WebEx | Národná banka Slovenska, Imricha Karvaša 1, Bratislava, 813 25


hybrid, Bratislava


Wednesday, October 5, 2022

In cooperation with

The current environment of high inflation, tightening monetary policy, and more generally a highly uncertain macroeconomic outlook creates new challenges to macroprudential authorities throughout Europe and the world. Macroprudential policy is still a relatively new economic policy tool, and this is practically the first time since macroprudential policy has become widely used in the aftermath of the Global Financial Crisis, that policy interest rates are on a clear upward trajectory in response to severe inflationary pressures. As a result, it is currently particularly challenging for macroprudential policy makers to assess the impact of macroprudential tools on the demand and supply of loans, on asset prices, credit risk and other fields related to financial stability.

To discuss the potential implications of these development, especially tightening monetary policy, on macroprudential policy, SUERF, together with the National Bank of Slovakia organizes a workshop entitled “Macroprudential Policy and the End of the Zero-Interest-Rate Environment” The aim of the workshop is to bring together the cross-country perspective of international organizations and recent country-specific experiences in dealing with this new and challenging environment for macroprudential policy making.

Scientific coordination:  Ernest Gnan, OeNB and SUERF, Reiner Martin and Ján Klacso, Národná banka Slovenska


Wednesday, 5 October 2022
Registration and standing lunch
Welcome remarks
Ludovit Odor, Deputy Governor, Národná banka Slovenska
Keynote Lecture
Chair: Ludovit Odor, Deputy Governor, Národná banka Slovenska

Financial Stability in the ECB’s Monetary Policy Strategy

Cornelia Holthausen, Director General, Macroprudential Policy and Financial Stability, ECB presentation
Session 1: Global comparative perspective
Chair: Fátima Silva, Head of Macroprudential Policy Division, Banco de Portugal

Inflation, financial stability, and macroprudential policy

Christopher Erceg, Deputy Director, Monetary and Capital Markets Department, IMF presentation

Global comparative perspective: monetary policy tightening – what role for macropru?

Aaron Mehrotra, Principal Economist, Monetary and Economic Department, Emerging Markets, BIS presentation

Macroprudential policy in times of monetary policy normalisation and high inflation

Carsten Detken, Head of Division, Macroprudential Policy, ECB presentation
Session 2: Country experiences and perspectives
Chair: Reiner Martin, Director - Head of Research, Národná banka Slovenska

Macroprudential Policy in Austria Country experience

Markus Schwaiger, Director, Department for Financial Stability, OeNB presentation

The outlook for macroprudential policy in the new environment - the NBS perspective

Marek Licak, Director Financial Stability Department, Národná banka Slovenska presentation

Monetary and Macroprudential Policies as Team-Mates: The Czech National Bank Case

Jan Frait, Member of the Board, Czech National Bank presentation
End of workshop