The multiple role of central banks: New frontiers of the monetary policy

This conference is the latest appointment of a well established partnership between the Florence School of Banking and Finance and the “CESIFIN Alberto Predieri” Foundation, established in 1986 by the Cassa di Risparmio di Firenze.

In this event academics and experts from the banking sector will gather to discuss the obstacles and opportunities arisen by the new roles of central banks.

The role of central banks has undergone significant changes as a result of two structural crises, the financial one in 2008-2011, and by the COVID-19 pandemic starting in 2019 up until now. The objectives of financial stability, output gap regulation and policies of international integration have been added to the traditional targeting rules of interest rates for controlling inflation. Unconventional instruments like Quantitative easing and Forward guidance have changed the scenario from "monetary dominance" to "fiscal dominance". However, with the resurgence of inflation caused by Russia’s war in Ukraine, a combination of these two dominances seems more plausible and appropriate.  Furthermore, the FED and the ECB are facing two new topics of great interest: the digitalization of economic systems and the climate emergency. In particular, these two central banks are planning to issue official digital currencies and are looking to for new instruments to carry out a "green" monetary policy.

This event will be held in Italian only. The event will be live-streamed here.