Oesterreichische Nationalbank, Kassensaal
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Motivation
This conference, jointly organized by the OeNB, SUERF, JVI, and the Yale Program on Financial Stability, takes stock of key risks to financial stability in a rapidly changing global environment and focuses on the role of central banks in managing financial crises going forward. Topics include (i) which opportunities and challenges the new environment presents for financial institutions and central banks, (ii) how payment innovations and technological advances affect the role of central banks in safeguarding financial stability, (iii) the future of the lender of last resort function, and (iv) regulatory and supervisory consequences. 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, Ernest Gnan, SUERF; Markus Schwaiger, Alexandra Schober-Rhomberg, Gernot Ebner, OeNB; June Rhee, Yale School of Management
G30 report: nonbank financial intermediation and financial stability: a perfect storm in the making?
Klaas Knot, Group of 30 and Peterson Institute for International Economics, Former Governor DNB and Chair FSBThis panel discusses how financial stability risks are evolving in an environment shaped by geopolitical tensions, volatile financial conditions, and rapid technological and structural change in financial intermediation, including the evolving role of bank- and market-based finance. The discussion explores how these dynamics affect the resilience of financial institutions, the stability of the broader system, and the financial sector’s contribution to economic growth. Panellists will highlight key risks and opportunities in the wake of a rapidly changing environment.
This panel discusses how recent advances in digital finance and AI adoption by banks affect the risks and risk management of individual banks and the banking system at large, looking both at opportunities and challenges. Will these developments lead to more herding behaviour, more information-efficient markets, or both? From a crisis management perspective, what are the implications of potentially faster, larger and more frequent digital runs on banks and non-bank financial institutions for central banks as guardians of financial stability?
Expectations and limits to the role of central banks in managing financial crises in times of rapid change
Pablo Hernández de Cos, General Manager · Bank for International SettlementsThis panel discusses how the lender of last resort function of central banks may evolve in times of digital finance and AI adoption. Is there a need to restate Bagehot’s dictum and adjust central bank emergency liquidity assistance frameworks against this background and based on experience since the Great Financial Crisis? Which lessons can be learned regarding the use and design of broad-based liquidity support to the banking sector in stress times?
This panel reflects how the current regulatory and supervisory framework is up to the task of tackling risks arising from the geopolitical, economic, financial and technological spheres. It further explores how competitiveness and resilience of the banking and financial system in the EU could be ensured amidst the debate on simplifying rules – also in relation to the regulatory developments in the US. The main question will be how to strike the right balance in the face of current challenges .
