(AGENPARL) – gio 09 giugno 2022 Welcome address
It is a double pleasure, in that this is the second time this week that I have had the
times. I am also particularly happy because of the very distinguished group of researchers
well. Obviously, nothing can be the same as before the pandemic, but one hopes that
still face hard challenges, and the ongoing war in Ukraine, on Europe’s very doorstep,
that in my opinion deserve particular attention at the current juncture. Some of them are
and (possibly) decreased diversity, this may pose novel challenges to policymakers and
supervisors. We had been drawing attention to the implied potential risks for years, and
was only contained thanks to massive central bank intervention. International fora, such
as the G20 (particularly during our Presidency, in 2021) and the FSB, have been debating
the issue; certain steps have been taken; but my feeling is that progress has been too
facing increased volatility and wider credit spreads in a context of high leverage – though
current context.
markets. The ‘taper tantrum’ of 2013 exposed the vulnerability of emerging markets to
be more benign, given the increased resilience of some key emerging economies and
the favourable (for them) commodity prices, but we do not really know to what extent
lending channel. A tightening of credit standards by banks might amplify the impulse
increasingly relevant is the role of macroprudential policy. Conceptually, macro
pru tools
way they work in practice, given the relative novelty of their systematic use. There are
excellent papers in the programme, both theoretical and empirical, on the transmission
These are just a few of the many interesting topics that the workshop will address. Others
movements around the world, the
banks’ swap lines at the beginning of the pandemic. It is a rich menu; we shall learn a lot.
the keynote speaker, for their contributions; all of you for being here to take part in this
debate. Fostering interaction among researchers is important at all times: it is all the
more important in unusual times such as the ones we are living in. I wish you two fruitful