- ESRB / ECB Training Course
Macroprudential Policy Implementation in Europe
Frankfurt am Main, Tuesday, 7 May 2019
European Central Bank, Japan Center
Participation is by invitation only.
Training Course theme
This one day event brings together professionals from the European Systemic Risk Board and the European Central Bank to discuss key objectives and instruments of macroprudential policy in the European context as well as lessons learned from their implementation.
Participants
This course is ideal for young experts in the early phase of their career who are currently working for the ESRB/ECB membership.
Programme
All times are local.
- 9:00-9:10
-
Welcome address
Tuomas Peltonen
- 9:10-9:45
-
Session 1: Macroprudential policy framework in the EU
Presenters:
Barbara Attinger and Tuomas Peltonen- The concept of financial stability and macroprudential policy
- The institutional framework in Europe (European System of Financial Supervision; European Systemic Risk Board; European Central Bank)
- The national designated authorities under the Capital Requirements Directive /Capital Requirements Regulation
- Intermediate objectives and instruments of macroprudential policy
- Overview of the set of macroprudential instruments and their actual use in Europe
- Implementation challenges (e.g. calibration, cross-border effects, leakages)
- 9:45-10:30
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Session 2: Capital-based instruments
Presenters:
Katarzyna Budnik and Marco Lo Duca- Countercyclical capital buffer
- Systemic risk buffer
- Buffers for global-systemically important institutions (G-SIIs) and other-systemically important institutions (O-SIIs)
- 10:30-11:00
-
Coffee break
- 11:00-11:45
-
Session 3: Macroprudential analysis of the real estate sector
Presenters:
Marco Lo Duca and Tuomas Peltonen- Importance of the real estate sector for financial stability
- Risk and policy analysis of the residential real estate sector
- 11:45-12:30
-
Session 4: The cross-border dimension of macroprudential policy making
Presenter:
Katarzyna Budnik- Importance and types of cross-border transmission channels
- Inward and outward policy spillovers
- The concept and the European framework for reciprocity
- Applications of the ESRB reciprocity recommendations and related challenges
- 12:30-13:30
-
Lunch break
- 13:30-14:15
-
Session 5: Liquidity instruments and systemic liquidity
Presenter:
Clemens Bonner- Existing microprudential requirements and macroprudential instruments for liquidity
- Concept of systemic liquidity
- Other approaches to systemic liquidity
- Monitoring systemic liquidity
- 14:15-15:00
-
Session 6: The non-banking financial sectors and future outlook for macroprudential policy
Presenter:
Eiko Sievert- Monitoring risks in the non-bank sector
- Macroprudential policy initiatives related to investment funds, insurance and central counterparties (CCPs)
- Future outlook for macroprudential policymaking
- 15:00-15:30
-
Coffee break
- 15:30-16:15
-
Session 7: System-wide stress simulation
Presenters:
Giovanni di Iasio and Matthias Sydow- Overview
- Capital markets: evolving landscape
- Market liquidity: demand and supply
- A model of system-wide stress analysis
- 16:15-17:00
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Session 8: First lessons learned: calibration, transmission, impact
Presenters:
Katarzyna Budnik and Marco Lo Duca- Transmission channels of macroprudential measures
- Concepts of sufficiency – cost and benefits of macroprudential measures
- Quantitative methods for impact assessment and policy calibration
- The fledgling concept of macroprudential stance
- 17:00-17:15
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Closing remarks
- 17:15
-
End of event
This progamme may be subject to change without notice.
General information
European Central Bank
Japan Center, Room JC C1.01
Taunustor 2
60311 Frankfurt am Main
English
Tuomas Peltonen
Shirley Simmons-Nocca