The central bank of the future: opportunities and challenges

Central banks are currently facing big challenges. Their various business areas are undergoing fundamental structural changes. How should monetary policy strategies and communication adapt, in the light of the recent unanticipated surge of inflation and heightened uncertainty? What impact from increased inflation on price and wage-setting? How will monetary impulses transmit to the economy, given structural changes, notably digital transformation and AI? How to deal with persistent high uncertainty – how is monetary transmission affected, what role for central bankers as risk managers? What monetary policy toolkit for the post-GFC post-covid polycrisis environment? What implications from CBDC, how will central banks best deal with and embrace AI? How to respond to heightened geopolitical uncertainty and future shocks, including from climate change and the energy transition? Are central bank finances relevant for central bank independence and their ability to deliver on their price stability mandate? How to deal with central banks’ strongly expanded de iure or de facto scope of responsibilities – what implications might “mission creep” have on accountability and central bank independence?

Date
June 10 and 11, 2024, 12:00 CEST

Venue
Oesterreichische Nationalbank
Ott-Wagner-Platz 3
1090 Wien
and online via Webex