Visiting Professor of Economics, Harvard University; Resident Faculty & Seminar Co-chair, Minda de Gunzburg Center for European Studies, Harvard University
October 19, 2020
12:15pm - 1:30pm
The COVID-19 pandemic and the subsequent policy-initiated lockdowns coupled with the response of households and businesses were a massive shock to the world’s ever deeper integrated economies. The fragility of global value chains was laid bare. In-person learning proved too dangerous. In response, monetary as well as fiscal policies were forced to intervene at an (almost) unprecedented scale. To dampen the deep shocks – to demand as well as supply – fiscal policies had to accept enormous deficits.
In Europe, as in other regions, national capacities to mitigate the economic impact were highly unevenly distributed. The European Commission’s €750 billion Next Generation EU recovery instrument and the various emergency programs of the European Central Bank were European-level responses to face up to the pandemic. Despite these interventions, substantial challenges remain and, if not appropriately addressed, might leave lasting scars.
CES is honored to host a discussion about these issues with Jens Weidmann, President of the Deutsche Bundesbank and Member of the European Central Bank’s (ECB) Governing Council. In addition to his roles at the Deutsche Bundesbank and the ECB, Weidmann is a Governor of the International Monetary Fund and Chairman of the Board of Directors of the Bank for International Settlements.