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Macroprudential Policy and the End of the Zero-Interest-Rate Environment

SUERF/National Bank of Slovakia Workshop

Macroprudential Policy and the End of the Zero-Interest-Rate Environment

Wednesday, October 5, 2022

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.

The workshop will be held on Wednesday, 5 October 2022 in hybrid format at the National Bank of Slovakia in Bratislava as well as online.

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

Wednesday, 5 October 2022
12:00 Registration and standing lunch
13:00 Welcome remarks

Ludovit Odor, Deputy Governor, Národná banka Slovenska

13:15 Keynote Lecture

Chair: Ludovit Odor, Deputy Governor, Národná banka Slovenska

Title - tbc
Cornelia Holthausen, Director General, Macroprudential Policy and Financial Stability, ECB

13:45 Session 1: Global comparative perspective: monetary policy tightening – what role for macropru

Chair: Fátima Silva, Head of Macroprudential Policy Division, Banco de Portugal

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

Aaron Mehrotra, Senior Economist, Monetary and Economic Department, Emerging Markets, BIS

Marco Lo Duca, Adviser, Macroprudential Policy, ECB

15:15 Coffee
15:45 Session 2: Country perspectives

Chair: Reiner Martin, Director - Head of Research, Národná banka Slovenska

Markus Schwaiger, Director, Department for Financial Stability, OeNB

Marek Licak, Director Financial Stability Department, Národná banka Slovenska

Jan Frait, Member of the Board, Czech National Bank

17:15 End of workshop

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