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10 Years after the start of the financial crisis in Europe: contours of a new normal

SUERF/Belgian Financial Forum Conference

10 Years after the start of the financial crisis: Contours of a new normal

Date:    14 September 2018
Venue: Auditorium of the National Bank of Belgium,
            Warmoesberg 61 - rue Montagne aux Herbes Potagères 61,
            1000 Brussels

 

Programme

View the conference video clips.

Friday, 14 September 2018
08:30 Registration and coffee
09:00 Opening and Welcome

Jean Hilgers, Belgian Financial Forum President and National Bank of Belgium

Jakob de Haan, SUERF President and De Nederlandsche Bank

 
09:15 Keynote Address

The future of central banking
Jan Smets, Governor of the National Bank of Belgium
Speech

 
09:45 Panel 1: Scars or scratches: how damaging is the fall-out from the crisis for the real economy and the natural rate of interest?

How strong is the impact of the crisis on potential output? Are hysteresis scars deeper in Europe than in the US? How did the crisis interact with more secular trends such as the productivity slowdown and population ageing? How low is the natural rate in the new normal? How much debt overhang is still there?

Chair: Freddy Van den Spiegel, Vrije Universiteit Brussel and Chairman of the Coordination Committee of the Belgian Financial Forum

Cinzia Alcidi, Senior Research Fellow and Head of the Economic Policy Unit of CEPS
C. Alcidi - presentationC. Alcidi - presentation

William De Vijlder, Group Chief Economist, BNP Paribas

Eva Ortega, Head of the Modelling Unit, Banco de España
E. Ortega - presentationE. Ortega - presentation

David Turner, Head of the Macroeconomic Analysis Division, OECD
D. Turner - presentationD. Turner - presentation

 
11:00 Coffee break
11:30 Panel 2: The financial sector and prudential policies in the new normal
Where has the regulation overhaul taken us? Is macroprudential policy effectively addressing systemic risk? How to cope with shifts towards less regulated financial market segments? What are the implications for the profitability, efficiency and business models of financial intermediaries?

Chair: Jo Swyngedouw, Head of Prudential Policy and Financial Stability, National Bank of Belgium

Christine Van Rijsseghem, Chief Risk Officer, KBC Group
C.  Van Rijsseghem - presentationC. Van Rijsseghem - presentation

Mathias Dewatripont, Université Libre de Bruxelles
M. Dewatripont - presentationM. Dewatripont - presentation

Isabelle Vaillant, Director Regulation, European Banking Authority
I. Vaillant - presentationI. Vaillant - presentation

Rudi Vander Vennet, Head of Department of Financial Economics Universiteit Gent
R. V. Vennet - presentationR. V. Vennet - presentation

 
12:45 Sandwich Lunch
14:00 Panel 3: Monetary policy beyond normalisation: objectives and instruments

How should central banks balance price stability and financial stability objectives? Should inflation targets be raised or lowered; should the horizon for the price stability objective be lengthened? Will the central bank’s balance sheet become a permanent tool?

Chair: Peter Vanden Houte, Chief Economist, ING Belgium

Maria Demertzis, Deputy Director at Bruegel
M. Demertzis - presentationM. Demertzis - presentation

Andrew Filardo, Head of Monetary Policy, Bank for International Settlements

Natacha Valla, Deputy Director-General Monetary Policy, European Central Bank and SUERF, Council of Management
N. Valla - presentationN. Valla - presentation

Anders Vredin, Head of the General Secretariat, Sveriges Riksbank
A. Vredin - presentationA. Vredin - presentation

 
15:15 Keynote Address

How much deepening of the Economic and Monetary Union is needed?
Poul Thomsen, Director of the IMF’s European Department
Speech

 
16:00 End of the conference, followed by a reception

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