The fiscal implications of the Eurosystem’s net income

The fiscal implications of the Eurosystem’s net income

Roundtable   London   
  Thu 13 Jul 2023 17:00 - 18:30

The Eurosystem, having purposefully expanded its footprint in recent years, now confronts a period of loss-making. As rising policy rates lift the remuneration of bank reserves, assets churn more slowly.

Against this backdrop, Ashok Bhatia, director of offices in Europe and senior resident representative to the European Union, International Monetary Fund, delves into the IMF’s latest report on central banks’ profits and losses. In projections of the net income of the Eurosystem and its ‘top five’ central banks over a 10-year horizon, it has been said that losses, while large, will be temporary and recoupable.

This roundtable will also discuss the report’s key policy conclusions, including the suggestion that more conservative profit distribution policies in the future could help mitigate the on-off pattern of dividends and the idea that loss-making must remain orthogonal to monetary policy decision-making – as it is at the European Central Bank.

17:00 – 18:30 (London)


ashok-bhatia (1)

Ashok Bhatia
Offices in Europe
Senior Resident Representative to the EU
International Monetary Fund

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