First ESRB annual conference

Welcome address

Mario Draghi, Chair of the ESRB

Mario Draghi, in his capacity of Chair of the European Systemic Risk Board, will open the conference and give a keynote address to conference participants.

Policy panel discussion: Macroprudential policy stance

Since 2008, legislators have made significant progress in assigning authorities powers over macroprudential policies, particularly in the banking sector. In deploying this rich set of new tools, the challenge for macroprudential policymakers is to derive a holistic assessment of the macroprudential stance. This requires an understanding of the interactions between tools and with monetary, fiscal and other policies, and a determination of whether the stance is appropriate with respect to the systemic risks. Panellists will discuss these issues, and draw lessons for the conduct of macroprudential policy in Europe.

Chair:
Jon Cunliffe, Bank of England

Panellists:
Boštjan Jazbec, Banka Slovenije
Klaas Knot, De Nederlandsche Bank
Philip Lane, Central Bank of Ireland
Sabine Lautenschläger, ECB SSM
Javier Suarez, ESRB ASC

Keynote speech

Valdis Dombrovskis, European Commission

Valdis Dombrovskis, Vice-President of the European Commission, will give a keynote speech to conference participants.

Reception

Welcome address

Francesco Mazzaferro, ESRB Secretariat

Francesco Mazzaferro, Head of the ESRB Secretariat, will open the second day of the conference.

Keynote speech

Stefan Ingves, Sveriges Riksbank

Stefan Ingves, in his capacity of Chair of the Advisory Technical Committee, will give a keynote speech to conference participants.

Session 1: Low interest rates and the implications for financial stability

Nominal interest rates are historically low across the developed world. What are the potential financial stability implications, and how should policymakers respond?

Chair:
Vitor Constâncio, ECB

Panellists:
François Villeroy de Galhau, Banque de France
Speech, Presentation
Gabriel Bernardino, EIOPA Presentation
Claudio Borio, BIS

Discussant:
Elena Carletti, ESRB ASC

Coffee break

Session 2: Derivatives and systemic risk

In 2009, G20 leaders committed to make derivatives markets safer by increasing pre-trade transparency and mandating obligatory central clearing for standardised over-the-counter trades. How much progress has been made on this commitment in Europe? How are markets changing in response to regulatory reform – for example in terms of collateral demand and portfolio compression – and what are the implications for systemic risk?

Chair:
Alberto Giovannini, ESRB ASC

Speakers:
Harald Hau, Swiss Finance Institute Presentation
Dennis McLaughlin, LCH Clearnet Presentation
Tuomas Peltonen, ESRB Secretariat Presentation

Discussant:
Loriana Pelizzon, Goethe University Frankfurt

Lunch

Session 3: Safe assets

Many economists argue that there is an insufficient quantity of safe assets. How can policymakers redress this apparent scarcity? Speakers will discuss the possible design of a new union-wide safe asset.

Chair:
Julio Durán, Banco de España

Speakers:
Ricardo Caballero, MIT Presentation
Marco Pagano, ESRB ASC and Markus Brunnermeier, Princeton University Presentation

Discussant:
Jeromin Zettelmeyer, Peterson Institute

Coffee break

Winners of the ESRB Research Prize in memory of Ieke van den Burg

The ESRB awards an annual prize to recognise outstanding research conducted by young scholars on a topic related to the ESRB’s mission. The annual prize was established in 2014 in memory of Ieke van den Burg, who was a member of the ESRB ASC (2011-14) and of the European Parliament (1999-2009). Ms van den Burg was dedicated to the notion that finance should serve society, and this prize is administered by the ASC in that spirit. In this session, the winners of the 2016 prize will present their research, and the prize will be formally awarded.

Chair:
Marco Pagano, Chair of the ESRB ASC

Speakers:
Sergey Chernenko, Ohio State and Adi Sunderam, Harvard
Presentation
Matthias Efing, HEC Paris
Presentation

Policy panel discussion: Macroprudential policy experiences

The final policy panel will discuss macroprudential policy in practice, drawing lessons from early experiences in the conduct of macroprudential policy. Topics will include macroprudential policy effectiveness, limitations on macroprudential policies and instruments, and macroprudential policy communication.

Chair:
Stefan Ingves, Sveriges Riksbank

Panellists:
Mathias Dewatripont, National Bank of Belgium
Presentation
Richard Portes, ESRB ASC
Paul Tucker, Systemic Risk Council
Anneli Tuominen, Fin-FSA