About this event
The 5th talk of the APS Business talks series, 'The rise in inflation and interest rates: Macroeconomic impacts', will be presented by Dr Aaron G. Grech on 13 March 2023 at 09:00.
In the immediate aftermath of the COVID-19 pandemic, inflation rates grew substantially across the world, reaching levels last seen in the 1970s. The aim of this talk is to highlight these trends internationally and to try to understand the causes behind them. This assessment is then utilised to evaluate the policy response to the rise in inflation.
After looking at the international evidence, the focus of the talk will then shift to the local situation. Domestic developments have been similar to those abroad, but have also differed significantly, both in terms of inflation outcomes and also the policy response. Finally there will be an outline of the future prospects for inflation and how this may impact economic developments in Malta.
Agenda
- 09:00: Introduction
- 09:05: Presentation by Dr Aaron G. Grech
- 10:00: Q&A
Central European Time (CET)
Speaker
Dr Aaron G. Grech
Aaron G. Grech has been the Chief Economist of the Central Bank of Malta since 2016. In this capacity, he oversees the Bank’s economic analysis and research activities, including advising the Governors on monetary policy issues.
Dr Grech also serves as Deputy Chairman of the Malta Statistics Authority. Prior to these roles, he was for seven years a research fellow at the London School of Economics.
He also worked as an Economic Advisor to the UK government. He holds degrees from the University of Malta, University College London, and the London School of Economics.
The Central Bank of Malta (the Bank) is an independent institution, which forms an integral part of the Eurosystem and, as a member of the European System of Central Banks (ESCB), has the primary objective of maintaining price stability. It is entrusted with all major central banking tasks, particularly that of ensuring the stability of the financial system. The Bank carries out its statutory responsibilities in the public interest and is committed to performing its functions effectively, efficiently, and economically to the highest level of integrity, competence and transparency. In this regard, in accordance with the Central Bank of Malta Act, and in conformity with the Treaty on European Union and the Treaty on the Functioning of the European Union and the Protocol on the Statute of the ESCB and of the European Central Bank (ECB), it:
- undertakes economic and financial analysis and research to support the Governor's participation in the decision-making process of the ECB's Governing Council and provides independent advice to the Government on economic and financial policy issues;
- implements the ECB's monetary policy through market operations conducted within the operational framework of the Eurosystem;
- contributes effectively to the stability of the financial system by identifying and assessing systemic risks and imbalances, and making the appropriate policy recommendations;
- formulates and implements a macro-prudential policy to fulfil its task as the national macro-prudential authority;
- promotes and supports the development and integration of financial markets in Malta through oversight of market infrastructures and by ensuring the availability of cost efficient securities settlement and payment systems;
- provides an adequate supply of banknotes and coins to meet the demands of the public, while ensuring high quality and authenticity of the currency in circulation;
- collects, compiles and publishes economic and financial statistics in line with international standards;
- acts as banker to Government and to the banking system;
- holds and actively manages financial assets with the aim of optimising returns, subject to prudent risk management practices;
- actively participates in the ESCB, the Eurosystem and other relevant European Union bodies, including their sub-structures;
- acts as the supervisory authority of credit reference agencies for the purpose of overseeing and regulating the issuance of credit scores.
In addition, as a member of the Eurosystem, the Bank fully subscribes to the Eurosystem's mission, strategic intents, and organisational principles.