“Addressing Financial Stability Challenges”

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 welcome address to conference participants (pre-recorded).

Speech

Panel discussion: Navigating through a storm: policy challenges in the current macro-economic environment

The current macro-economic environment is characterised by challenges created by a weakened economic outlook, high inflation, disrupted supply chains, increased geopolitical tensions, the transition risks to net zero and ageing population. What are the implications of this environment for macroprudential policy? Is the current macroprudential toolkit equipped for it? Where should the focus be?

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

Speech

Panellists:
Claudio Borio, Head of Monetary and Economic Department, Bank of International Settlements
Alfred Kammer, European Department Director, International Monetary Fund
Lucrezia Reichlin, Full Professor of Economics, London Business School
Ricardo Reis, A.W. Phillips Professor of Economics, London School of Economics and Political Science

Q&A

Keynote speech by Daron Acemoglu, Institute Professor, Massachusetts Institute of Technology, who will address the topic “Can we have a better future for work, wages and democracy?”.

Presentation

Coffee break

Panel discussion: Technological innovation and systemic risk

The recent wave of financial innovation, based on the opportunities digitalisation offers, can benefit customers of financial services and increase competition and contestability in the financial system. It can also facilitate the task of prudential authorities through, for example, the processing of large datasets. However, besides benefits, technological innovation can also bring new challenges. How is technological innovation reshaping systemic risk? What are the key priorities for regulation and how could macroprudential policy mitigate new sources of systemic risk?

Chair: Cecilia Skingsley, Head, BIS Innovation Hub, Bank of International Settlements

Panellists:
Michael Leibrock, Managing Director, The Depository Trust and Clearing Corporation
Presentation
Nellie Liang, Under Secretary for Domestic Finance, U.S. Treasury Department
Presentation
Andrea Maechler, Member of the Governing Board, Swiss National Bank
Xavier Vives, Professor of Economics and Financial Management, Director of the Banking Initiative, IESE Business School, University of Navarra
Presentation

Q&A

Keynote speech by Stefan Ingves, Governor of Sveriges Riksbank, and First Vice-Chair of the ESRB, who will address the topic “Macroprudential policy: Where do we come from and what’s next?”.

Speech

Closing remarks

Francesco Mazzaferro, in his capacity of Head of the ESRB Secretariat, noting its highlights.

Closing remarks