Fourth 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.

Speech

Policy panel discussion: The future of financial services

The financial sector is undergoing a period of substantial structural transformations. Established financial intermediaries are competing with new providers that use alternative ways of supplying financial services to customers. Financial innovations and new technologies are major drivers of these transformations in the financial sector. Participants in this policy panel discussion will provide their insights on how finance will be affected by the emergence of new providers and innovative financial services. Moreover, panellists will discuss how policymakers should respond to the changing nature of the financial industry.

Moderator:
Swaha Pattanaik, Thomson Reuters

Panellists:
Jon Cunliffe, Deputy Governor for Financial Stability, Bank of England
Klaus Wiedner, Director, DG FISMA, European Commission
Jose Manuel Campa, Chairperson, European Banking Authority (EBA)

Keynote speech: "The future of stress testing"

Speaker:
Andrea Enria, Chair of the ECB Supervisory Board

Andrea Enria, Chair of the Supervisory Board of the ECB since January 2019, will provide a keynote speech in which he presents his views on the key features of future stress tests in the EU.

Speech

Reception

Welcome address

Francesco Mazzaferro, Head of ESRB Secretariat

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

Session 1: Experiences with macroprudential policies

Despite the rather short history of macroprudential policy in the EU, the knowledge and empirical evidence on its effectiveness and transmission is growing rapidly. This session will take stock of the experiences with macroprudential policies in recent years, providing perspectives from both the institutional and the academic angle. Speakers will share their views on the success of macroprudential policy in contributing to financial stability. A key topic in the discussion will be how the EU’s macroprudential framework could be improved to further enhance resilience of the financial system.

Chair:
Luis De Guindos, ECB Vice President

Speakers:
Klaas Knot, Governor, De Nederlandsche Bank
Presentation
Marja Nykänen, Deputy Governor, Suomen Pankki
Ratna Sahay, Deputy Director, International Monetary Fund (IMF)
Presentation
Isabel Schnabel, Professor, University of Bonn and ESRB ASC Vice-Chair
Presentation

Coffee break

Session 2: The role of non-banks in the economy and the financial system

The EU non-bank financial 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 non-bank financial system.

Chair:
Richard Portes, Professor, London Business School, and ESRB ASC Chair

Speakers:
Neeltje van Horen, Senior Research Advisor, Bank of England
Presentation

Mariassunta Giannetti, Professor Stockholm School of Economics
Presentation
Victoria Ivashina, Professor, Harvard University
Presentation

Keynote speech: "Cybersecurity and its potential implications for systemic risk"

Speaker:
Theresa Payton, President and CEO, Fortalice Solutions; Co-Founder, Dark Cubed

Cyberattacks are a relevant financial stability concern for regulators and market participants. Ms Theresa Payton, a distinguished expert in matters of cybersecurity, will outline in her keynote speech the key sources of cyber risk for the financial sector and she will discuss possible policy solutions to address cyber risks.

Interview with Theresa Payton

Lunch

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 2019 prize will present his/her research and the prize will be formally awarded.

Chair:

Javier Suarez, Professor, CEMFI, and ESRB ASC Vice-Chair

Winners:

• André F. Silva, Federal Reserve Board
  Presentation
• Guillaume Vuillemey, HEC Paris & CEPR
  Presentation

Coffee break

Session 3: Regulatory reforms of the financial system – Are we done yet?

Following the global financial crisis in 2007-09, the financial system was subject to far-reaching regulatory reforms. Most notably, the micro- and macroprudential pillars of the global regulatory framework have been strengthened through collective efforts of policymakers in recent years. This session will focus on the past achievements in regulatory reforms and will outline ways to address remaining challenges.

Chair:
Jean-Claude Trichet, Former ECB President

Speakers:
Stephen Cecchetti, Professor, Brandeis University, and ESRB ASC Member

Interview with Stephen Cecchetti

Pablo Hernández de Cos, Governor, Banco de España, Chair of Basel Committee on Banking Supervision (BCBS), Chair of ESRB ATC
Presentation

Interview with Pablo Hernández de Cos

Willem Buiter, Special Economic Adviser, Citigroup, and ESRB ASC Member

Paul Tucker, Chair of Systemic Risk Council

End of conference

This programme may be subject to change without notice. Media and photographers will also be present at the conference.