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Key takeaways from the ECB’s new Financial Stability Review

Calendar Nov 25, 2020 Schedule15:30 - 16:45 CET (UTC+01:00)

Date: Wednesday, 25 November 2020 − 15:30-16:45 CET

John Fell, Deputy Director General for Macroprudential Policy and Financial Stability, ECB
Tamarah Shakir, Deputy Head of the Systemic Risks and Financial Institutions Division, ECB
Anna Ilyina, Division Chief, International Monetary Fund

Ryszard Kokoszczyński
, Member of the Management Board, Narodowy Bank Polski and SUERF Council

The Financial Stability Review provides an overview of potential risks to financial stability in the euro area. It aims to promote awareness in the financial industry and among the public of euro area financial stability issues. It is published twice a year.

Topics will include:

  • As the impact of the COVID-19 crisis is unfolding, what is the impact on the euro area’s real economy and financial system, including asset markets, banks and non-bank financial intermediaries?
  • How have economic, monetary and regulatory policies helped to safeguard financial stability?
  • Which risks loom for financial stability in the near and medium term? How to address them?



Professor Kokoszczyński has been working at Narodowy Bank Polski since 1987. The posts he has held at the central bank include the following: Director of the Research and Analysis Department (1992-1998); Member of the Management Board of NBP (1994-1998); Vice President of NBP (1998-2001); Director of the Bureau of Macroeconomic Research (2002-2007); acting Director General of the Economic Institute of NBP (2008-2009) and Deputy Director of the Economic Institute of NBP (2009-2015).  Since October 1977 he has been a research worker of the University of Warsaw, presently holding the title of associate professor.

John Fell is Deputy Director General for Macroprudential Policy and Financial Stability at the European Central Bank. Prior to joining the ECB in 1998, as a principal economist, he held various positions at the European Monetary Institute (EMI) and the Central Bank of Ireland.
Tamarah Shakir is the Deputy Head of the Systemic Risks and Financial Institutions Division  at the ECB, and part of her role is to lead production of the semi-annual Financial Stability Review. Prior to joining the ECB in 2019, she worked for over a decade at the Bank of England holding various positions in the financial stability, monetary analysis and markets departments, and previously worked at the British Embassy in Washington DC.
Anna Ilyina is a Division Chief in the European Department at the International Monetary Fund (IMF). Previously, she headed the Emerging Economies Division in the IMF’s European Department and was responsible for the production of the biannual Regional Economic Issues Report on Central, Eastern and Southeastern Europe. In recent years, she also worked on the IMF’s Global Financial Stability Report, on the IMF’s Early Warning Exercise and on a range of countries. Her research interests include growth and financial development, macro-financial linkages, international economics, financial stability and cross-border spillovers.

With friendly support of the Intesa Sanpaolo Chair in Economics of Financial Regulation, Bocconi University.
SUERF gratefully acknowledges professional technical support of SUERF online events by the OeNB’s Information Management and Services Division.



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