development, Peking University
William B. English
Professor in the Practice, Yale University

Closing remarks

Barnabás Virág 
Deputy Governor, Magyar Nemzeti Bank

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