Peter Krutil is a graduate of the Management Faculty at the University of Economics in Bratislava. He served internships at Creditanstalt Vienna and Creditanstalt London. From 1991 to 1993, he was a securities dealer for VÚB Bank, where he worked on the listing of new companies on the Bratislava Stock Exchange. In 1993, he joined Tatra Banka as a dealer in money and capital markets. From 1993 to 1998 he was a managing director and later a member of the Board of Directors at Creditanstalt Securities, o.c.p., a.s., Bratislava. In 1998 he worked for the Ministry of Economy of the Slovak Republic. In December 1998 he was elected a member of the Board of Directors of Slovenská sporiteľňa. On 1 April 2015, he took up the position of Deputy Chairman of the Board of Directors and Deputy CEO of Slovenská sporiteľňa. With effect from 1 January 2018, he was elected Chairman of the Board of Directors and CEO of Slovenská sporiteľňa. He is responsible for the management of the Staff Units line.
In the recent decade, crises and lingering weak economic conditions have pushed monetary policy to venture out to uncharted waters. Just as many central banks were planning a review of their current strategies – learning from a decade of unconventional policies, evaluating its efficacy, limits, but also side effects – the covid19 shock has thwarted any efforts towards ‘normality’. Likewise, it took the scale and scope of the covid19 pandemic for monetary policy to be joined by fiscal policy and to bring the much-discussed double-barrel policy regime forward. But addressing the complex economic, employment and social consequences of this crisis calls for sensible policy sequencing on both central bankers’ and fiscal authorities’ parts, looking ahead. Central banks’ balance sheets are to swell significantly this year, in tandem with a colossal increase in public debt. In addition, there is a deepening link between fiscal and monetary policy domains. Against such a backdrop, how will we deal with the resulting fiscal deficits and prevent them from undermining markets? What are the perils for central bank independence and how can it be sustained going forward? What are the limits of quantitative easing and public borrowing? Are SGP rules dead forever? What about inflation and the pricing of different asset classes?