Sources of uncertainty that were merely black swans a few years ago have gained prominence recently. One such source has to do with inflation and the monetary policy response to it across the globe. In addition, exceptional climate episodes in 2022 reinforced the tangibility of physical risks. Relatedly, public policies with sustainability  objectives loom as important drivers of economic and financial decisions in the private sector. Geopolitical risks have risen, with the war in Ukraine and ongoing tensions in the Asia-Pacific region putting pressure on global energy supplies and triggering stresses in commodity markets. Innovations in the digital economy may be introducing novel risks to the financial system. The higher uncertainty and its multiple sources pose major challenges for households, market participants, and policy makers on both the real and financial sides of the economy.

The Swiss National Bank (SNB), the Bank for International Settlements (BIS), and the Division of International Finance of the Federal Reserve Board (FRB) will jointly organize the third conference on Global Risk, Uncertainty, and Volatility. The conference will bring together policymakers and academics to discuss the lessons learned and challenges ahead for policymaking under increased uncertainty, including a panel discussion by senior policy makers.