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Third ESRB annual conference

Frankfurt am Main, 27 and 28 September 2018
European Central Bank, Main Building
Press Conference Room

Programme

Thursday, 27 September 2018

15:30 – 16:00

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.

16:00 – 17:30

Policy panel discussion: Sustainable finance

Climate change can pose a threat to financial stability due to the adverse impact of climate- and weather related events on the economy and the transition risks associated with reducing carbon emissions. Participants in this policy panel discussion will provide their insights on climate-related financial risks and how they can be addressed by market participants and financial policymakers.

Chair:
Mark Carney, Governor of Bank of England

Panellists:
Stefan Ingves, Governor of Sveriges Riksbank
Dirk Schoenmaker, Professor, Erasmus University Rotterdam
Christian Thimann, CEO, Athora Germany
Francois Villeroy de Galhau, Governor of Banque de France

17:30 – 18:00

Keynote speech

Philip Lane, Governor, Central Bank of Ireland, Chair of the ESRB ATC

Philip Lane, Governor of the Central Bank of Ireland and Chair of the ESRB Advisory Technical Committee, will give a keynote speech to conference participants.

18:00 – 19:30

Reception

Friday, 28 September 2018

08:30 – 08:40

Welcome address

Francesco Mazzaferro, Head of the ESRB Secretariat

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

08:45 – 10:15

Session 1: International perspectives on macroprudential policy

Global financial integration entails many benefits, but it can also contribute to a build-up of systemic risk within the financial system due to the pro-cyclical nature of capital flows. Addressing the vulnerabilities of financial globalisation leads to new policy challenges for macroprudential authorities. In this session, speakers will present their views on potential risks related to international financial integration and the policy options available to mitigate these risks.

Chair:
Claudia Buch, Vice President, Deutsche Bundesbank

Speakers:
Philippe Bacchetta, Professor, HEC Lausanne
Şebnem Kalemli-Özcan, Professor, University of Maryland
Mahmood Pradhan, Deputy Director, International Monetary Fund

10:15 – 10:30

Coffee break

10:30 – 12:00

Session 2: Identifying and assessing risks in the shadow banking system

The EU shadow banking system has grown significantly in recent years. This reinforces the need to develop a framework to monitor risks in this part of the financial sector. Such a risk monitoring framework is a key part of a broader macroprudential strategy. This session will discuss potential financial stability risks and key elements which should be considered when monitoring risks and vulnerabilities in the shadow banking system.

Chair:
Richard Portes, Professor, London Business School

Speakers:
Rustom Irani , Professor, University of Illinois
Sujit Kapadia, Head of Division, European Central Bank
Catherine Lubochinsky, Professor, University Paris 2

12:00 – 12:30

Keynote speech: Artificial Intelligence and big data in finance and financial stability analysis

Speaker:
John Schindler, Associate Director, Board of Governors of the Federal Reserve System

John Schindler, Associate Director in the Financial Stability Division of the Federal Reserve Board, will outline in his keynote speech the financial stability implications of artificial intelligence and big data.

12:30 – 13:30

Lunch

13:30 – 14:15

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 topics 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). In this session, the winner of the 2018 prize will present his research and the prize will be formally awarded.

Chair:
Javier Suarez, Professor, CEMFI, Chair of the ESRB ASC

Speaker:
Kilian Huber, London School of Economics

14:15 – 14:30

Coffee break

14:35 – 16:00

Session 3: Macroprudential policy in recovering economies

Major central banks have used unprecedented monetary policy measures in the aftermath of the global financial crisis. With monetary policy transmission mechanisms normalising and economies recovering, some of the major central banks have started to increase interest rates and have also announced scaling back of non-standard monetary policy operations. One important aspect in the design of a macroprudential policy is how it interacts with monetary policy, the current low interest rate environment and investors’ risk aversion. Panellists will discuss how macroprudential policies can be used to contain potential related vulnerabilities and identify related challenges.

Chair:
Marco Pagano, Professor, University of Naples Federico II

Panellists:
Pierre-Richard Agenor, Professor, University of Manchester
Per Callesen, Governor of Danmarks Nationalbank
Daniel Gros, Director, Center for European Policy Studies, ASC Member
Peter Praet, Executive Board Member, European Central Bank

16:00

End of conference

This programme may be subject to change without notice.

Parts of the conference will be webcast live and some are recorded. These recordings will be made available on the ESRB website following the conference. Media and photographers will also be present at the conference.

General information

Conference venue

European Central Bank
Main building, Press Conference Room
Sonnemannstrasse 20
60314 Frankfurt am Main

Conference language

English

Organisers

Javier Suarez
Chair, ESRB Advisory Scientific Committee

Richard Portes
Vice-Chair, ESRB Advisory Scientific Committee

Tuomas Peltonen
Deputy Head, ESRB Secretariat

Antonio Sanchez
Principal Financial Stability Expert, ESRB Secretariat

Contacts

ESRB Secretariat
Eva Harangozo, Tel.: +49 69 1344 5389
Shirley Simmons-Nocca, Tel.: +49 69 1344 6983
Beatriz Viegas De Abreu, Tel.: +49 69 1344 1835

Conference email