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How should central banks take account of goals beyond price stability? And does a broader role for central banks require rethinking their independence from democratic politics? These issues will form the focal point of a workshop hosted by the Amsterdam Centre for European Studies, the Amsterdam Center for Law and Economics and The Sustainable Global Economic Law (SGEL) research project.

Event details of Central banks beyond price stability
Date 13 January 2022
Time 13:00 -17:00
Organised by Nik de Boer

In the 1980s economic thinking converged on the idea that central banks should safeguard price stability as an overriding objective. Yet, since the 2008 global financial crisis this orthodoxy is increasingly criticized and more difficult to square with new, unconventional monetary policies. Many voices now contend that central banks should better take account of goals beyond price stability. Central banks are increasingly called upon to do their share in addressing harmful climate change; to better take account of the negative effects of quantitative easing on inequality; and to be more open about how their massive interventions in government bond markets supports governments’ economic policy.

Yet, how should central banks take account of goals beyond price stability? And does a broader role for central banks require rethinking their independence from democratic politics? These issues will form the focal point of a workshop to be held on 13 January 2022.

  • Moderator and organiser: Nik de Boer
  • Confirmed speakers: Will Bateman, Eric Monnet, Jens van ’t Klooster and Agnieszka Smoleńska

About the speakers

Nik de Boer is Assistant Professor in constitutional law at the University of Amsterdam and Coordinator of the ACES Theme Group Governing Europe. His research focuses on constitutional courts in the EU and the legal architecture of money. He is currently working on a forthcoming book with Oxford University Press called Judging European Democracy: The Role and Legitimacy of National Constitutional Courts in the EU.

Will Bateman is Associate Professor and Associate Dean (Research) at the ANU College of Law. He leads multi-jurisdictional projects on the legal regulation of public and private finance, with a special focus on central banking, sovereign debt markets, national budget formulation and sustainable investing. Bateman also leads research projects on the regulation of artificial intelligence, and is currently spearheading a major project on the formulation of model legal frameworks to govern artificial intelligence in the public sector. He also collaborates with computer science experts in designing ethical and lawful algorithmic decision systems. Recent publications include Public Finance and Parliamentary Constitutionalism (Cambridge University Press, UK, 2020) and 'The Law of Central Bank Reserve Creation', (2021) Modern Law Review (advance release, with J Allen).

Eric Monnet is Directeur d'études (Full Professor) at EHESS & Paris School of Economics. His works seeks to better understand how the evolution of finance, state intervention in credit markets, central banking and the international monetary system has shaped European economies since the 19th century. Recent publications include La Banque Providence Démocratiser les banques centrales et la monnaie and Controlling Credit: Central Banking and the Planned Economy in Postwar France, 1948–1973.

Jens van ‘t Klooster is an FWO Postdoctoral Fellow at the Hoger Instituut voor Wijsbegeerte of the KU Leuven and a member of the research group A New Normative Framework for Financial Debt at the University of Amsterdam. His research combines normative political philosophy and political economy. Recent publications include ‘The ECB, the Courts, and the Issue of Democratic Legitimacy after Weiss’ (with Nik de Boer) and ‘The Myth of Market Neutrality: A Comparative Study of the European Central Bank’s and the Swiss National Bank’s Corporate Security Purchases’ (with Clément Fontan).

Agnieszka Smoleńska is assistant professor at the Institute of Law Studies of the Polish Academy of Sciences and the principal investigator of The EU’s sustainability capitalism: identifying the varieties of financial markets transition – a law of political economy approach, a three-year NCN-funded project. She's an associate researcher with the European Banking Institute. She holds a PhD in Law from the European University Institute. In addition to academic and research work, she worked as a journalist and in the EU institutions. Her research interests include sustainable finance, EMU and interdisciplinarity in legal methodology.