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In principle, auditors assure investors that an audited entity’s financial and other statements give a true and fair view of its situation. In practice, there are limitations to the effectiveness of that assurance mechanism, which auditors often describe as an “expectations gap.” Can more be done to ensure that auditors serve the information needs of the investor community? Discussing in this episode of the Peterson Institute for International Economics (PIIE) event series Financial Statements on May 14, 2024, are: HOST Nicolas Véron Senior Fellow, Peterson Institute for International Economics (PIIE) GUESTS Saba Qamar Investor Advocate, U.S. Public Company Accounting Oversight Board Charles Henderson Chairman of the Board of Directors, UK Shareholders’ Association For more information, visit: https://www.piie.com/events/2024/can-auditors-better-serve-investors-needs Subscribe to receive notices of upcoming PIIE events: https://www.piie.com/subscribe Follow the Peterson Institute for International Economics on social media! Twitter: https://twitter.com/piie LinkedIn: https://www.linkedin.com/company/piie Facebook: https://www.facebook.com/PIIEonline/

AFME's 15th Annual Spanish Capital Markets Conference, is the annual meeting place for senior industry professionals, regulators and policymakers active in Spanish capital markets. The event content covers a wide range of fixed income (particularly securitisation) as well as other related topics such as equities, ESG, digital, and prudential topics, covering the Spanish, wider Iberian as well as EU and global markets.

This is the first webinar of the Green Gateway Webinar Series. It provides a more in-depth overview of the Climate change mitigation measures under the EIF's InvestEU Sustainability Guarantee, focusing on energy efficiency in buildings and industry including information and communication technologies (ICT). The EIB Group Green Gateway portal helps financial intermediaries assess and report on the green eligibility and green impact of their projects, offers essential guidelines and case studies on green investment criteria, and provides access to an interactive e-learning program. The webinar was held by the EIB Advisory Services in collaboration with the European Investment Fund on April 18th 2024.

This is the second webinar of the Green Gateway Webinar Series. It provides a more in-depth overview of the Climate change mitigation measures under the EIF's InvestEU Sustainability Guarantee, focusing on renewable energy and transport measures. The EIB Group Green Gateway portal helps financial intermediaries assess and report on the green eligibility and green impact of their projects, offers essential guidelines and case studies on green investment criteria, and provides access to an interactive e-learning program. The webinar was held by the EIB Advisory Services in collaboration with the European Investment Fund on April 23rd 2024.

Technology is fast, and innovation has become the first driving force. Europe’s start-ups have been at the forefront of innovations that often means creating something new that no one else has done before. It’s not only a new product but also new business models, or new ways of working. Today, we are still not even close to reaching all the potential of technology. Therefore, the EU believes in ideas that aim to tackle the challenges we are facing, by supporting thousands of companies that create new jobs, drive change and shape our future. #eu #elections2024

Entrepreneurs have a huge role to play in the world we live in. Start-ups and small businesses make the European economy more competitive, more innovative and more inclusive. To start up requires a lot of effort, energy, and commitment and there are often a lot of challenges to overcome. But remember that you are not alone. If you believe in your project, you will make it. The EU is investing in resilience, competitiveness, and growth: the EU believes in you too. #eu #elections2024

Social entrepreneurs put profit and impact on equal footing. At the EIF, we try to help European businesses to have a real impact on our society and on our people, because people are Europe’s greatest asset. We believe in the power of such impact-driven businesses. Investing in social impact, people, skills, human capital, and inclusiveness, ultimately it’s about making money care more. #eu #elections2024

The best thing the EU can offer is the opportunity so that small businesses across Europe can focus on what they do best: driving innovation, fuelling economic growth, creating jobs. In their own words: discover stories of European #startups and #smallbusiness owners backed by the European Investment Fund (EIF) with EU financial resources. #eu #elections2024

From a #startup with a meaningful mission to taking #healthcare to the next level with its #AI-powered platform. On this day 6 years ago, Vesalius Biocapital backed Sword health with #VC from the EIF. This is our story of Sword 🎥 We are the EIF. #30yearsbold

The green transformation is about developing solutions, becoming more sustainable. The EU is leading the drive towards a greener future, and at EIF we are investing in innovation, new technologies, solutions, and sustainability. #eu #elections2024

Colleagues from DG Interpretation and DG Translation, the linguistic services of the European Commission, reflect on the EU enlargement of 2004. 10 new countries joined the EU (Czechia, Cyprus, Estonia, Latvia, Lithuania, Hungary, Malta, Poland, Slovenia and Slovakia) which meant both services needed to cover 9 new official EU languages (Czech, Estonian, Latvian, Lithuanian, Hungarian, Maltese, Polish, Slovenian and Slovakian)! Copyright for intro - https://elements.envato.com/intro-3Y9GV27 - MrClaps

This event marked the launch of the book ‘The Macroeconomics of Decarbonisation: Implications and Policies’, co-authored by Grégory Claeys, Marie Le Mouel, Simone Tagliapietra, Guntram B. Wolff and Georg Zachmann and published by Cambridge University Press. The book provides a guide to the macroeconomic fundamentals of decarbonisation. It identifies the major economic transformations, both over the long- and short-run, and the roadblocks requiring policy intervention. It also proposes a macroeconomic policy agenda for decarbonisation to achieve the climate goals of the international community, which will be discussed at the event.

Panel: Bringing instant payments to end users: Next steps for full deployment Chair: Fiona van Echelpoel, Deputy Director General Market Infrastructure and Payments, European Central Bank Agustin Reyna, Director for Legal and Economic Affairs, BEUC Marcel Haag, Director Horizontal Policies for Financial Stability, Financial Services and Capital Markets Union, European Commission Sandra Peute, Senior Product Manager, ABN AMRO Fernando Rodríguez Ferrer, Head of Business Development, Bizum Axel Schaefer, Advisor Payments, Ingka Group Treasury (IKEA) Instant payments have not yet been fully deployed across Europe. The recently adopted instant payments regulation addresses some key obstacles to the take-up of instant payments. What more is needed to fully roll out instant payments for all European end users, including public administrations, both online and at physical points of sale?

Inaugural conference of the ChaMP Research Network Opening speech Isabel Schnabel, Member of the Executive Board, European Central Bank Introduction to the ChaMP Research Network Diana Bonfim, Banco de Portugal and European Central Bank Emmanuel Dhyne, Nationale Bank van België/Banque Nationale de Belgique Philipp Hartmann, European Central Bank

Inaugural conference of the ChaMP Research Network Session 1 – Supply chains, monetary policy transmission and inflation Session chair: Christophe Kamps, European Central Bank Supply chain constraints and inflation Diego Comín, Dartmouth College Robert C. Johnson, University of Notre Dame Callum J. Jones, Federal Reserve Board Discussant: Mishel Ghassibe, CREI – Barcelona Center for Research in International Economics

Inaugural conference of the ChaMP Research Network Session 1 - Supply chains, monetary policy transmission and inflation Supply Chain Shortages, Large Firms Market Power, and Inflation Francesco A. Franzoni, Universita della Svizzera italiana Mariassunta Giannetti*, Stockholm School of Economics Roberto Tubaldi, BI Norwegian Business School Discussant: Almut Balleer, RWI – Leibniz Institute for Economic Research

Xiwen Bai, Tsinghua University Jesús Fernández-Villaverde, University of Pennsylvania Yiliang Li*, University of International Business and Economics Francesco Zanetti, University of Oxford Discussant: Hilde Bjørnland, BI Norwegian Business School

Session chair: Margherita Bottero, Banca d’Italia • Christoph Basten*, University of Zurich • Ragnar Enger Juelsrud, Norges Bank Discussant: Camelia Minoiu, Federal Reserve Bank of Atlanta

• Lara Coulier*, European Central Bank • Cosimo Pancaro, European Central Bank • Alessio Reghezza, European Central Bank Discussant: David Martínez-Miera, Universidad Carlos III de Madrid

• Jose-Luis Peydro, Imperial College Business School and Barcelona School of Economics • Gabriel Jiménez, Banco de España • Dmitry Kuvshinov*, Universitat Pompeu Fabra • Björn Richter, Universitat Pompeu Fabra Discussant: Cristina Manea, Bank for International Settlements

Climate Risk, Bank Lending and Monetary Policy • Carlo Altavilla, European Central Bank • Miguel Boucinha, European Central Bank • Marco Pagano*, University of Naples Federico II • Andrea Polo, Luiss University Discussant: Vasso Ioannidou, City University of London, Bayes Business School

The New Keynesian Climate model • Jean-Guillaume Sahuc, Banque de France • Frank Smets, European Central Bank • Gauthier Vermandel*, École Polytechnique Discussant: Philipp Pfeiffer, European Commission

Policy panel: Current issues for monetary policy transmission in Europe Chair: Katrin Assenmacher, European Central Bank Panellists: • Silvia Ardagna, Managing Director and Head of European Economics Research, Barclays • Mario Centeno, Governor, Banco de Portugal • Benoit Mojon, Head of Economic Analysis, Bank for International Settlements • Ricardo Reis, Professor of Economics, London School of Economics

Session 4 – Monetary policy transmission through non-banks Session chair: Laura Moretti, Central Bank of Ireland 14:15 Quantitative Easing, the Repo Market, and the Term Structure of Interest Rates • Ruggero Jappelli*, Goethe University Frankfurt • Loriana Pelizzon, Leibniz Institute for Financial Research SAFE • Marti G. Subrahmanyam, New York University Discussant: Refet S. Gürkaynak, Bilkent University

Session 4 – Monetary policy transmission through non-banks • Samuel Earnest, University of Chicago • Isil Erel*, The Ohio State University • Jack Liebersohn, University of California, Irvine • Constantine Yannelis, University of Chicago Discussant: Ralf Meisenzahl, Federal Reserve Bank of Chicago

Session 5 – Business cycles, monetary policy and long-run effects Session chair: María T. Valderrama, Oesterreichische Nationalbank Do Recessions Slow Technology Growth? Evidence from the Firm Level • Michaela Elfsbacka-Schmöller*, Suomen Pankki – Finlands Bank • Olga Goldfayn-Frank, Deutsche Bundesbank • Tobias Schmidt, Deutsche Bundesbank Discussant: Paloma López-García, European Central Bank

Session 5 – Business cycles, monetary policy and long-run effects Session chair: María T. Valderrama, Oesterreichische Nationalbank Non-Essential Business Cycles • Michele Andreolli*, Boston College • Natalie Rickard, London Business School • Paolo Surico, London Business School Discussant: Peter Karadi, European Central Bank

Dinner speech Fabio Panetta, Governor, Banca d'Italia

Conference interpreters are at the forefront of multilingualism, working to ensure that language is no barrier to participating in or following meetings. Interpreters understand what is being said in one language and render the speaker’s message almost instantly in another, ensuring that the citizens of Europe can be represented in Brussels, Luxembourg and Strasbourg by their elected representatives and best experts. By enabling communication and facilitating dialogue, interpreters act as a bridge between cultures and are at the very heart of decision-making processes. The interpreting services of the European Union are the world’s largest employers of conference interpreters. https://europa.eu/interpretation/

In today’s rapidly evolving work environment, the cultivation of brain skills is paramount. This webinar will delve into the essence of a brain-healthy workplace, emphasizing the significance of resilience, adaptability, algorithmic intelligence, critical thinking, and creativity. Drawing on the pioneering work of leading experts in the field, we will explore how these key brain skills are integral to fostering economic vitality and human flourishing. As we transition into a bioeconomy, the inclusion of individuals living with mental health, neurological, and neurodevelopmental conditions in the workplace is not just a necessity but an opportunity to enrich our collective brain capital. This session is dedicated to the development of innovative frameworks, policies, and research that support the growth of brain capital. We will discuss the latest data and insights that can guide us in creating an inclusive, brain-healthy work environment that benefits all. Join us as we unlock the potential of our greatest asset—our brain capital—and pave the way for a future where economic prosperity and human well-being are inextricably linked.

#AMEU24 #DigitalEU

Our paper examines the causal impact of economic sanctions on both food prices and food security. Food prices serve as a pivotal gauge of food security, and the enforcement of economic sanctions may compound food security issues in the countries targeted by such measures. The examination of the impact of sanctions on food prices is of paramount importance, especially considering anecdotal evidence suggesting heightened food security concerns in nations subjected to sanctions. To ascertain the existence of a causal link between food prices and sanctions, we employ a two-way fixed-effects approach and leverage the entropy balancing technique, which replicates randomization in observational studies. Our analysis relies on two primary datasets: the recently developed Global Sanctions Database (GSDB) for measuring sanctions and FAOSTAT for evaluating food prices. Our results show that sanctions result in a real term increase in food prices as during the sanctions period, food prices are higher by 0.01-0.014 compared to non-sanctions period. Sanctions contribute to a higher prevalence of undernourishment (PoU) by 1.419-2.083. The project leading to this webinar has received funding from the European Union’s Horizon 2020 research and innovation programme under the Marie Sklodowska-Curie grant agreement No. 101031139. Video Edit by Iulia Anamaria Barta About wiiw: The Vienna Institute for International Economic Studies (wiiw) is Vienna-based policy think tank with a focus on Central, East, and Southeast Europe. We conduct research on international economics, deliver macroeconomic forecasts, comment the ongoing events, collect statistical data, and organize events to discuss policy-related questions. Follow us: Web: https://wiiw.ac.at/ YouTube: https://www.youtube.com/WiiwAcAt?sub_confirmation=1 Twitter: https://twitter.com/wiiw_ac_at Repec: https://edirc.repec.org/data/wiiwwat.html Facebook: https://www.facebook.com/wiiw.economic.studies/ LinkedIn: https://www.linkedin.com/company/vienna-institute-for-international-economic-studies/ Instagram: https://www.instagram.com/wiiw_ac_at #wiiw #economics

Welcome address Ulrich Bindseil, Director General Market Infrastructure and Payments, European Central Bank Keynote speech Piero Cipollone, Member of the Executive Board, European Central Bank

Panel: Bringing instant payments to end users: Next steps for full deployment Chair: Fiona van Echelpoel, Deputy Director General Market Infrastructure and Payments, European Central Bank Agustin Reyna, Director for Legal and Economic Affairs, BEUC Marcel Haag, Director Horizontal Policies for Financial Stability, Financial Services and Capital Markets Union, European Commission Sandra Peute, Senior Product Manager, ABN AMRO Fernando Rodríguez Ferrer, Head of Business Development, Bizum Axel Schaefer, Advisor Payments, Ingka Group Treasury (IKEA) Instant payments have not yet been fully deployed across Europe. The recently adopted instant payments regulation addresses some key obstacles to the take-up of instant payments. What more is needed to fully roll out instant payments for all European end users, including public administrations, both online and at physical points of sale?

Panel: Strengthening the European retail payments landscape: Public and private sectors join forces Chair: Piero Cipollone, Member of the Executive Board, European Central Bank Elie Beyrouthy, Chair, European Payments Institutions Federations Javier Santamaría, Chair, European Payments Council Joachim Schmalzl, Chairman of the Board, European Payments Initiative Madalena Cascais Tomé, Chief Executive Officer, SIBS Evelien Witlox, Digital Euro Programme Manager, European Central Bank The Eurosystem’s retail payments strategy and the digital euro project aim to achieve a higher level of efficiency, strategic autonomy and resilience in retail payments, as well as supporting digitalisation and innovation. What is the state of progress of the digital euro? How can the public and the private sectors join forces to strengthen the European retail payments market? How can the co-existence of payment solutions based on central bank and commercial bank money be supported in the digital age?

Keynote speech Mairead McGuinness, Commissioner for Financial Services, Financial Stability and Capital Markets Union, European Commission

Panel: Financial and technological inclusion in retail payment: Consumers in a digitalised world Chair: Inge van Dijk, Director Payments & Market Infrastructure, De Nederlandsche Bank Anne-Sophie Parent, Former Secretary General, AGE Platform Colleen Dube, Chief Executive Officer, National Adult Literacy Agency Elin Wihlborg, Professor and researcher focused on democracy, digitalisation and inclusion, Linköping University Julien Delamorte, Chief Executive Officer, HandSome Weiwen Zhong, Product Area Lead, ING In a digitalised world, access to safe, efficient and convenient means of payment remains essential. How can this be achieved when various groups respond differently to innovation? How can we ensure that retail payments are inclusive, and that all citizens can effectively use digital means of payments? How can we guarantee that vulnerable groups are not left behind and do not become easy victims of payment fraud?

Panel: G20 Roadmap for enhancing cross-border payments: Interlinking of fast payment systems as a priority action Chair: Tara Rice, Head of Secretariat, Committee on Payments and Market Infrastructures, Bank for International Settlements Ulrich Bindseil, Director General Market Infrastructure and Payments, European Central Bank Maha El Dimachki, Head of the Singapore Centre, BIS Innovation Hub Mehdi Manaa, Chief Executive Officer, Buna Ritesh Shukla, Chief Executive Officer, NPCI International Payments Limited José Luis Langa Hernando, Deputy Managing Director, Iberpay The G20 roadmap addresses major challenges associated with cross-border payments, which, compared to domestic payments, are still expensive, opaque and slow. Enhancing cross-border payments is also part of the Eurosystem retail payments strategy. What is the status of the G20 action plan, and what can central banks and other stakeholders do to move ahead with its implementation, notably on interlinking fast payment systems across borders? What are the advantages and disadvantages of bilateral links and multilateral links, different development strategies, and implementation prospects?

What are inflation expectations? How do our personal experiences shape them? And why do they matter to central banks? In this episode of The ECB Podcast, our host Stefania Secola and researchers Geoff Kenny and Dimitris Georgarakos discuss how people form expectations about inflation and how we measure them. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 26 April 2024 and recorded on 19 April 2024. In this episode: 01:35 – Inflation expectations What are inflation expectations, and why do they matter for central banks? How do people form such expectations? 9:25 – The impact on prices Can inflation expectations shape the prices we end up paying? How might personal perceptions influence wages? 11:30 – Measuring inflation expectations Why is it important to measure inflation expectations, and how do we do it at the ECB? What were the findings of our latest survey? 16:38 – The role of the ECB What can the ECB do to inform people’s inflation expectations? And what role can communication play in this? 21:15 – Our guests’ hot tips ECB researchers Geoff Kenny and Dimitris Georgarakos share their hot tips and some final thoughts with our listeners. ECB Consumer Expectations Survey https://www.ecb.europa.eu/stats/ecb_surveys/consumer_exp_survey/html/index.en.html Working Paper: Tell me something I don’t already know: learning in low and high-inflation settings, March 2024 https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2914~d6a8832bf5.en.pdf?e655c8b68e7c2fb096387a4da34c42e6 Research Bulletin: Recent changes in consumers’ medium-term inflation expectations – a detailed look, February 2023 https://www.ecb.europa.eu/press/research-publications/resbull/2023/html/ecb.rb230224~558beec65c.en.html Economic Bulletin issue 3/2024: Trust in the ECB – insights from the Consumer Expectations Survey, April 2024 https://www.ecb.europa.eu/press/economic-bulletin/html/eb202403.en.html#toc24 European Central Bank https://www.ecb.europa.eu/

AI is set to revolutionise the global economy, particularly in labor markets, presenting both opportunities and obstacles. Advanced economies, with their focus on cognitive-intensive roles, face higher exposure to AI but also stand to benefit more. In contrast, emerging market and developing economies lag behind in readiness, potentially exacerbating income inequality. The impact of AI on labor income inequality hinges on the extent of displacement versus complementarity with high-income workers. Priorities for harnessing AI's potential vary based on development levels, with advanced economies focusing on innovation and regulation, while less prepared economies prioritise digital infrastructure and skills development. Regardless, ensuring inclusivity through social safety nets and retraining programs is imperative for all economies. At this event, we discussed strategies for maximising AI benefits while mitigating its potential negative consequences on income distribution and labor markets.

Private equity, venture capital portfolio companies add 7.2% more European jobs in 2022; beat European job creation rate for 5th year running. Now in its fifth year, Private Equity at Work analyses employment and job creation data going back to 2017, a period that has been one of the most challenging in living memory, marked by pandemic lockdowns, conflict in Ukraine, and rising inflation and interest rates – all against the backdrop of the climate crisis. The report illustrates the compound effect of private equity and venture capital investment on job creation across regions, investment segments, and industry sectors. • PE and VC-backed companies created 451,511 jobs, a 7.2% increase, beating 2% growth for all European business • PE and VC-backed companies employed 10.9m in 2022, 5% of European workforce Download the report: http://bit.ly/PEatWork

Despite high-level visits by American and Chinese officials, trade tensions between the two countries continue to escalate. Relations with the European Union are also tense, as Brussels prepares for possible tariffs on electric vehicles and seeks to apply a more coherent “de-risking” strategy vis à vis China. How is all this viewed in Beijing? What are China's short- and medium-term trade strategies? How does China want to strengthen the World Trade Organization (WTO)? How is the Chinese economy actually doing? And what preparations are Chinese officials making for the possible outcome of the June parliamentary elections in Europe and the November presidential elections in the United States? Joining to discuss in this episode of the Peterson Institute for International Economics's event series Trade Winds: HOST Cecilia Malmström Nonresident Senior Fellow, Peterson Institute for International Economics (PIIE) GUESTS Alicia García-Herrero Senior Fellow, Bruegel; Adjunct Professor, Hong Kong University of Science and Technology Tianlei Huang Research Fellow and China Program Coordinator, Peterson Institute for International Economics (PIIE) Tu Xinquan World Trade Organization (WTO) Chairholder; Dean and Professor, China Institute for WTO Studies, University of International Business and Economics, Beijing, China For more information, visit: Subscribe to receive notices of upcoming PIIE events: https://www.piie.com/subscribe Follow the Peterson Institute for International Economics on social media! Twitter: https://twitter.com/piie LinkedIn: https://www.linkedin.com/company/piie Facebook: https://www.facebook.com/PIIEonline/

EU Finance Podcast host Aidas Palubinskas talks with Olena Loboiko, an expert policy officer in the EU Commission’s Anti Money Laundering unit. They discuss the creation of a new EU authority to fight money laundering - AMLA. It is part of the Commission’s commitment to protect EU citizens and the EU's financial system from money laundering and terrorist financing.

On Friday, March 22, 2024, a conference was held at the Columbia Law School in honor of the scholarship and academic contributions of John C. Coffee, Jr., Adolf A. Berle Professor of Law, Columbia Law School. Professor John C. Coffee, Jr. is a leading authority on securities law, corporate governance, white-collar crime, tender offers and acquisitions, and class actions. Gary Gensler, Chair, U.S. Securities and Exchange Commission, shared his remarks. Know more: https://www.law.columbia.edu/alumni/events-conferences-and-speakers/conference-honor-professor-john-c-coffee-jr

Find out more: https://europa.eu/!yrRT4y #EUdelivers #AML

In 2021–22, the International Sustainability Standards Board (ISSB) started its activity of setting global standards for sustainability-related disclosures, under the same institutional roof as the International Accounting Standards Board. In April 2022, the ISSB’s recently appointed vice-chair Sue Lloyd presented the first draft standards in an episode of the Peterson Institute for International Economics' Financial Statements event series. Two years on, Nicolas Veron (PIIE), Sue Lloyd (International Sustainability Standards Board), and Sylvie Goulard (SDA Bocconi School of Management) take stock. HOST Nicolas Véron Senior Fellow, Peterson Institute for International Economics (PIIE) GUESTS Sue Lloyd Vice-Chair, International Sustainability Standards Board Sylvie Goulard Professor of Practice in Global Affairs and Geopolitics, SDA Bocconi School of Management For more information, visit: https://www.piie.com/events/2024/international-sustainability-standards-boards-first-two-years Subscribe to receive notices of upcoming PIIE events: https://www.piie.com/subscribe Follow the Peterson Institute for International Economics on social media! Twitter: https://twitter.com/piie LinkedIn: https://www.linkedin.com/company/piie Facebook: https://www.facebook.com/PIIEonline/

Inaugural conference of the ChaMP Research Network Challenges for Monetary Policy Transmission in a Changing World (“ChaMP”) Thursday, 25 April 2024 Frankfurt am Main This conference marks the launch of the ChaMP Research Network, which focuses on challenges for monetary policy transmission, amid unprecedented shocks, structural changes and shifting inflation dynamics. It consists of researchers from the ECB and all EU national central banks. Its main goal is to develop research to understand further how these changes have affected the speed, strength, and heterogeneity of monetary policy transmission in the euro area and the European Union. Programme * indicates the presenter Thursday, 25 April 2024 9:00 Opening speech Isabel Schnabel, Member of the Executive Board, European Central Bank 9:25 Introduction to the ChaMP Research Network Diana Bonfim, Banco de Portugal and European Central Bank Emmanuel Dhyne, Nationale Bank van België/Banque Nationale de Belgique Philipp Hartmann, European Central Bank Session 1 – Supply chains, monetary policy transmission and inflation Session chair: Christophe Kamps, European Central Bank 9:45 Supply chain constraints and inflation Diego Comín*, Dartmouth College Robert C. Johnson, University of Notre Dame Callum J. Jones, Federal Reserve Board Discussant: Mishel Ghassibe, CREI – Barcelona Center for Research in International Economics 10:40 Supply Chain Shortages, Large Firms Market Power, and Inflation Francesco A. Franzoni, Universita della Svizzera italiana Mariassunta Giannetti*, Stockholm School of Economics Roberto Tubaldi, BI Norwegian Business School Discussant: Almut Balleer, RWI – Leibniz Institute for Economic Research 11:35 Coffee break and Poster session** 12:05 The Causal Effects of Global Supply Chain Disruptions on Macroeconomic Outcomes: Theory and Evidence Xiwen Bai, Tsinghua University Jesús Fernández-Villaverde, University of Pennsylvania Yiliang Li*, University of International Business and Economics Francesco Zanetti, University of Oxford Discussant: Hilde Bjørnland, BI Norwegian Business School Session 2 – Monetary policy transmission through the banking sector Session chair: Margherita Bottero, Banca d’Italia 14:45 Monetary Policy Transmission Through Cross-Selling Banks Christoph Basten*, University of Zurich Ragnar Enger Juelsrud, Norges Bank Discussant: Camelia Minoiu, Federal Reserve Bank of Atlanta 15:40 Are low interest rates firing back? Interest rate risk in the banking book and bank lending in a rising interest rate environment Lara Coulier*, European Central Bank Cosimo Pancaro, European Central Bank Alessio Reghezza, European Central Bank Discussant: David Martínez-Miera, Universidad Carlos III de Madrid 16:35 Coffee break and Poster session** 17:05 Monetary Policy, Inflation, and Crises: Evidence from History and Administrative Data Jose-Luis Peydro, Imperial College Business School and Barcelona School of Economics Gabriel Jiménez, Banco de España Dmitry Kuvshinov*, Universitat Pompeu Fabra Björn Richter, Universitat Pompeu Fabra Discussant: Cristina Manea, Bank for International Settlements 18:00 End of first conference day

Inaugural conference of the ChaMP Research Network Challenges for Monetary Policy Transmission in a Changing World (“ChaMP”) Frankfurt am Main This conference marks the launch of the ChaMP Research Network, which focuses on challenges for monetary policy transmission, amid unprecedented shocks, structural changes and shifting inflation dynamics. It consists of researchers from the ECB and all EU national central banks. Its main goal is to develop research to understand further how these changes have affected the speed, strength, and heterogeneity of monetary policy transmission in the euro area and the European Union. Programme * indicates the presenter Friday, 26 April 2024 Session 3 – Climate risks and challenges for monetary policy transmission Session chair: Galo Nuño, Banco de España and Bank for International Settlements 8:50 Climate Risk, Bank Lending and Monetary Policy Carlo Altavilla, European Central Bank Miguel Boucinha, European Central Bank Marco Pagano*, University of Naples Federico II Andrea Polo, Luiss University Discussant: Vasso Ioannidou, City University of London, Bayes Business School 9:45 The New Keynesian Climate model Jean-Guillaume Sahuc, Banque de France Frank Smets, European Central Bank Gauthier Vermandel*, École Polytechnique Discussant: Philipp Pfeiffer, European Commission 10:40 Coffee break and Poster session** 11:00 Policy panel: Current issues for monetary policy transmission in Europe Chair: Katrin Assenmacher, European Central Bank Panellists: Silvia Ardagna, Managing Director and Head of European Economics Research, Barclays Mario Centeno, Governor, Banco de Portugal Benoit Mojon, Head of Economic Analysis, Bank for International Settlements Ricardo Reis, Professor of Economics, London School of Economics Session 4 – Monetary policy transmission through non-banks Session chair: Laura Moretti, Central Bank of Ireland 14:15 Quantitative Easing, the Repo Market, and the Term Structure of Interest Rates Ruggero Jappelli*, Goethe University Frankfurt Loriana Pelizzon, Leibniz Institute for Financial Research SAFE Marti G. Subrahmanyam, New York University Discussant: Refet S. Gürkaynak, Bilkent University 15:10 Monetary policy transmission through online banks Samuel Earnest, University of Chicago Isil Erel*, The Ohio State University Jack Liebersohn, University of California, Irvine Constantine Yannelis, University of Chicago Discussant: Ralf Meisenzahl, Federal Reserve Bank of Chicago 16:05 Coffee break and Poster session** Session 5 – Business cycles, monetary policy and long-run effects Session chair: María T. Valderrama, Oesterreichische Nationalbank 16:20 Do Recessions Slow Technology Growth? Evidence from the Firm Level Michaela Elfsbacka-Schmöller*, Suomen Pankki – Finlands Bank Olga Goldfayn-Frank, Deutsche Bundesbank Tobias Schmidt, Deutsche Bundesbank Discussant: Paloma López-García, European Central Bank 17:15 Non-Essential Business Cycles Michele Andreolli*, Boston College Natalie Rickard, London Business School Paolo Surico, London Business School Discussant: Peter Karadi, European Central Bank 18:10 End of conference

Inaugural conference of the ChaMP Research Network 19:30 Dinner speech Fabio Panetta, Governor, Banca d'Italia

The Kelley School of Business's Institute for Corporate Governance (ICG), in partnership with the Ostrom Workshop at Indiana University and ECGI, organised a public lecture on corporate governance. The twenty-third lecture, Can We Trust ESG Research? was held on 4th April 2024 Professor Alex Edmans (London Business School and ECGI) presented the lecture in this series, which was moderated by Professor Stephanie Wang (The Kelley School of Business's Institute). For more information, including slides, please see the following link: https://www.ecgi.global/events/can-we-trust-esg-research

Gita Gopinath, first deputy managing director of the International Monetary Fund, joins PIIE president Adam S. Posen for a fireside chat on global economic fragmentation and labor, industrial, and green policies at the PIIE-IMF conference Rethinking economic policy: Steering structural change held on April 16-17, 2024.

Kimberly Clausing (PIIE and UCLA), Jean Pisani-Ferry (PIIE and Bruegel), and Nicholas Stern (London School of Economics), discussed tax policy as climate policy, how the green transition will affect investment, growth, and market considerations, and opportunities for public and private commitments to accelerate clean growth. The panel was chaired by Olivier Blanchard (PIIE). This panel discussion was at the PIIE-IMF conference “Rethinking economic policy: Steering structural change,” April 16-17, 2024.

Gordon Brown (former UK prime minister), Angus Deaton (Princeton University), Keyu Jin (London School of Economics), and Michael Spence (Stanford University) discuss challenges facing the global economy, like the green energy transition, shifting geopolitical tensions, technological innovation, and economic fragmentation. These and other structural changes require rethinking economic policies around the world. This discussion was the first at the PIIE-IMF conference “Rethinking economic policy: Steering structural change,” April 16-17, 2024.

EU Finance Podcast host Aidas Palubinskas talks with Elodie Feller of the Platform on Sustainable Finance and EU Commission expert Sophie Rathmes about an important facet of sustainable finance – transition finance.

The Recovery and Resilience Facility (RRF), the largest component of the European Union’s landmark Next Generation EU programme enacted in 2021, has passed its halftime. The European Commission presented a very positive assessment of the RRF in its mid-term evaluation, which was also supported by an independent evaluation. However, implementation is belated, while questions about the RRF’s results orientation and additionality remain open. What lessons to learn from the RRF for the future design of EU funding instruments?

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Bruegel, in partnership with The Financial Times, held a fact-based and economics-focused debate where European political parties were given the opportunity to present their vision for the future of the EU’s economy to an audience of policymakers, civil society and business stakeholders, academics and the media. In the run up to the EU elections, it is more important than ever to provide clear, informative and concise ideas for the future of Europe. This debate will feature a wide range of political parties that will focus on a small number of critical economic issues, including EU competitiveness and growth, the green transition, cohesion, economic security, and the possible trade-offs between those objectives.

Earlier this week, we decided to keep our key interest rates unchanged! Our colleague Roberta explains what’s behind our decisions. If you want to know more, read our monetary policy statement at a glance https://www.ecb.europa.eu/press/press_conference/visual-mps/2024/html/mopo_statement_explained_april.en.html

Have you missed our webinar about the Early Career Programme? Don't worry, watch it again here! Take the opportunity to meet our Chief Executive Marjut Falkstedt and to hear directly from Miguel Alves, one of our what it looks like to work for a purpose! Miguel also started his career at the EIF as a Graduate some years ago! Marijana and Anna, our HR colleagues, have introduced the programme and replied to some of the questions from the audience. Are you looking for a job with a purpose? Do you want to shape Europe's future? Watch the webinar and apply here https://bit.ly/ecp-applynow. Deadline: April 30th

Have you missed our webinar about the Early Career Programme? Don't worry, watch it again here! Take the opportunity to meet our Chief Executive Marjut Falkstedt and to hear directly from Miguel Alves, one of our what it looks like to work for a purpose! Miguel also started his career at the EIF as a Graduate some years ago! Marijana and Anna, our HR colleagues, have introduced the programme and replied to some of the questions from the audience. Are you looking for a job with a purpose? Do you want to shape Europe's future? Watch the webinar and apply here https://bit.ly/ecp-applynow. Deadline: April 30th

🌱 From research to market, #innovation is at the heart of @solynta_truepotatoseeds, a #biotech company powered by EIF #vc funding determined to solve world hunger with its hybrid potato seed.

The European Stability Mechanism (ESM) is the permanent crisis resolution mechanism for the countries of the euro area. Like its predecessor -- the temporary European Financial Stability Facility (EFSF) -- the ESM provides financial assistance to euro area Member States experiencing or threatened by financing difficulties.

Dublin has officially received the European Capital of Smart Tourism 2024 award and celebrated the occasion with a launch ceremony. City representatives delivered inspiring speeches and the Smart Tourism team reflected on the city’s journey into becoming the #EUTourismCapital. More about the European Smart Tourism initiative here: www.SmartTourismCapital.eu

Today our Governing Council decided on monetary policy, determining what’s needed to return inflation to our 2% goal in a timely manner. Listen to President Christine Lagarde present today’s decisions. The statement also covers: - how the economy is performing - how we expect prices to develop - the risks to the economic outlook - the dynamics behind financial and monetary conditions Published and recorded during our press conference on 11 April 2024 Additional material Our monetary policy statement at a glance, 11 April 2024 https://www.ecb.europa.eu/press/press_conference/visual-mps/2024/html/mopo_statement_explained_april.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement, 11 April 2024 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2024/html/ecb.is240411~9974984b58.en.html Monetary policy decisions, 11 April 2024 https://www.ecb.europa.eu/press/pr/date/2024/html/ecb.mp240411~1345644915.en.html Combined monetary policy decisions and statement, 11 April 2024 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/shared/pdf/ecb.ds240411~58dd9ec73d.en.pdf?566c397f0364d717913bf7770e67bf17 European Central Bank https://www.ecb.europa.eu/home/html/index.en.html You can also listen to The ECB Podcast on SoundCloud, Spotify, Deezer, Stitcher, YouTube, Amazon Music and many more https://pod.link/ecbpodcast

On this day 9 years ago, we believed in making payments smarter. Here's our investment story, watch it now 🫰

Public digital money could redefine our financial system. Our director, Vicky Van Eyck, discusses this important topic in this interview with FRANCE 24. She explains the key distinction between public and private money, how the digital euro would work, the banking lobby's efforts to define its details, and more. Check it out! --- 🔔 SUBSCRIBE FOR MORE VIDEOS! https://www.youtube.com/@PositiveMoneyEurope?sub_confirmation=1 💥 Get involved! https://www.positivemoney.eu/get-involved/ ➡️ More about us https://www.positivemoney.eu/about-us/ 💬 Follow the campaign: http://positivemoney.eu/ https://www.facebook.com/PositiveMone... https://twitter.com/PositiveMoneyEU

The Peterson Institute for International Economics (PIIE) presents remarks by Ueda Kazuo, governor of the Bank of Japan, on the recent changes in the bank’s monetary policy framework. A discussion with PIIE president Adam S. Posen will follow. For more information, visit: https://www.piie.com/events/2024/recent-changes-bank-japans-monetary-policy-framework Subscribe to receive notices of upcoming PIIE events: https://www.piie.com/subscribe Follow the Peterson Institute for International Economics on social media! Twitter: https://twitter.com/piie LinkedIn: https://www.linkedin.com/company/piie Facebook: https://www.facebook.com/PIIEonline/

Private equity and venture capital lay the groundwork for a better tomorrow by investing in innovation, nurturing start ups and financing scale ups today, across all sectors. Invest Europe is the most authoritative source of data, research and insight on private equity and venture capital, shining a light on the industry's activity in Europe. More info: https://www.investeurope.eu/research/publications/

Grosseto (Italy) celebrated the start of its year as the 2024 European Green Pioneer of Smart Tourism. The Mayor of Grosseto received the award from the European Commission representatives and unveiled the giant hashtag sculpture in Via Giotto Park. More about the European Smart Tourism initiative here: www.SmartTourismCapital.eu

The European Stability Mechanism (ESM) is the permanent crisis resolution mechanism for the countries of the euro area. Like its predecessor -- the temporary European Financial Stability Facility (EFSF) -- the ESM provides financial assistance to euro area Member States experiencing or threatened by financing difficulties.

The European Stability Mechanism (ESM) is the permanent crisis resolution mechanism for the countries of the euro area. Like its predecessor -- the temporary European Financial Stability Facility (EFSF) -- the ESM provides financial assistance to euro area Member States experiencing or threatened by financing difficulties.

Please join the Peterson Institute for International Economics (PIIE) for an exploration of the upcoming report, “Finternet: The financial system for the future” by Bank for International Settlements general manager Agustín Carstens and co-founder and chairman of Infosys and founding chairman of UIDAI (Aadhaar) Nandan M. Nilekani. A panel will follow, featuring Banco Central do Brasil Governor Roberto Campos Neto, Deutsche Bundesbank President Joachim Nagel and Bank of Korea Governor Changyong Rhee, to explain how the application of novel technological innovations could generate change in the financial system, delivering financial services that are cheaper, faster, more personalized, and more secure. The program and Q&A session following the discussion is moderated by Adam S. Posen, PIIE president. For more information, visit: https://www.piie.com/events/2024/vision-future-financial-system Subscribe to receive notices of upcoming PIIE events: https://www.piie.com/subscribe Follow the Peterson Institute for International Economics on social media! Twitter: https://twitter.com/piie LinkedIn: https://www.linkedin.com/company/piie Facebook: https://www.facebook.com/PIIEonline/

The Peterson Institute for International Economics (PIIE) presents a fireside chat with Ngozi Okonjo-Iweala, director-general of the World Trade Organization (WTO), and Adam S. Posen, PIIE president, on the role of the WTO against a backdrop of a shifting geopolitical landscape. Okonjo-Iweala and Posen will share their insights on the milestones that have shaped the WTO’s trajectory over the past three decades. They will also explore the organization’s future direction, emphasizing its critical function in fostering global economic stability and growth amidst contemporary challenges. A moderated Q&A session with the audience will follow. For more information, visit: https://www.piie.com/events/2024/renewal-global-trading-system-wto-30 Subscribe to receive notices of upcoming PIIE events: https://www.piie.com/subscribe Follow the Peterson Institute for International Economics on social media! Twitter: https://twitter.com/piie LinkedIn: https://www.linkedin.com/company/piie Facebook: https://www.facebook.com/PIIEonline/

ECB President Christine Lagarde explains the Governing Council's monetary policy decisions and will answer questions from journalists at the Governing Council press conference to be held on 11 April 2024 at 14:45 CET in Frankfurt am Main.

Dr. Tom Gosling interviews Roy Shapira, Professor at Reichman University and ECGI ECGI Conversations is a compelling interview series aimed at uncovering valuable insights, ideas, and perspectives from cutting-edge academic research. Hosted by ECGI Executive Fellow, Dr. Tom Gosling, this series promises to bring forth engaging discussions with leading experts in the field.

US Treasury Under Secretary for International Affairs Jay Shambaugh delivers a speech at the Peterson Institute for International Economics about the US vision for sovereign debt, development, and sustainable finance for emerging-market and developing economies. A fireside chat and moderated Q&A session follows his remarks. For more information, visit: https://www.piie.com/events/2024/us-vision-global-debt-and-development-finance-conversation-jay-shambaugh-us-treasury Subscribe to receive notices of upcoming PIIE events: https://www.piie.com/subscribe Follow the Peterson Institute for International Economics on social media! Twitter: https://twitter.com/piie LinkedIn: https://www.linkedin.com/company/piie Facebook: https://www.facebook.com/PIIEonline/

The revised GP ESG Due Diligence Guide provides an overview of actionable steps and tips on how GPs can integrate ESG factors into their investment decision-making and management process – ranging from (i) pre-investment screening and due diligence, and (ii) addressing material ESG risks and opportunities during the ownership period, to (iii) monitoring and reporting processes. The guide is intended to be of practical use in a variety of different transactional contexts and should be applicable to all asset class strategies. It should also support existing ESG investment processes. Invest Europe members can access the guide here: https://www.investeurope.eu/industry-standards/gp-esg-due-diligence-guide/

The VCDNP and the European Leadership Network (ELN) hosted a public hybrid event on the ELN report AI and nuclear command, control and communications: P5 perspectives” to explore the risks of AI in nuclear decision-making

The Federal Deposit Insurance Corporation (FDIC) chairman Martin J. Gruenberg returns to the Peterson Institute for International Economics (PIIE) to present a comprehensive update of how the FDIC has prepared for the orderly resolution of a global systemically important banking organization (GSIB) under Title II of the Dodd-Frank Act. His presentation will accompany the FDIC’s release of a paper entitled “Overview of Resolution Under Title II of the Dodd-Frank Act” that provides new detail and clarity on the FDIC’s approach to GSIB resolution. Gruenberg gives a presentation followed by a fireside chat and moderated Q&A with Adam S. Posen, PIIE president, and Tobias Adrian, financial counsellor and director of the Monetary and Capital Markets Department of the International Monetary Fund (IMF). The event also features a panel discussion with Art Murton (FDIC), Ryan Tetrick (FDIC), Susan Baker (FDIC), and Nicolas Véron (PIIE) about the upcoming FDIC paper. PIIE senior fellow Anna Gelpern moderates the panel. For more information, visit: https://www.piie.com/events/2024/too-big-fail-fdic-update-orderly-resolution-global-systemically-important-banks Subscribe to receive notices of upcoming PIIE events: https://www.piie.com/subscribe Follow the Peterson Institute for International Economics on social media! Twitter: https://twitter.com/piie LinkedIn: https://www.linkedin.com/company/piie Facebook: https://www.facebook.com/PIIEonline/

China has been a new frontier for American and European venture capital investors. But adverse changes in the political and economic environment pose challenges to both local and foreign groups, with implications for China but also more broadly for entrepreneurship in emerging markets. Joining this episode of the Peterson Institute for International Economics (PIIE) event series Financial Statements to take stock are: HOST Nicolas Véron Senior Fellow, PIIE GUESTS Josh Lerner Jacob H. Schiff Professor, Harvard Business School Rui Ma Founder, Tech Buzz China For more information, visit: https://www.piie.com/events/2024/rise-and-decline-venture-capital-china Subscribe to receive notices of upcoming PIIE events: https://www.piie.com/subscribe Follow the Peterson Institute for International Economics on social media! Twitter: https://twitter.com/piie LinkedIn: https://www.linkedin.com/company/piie Facebook: https://www.facebook.com/PIIEonline/

As global temperatures rise and greenhouse gas emissions increase, all sectors of the economy must contribute to the green energy transition. Several trade agreements have special chapters on sustainability, and measures are being taken to make supply chains greener. We see different versions of carbon pricing emerging, and business is doing more to apply due diligence. But obviously more needs to be done. How can trade contribute to more sustainable supply chains and facilitate wider access to green technology? Joining this episode of the Peterson Institute for International Economics event series Trade Winds are: HOST Cecilia Malmström Nonresident Senior Fellow, Peterson Institute for International Economics (PIIE) GUESTS Jennifer A. Hillman Professor of Practice, Georgetown University Law Center; Co-director, Center on Inclusive Trade and Development Ignacio Garcia Bercero Director, Directorate-General for Trade, European Commission For more information, visit: https://www.piie.com/events/2024/how-can-trade-become-greener Subscribe to receive notices of upcoming PIIE events: https://www.piie.com/subscribe Follow the Peterson Institute for International Economics on social media! Twitter: https://twitter.com/piie LinkedIn: https://www.linkedin.com/company/piie Facebook: https://www.facebook.com/PIIEonline/ Thumbnail: PIIE/Sarah Tew via stock.adobe.com

The Peterson Institute for International Economics presents its spring 2024 semiannual Global Economic Prospects outlook for the US and global economies, including presentations on China's fiscal policy and the performance of the international monetary system. Karen Dynan, nonresident senior fellow, discusses the economic outlook for the US and global economies. As inflation recedes around the world, countries are experiencing very different growth patterns. Dynan explores those differences and highlights reasons why US growth has exceeded expectations. Tianlei Huang, research fellow and China program coordinator, discusses China's fiscal policy amid the property crisis. Beijing is now counting on a fiscal boost to achieve the ambitious growth target of around 5 percent this year. Huang explores the constraints faced by China's local governments that will likely make the intended fiscal boost fall short. Maurice Obstfeld, C. Fred Bergsten Senior Fellow, explores the performance of the international monetary system after a half century of floating exchange rates. He discusses prospects for the US dollar's central global role amid ongoing central bank disinflation efforts and geopolitical tensions. PIIE president Adam S. Posen introduces the event and moderate questions after the presentations. For more information, visit: https://www.piie.com/events/2024/global-economic-prospects-spring-2024 Subscribe to receive notices of upcoming PIIE events: https://www.piie.com/subscribe Follow the Peterson Institute for International Economics on social media! Twitter: https://twitter.com/piie LinkedIn: https://www.linkedin.com/company/piie Facebook: https://www.facebook.com/PIIEonline/

As economies recovered from the COVID-19 pandemic, inflation spiked to its highest levels in decades. This tested both central banks' commitment to price stability and the effectiveness of their frameworks and tools. Panel presentations at this event draw from a new book published by the Centre for Economic Policy Research (CEPR), Monetary Policy Responses to the Post-Pandemic Inflation, edited by Bill English, Kristin Forbes, and Ángel Ubide, with contributions by senior policymakers and leading economists exploring how central banks across the globe responded to these challenges. What strategies did they follow? How did their responses differ—and why? What did we learn about the risks to financial stability from sharp and unexpected increases in interest rates? This wide range of experiences provides important insights and lessons to better tackle the next inflationary episode. For more information, visit: https://www.piie.com/events/2024/monetary-policy-responses-post-pandemic-inflation-what-happened-and-lessons-learned Subscribe to receive notices of upcoming PIIE events: https://www.piie.com/subscribe Follow the Peterson Institute for International Economics on social media! Twitter: https://twitter.com/piie LinkedIn: https://www.linkedin.com/company/piie Facebook: https://www.facebook.com/PIIEonline/

Dublin (Ireland), the 2024 European Capital of Smart Tourism, has implemented a strategic smart tourism programme that brings together community, technology and innovation to co-create and transform the traditional tourism experience. More about the European Smart Tourism initiative here: www.SmartTourismCapital.eu

Grosseto (Italy), is the 2024 European Green Pioneer of Smart Tourism. At the heart of Grosseto's sustainability efforts lies the commitment to preserving its natural scenery. About 30% of the city’s protected area is dedicated to agriculture, serving as the foundation for agritourism endeavours. More about the European Smart Tourism initiative here: www.SmartTourismCapital.eu

We have made good progress in our fight against inflation since we started to tighten our monetary policy in 2022. Where do we stand right now? And what are we keeping a close eye on in the economy? Host Stefania Secola discusses these topics with our Chief Economist Philip R. Lane. They also talk about the ECB’s recent changes to its operational framework for implementing monetary policy. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 25 March 2024 and recorded on 21 March 2024. In this episode: 00:05 – Inflation right now How has inflation evolved since its peak in late 2022? What is the outlook for the year ahead and what will shape our future decisions? 04:00 – Wages and inflation How are rising wages affecting inflation, and is the situation the same across all euro area countries? 08:00 – The state of the labour market Unemployment is historically low, but economic growth is projected to be lower than in previous years. What might the coming months hold for the labour market? 14:30 – The ECB’s operational framework Why have we reviewed our operational framework for implementing monetary policy? How does it help our work to keep prices stable? 20:00 – Our guest’s hot tip Our guest, Philip R. Lane, encourages our listeners to read a paper that looks at the macroeconometric models used at the ECB for forecasting and policy analysis. The ECB Podcast: Are wages and greedflation really pushing up prices? June 2023 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod230623_episode62.en.html Occasional Paper 344: ECB macroeconometric models for forecasting and policy analysis https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op344~53b9e2aa4d.en.pdf?14821c7f99280514dbdaa26114c4f565 Press release: ECB announces changes to the operational framework for implementing monetary policy https://www.ecb.europa.eu/press/pr/date/2024/html/ecb.pr240313_1~a3a50a9add.en.html Economic Bulletin Issue 2/2024, Article 1: The impact of recent shocks and ongoing structural changes on euro area productivity growth https://www.ecb.europa.eu/pub/economic-bulletin/articles/2024/html/ecb.ebart202402_01~d63ecff49c.en.html Press release: Monetary policy decisions (7 March 2024) https://www.ecb.europa.eu/press/pr/date/2024/html/ecb.mp240307~a5fa52b82b.en.html European Central Bank www.ecb.europa.eu

The event took place between 20-21 March in Geneva. https://if.investeurope.eu/ The Investors’ Forum is the annual flagship event of Invest Europe. The forum brings together leading LPs and GPs for an exceptional conference that is recognised throughout the private equity industry for the quality of its content and the calibre of its delegates.The event is designed to provide participants with the latest industry insights and data, high level peer-to-peer debate and networking opportunities in a non-commercial environment. Attendance is open to pre-qualified institutional investors and Invest Europe member GPs and LP fund-of-funds only.

On this day 5 years ago, @doctolib was backed by Eurazeo with #venturecapital from the EIF ⏭️ Together we are working towards a healthier world 🌍 Born with the mission to improve health for all, the company now serves 80M+ patients ⏭️ From a timely investment to shaping the #ehealth sector 🏥This is the story of Doctolib.

We must transition to a brain-positive economy aka brain economy – a global goal to stop and reverse the loss of brain capital, which puts a premium on brain health and brain skills in accomplishing socio-economic objectives. Such a transition is good for people, the economy and nature. Public, private, not-for-profit and philanthropic actors are all essential. The event aims to explore the potential of neuroscience in shaping economic and policy decisions for Africa’s development. The webinar, held on 13 March 2024, featured presentations from experts in various fields. Topics ranged from the transition to a brain-positive economy and its implications for different income groups, to the interplay between brain capital, sustainability, gender equity, public-private and climate dynamics. Focusing on building African brain capital in the next 50 years is crucial for several reasons: Sustainable Development Goals (SDGs): Brain capital, which includes brain health and skills, plays a pivotal role in achieving all of the United Nations’ 17 Sustainable Development Goals. By investing in brain capital technologies and research that promotes brain health, we can cultivate productive, healthy brains capable of advancing our society. Economic Growth: Brain capital can drive economic growth by dealing with economic strain, productivity slowdown, and the need for more industrial innovation. It provides a lens for dealing with these challenges and can introduce a paradigm shift to our understanding and agency in brain health. Health and Well-being: Given the critical need to nurture healthier, more resilient, and increasingly flexible brains worldwide, building brain capital is essential. It prioritizes brain skills and brain health, which are fundamental to individual and societal well-being. Gender equity: Women and girls are especially vulnerable to trauma and neurological disease, education disruptions, and disproportionately serve as caregivers (both for children and elders) and share in the breadwinning. Yet, public policy has not addressed this gender disparity and women’s particular needs, even though the effects of poor brain health effect the entire family. Climate Dynamics: Brain capital can also help in understanding and addressing the interplay between our brains and climate dynamics, including extreme weather, air pollution, and green skills. Societal Challenges: Optimizing brain health and investing in building cognitive and brain capital is fundamental to meet modern societal challenges. Building African brain capital is not just about improving individual health outcomes; it’s about fostering sustainable development, driving economic growth, and meeting societal challenges head-on. It’s an investment in the future of Africa and the world. Case studies were also presented on the practical application of these concepts in specific African countries. The event concluded with a panel discussion featuring distinguished experts from academia, investment firms, and international organizations. They engaged in a thought-provoking discussion on the role of neuroscience in policy and investment decisions for building Africa’s brain capital. The webinar was organised by the Euro-Mediterranean Economists Association (EMEA) in collaboration with the Brain Capital Alliance and Rice University’s Baker Institute for Public Policy. Agenda; Moderator: Prof. Rym Ayadi, EMEA President and Founder, Co-lead of the Brain Capital Alliance, CEPS Senior Advisor Speakers: Harris A. Eyre MD PhD, Fellow at Rice University’s Baker Institute for Public Policy, EMEA Advisor, Lead of the Brain Capital Alliance Zul Merali, Professor of Neuroscience, Aga Khan University, Kenya and Pakistan Massamba Thioya, Project Executive, UNFCCC Global Innovation Hub Alfred K. Njamnshi, Professor of Neurology & Neuroscience, Founder-CEO of Brain Research Africa Initiative (BRAIN) Discussants: George Vradenburg, Chair of Davos Alzheimer’s Collaborative Funsho Allu, Partner, TIA Capital Management William Hynes, Honorary Professor of UCL and External Applied Complexity Fellow at the Santa Fe Institute Ekkehard Ernst, Chief of the Macroeconomic Policy Unit, International Labour Organization, President of Geneva Macro Labs Kwame Sarpong Barneih, Partner, Head of Governance, Risk and Compliance Services, KPMG Ghana

In the face of ongoing geopolitical challenges, including Russia's aggression in Ukraine and the potential for a return of a Trump presidency, Europe has shown resilience but also recognises the need for greater self-reliance and strategic planning. Historically reliant on the United States for security assurances, recent years have seen Europe taking more decisive action, including unified responses to Russian aggression, increased military and economic support to Ukraine, and steps toward greater integration and self-sufficiency within the EU. However, uncertainties regarding future U.S. leadership and the geopolitical landscape underlines the urgency for Europe to further strengthen its defenses, enhance collective capabilities, and address institutional weaknesses within the EU to safeguard its security and economic interests. Proactive measures are imperative to Trump-proof its future and navigate through evolving global dynamics with resilience and determination. At this event, we will discuss strategies for bolstering European security and addressing geopolitical uncertainties in the wake of shifting global power dynamics.

On February 28, the Vice President of the European Commission for Values and Transparency, Věra Jourová, embarked on a strategic initiative known as the Democracy Tour, commencing in Helsinki. Since the launch, she visited several EU member states and met with the representatives of governments, business, and civil society to discuss achievements and remaining gaps in building resilience against foreign malign influence and autocratisation in EU member states, especially in the lead up to the European parliamentary elections. The quest for robust democratic resilience necessitates an integrated approach, incorporating a wide range of defensive mechanisms. These must address both digital and traditional challenges our countries face today, including tackling information manipulation, strategic corruption, undue influence over media ownership, and cybersecurity threats. Despite significant progress in strengthening the EU'sand its member states’ resilience through legislative measures, direct confrontation of adversaries, media literacy campaigns, and various national initiatives, the degree of resilience remains uneven across the Union. How do the existing arsenal of tools at the EU’s and its member states’ disposal fare to safeguard democracy? What are the key achievements of the outgoing Commission in reinforcing the democratic foundations of the European Union? What are the remaining weak spots and how can we tackle them in the future? At this event Vice President Věra Jourová shared preliminary reflections from her Democracy Tour in the ongoing effort to strengthen democratic resilience amidst the complex challenges that confront us today.

The perceived underenforcement of digital mergers has been a topic of lively debate in recent years, following growing concerns around the aggressive acquisition strategies of major tech platforms. These have contributed to the rise and expansion of large digital ecosystems through which platforms have extended their reach and influence into markets far beyond their core services. An emerging question in this discussion is whether, due to the unique characteristics of digital markets, traditional theories of harm can comprehensively capture the competitive harms arising from digital mergers. This includes the innovative and dynamic nature of such markets, as well as the role of ecosystems, which blurs the line between competing and complementary products and makes predictions about market outcomes more uncertain. As such, through an exchange with an expert panel, this session considered whether there is a need to further fine-tune traditional theories of harm or even develop new ones that are better suited to assessing mergers in digital markets, and the challenges that this may bring for competition authorities. The session was moderated by Carolina Abate (OECD Competition Expert) and had as invited speakers: Christian Ahlborn (Partner, Covington), Kirsten Edwards-Warren (Executive Vice President, Compass Lexecon EMEA) and Hans Zenger (Head of Unit, Chief Economist Team, European Commission) More materials on the topic available here: https://oe.cd/thdm

The Concluding Remarks were given by Ori Schwartz, Head of Competition Division, Directorate for Financial and Enterprise Affairs, OECD. The next edition is already scheduled for 5 March 2024. Save the date!

Algorithms are increasingly pervasive in our lives and firms increasingly rely on algorithms in their daily activities for pricing and planning purposes. Can algorithms enhance firms’ performances? Can they harm consumers? Can they be used to fix prices or to exclude competitors? What can competition authorities and regulators do to mitigate these risks? This panel of international experts from academia and enforcement agencies discussed these and other fascinating legal and policy questions around algorithms. The session was moderated by Antonio Capobianco (Deputy Head of the OECD Competition Division) and had as invited speakers: Michal Gal (Professor of Law, Haifa University), Maarten Pieter Schinkel (Professor or Economics, University of Amsterdam) and Ryan Tansey (Section Chief, US DOJ, Washington Criminal I Section). More about the 2024 OECD Competition Open day at https://oe.cd/comp-od-24 More materials on the topic available here: https://oe.cd/algc

While there is long-standing view that competition drives innovation and that innovation, in turn, drives higher welfare and economic growth, there is no theoretical consensus on the precise relationship between these two important components of a market economy. This session explored the recent developments in this discussion from a theoretical perspective and how they translate into the way in which competition authorities have incorporated innovation as part of their enforcement activities. The session reviewed different approaches competition authorities have used and could use to incorporate innovation when evaluating a transaction or determining if a certain behaviour is anti-competitive. This includes the assessment of innovation starting from the definition and analysis of relevant markets to the establishment of theories of harm, the consideration of efficiencies, the analysis of other drivers of innovation, and the design of remedies and commitments. The session was moderated by Aura García Pabon (OECD Competition Expert) and had as invited speakers: Stephen Lewis (Partner, RBB Economics), David J. Teece (Scholar and Entrepreneur, Berkeley Research Group) and Christine A. Varney (Partner, Cravath, Swaine & Moore LLP). More about the 2024 OECD Competition Open day at https://oe.cd/comp-od-24 More materials on the topic available here: https://oe.cd/rbci

Competition authorities are currently faced with unprecedented challenges like the rising market power in digital markets, increasing issues with labour market, and competition role in the fight against climate changes. These challenges require enforcers to go back much more frequently to the basics, which are the goals of competition law and the standard that should be used to apply it. The session moderated by Ori Schwartz (Head of the OECD Competition Division) discussed these issues and got views from the following heads of competition authorities: Olivier Guersent (Director-General for Competition, European Commission), Sarah Cardell (Chief Executive, UK Competition and Markets Authority and Andrea Marván Saltiel (Chairwoman, Mexico's COFECE) More about the 2024 OECD Competition Open day at https://oe.cd/comp-od-24 More materials on the topic available here: https://oe.cd/adws

This session included Opening remarks by Mathias Cormann, Secretary-General, OECD and Carmine Di Noia, Director, Directorate for Financial and Enterprise Affairs, OECD. Followed by a Keynote Speech by Mario Monti, Senator of Italy, Former EU Commissioner for Competition, Former Prime Minister, and Clare Lombardelli, Chief Economist, OECD. The 2024 edition of OECD Competition Trends was launched during the session. More about the 2024 OECD Competition Open day at https://oe.cd/comp-od-24 Access 2024 OECD Competition Trends at http://oe.cd/comp-trends

Concluding Remarks to the 2023 OECD Competition Open Day were given by Carmine Di Noia, Director of the Directorate for Financial and Enterprise Affairs, OECD. https://www.oecd-events.org/competition-open-day-2023/

TThe relationship between prices and competition is well established, with low levels of competition contributing to higher price levels. However, the link between competition and price increases (inflation) appears less clear-cut. Further, whether or not competition is an important driver of inflationary pressures, an inflationary environment may have meaningful implications for competition policy. This session discussed a number of issues in relation to competition and inflation. The discussion considered the link between competition and inflation, both in the short-term and long-term. It will also touch on the risks to competition that authorities should be aware of in response to the current inflationary trends. Finally, and perhaps most importantly, the roundtable explored how competition authorities should react to the current period, including to pressure they are likely to face from the public and governments. The session was moderated by Richard May (OECD Competition Expert) and had as invited speakers: Ana Sofia Rodrigues (Chief Economist, Portuguese Competition Authority), Cristina Caffarra (Parter & Head, Keystone), Lindsay Owens (Executive Director, Groundwork Collaborative) and Sophie Guilloux-Nefussi (Research Economist, Banque de France). More about the 2023 OECD Competition Open day at https://www.oecd-events.org/competition-open-day-2023/ More materials on this topic available here: https:oe.cd/cinf

Interim measures are protective and corrective tools that may be adopted while investigating possible antitrust infringements. Despite having been in the toolbox of many competition authorities for decades, the debate concerning the effectiveness and efficiency of antitrust enforcement in fast-moving markets turned the spotlight on interim measures and it triggered reform proposals in several jurisdictions. This session discussed several aspects related to the application of interim measures. The session was moderated by Antonio Capobianco (Deputy Head, OECD Competition Division) and had as invited speakers: Caio Mario da Silva Pereira Neto (Partner, Pereira Neto), Heike Schweitzer (Humboldt University of Berlin) and Isabelle de Silva (President of the Sixth Chamber of the Administrative Jurisdiction Division, French Council of State). More information available here: https://oe.cd/imai

This session included Opening remarks by the OECD Secretary-General Mathias Cormann followed by a Keynote Speech by Frédéric Jenny, Chairman of the OECD Competition Committee. More about the 2023 OECD Competition Open day at https://www.oecd-events.org/competition-open-day-2023/