Dr. Andreas Dombret, Deutsche Bundesbank

Podiumsdiskussion mit Martin Krebs (ING-DiBa), Andreas Martin (Bundesverband der Deutschen Volksbanken und Raiffeisenbanken), Helmut Ettl (Österreichische Finanzmarktaufsicht), Isabel Schnabel (Universität Bonn) 

Moderation: Philipp Otto (ZfgK)

Sabine Lautenschläger, Europäische Zentralbank

Podiumsdiskussion mit Christian Ossig (BdB), Jukka Vesala (EZB),Thomas Hartmann-Wendels (Universität Köln), Gerhard Schick (MdB) und Martin Hettich (Sparda-Bank Baden-Württemberg)

Moderation: Philipp Otto (ZfgK)

Transition risk is the risk arising from the economy’s shift towards net-zero carbon emissions. Applying a novel methodology, we find that large unanticipated increases to transition risk are predominantly related to political events and can have notable macroeconomic consequences. Interestingly, in the short run these shocks do not uniformly generate inflationary pressure, challenging the prevalent notion of “greenflation.” Finally, our results highlight an important role for country-specificities, suggesting, for instance, that there may also be economic benefits attached to the transition. Overall, while international policy coordination is essential, these findings underscore the importance of tailoring policy interventions to each nation's unique economic context.

Christine Lagarde, Managing Director of the International Monetary Fund, will speak on 05 April 2016 at the Goethe University in Frankfurt. The entire lecture, including questions and answers, will be streamed live in the internet.