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Venue

Sheraton Bratislava Hotel, Pribinova 12, Bratislava & online via Webex

Format

hybrid, Bratislava

Date

Thursday, September 21, 2023

In cooperation with

Macroprudential policy has been part of the economic policy toolkit in Europe for around two decades and has become widely used since the GFC. It is time to look back at experiences and best practices in Europe. What have we learnt about the efficiency of various tools used to dampen financial cycles and to strengthen the resilience of the financial system? Have macroprudential policies helped to cushion financial crises that Europe experienced during the last two decades? What were success factors and shortcomings? Looking ahead, how can macroprudential policies help to address the challenges the European economy is facing? These include the transformation towards a more market and tech-based financial system, the transition to a sustainable economy and the possibility of a protracted period of upward inflation pressures. This conference will bring together leading academic researchers and macroprudential policymakers to take stock and to provide some guidance on the future development of macroprudential policies.

Scientific coordination
Ernest Gnan, SUERF; Zuzana Fungáčová, Bank of Finland; Esa Jokivuolle, Bank of Finland and SUERF; Ján Klacso, Národná banka Slovenska; and, Reiner Martin, Národná banka Slovenska and SUERF

Program

Time
Thursday, 21 September 2023
09:15
Registration
10:00
Introduction and welcome remarks
Peter Kažimír, Governor, Národná banka Slovenska
Marja Nykänen, Acting Governor, Bank of Finland
10:15
Keynote I “MPP through the eyes of dynamic macro-banking models”

Macroprudential policy through the eyes of dynamic macro-banking models

Javier Suarez, Full Professor, CEMFI presentation

Introduced by Reiner Martin, Executive Director, Head of Research, NBS I SUERF

11:00
Session 1 (Academic) – What do we know about MPP so far? 
Chair: Thorsten Beck, Professor, EUI Florence I SUERF Fellow
Enrique Mendoza, Professor, University of Pennsylvania presentation
Martin Hellwig, Professor, MPI Bonn (Joining remotely) presentation
Ricardo Correa, Senior Advisor, Federal Reserve Board presentation
12:30
Lunch
13:30
Session 2 (Policy, National perspectives) – What do we know about MPP so far?
Chair: Marja Nykänen, Member of the Board, Bank of Finland
Gediminas Šimkus, Chairman of the Board, Lietuvos Bankas presentation
Marek Ličák, Director, Macroprudential Policy Department, Národná banka Slovenska presentation
Benjamin Weigert, Director General, Financial Stability, Deutsche Bundesbank
Katja Taipalus, Head of Financial Stability and Statistics, Bank of Finland presentation
15:00
Coffee break
15:30
Session 3 (Policy, International perspectives) – What do we know about MPP so far?
Chair: Reiner Martin, Executive Director, Head of Research, Národná banka Slovenska I SUERF

Macroprudential policy: Some global perspectives

Christopher J. Erceg, Deputy Director, Monetary and Capital Markets Department, IMF (Joining remotely) presentation
Bengt Holmstroem, Professor, MIT I SUERF Fellow (Joining remotely)

Macroprudential policy in the SSM area: What have we learnt?

Cornelia Holthausen, Director General, Macroprudential Policy and Financial Stability, ECB presentation

Macro-financial stability frameworks and external financial conditions

Boris Hofmann, Head of Monetary Policy, Monetary and Economic Department, BIS presentation
17:00
End - Day 1
19:00
Dinner & Keynote speech
Stefan Ingves, former Governor, Sveriges Riksbank
Time
Friday, 22 September 2023
09:00
Registration
09:30
SUERF Annual Lecture 2023

Defining the research frontier for MPP – where to go from here?

Thorsten Beck, Professor, EUI Florence I SUERF Fellow presentation
Introduced by Ernest Gnan, SUERF Secretary General
10:30
Coffee break
10:45
Session 4: A brave new world for MPP?
Chair: Markus Schwaiger, Director, Department for Financial Stability and the Supervision of Less Significant Institutions, OeNB

A brave new world for MPP?

Tuomas Peltonen, Deputy Head of Secretariat, ESRB presentation

see also, ESRB: A concept note – March 2022 presentation “Review of the EU Macroprudential Framework for the Banking Sector”

The macroprudential challenge of climate change

Paul Hiebert, Head of Systemic Risk and Financial Institutions Division, ECB presentation

see also, the ECB Discussion Paper, April 2023: “Policy options to reduce the climate insurance protection gap”

Gonzalo Gasós, Senior Director Prudential Policy and Supervision, European Banking Federation

MPP beyond banks

Cristina Cella, Advisor, Financial Stability Department, Sveriges Riksbank presentation
12:15
Wrap-up and Closing remarks - Drawing up the MPP to do list
 
Reiner Martin, Executive Director, Head of Research, Národná banka Slovenska I SUERF
12:30
End - Day 2