The 10th Annual NERI Dónal Nevin Lecture was held in the offices of the Communications Workers' Union (CWU) on Thursday 10th November. Sharon Donnery, Deputy Governor (Financial Regulation), Central Bank of Ireland delivered the annual lecture as keynote speaker. Kevin Callinan, President of the Irish Congress of Trade Unions & General Secretary of Fórsa responded.
The details were as follows:
Title: Inflation and labour market dynamics after the pandemic
Keynote Speaker: Sharon Donnery, Deputy Governor (Financial Regulation), The Central Bank of Ireland
Abstract:
In response to persistently high inflation above its two percent target, the ECB raised interest rates for the first time in 11 years in July 2022. Further increases are likely in the coming months. This lecture will discuss the reasons for high inflation, highlighting both pandemic-related supply shocks and strong pent-up demand, and how monetary policy is responding. As a key input price, wage dynamics also matter for inflation. The second part of the lecture will therefore look at post-pandemic labour market developments, and consider the implications for both inflation and living standards.
Lecture Format:
Sharon Donnery, Deputy Governer (Financial Regulation), The Central Bank of Ireland made her presentation for 45 minutes. This was followed by a 15 minute respondent discussion by Kevin Callinan, President of the ICTU and General Secretary of Fórsa. He discussed wages and the cost of living in the context of high inflation. Brian O'Donovan, Work and Technology Correspondent, RTE chaired the Q&A session and put forward questions to both Sharon and Kevin.
Speakers details:
Sharon Donnery was appointed Deputy Governor, Financial Regulation on 1 July 2022. She is an ex-officio Member of the Central Bank Commission and is a member of the Supervisory Board of the European Central Bank (ECB). As Deputy Governor, Financial Regulation, Sharon is responsible for leading credit institutions supervision; insurance supervision; policy and risk; and prudential analytics and inspections directorates.
Sharon was previously Deputy Governor, Central Banking from 1 March 2016 to 30 June 2022 and was the Governor's Alternate on the Governing Council of the ECB. She is also a member of the General Board of the European Systemic Risk Board and the Chair of the ECB Budget Committee (BuCom) having been appointed by the ECB Governing Council in December 2016.
Sharon was Acting Governor from 1 June 2019 to 31 August 2019. She has chaired a number of European Committees including being Chair of the ECB High Level Group on Non-Performing Loans (NPLs), Chair of the European Banking Authority's (EBA) Consumer Protection Group and Vice-Chair of the EBA Standing Committee on Consumer Protection and Financial Innovation.
Sharon joined the Central Bank in 1996 as an Economist in the Monetary Policy Division and has held a range of senior positions. From February 2013 to August 2014, she held the statutory position of Registrar of Credit Unions and from April 2014 to May 2016 was Director of Credit Institutions. Prior to joining the Central Bank, Sharon lectured in economics at the National University of Ireland Maynooth. Sharon holds a B.A. in Economics and Politics and a M.A. in Economics from University College Dublin and a Diploma in Company Direction from the Institute of Directors. In 2019, she was admitted to the Institute of Directors in London as a Chartered Director. In 2020, she was appointed as an Adjunct Professor of Economics in Trinity College Dublin.
Respondents details:
Kevin Callinan is the President of the Irish Congress of Trade Unions and the General Secretary of Fórsa trade union. He is currently leading the public sector pay talks on the union side. Kevin was formerly Deputy General Secretary of Fórsa and, before that, IMPACT. A former activist in Dublin Corporation, Kevin has served as a trade union organiser, official, and national secretary in the health sector, the civil service, education, and local government.
Below see Sharon Donnery's speech and presentation and Kevin Callinan's speech. Also, the video of the Lecture.