Gaidar Forum experts discuss activities of central banks
The panel discussion, Global Crises and the Challenges for Central Banking: Implications for Macroeconomic Policy, took place on January 12, on the first day of the Gaidar Forum 2017, Russia and the World: Setting Priorities, organized by RANEPA. The experts discussed issues related to the activity of central banks in various countries over the last few years, considered how the approach to the monetary policy changed after the 2008 economic crisis, and what tasks the Central Bank has to deal with now.
Jacob Frenkel, Chairman of JP Morgan Chase International, and former Chairman of the Bank of Israel (1991-2000), delivered the keynote report at the session. He spoke about the central banks’ activity, recalling the crisis of 2008. The world changed at that moment, the expert said. In 2009, leading companies’ industrial production fell by almost 10%; trade shrank by a similar amount, although prior to that, it had almost always grown and expanded.