Fifth ESRB annual conference

Welcome address

Christine Lagarde, Chair of the ESRB

Christine Lagarde, in her capacity of Chair of the European Systemic Risk Board (ESRB), will open the conference with a keynote address to conference participants (pre-recorded).

Keynote speech by Jean-Claude Trichet (pre-recorded) , Honorary Governor of the Banque de France and former President of the European Central Bank (ECB), will address the topic of “The ESRB at 10 years – key achievements and future challenges”.

Keynote speech by Mairead McGuinness (pre-recorded), European Commissioner for financial stability, financial services and Capital Markets Union

Panel discussion: A decade of macroprudential policy

The ESRB was established in 2010 to oversee the financial system of the European Union and prevent and mitigate systemic risk. How has the ESRB contributed to financial stability over the past ten years and what are the challenges ahead for macroprudential policy?

Chair: Stefan Ingves, Governor of Sveriges Riksbank, and First Vice-Chair of the ESRB

Panellists:
Agnès Bénassy-Quéré, Chief Economist at the French Treasury and Professor of Economics at the Paris School of Economics and Panthéon-Sorbonne University, former member of the Haut Conseil de stabilité financière
Claudia Buch, Vice-President of the Deutsche Bundesbank
Daniel Tarullo, Professor at Harvard Law School, former member of the Board of Governors of the Federal Reserve System

Q&A

Celebrating ten years of the ESRB (short film)

Lunch break

Panel discussion: Non-bank financial intermediation fragilities – the way ahead

The economic impact of the coronavirus (COVID-19) pandemic exposed a range of fragilities in non-bank financial intermediation. What are the main vulnerabilities and levers for action to address them? How can the authorities best monitor the resilience of non-bank intermediation and develop a regulatory system that is directed more towards activities rather than to institutions?

Chair:
Richard Portes, Professor at London Business School and Co-Chair of the ESRB’s Non-Bank Expert Group

Panellists:
Natasha Cazenave, Executive Director of the European Securities and Markets Authority, former Deputy Head of the Regulatory Policy and International Affairs Directorate of the Autorité des Marchés Financiers and former Chair of the International Organisation of Securities Commissions’ Policy Committee on Investment Management
Luis de Guindos, Vice President of the ECB
Kristin Forbes, Professor of Management and Global Economics at MIT’s Sloan School of Management and former member of the Monetary Policy Committee of the Bank of England

Q&A

Coffee break

Panel discussion: Strengthening the financial system post COVID-19

How did macroprudential policy respond during the coronavirus pandemic? What were the weaknesses and achievements? What were the lessons learned about macroprudential oversight and regulation? How can the current macroprudential framework be consolidated to ensure the system is ready for the next crisis?

Chair: Pablo Hernández de Cos, Governor of the Banco de España and Chair of the ESRB’s Advisory Technical Committee

Panellists:
Tobias Adrian, Financial Counsellor and Director of the Monetary and Capital Markets Department at the International Monetary Fund
Andrea Enria, Chair of the ECB’s Supervisory Board
Isabel Schnabel, Executive Board member, ECB

Q&A

Closing remarks

Francesco Mazzaferro, Head of the ESRB Secretariat, will close the conference, noting its highlights.