Global Economists at Central Bank Seminar: The Monetary Council as a Reliable Path for Lebanon’s Monetary Stability
The article covers a panel discussion hosted by Banque Lebanon Governor Karim Saeed, featuring several international economic experts such as Jacques de Larosière, Steve Hanke, and John Greenwood. The speakers discussed the possibility of adopting a monetary system based on clear rules to help Lebanon emerge from its financial and monetary crisis. They emphasized that the crisis extends beyond exchange rate fluctuations and also involves a decline in trust in financial institutions and monetary policies. The experts highlighted that a monetary board system, which links currency issuance to foreign exchange reserves, could help restore confidence and stabilize the currency. However, they noted that implementing this system requires political consensus, as the lack of agreement remains a significant obstacle to its adoption. They also explained that such a system could contribute to reducing inflation and attracting investment, though reform of the banking sector would require additional steps. They stressed that implementing this system represents a structural reform, not just a temporary measure to achieve financial stability.
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