SPEECH  Everything everywhere all at once: responding to multiple global shocks Speech by Fabio Panetta, Member of the Executive Board of the ECB, at a panel on “Global shocks, policy spillovers and geo-strategic risks: how to coordinate policies” at The ECB and its Watchers XXIII Conference Frankfurt am Main, 22 March 2023 We are still going through a sequence of global shocks that are disrupting economies around the world.
Neither households nor corporations, however, are likely to view their own financial activities in that manner. Surely, for defined-benefit pensions, it is the benefit payments to retirees rather than the employer inflows into the pension sector that individuals perceive as personal income.