SAFE Policy Lecture: Philipp Hartmann (ECB)
Title: The First Twenty Years of the European Central Bank: Monetary Policy
Speaker: Philipp Hartmann, Deputy Director General Research, ECB
Moderator: Jan Pieter Krahnen, SAFE and Goethe University
On 1 June 2018, the European Central Bank (ECB) celebrated its 20th anniversary. The SAFE Policy Center welcomes Phillip Hartmann to present an overview of the ECB’s monetary policy over the last two decades. He will offer a chronological account of the macroeconomic and monetary policy developments in the euro area since the adoption of the euro in 1999. He will describe monetary policy decisions from the ECB’s perspective and evaluate the achievement of the price stability mandate. Finally, he will present the ECB’s framework for thinking about non-standard monetary policy measures and review the evidence on their effectiveness. This lecture provides an opportunity to address critical issues that have been subject to public debate. One of the main themes will be how ECB monetary policy responded to the challenges posed by the European twin crises and the subsequent slow economic recovery, making use of its relatively wide range of instruments, defining new ones where necessary and developing the strategic underpinnings of its policy framework. This lecture will be based on “The First Twenty Years of the European Central Bank: Monetary Policy”, a working paper by Philipp Hartmann and Frank Smets.
Philipp Hartmann is Deputy Director General of the research department at the European Central Bank, which he helped to build from its beginning. He also coordinates the ECB’s work on financial integration and is a Fellow of the Centre for Economic Policy Research. Previously, he held positions at the London School of Economics, the European Monetary Institute and Erasmus University Rotterdam.
Mr. Hartmann published research on financial, monetary and international issues in numerous journal articles and several books. He serves as an associate editor of the Journal of Financial Stability. His policy work has been published in many official reports and discussed in fora including the ECOFIN Council, the ECB Governing Council, the Basel Committee on Banking Supervision and the United Nations Economic Commission for Europe. Mr. Hartmann holds a Doctorat en Sciences Economiques (DELTA, Paris) earned in the European Doctoral Program in Quantitative Economics.
Jan Pieter Krahnen is Director of the Center for Financial Studies and the Research Center SAFE. His research focuses on banking, systemic risk and financial market regulation. Krahnen is a member of the Academic Advisory Board of the German Federal Ministry of Finance and of the European Finance Association (EFA). He was a member of the High-Level Expert Group on Structural Reform of the EU Banking Sector (Liikanen Commission) and also a member of the Issing-Commission, advising the German government on the G-20 meetings 2008-2011.