SAFE Policy Lecture: Benoît Coeuré (ECB)
Title: Inflation Expectations and the Conduct of Monetary Policy
Speaker: Benoît Coeuré (Member of the Executive Board, European Central Bank)
Moderator: Hans-Helmut Kotz (SAFE and Harvard University)
The ECB is mandated to maintain price stability as its primary objective. In practical terms, this amounts to achieving an inflation rate of below, but close to two percent, over the medium term. A crucial determinant in meeting this goal is the expected rate of inflation. Monetary policy is therefore often referred to as the science of “expectations management” aimed at anchoring the anticipated rate of inflation at the central bank’s objective. This is a symmetric aim since both, a continuously positive as well as a negative difference between the inflation target and the actual performance may come with substantial societal costs.
Benoît Coeuré is a Member of the Executive Board of the ECB where he is in charge of International Relations as well as Market Operations. He is also Chair of the BIS’ Committee on Payments and Market Infrastructures and is currently chairing a G7 working group on stable coins. Prior to that, Mr. Coeuré had senior roles in the French Administration (inter alia, Deputy Director General, French Treasury, Chief Executive of the French debt management office, Agence France Trésor). He has authored a number of books (e.g., as a co-author, Economic Policy: Theory and Practice, 2nd ed. 2018) as well as numerous articles.
The SAFE Policy Lecture Series aims at fostering debates on policy-relevant issues. We would be pleased to welcome you to this lecture.