How to spend it? How to pay it back? EU and US Perspectives

How to spend it? How to pay it back? EU and US Perspectives

Wednesday, October 14, 2020
7:30 am - 12:30 pm

Online Conference

Please join us for the fifth annual high-level conference focusing on fiscal and monetary interventions in Europe and the United States, entitled “How to spend it? How to pay it back? EU and US Perspectives”. The conference is co-organized by SUERF - The European Money and Finance Forum, the Center on Global Economic Governance at Columbia University, the European Investment Bank, and Société Générale. 

About the conference - Low interest rates mechanically offer more policy room and consensus is that governments should make full use hereof to combat the headwinds from the COVID-19 crisis; even in those countries with high debt levels. A lively debate is already emerging as to whether  higher public debt will come with higher inflation. Non-financial corporations are also set to see debt levels increase from often high starting points and even prior to the crisis this was a source of concern. The question is whether the 2020 crisis will mark a turning point that will see capital favored over debt, and what this could mean both for real investment and financial asset prices.


Program - Wednesday, October 14, 2020

EDT    (CET)

07:30  (13:30)



Jakob de Haan, SUERF President


07:45  (13:45) 

 Opening remarks


Finding the right “Hall of mirrors”? The mixed blessings of lessons from the past for shaping a post-COVID future

Robert Holzmann, Governor, Oesterreichische Nationalbank


08:00  (14:00)

 Keynote Session I


Chair: Ernest Gnan, SUERF Secretary General and OeNB


The monetary response to the pandemic emergency

Philip R Lane, ECB Chief Economist and Member of the ECB’s Executive Board

Presentation by Philip R Lane


Financial infrastructure and cross-Atlantic monetary transmission

Lorenzo Bini Smaghi, Chairman, Société Générale


09:00  (15:00)

 Panel: Covid-19 to climate change–policy responses and future challenges


Chair: Debora Revoltella, Chief Economist, EIB I SUERF Council


Jean-Pierre Vidal, European Council, Cabinet of President Charles Michel I SUERF Council

Presentation (pdf)

Ambroise Fayolle, Vice-President, European Investment Bank

Patricia Mosser, Director, MPA Program in Economic Policy Management; Senior Research Scholar of International and Public Affairs, Columbia University

Presentation (pdf)


10:00  (16:00)

 Keynote Session II


Chair: Michala Marcussen, Group Chief Economist, Société Générale I SUERF Vice President


Lessons from the successes and failures of the responses to the Pandemic Economic Crisis

Joseph E. Stiglitz, University Professor, Columbia University


Risks and vulnerabilities in the corporate sector as a result of the COVID-19 crisis: the experience of Spain

Pablo Hernández de Cos, Governor, Banco de España

Speech by P. Hernández de Cos


Central banks’ response to the “tragedy on the horizon”

François Villeroy de Galhau, Governor, Banque de France

Speech by François Villeroy de Galhau


11:30  (17:30)

 Panel: Debt, innovation and inequality


Chair: Jan Svejnar, Professor and Director, Center on Global Economic Governance, Columbia I SIPA 

Jens Ulbrich, Director, General Economics, Deutsche Bundesbank I SUERF Council

Fernando Restoy, Chairman, Financial Stability Institute, BIS

Angel Ubide, Managing Director, Citadel LLC

Marc Auboin, Counsellor in the Economic Research and Statistics Division of the WTO


12:30  (18:30)