03.03.2021  The European Central Bank’s monetary policy: response to the pandemic crisis and future challenges* Universidad Autónoma de Madrid Pablo Hernández de Cos Governor of the Banco de España  *English translation of the Spanish original  Distinguished Rector, fellows, ladies and gentlemen, good morning: It is a great pleasure for me to be able to participate in this event organised by the Universidad Autónoma de Madrid. First, I would like to take this opportunity to share with you some thoughts on the role that the European Central Bank's (ECB) monetary policy has played in response to the COVID19 pandemic in the past year, helping to stave off some of the more serious consequences, at least from the economic standpoint, of the different waves of the disease in Europe. Second, I shall give a brief overview of current economic developments in the euro area and the role that monetary policy could play over the coming quarters. In the third part of my speech, I would also like to reflect on some of the medium and longterm challenges for monetary policy in advanced economies, which have prompted the main central banks, among them the ECB, to launch a review of their monetary policy strategy. ECB monetary policy measures in response to the pandemic The outbreak of COVID-19 in Europe in late February and early March 2020 triggered an unparalleled economic shock which required an urgent and decisive economic policy response to prevent the effects of the crisis from becoming permanent.
John C Williams: A new chapter for the FOMC monetary policy framework Remarks (via videoconference) by Mr John C Williams, President and Chief Executive Officer of the Federal Reserve Bank of New York, at the “In Conversation: New York Fed Presidents on COVID-19” Bretton Woods Committee Webinar, 2 September 2020. * * * Thank you, Bill. It’s great to be with you today, at least virtually, and I am looking forward to our discussion. But before we dive in, I thought I would offer some thoughts on the announcement made last week about the completion of the Federal Open Market Committee’s review of its monetary policy framework and the issuance of a new Statement on Longer-Run Goals and Monetary Policy Strategy.1 Before I continue—and you know what comes next, Bill—let me give the usual disclaimer that the views I express are mine alone and do not necessarily reflect those of the Federal Open Market Committee or anyone else in the Federal Reserve System. Allow me to add one last “before” caveat. Before I explain the new statement, it is important to reflect on the context in which the original statement was issued. Then I’ll share how the monetary policy framework of today positions us best to achieve our goals and manage the very challenging environment that lies ahead. The original consensus statement was issued back in January 2012 and represented an important step in the Committee’s progress toward greater transparency around its goals and strategy.