New Economy Short Cut with Eric Monnet


2.30 pm





The role of central banks has expanded massively. Since the global financial crisis of 2008, the ECB and its counterparts have pursued policies that go well beyond conventional price stability, acting as a guarantor of macroeconomic and financial stability in the event of crises.


What do the resulting power and the distributional consequences of monetary policy decisions mean for the democratic legitimacy of central banks?


The economic historian Eric Monnet calls for an updated institutional framework to preserve the legitimacy of central bank independence and put central bankers at the service of greater, more democratic ends. We invited him, along with Peter Bofinger, to discuss all of this, as well as his proposal to create a European Credit Council.

Eric Monnet

is an economic historian, Professor at the EHESS and Paris School of Economics, and CEPR research affiliate. He has held visiting and research positions at Columbia University, Rutgers University, Ghent University, the IMF, the think tank Bruegel, and previously worked as an economist at the Bank of France. His work focuses on the history of European financial systems, central banking and on the international monetary system in the 19th and 20th century.

Peter Bofinger

is an economist and has been Professor of Economics at the University of Würzburg since 1992. From 2004 to 2019, he advised the German government on economic issues as one of five members of the German Council of Economic Experts.