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We have the pleasure of inviting you to the
SUERF Annual Lecture and Panel Discussion "Monetary
Policy and the Business of Central Banking" which the Oesterreichische Nationalbank (OeNB)
will host in cooperation with SUERF on Monday, 4 November 2024, in Vienna (hybrid).
Motivation
Behind their role as policy makers, central banks are also businesses with many operational tasks which the public is little aware of. They finance the various services which they provide to the public out of “seigniorage” income (the income generated from
issuing central bank money), which is influenced by the composition and the properties (risk, return) of the assets and liabilities in their balance sheets. The SUERF Annual Lecture will start from current discussions about the losses incurred by central banks
and ask whether there is a conflict between the policy mandate of the central bank and the viability of the central bank as a business, which is essential to its independence. Sources of losses, such as the risk on assets held and the interest paid on reserves,
will be considered, as will be the relation of these phenomena to monetary policy and to the central bank’s mandate. In a longer perspective, central banks’ “business model” as such may need reconsideration as seigniorage may be disappearing in a digitalized
world.
The SUERF Annual Lecture will highlight topical perspectives relevant in this context from one of Europe’s leading academic researchers in the field. Two senior policy makers will add their
perspectives. There will be ample room for interaction among the panel and with the audience.
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CET
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Monday, 4 November 2024
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13:30
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Registration and coffee
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14:00
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Opening remarks
Robert Holzmann, Governor, OeNB
SUERF Annual Lecture - Monetary Policy and the Business of Central Banking
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Prof Martin Hellwig, Director (em.), Max Planck Institute for Research on Collective Goods
Panel discussion and Q&A with the audience
Sarah Bell, Head of Central Banking Studies, BIS
Stefan Ingves, Senior Fellow, Swedish House of Finance | former Governor, Sveriges Riksbank
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Moderated by
Ernest Gnan, Secretary General, SUERF
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16:00
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Closing
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REGISTRATION
Please register
here
for your personal registration link, with which you can complete the registration process.
Venue
The event is planned both on site at the Oesterreichische Nationalbank, Veranstaltungssaal, Ground Floor (Otto-Wagner-Platz 3, 1090 Vienna) or
online via Webex.
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We look forward to having you join us at the SUERF Annual Lecture and Panel Discussion.
Yours sincerely,
SUERF & OENB Event Management
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