The Great Inflation 2.0 Unconference

Balancing Crises, Updating Policies to Avoid Stagflation in the EU

The economic integration of EU Member states has proven to be a practicable instrument for ensuring stability on the continent and providing a viable alternative to isolationism. Nonetheless, we are witnessing increases in prices while our purchasing power is rapidly fading. The current inflation rates and the slow realisation of the potential societal fallout is pushing institutions to rethink the principles of monetary union and speed up its completion.

With the problem of inflation being far from over, we are moving head-on into the next crisis, exacerbated by the Russian invasion of Ukraine. But, ironically, this may in fact provide a way out of the uncertainty characterising EU monetary and financial integration: the experience of the adverse shock after the war in Ukraine might force the monetary institutions to provide the system with resilient and responsive features, at least in the short term. 

During the world café event “The Great Inflation 2.0 Unconference”, participants will discuss the rising inflation and the ECB policy, the “supply shock” connected to crisis and the problem of resilience, and the energy crisis and stagflation.

– Daniel Kaddik, ELF Executive Director

About the event

The event will take place in a world café format with introductory remarks followed by parallel sessions of discussion on 4 topics related to inflation, taking place from 15:00 to 17:00. Each discussion table will consist of introduction and open space discussion of participants. Rapporteur/chair of the table will moderate the discussion and summarise inputs at the end of the session. Guests are expected to switch tables at the end of each session.

The aim and scope of the initiative are both to gain insights from the participants according to their degree of expertise on the topic and for the ELF Secretariat to gather knowledge for upcoming events on the subject. Moreover, given the informal way the event is organised, the overall goal is also to inform Member Organisations’ representatives and guests on the topic and to present the second issue of the Future Europe Journal.

Each session will be presided by an expert, with the role to provide the initial input for the respective discussion. Experts in the audience are welcome to share their perspectives and ask questions. We intend to allow for a moment of debate – as it is the basis of liberalism itself – during each session, moderated by an expert.

Programme

Keynote speech: Setting the scene – “What is Inflation”, insights from the Future Europe Journal.

World Café session – 15 mins each x 5 rounds (1h:15 min break after 2nd round).

Tables:

1 – ECB and monetary policy

• Are institutions fit for the Great Inflation 2.0?
• ECB policy of low interest rates and monetary strategy
• Are existing fiscal policies fit for the future ahead?
• Bond buying

2 – Supply shocks

• What the inflationary trends mean in the Union’s context
• External factors and various crises (Covid-19, reduced production, War in Ukraine etc.)
• The problem of supply chain and resilience

3 – Energy crises

• Energy crises contributing to inflation: what can we do?
• Looking forward to the next (winter) crisis: how to deal with this?

4 – Stagflation and recession

• Cost of living – dealing with the now
• The economy and reality: impact on our lives
• What can be done? Is there a way out?

5 – The view from the member states

• Is inflation affecting post-pandemic recovery?
• Effects on national economies
• Responses at national levels