Oesterreichische Nationalbank
Otto-Wagner-Platz 3, 1090 Vienna

& online via Webex


hybrid, Vienna


Wednesday, September 18, 2024

In cooperation with

This conference, jointly organized by the OeNB, SUERF, JVI, and the Yale Program on Financial Stability, takes stock of key risks to financial stability and focuses on increasing the resilience of the financial system as well as on successful and less successful financial crisis intervention strategies. Topics include (i) how to bolster financial sector resilience and address vulnerabilities, (ii) how to contain financial stress and bank runs in a world of digital banking and social media, (iii) how to manage trade-offs involved in crisis interventions and (iv) how to best address a crisis-related surge in distressed assets. The conference brings together speakers with extensive experience in policy making, crisis management or policy-oriented research in the respective areas

Scientific coordination: Maximilian Fandl, JVI I Ernest Gnan, SUERF I Markus Schwaiger, OeNB I Christian McNamara, Yale School of Management


Wednesday, 18 September 2024
Introduction and welcome remarks
Robert Holzmann, Governor, Oesterreichische Nationalbank
Interview Session: Strengthening resilience and addressing vulnerabilities

This session looks at current risks to financial stability in Europe, also from a global perspective. After ten years of a new micro- and macroprudential supervisory landscape in Europe, it critically reviews whether risks are adequately captured by regulatory and supervisory measures and whether employed instruments are commensurate.

Moderation: Gottfried Haber, Deputy Governor, Oesterreichische Nationalbank
Pablo Hernández de Cos, Governor, Banco de España
Alessandra Perrazzelli, Deputy Governor, Banca d’Italia
Boris Vujčić, Governor, Hrvatska Narodna Banka
Coffee break
Crisis containment: Containing financial stress and digital bank runs

This session discusses the implications of flighty bank deposits in the digital age for containing confidence shocks and bank runs. Which lessons can be drawn from experiences in recent financial stress episodes? Is there a case for tightening bank liquidity regulation or collateral requirements? What are the trade-offs involved in policy measures that are aimed at reducing deposit flight risk, such as extending deposit guarantee coverage?

Moderation: Markus Schwaiger, Director, Oesterreichische Nationalbank
Cornelia Holthausen, DG Macroprudential Policy and Financial Stability, European Central Bank
Andrew Metrick, Director of the Yale Program on Financial Stability, Yale University
Fernando Restoy, Chair of the Financial Stability Institute, Bank for International Settlements
Oliver Wünsch, Global Co-Head Sovereign & Banking, Oliver Wyman
Lunch break
Keynote address: Navigating through financial turbulences with preparedness, competence and confidence
Tobias Adrian, Financial Counsellor and Director, International Monetary Fund (online)
Introduction: Hervé Joly, Director, Joint Vienna Institute
A balance sheet perspective to crisis intervention: Capital injections and guarantees

This session will focus on the balance sheet approach to crisis intervention. What effect do various crisis management tools have on a bank’s balance sheet? More specifically, the session will critically assess the use of capital injections and guarantees during financial crisis episodes.

Moderation: Stijn Claessens, Member of the Advisory Board Yale Program on Financial Stability
Andreas Dombret, Former Board Member, Deutsche Bundesbank | Global Senior Advisor, Oliver Wyman
June Rhee, Director, Yale Program on Financial Stability
Natasha Sarin, Associate Professor of Law, Yale University (online)
Jeremy Stein, Moise Y. Safra Professor of Economics, Harvard University (online)
Coffee break
Addressing a crisis-related surge in distressed assets

This session draws key lessons from past crisis-related non-performing loan (NPL) reductions which policymakers should be aware of to swiftly and effectively address a rise in under- and non-performing loans in future crisis episodes. The panel will, among others, critically assess the use of deferral strategies, public guarantee schemes and centralized solutions in resolving a crisis-related surge in distressed assets.

Moderation: Maximilian Fandl, Senior Economist, Joint Vienna Institute
Alexandra Habeler-Drabek, Chief Risk Officer, Erste Group Bank
Miha Leber, Advisor, ECB Banking Supervision
Ioannis Tsikripis, Director General for Prudential Supervision and Resolution, Bank of Greece
Miguel A. Otero, Senior Financial Sector Expert, International Monetary Fund
Closing remarks
Ernest Gnan, Secretary General, SUERF
End of conference