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Exiting Unconventional Monetary Polices
 
 
 
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Exiting Unconventional Monetary Polices

CF40-Euro 50-CIGI Conference 2018

The China Finance 40 Forum, the Euro 50 Group as well as the Centre for International Governance Innovation (CIGI) held joint conference on 26th October, 2018, on the topic of “Exiting Unconventional Monetary Policies” in Paris. Around twenty world renowned economists and policy makers attended the conference and exchanged insights on monetary and economic issues concerning major economies around the world including China, the Eurozone, the US, Canada, Japan as well as the UK.

The participants include Glenn Rudebusch, Executive Vice President and Senior Policy Advisor of the Federal Reserve Bank of San Francisco; Robert Fay, Director for Global Economy at CIGI; Angel Ubide, Managing Director, Citadel; Huang Haizhou, CF40 Member, Managing Director of China International Capital Corporation Limited; Huang Yiping, Chairman of CF40 Academic Committee, Vice Dean of National School of Development of Peking University; Daniel Gros, Director of CEPS; Simon M. Potter, Executive Vice-President and Head of the Markets Group of the Federal Reserve Bank of New York; Lorenzo Bini Smaghi, Chairman of Socété Générale; Hiroshi Nakaso, Chairman of Daiwa Institute of Research, Former Deputy Governor and Vice Chairman of the Bank of Japan; Yu Yongding, CF40 Academic Advisor, Academician and Senior Research Fellow, Chinese Academy of Social Science; Sylvie Goulard, Deputy Governor of the Banque de France between; Pascal Lamy, Former Director General of the WTO; Judy Shelton, U.S. Executive Director, European Bank for Reconstruction and Development; Lucio Mauro Vinhas de Souza, Head of the Economics Team of the European Political Strategy Centre at the European Commission; James B. Bullard, President of the Federal Reserve Bank of Saint Louis; Benoît Coeuré, Member of the Executive Board of the European Central Bank; as well as Guan Tao, CF40 Senior Fellow.

Wang Haiming, CF40 Secretary-General, Edmond Alphandery, Chairman of the Euro 50 Group, as well as Robert Fay, Director for Global Economy at CIGI, made welcoming remarks.

The conference comes at a time when in the US, the Federal Reserve has already started to exit its quantitative easing stance, while in the Eurozone, the ECB has been slowing down the volume of its assets purchases and is already planning an exit of QE,
 and China is at the crossroads of monetary policy choice against the backdrop of trade conflicts and economic downside risks.

Under such a context, the conference has been organized jointly by the three institutes to discuss how the three blocks are dealing with the exit from these unconventional monetary policies, as well as the spillover effects of these monetary policies on the overall financial markets.

The conference consists of four sessions. The first session which is moderated by Robert Fay, Director for Global Economy at CIGI, updated the theoretical analysis of unconventional provision of liquidity, with focus on the transmission mechanisms on the real economy of the unusual increase of the monetary base and the zero lower bound interest rates.

In the second session, the theme of which is “Post financial crisis monetary policies,” economists discussed the issue of financial stability in the context of the exit of unconventional monetary policies in the three blocks: North America, China and the Eurozone. The session was moderated by Zhichao Zhang, Assistant Professor of International Finance of Business School of Durham University.

After lunch, a speech was made by Hiroshi Nakaso, Chairman of Daiwa Institute of Research, Former Deputy Governor and Vice Chairman of the Bank of Japan.

The third session moderated by Sylvie Goulard, Deputy Governor of the Banque de France dealt with the attacks on tariffs and trade disputes, and explore the various impacts of the rising wave of protectionism.

In the last session, which is moderated by Beat Siegenthaler, Global Macro Advisor at UBS Investment Bank, economists exchanged views on exiting unconventional monetary policies in a disruptive global environment and the approaches of the central banks of the three blocks.

Jacques de Larosière, Honorary Governor of Banque de France and Former Managing Director at the IMF made the concluding remarks
 
 
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