Auditorium of the National Bank of Belgium
Warmoesberg 61 – rue Montagne aux Herbes Potagères 61, 1000 Brussels




Friday, September 14, 2018

In cooperation with


View the conference video clips.



Friday, 14 September 2018
Registration and coffee
Opening and Welcome
Jean Hilgers, Belgian Financial Forum President and National Bank of Belgium
Jakob de Haan, SUERF President and De Nederlandsche Bank
Keynote Address

The future of central banking

Jan Smets, Governor of the National Bank of Belgium
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
David Turner, Head of the Macroeconomic Analysis Division, OECD
William De Vijlder, Group Chief Economist, BNP Paribas
Eva Ortega, Head of the Modelling Unit, Banco de España
Cinzia Alcidi, Senior Research Fellow and Head of the Economic Policy Unit of CEPS
Coffee break
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
Mathias Dewatripont, Université Libre de Bruxelles
Isabelle Vaillant, Director Regulation, European Banking Authority
Rudi Vander Vennet, Head of Department of Financial Economics Universiteit Gent
Christine Van Rijsseghem, Chief Risk Officer, KBC Group
Sandwich Lunch
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?

Anders Vredin, Head of the General Secretariat, Sveriges Riksbank
Chair: Peter Vanden Houte, Chief Economist, ING Belgium
Maria Demertzis, Deputy Director at Bruegel
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
Keynote Address

How much deepening of the Economic and Monetary Union is needed?

Poul Thomsen, Director of the IMF’s European Department
End of the conference, followed by a reception