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Central Bank Capitalism. KlimaKneipe with Prof. Joscha Wullweber
7. February | 19:00
Since the global financial crisis of 2007-2009, the monetary policy of central banks has changed fundamentally. Low interest rates were introduced worldwide and financial markets flooded with money. At the same time, the importance of the shadow banking system increased. These institutions can lend money but are outside the constraints of government banking regulation. The shadow banking system is extremely vulnerable to crises and is therefore supported by central banks. As a consequence, financial markets are directly dependent on the monetary policy of central banks. If the latter were to discontinue their unconventional aid, the crisis would be triggered again immediately.
Joscha Wullweber, Professor of Political Economy, Transformation and Sustainability, calls this new economic paradigm „central bank capitalism“. Among other things, we’ll discuss with him the steps needed to address the climate crisis now, how the new power of central banks affects or could affect political-economic transformation, and what new challenges arise from this constellation.
The KlimaKneipe takes place online. To register, please send an email to firstname.lastname@example.org. Approx. 1 hour before the event we will send the Zoom participation link.