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Fighting inflation and addressing low growth in Europe: the way forward for monetary and fiscal policies

Day 1 Morning

Wednesday 13 September

Room :



Rolf Strauch
Chief Economist and Member of the Management Board - ESM
Public Authorities
Carmine Di Noia
Director of Financial and Enterprise Affairs Directorate - Organisation for Economic Co-operation and Development (OECD)
Reinhard Felke
Director of Policy Coordination, Economic Forecasts and Communication - DG for Economic and Financial Affairs, European Commission
Alfred Kammer
Director, European DePublic Authorithyrtment - International Monetary Fund (IMF)
Mario Nava
Director General - DG for Structural Reform Support, European Commission
Tibor Tóth
State Secretary - Ministry of Finance, Hungary
Industry Representative
Michala Marcussen
Group Chief Economist - Société Générale

Objectives of the roundtable

Europe has entered a period of persistent inflation with slow growth although unemployment remains relatively low.

This opening session will assess the right policy mix – monetary-fiscal interaction – for coping with persistent high inflation and the reduction of growth in Europe. The panel will first discuss the steps the ECB and European Central Banks should take to ensure price stability. Then the panel will focus on how sound fiscal policy can contribute to rein in inflation and promote growth in the EU through productive investment.

Points of discussion

  1. What are the consequences of lasting high inflation on investment and growth? What further steps should European central banks take to address persistent and high inflation? Are real interest rates where they need to be? What should be the features of the ECB’s Quantitative Tightening (in terms of pace of asset sales, timing etc.)? Can further monetary tightening measures contribute to improving economic growth prospects in Europe without amplifying financial stability?
  2. How to avoid or address possible conflict with fiscal and monetary policies that pull in opposite directions? To what extent is fiscal policy effective in containing inflation and its impact? Could budgets be affected by risk of financial stability? What is the available space – notably in highly indebted countries – for fiscal policies to boost productive investment and growth?