“Financial stability challenges ahead: emerging risks and regulation”

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

Keynote speech by Klaas Knot, President of De Nederlandsche Bank and Chair of the Financial Stability Board, who will address the topic “Lessons learnt from recent financial sector turmoil - Global regulatory priorities”.

Speech

Panel discussion: Banking sector turbulences: Lessons learnt for supervision and regulation

In March 2023, several banks in the US and Europe were resolved or liquidated, triggering a short-lived period of market instability. These cases highlighted potential shortcomings in banking regulation and supervision. What are these shortcomings and which avenues can be identified to address them?

Chair:

Pablo Hernández de Cos, Governor of Banco de España, Chair of the ESRB Advisory Technical Committee and Chair of the Basel Committee on Banking Supervision

Panellists:

Michael Barr, Vice-Chair for Supervision, Board of Governors of the Federal Reserve System
Stephen Cecchetti, Chair of the ESRB Advisory Scientific Committee, Professor and Rosen Family Chair in International Finance, Brandeis International Business School

Presentation

Mathias Dewatripont, Professor, Université libre de Bruxelles
Andrea Enria, Chair of the Supervisory Board, European Central Bank Banking Supervision
Martin Gruenberg, Chair of the Federal Deposit Insurance Corporation

Q&A

Coffee break

Keynote speech by Jón Daníelsson, Director of Systemic Risk Centre and Professor of Finance at the London School of Economics, who will address the topic “Artificial intelligence and systemic risk”.

Presentation

Panel discussion: Closing the macroprudential framework

Following the global financial crisis, an ambitious regulatory reform was launched with a stronger focus on macroprudential policy. After more than a decade, has the regulatory reform met its objectives? Are there gaps in the macroprudential framework? Where should the focus be?

Chair:

Alexandra Jour-Schroeder, Deputy Director-General for Financial Stability, Financial Services and Capital Markets Union, European Commission

Panellists:

Luis de Guindos, Vice-President, European Central Bank
Richard Portes, Member of the ESRB Advisory Scientific Committee, Professor of Economics, London Business School

Presentation

John Schindler, Secretary General, Financial Stability Board
Daniel Tarullo, Nomura Professor of International Financial Regulatory Practice at Harvard Law School

Q&A

Coffee break

Panel discussion: Evolution of liquidity risk in an environment of higher interest rates

The recent increases in interest rates to fight inflation have brought liquidity risk to the fore. This has raised concerns about the liquidity of even the safest assets. What are the implications of the end of the low interest environment for liquidity risk and what are the macroprudential policy options?

Chair:

Fabio Natalucci, Deputy Director, International Monetary Fund

Panellists:

Viral Acharya, C.V. Staff Professor of Economics, New York University, Stern School of Business
Presentation
Bruno Biais, Member of the ESRB Advisory Scientific Committee, Professor of Finance and Economics, HEC Paris

Presentation

Loriana Pelizzon, Vice-Chair of the ESRB Advisory Scientific Committee, Director of the Financial Markets Department, Professor, Leibniz Institute for Financial Research SAFE and Goethe University Frankfurt
Presentation
David Ramsden, Deputy Governor for Markets and Banking, Bank of England
Speech

Q&A

Closing remarks

Francesco Mazzaferro, Head of the ESRB Secretariat
Speech