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Central Bank of Malta public lecture on 'Unconventional monetary policy in the euro area: Macroeconomic context, effectiveness, unintended consequences, and normalization'

On Monday 29 October 2018, the Central Bank of Malta hosted a public lecture with the theme Unconventional monetary policy in the euro area: Macroeconomic context, effectiveness, unintended consequences, and normalization.

The lecture was introduced by Dr Aaron Grech, the Bank's Chief Economist, and delivered by Dr Stefano Siviero. Dr Siviero is the Head of the Economic Outlook and Monetary Policy Directorate within the Directorate General for Economics, Statistics and Research of the Bank of Italy. He also serves as the Bank of Italy's representative on the European Central Bank's Monetary Policy Committee. He has published numerous articles in Italian and international scientific journals, on topics mostly relating to macroeconomic modelling and monetary economics, and has taught statistics, econometrics and international and monetary economics at universities in Italy and abroad.

In his lecture Dr Siviero drew on the wealth of research conducted over the last few years at the Bank of Italy and in other euro area central banks and institutions to review the motivations underlying the often extraordinary monetary policy decisions taken by the Eurosystem since 2008, analyse their impact on economic activity and inflation, and assess their possible drawbacks. The lecture also looked into the challenges surrounding the normalization of monetary policy over the coming years.

This event was the fourth in a series of public lectures in economics and finance being hosted by the Bank to commemorate its 50^th Anniversary.

Presentation delivered by Dr Stefano Siviero