From 12 to 14 January 2026, the annual Euromoney Conference, one of the most important European gatherings dedicated to monetary and fiscal policy, was held in Vienna. The conference brought together more than 800 high-level participants from Europe and beyond, including finance ministers, central bankers, heads of leading financial institutions, international investors and economists from the Financial Times.
Among the conference participants was Professor of the Polytechnic of Security Studies, Dr. sc. Dario Silić, who followed the discussions on the future of European monetary policy, inflation management and the increasingly important coordination of fiscal and monetary policy in a complex global environment.
A rare concentration of decision-makers
A special value of this year’s conference was the exceptional concentration of key decision-makers who directly shape Europe’s economic architecture. Participants had the opportunity to hear the thoughts and strategic directions of the finance ministers of Austria, Estonia, Georgia, Croatia and Romania, as well as senior representatives of the European Bank for Reconstruction and Development, the Financial Times and numerous national and international institutions.
Such a multidimensional view enabled a deeper understanding of the challenges facing Europe in the areas of inflation, public finances, capital market stability and long-term economic resilience.
Inflation as a permanent challenge
One of the key messages of the conference was that inflation in the euro area is no longer seen as a passing phenomenon. Although inflation rates have calmed down compared to the period 2022-2024, participants agreed that structural inflationary pressures are still present, especially in the areas of energy, the labor market and geopolitically sensitive supply chains.
It was emphasized that Europe is moving away from the period of exceptionally low inflation that marked the pre-pandemic period and that monetary policy must be adjusted to longer-term volatility, not short-term disruptions.
A new monetary era and a more pragmatic approach
The discussions pointed to the emergence of what can be described as a new European monetary era, marked by a more pragmatic and realistic approach to monetary policy. Instead of strict doctrine, the importance of credibility, the efficiency of monetary transmission and the active management of the relationship between fiscal and monetary policy is increasingly emphasized.
Participants agreed that fiscal policy can no longer operate independently of monetary stability. Particular emphasis was placed on the need for targeted and temporary fiscal measures, investments in energy security, digital infrastructure and system resilience, while preserving the confidence of the capital market.
The importance of capital markets and institutional stability
From the perspective of financial institutions and investors, it was highlighted that the cost of capital in Europe will remain higher in the long term than in previous years. Investors are increasingly differentiating risks between countries and sectors, with institutional stability, credible policies and reform capacity being particularly valued.
These messages have strong implications not only for public finances, but also for long-term economic development, investments and the security of economic systems.
Concluding remarks
The participation of professors of the Polytechnic of Security Studies at the Euromoney Conference 2026 confirms the importance of connecting the academic community with current global economic and security discussions. The Vienna conference offered valuable insight into the direction in which European monetary and fiscal policy is evolving – a direction that is more cautious, strategic and pragmatic than in the previous decade.
For academics, policymakers and practitioners, such gatherings represent an opportunity to understand future trends that will directly impact the economic stability, security and resilience of European societies.