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Seminar on New Perspectives on Central Banking after the COVID Crisis
September 9, 2022
Hybrid format
CEMLA, Magyar Nemzeti Bank
The seminar was held in hybrid format on September 9, 2022, and was attended by 78 representatives from 17 institutions and associates of CEMLA, representing 15 countries from Latin America, the Caribbean, and Canada, 1 European country, and 1 Asian country.
The seminar was jointly organized with the Magyar Nemzeti Bank and covered the following topics: the current outlook for inflation, competitiveness and the long-term economic outlook, liquidity in the banking sector and financial markets under monetary tightening, and the experiences and implications in regulatory terms of Central Bank Digital Currencies (CBDCs).
Participants discussed the conditions driving the current high inflation scenario, emphasizing the repercussions of the COVID-19 crisis and the ongoing war in Ukraine, reflecting on the different policies enacted to address inflationary pressures. The discussions highlighted how tighter monetary policies have put additional strains on bank funding and market liquidity in smaller economies. Finally, participants discussed the ongoing developments in CBDCs and other digitization technologies in the region.
Some relevant takeaways from the seminar were the following:
- The widespread impacts of the pandemic on the global economy will have long-lasting effects. The consequences of the pandemic, such as the deterioration of human capital, the change in production networks, and the changes in preferences of consumers and workers will influence the behavior of inflation in the upcoming years.
- Competitiveness is still a widely employed concept in the study of prosperity. Competitiveness in Latin America face the challenge of addressing important historical problems in the region, such as income and gender gaps and informality, among others.
- The adoption of CBDCs or new digitized technologies in central banking require an evolving process based on reputation, simplicity, accessibility and trustworthiness.
Javier Priego
Banco de España
Secretary General of the Banco de España since 2011 Law degree from the Universidad Autónoma University of Madrid Commercial Law Specialist.
He began his career at the Banco de España in 1985 as a legal advisor Since 2011 he has been the Secretary General of the Banco de España Titular member and secretary of the Management Commission of the Deposit Guarantee Fund of Credit Institutions, titular member of the Governing Commission of the FROB, Member of the National Commission for the Prevention of Money Laundering and Monetary Offenses and of its Permanent Committee and Secretary of the Board of Trustees of the Foundation of the Center for Monetary and Financial Studies (CEMFI).
Prior to his appointment as Secretary General, he was Director of the Banco de España Legal Department, alternate member of the management committees of the Deposit Guarantee Funds of banks, savings banks and cooperatives and Deputy Head of the Legal Service of the Banco de España in charge of the Sub Headquarters Advisory on Credit Institutions.
He has also held relevant positions as Chairman of the Group of National Experts of the Council on the proposed Directive on financial guarantee agreements and Member of the Legal Committee of the European System of Central Banks.