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Venue

Vienna Marriott Hotel, Parkring 12a, 1010 Vienna

Format

Vienna

Date

Monday, May 29, 2017

In cooperation with

CONFERENCE ASPECTS

Modern economies need a functioning financial system. In principle, the financial system has four main functions: providing a payment system, matching borrowers and lenders, enabling people to manage their personal finances across their lifetimes and between generations, and sharing and managing risk. Despite the implementation of a series of reforms in 2010, including enhanced capital requirements for banks, new banking resolution legislation and the centralization of derivatives markets, the question whether the current financial system is fit for the future remains unanswered. Critics claim that the financial system today is still very similar to what it was before the financial crisis started in 2007. So is the financial system fit for the future? Will its current structure allow it to fulfill its main functions? Do we need further structural changes? If so, what kind of changes? Are tighter banking regulation, an increasing role for shadow banking and the EU’s project of establishing a capital markets union the way to go? What opportunities and potential risks do such changes involve? How will technological developments like fintech and digital money shape the future financial system?

Program

Time
Monday, 29 May 2017
08:45
Registration and coffee
09:15
Opening remarks
Ewald Nowotny, Governor, Oesterreichische Nationalbank presentation
09:30
Opening address
Chair: Ewald Nowotny, Governor, Oesterreichische Nationalbank
Thomas Drozda, Minister, Austrian Federal Government
10:00
Session 1: Digital money and digital banking
Chair: Doris Ritzberger-Grünwald, Director, Economic Analysis and Research Department

The macroeconomics of central bank issued digital currencies

Michael Kumhof, Senior Research Advisor – Research Hub, Bank of England

Banking without banks? How will technology transform financial Intermediation?

Thomas Puschmann, Head of Swiss FinTech Innovation Lab, University of Zürich presentation
11:15
Coffee break
11:45
Session 2 - Keynote address: Is the post-crisis financial system fit for the future?
Chair: Andreas Ittner, Vice Governor, Oesterreichische Nationalbank

The political economy of central banking in the digital age

Sir Paul Tucker, Chair Systemic Risk Council, Senior Fellow, John F. Kennedy School of Public Management presentation
12:30
Lunch
14:00
Session 3: Technological change and the future of financial intermediation
Chair: Martin Summer, Head of Division, Oesterreichische Nationalbank

Do we have too much intermediation?

John Kay, Economist

The future - banks or platforms?

Patricia Jackson, Non Executive Director, Atom Bank, Adviser, EY and SUERF presentation
15:15
Coffee break
15:45
Session 4: The capital markets of the future
Chair: Ernest Gnan, Head of Division, Oesterreichische Nationalbank and Secretary General, SUERF

Smart contracts and corporate governance

David Yermack, Professor, NYU presentation

High Frequency Trading: Costs and Benefits

Nikolaus Hautsch, Professor, University of Vienna presentation
16:45
Klaus Liebscher Award Ceremony and Presentation of the Award-Winning Papers
Claus J. Raidl, President, Oesterreichische Nationalbank
Ewald Nowotny, Governor, Oesterreichische Nationalbank
17:15
End of session
19:00
Aperitif
19:30
Dinner

’Kamingespräch’

Hans-Jörg Schelling, Austrian Federal Minister of Finance
Ewald Nowotny, Governor, Oesterreichische Nationalbank
Time
Tuesday, 30 May 2017
09:00
Session 5: Technological change and the future of cash
Chair: Kurt Pribil, Executive Director, Oesterreichische Nationalbank

The surprising resilience of cash

Helmut Stix, Senior Expert, Oesterreichische Nationalbank presentation

Money and payments in the digital age: innovations and challenges

François Velde, Senior Economist and Research Advisor, Federal Reserve Bank of Chicago presentation
10:15
Coffee break
10:45
Session 6: Panel – Fintech: opportunities and challenges for banks and regulators
Chair: Peter Mooslechner, Executive Director, Oesterreichische Nationalbank presentation
Marc Niederkorn, Senior Partner, McKinsey & Company presentation
Thomas Schaufler, Member of the Management Board, Erste Bank
Valentin Stalf, Founder and CEO, N26 Bank
Reinhold Bierbaumer, Founder, Partner and Fintech Lead, MEP Mobile Equity Partners, Vienna
Klaus Kumpfmüller, Member of the Executive Board, Financial Market Authority (FMA) presentation
12:15
Session 7: SUERF Annual Lecture
Chair: Urs Birchler, SUERF President

Is the post-crisis financial system more resilient? What remains to be done?

Erkki Liikanen, Governor, Bank of Finland presentation
13:00
Lunch