The E-axes Forum on Climate Change, Macroeconomics, and Finance

Jens van ‘t Klooster

“The ECB’s financial risk-management: Historical insights for the review of the monetary policy strategy”

Event description

Jens van ‘t Klooster presented his paper “The ECB’s financial risk-management: Historical insights for the review of the monetary policy strategy.”  From the introduction:

To deal with its new challenges in managing risk, the ECB should clarify under what conditions its objective of minimising losses is decisive and when risk management should bow to other ECB policy objectives such as financial stability and environmental sustainability. The ECB should also give up on its policy of market neutrality in favour of what I describe as a policy of “market attentiveness”. To ensure that its policy priorities are duly reflected in its operations and the broader financial markets that they shape, the ECB should expand its own internal credit rating facilities. To calibrate its priorities and clarify the status of its ambiguous mandate, the ECB should enhance coordination with the EU’s political institutions.

Moderator:

Emanuele Campiglio
Associate Professor, University of Bologna

Jens van ‘t Klooster

Jens van’t Klooster is a Postdoctoral Fellow at the KU Leuven and a member of the research group A New Normative Framework for Financial Debt at the University of Amsterdam. In his research he navigates between political philosophy and political economy. He holds a PhD in Philosophy from the University of Cambridge and will defend his second PhD at the Department of Economics and Business of the University of Groningen this month. Today’s presentation will focus on this strand of his research, i.e. the politics of central bank risk management. Jens received a Postdoctoral Fellowship from the Research Foundation of Flanders, FWO, and an FNRS Charge de Recherche Fellowship to work on financial regulation after the Global Financial Crisis of 2007-8.

Paper and slides

The ECB’s financial risk-management: Historical insights for the review of the monetary policy strategy (Paper)

The ECB’s financial risk-management: Historical insights for the review of the monetary policy strategy (Slides)

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