Workshop on “Monetary Policy in the New Normal: Strategy, Instruments and Transmission”  Welcome address by the Senior Deputy Governor of the Bank of Italy Fabio Panetta  Rome, 11 October 2019  It is a pleasure to welcome all of you to Banca d’Italia for this workshop on “Monetary policy in the New Normal: Strategy, Instruments and Transmission”.
This event, which is organized by the Economic Outlook and Monetary Policy Directorate, has by now become an annual tradition, and brings together academics and central bankers to discuss relevant topics in the policy debate. The focus of this year’s edition is on monetary policy in the so-called “New Normal”. What is the New Normal? Its meaning has changed somewhat over time.