When the US Federal Reserve intervened dramatically in October 2008 in order to stabilise the large US banks, many economists expected this form of monetary expansion to cause inflation. This didn’t happen. As a result, when the Federal Reserve again engaged in aggressive Quantitative Easing in March 2020, few voices warned of inflation. However, these two cases of Quantitative Easing differed significantly and the divergent results were predictable. In this talk, Richard A. Werner explains the different types of “QE” and their differing consequences. This casts a new light on the presently ongoing regional banking crisis in the US and the role of the US central bank. 

Professor Richard A. Werner, MA, D.Phil. (Oxon), is an LSE and Oxford-educated economist, university professor of banking and economics, FCA-authorised investment adviser and fund manager, and policy adviser to governments and central banks. In 2022, he was Fellow at the Budapest Centre for Long-Term Sustainability and is Visiting Fellow at Mathias Corvinus Collegium. Professor Werner has taught as full professor at numerous universities, including Southampton, De Montfort, Winchester, Fudan University (Fanhai International School of Finance) in Shanghai, Goethe-University Frankfurt, and as visiting professor at others, including Corvinus University, Budapest. He worked at large international corporations in Japan and London and has advised numerous institutional investors and governments, including US state pension funds, investment funds, the Asian Development Bank, the Japanese Ministry of Finance and parliamentarians in many countries. From 2010 to 2020 he was a member of the ECB Shadow Council. In 1995, he advanced the concept of ‘quantitative easing’ in Japan and his book ‘Princes of the Yen’ on banking and central banking, was a bestseller in Japan. In it he warned of the coming credit bubbles, banking crises and recessions. 

The discussion’s moderator will be Blanka Székely, television journalist, editor-director, literary translator.

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