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

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

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

Closing remarks

17:15

End of event

This progamme may be subject to change without notice.

General information