Macroprudential Policy Conference, November 2014

Sveriges Riksbank and the International Monetary Fund are jointly hosting the conference Macroprudential Policy - Implementation and Interaction with other Policies in Stockholm on 13-14 November.

 

The conference will bring together representatives of national authorities and international organizations to share their knowledge and experience in the evolving field of macroprudential policy.

 

The financial crisis showed that ensuring the health of individual components of the financial system is not sufficient to guarantee overall financial stability. Macroprudential policy recognizes the importance of systemic risk and the need to develop regulations that address systemic risk and help to build resilience in the entire financial system.

 

The conference is divided into four working sessions, where different aspects of macroprudential policy are discussed: i) Framework for monitoring systemic risk, ii) The interplay between macroprudential and other policies, iii) When to take action and overcoming inaction bias, iv) Effectiveness of macroprudential policies.

Welcoming speech and Introductory remarks

 

09.00

 Welcoming speech

 by Per Jansson, Deputy Governor, Sveriges Riksbank

09.10

 Introductory remarks

 Hyun Song Shin, Economic Adviser and Head of Research, Monetary   and Economic Department, Bank for International Settlements

SESSION I: Framework for monitoring
systemic risk

 

How to identify the buildup of systemic risks and financial imbalances; choice of suitable models and indicators (which ones, how many and for what purpose). When do indicators become alarming?

 

Moderator: Enrica Detragiache, Assistant Director, European Department, IMF

09.30

Seeing the forest through the trees: the ESRB approach

Speaker: Aerdt Houben, Chairman, European Systemic Risk Board (ESRB) Instrument Working Group

10.00 

Macroprudential policies in Switzerland

Speaker: Jean-Pierre Danthine, Vice Chairman of the Governing Board, Swiss National Bank

10.45 

Developing a framework – experiences from Norway

Speaker: Amund Holmsen, Executive Director Financial Stability Department, Central Bank of Norway

11.15 

Panel discussion

Participants: Moderator and speakers from Session I

SESSION II: The interplay between macroprudential and other policies

 

How should macroprudential policy interact with other policy areas – especially with monetary policy?

 

Moderator: Karl Habermeier, Assistant Director, Monetary and Capital Markets Department, IMF

11.55 

The UK's macroprudential framework: examples of interactions between monetary policy, macroprudential policy and microprudential policy

Speaker: Victoria Saporta, Head of Prudential Policy Division, Financial Stability, Bank of England

13.30

Policy Challenges & Policy Tools

Speaker: Nathan Sussman, Director of Research Department, Bank of Israel

14.00

The interplay between macroprudential, microprudential and monetary policies at the ECB

Speaker: Sabine Lautenschläger, Member of the Executive Board, ECB 

14.30 

Panel discussion

Participants: Moderator and speakers from Session II

SESSION III: When to take action and overcoming inaction bias

 

When do you know that you have a problem; i.e. at what point is credit imbalances (or other imbalances) in different sectors of the economy growing too fast? When do you know to take action?

 

Moderator: Hyun Song Shin, Economic Adviser and Head of Research, Monetary and Economic Department, Bank for International Settlements

15.15 

The view of the IMF

Speaker: Erlend Nier, Senior Financial Sector Expert, Monetary and Capital Markets Department, IMF

15.45

Household Indebtedness and the Canadian Macroprudential Responses

Speaker: Césaire Meh, Deputy Chief, Financial Stability Department, Bank of Canada 

16.15 

Macroprudential policy: When and how to take action? The Banque de France's approach

Speaker: Anne Le Lorier, First Deputy Governor, Banque de France

16.45 

Panel discussion

Participants: Moderator and speakers from Session III

17.25 

Concluding remarks from the first day

by Per Jansson, Deputy Governor, Sveriges Riksbank 

SESSION IV: Effectiveness of macroprudential policies

 

Which tools have different countries chosen to work with and what are their experiences of working with these? What are the estimated effects of these tools?

 

Moderator: Martin Andersson, Director General, Swedish Financial Supervisory Authority

09.00 

Implementing Limits on LTVs and DTIs: A Cross Country View

Speaker: Mr. Luis Jacome, Deputy Division Chief, Monetary and Macroprudential Policy Division, IMF

09.30 

Macroprudential Policies in Korea

Speaker: Tae Soo Kang, Senior Research Fellow, Korea Institute for International Economic Policy

10.30

Effectiveness of macroprudential policies in the Netherlands

Speaker: Aerdt Houben, Director, De Nederlandsche Bank

11.00 

Panel discussion

Participants: Moderator and speakers from Session IV

11.30 

Concluding panel & round-up of the conference

Moderator: Per Jansson, Deputy Governor, Sveriges Riksbank

Participants: Hosts and moderators from all previous sessions

12.15 

Concluding remarks

by Karl Habermeier, Assistant Director, Monetary and Capital Markets Department, IMF

Presenters and moderators

Picture of Enrica Detragiache

Enrica Detragiache

Assistant Director, European Department, IMF

Picture of Aerdt Houben

Aerdt Houben

Director, Financial Stability Division, De Nederlandsche Bank

Picture of Jean-Pierre Danthine

Jean-Pierre Danthine

Vice Chairman of the Governing Board, Swiss National Bank

Picture of Amund Holmsen

Amund Holmsen

Executive Director of Financial Stability Department, Norges Bank

Bild på Karl Habermeier

Karl Habermeier

Assistant Director, Monetary and Capital Markets Department, IMF

Bild på Victoria Saporta

Victoria Saporta

Head of Prudential Policy Division, Financial Stability, Bank of England

Picture of Nathan Sussman 

Nathan Sussman

Director of Research Department, Bank of Israel

Bild på Sabine Lautenschläger

Sabine Lautenschläger

Member of Executive Board, ECB

Bild på Hyun Song Shin

Hyun Song Shin

Economic Adviser and Head of Research, Monetary and Economic Department, Bank for International Settlements

Bild på Erlend Nier

Erlend Nier

Deputy Division Chief, Monetary and Capital Markets Department, IMF

Bild på Césaire Meh

Césaire Meh

Deputy Chief, Financial Stability Department, Bank of Canada

Bild på Anne Le Lorier

Anne Le Lorier

First Deputy Governor, Banque de France

Bild på Per Jansson

Per Jansson

Deputy Governor, Sveriges Riksbank

Bild på Martin Andersson

Martin Andersson

Director General, Swedish Financial Supervisory Authority

Bild på Luis Jacome

Luis Jacome

Deputy Division Chief, Monetary and Macroprudential Policy Division, IMF

Bild på Tae Soo Kang

Tae Soo Kang

Senior Research Fellow, Korea Institute for International Economic Policy