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.

AGENDA

Conference: Macroprudential Policy - Implementation and Interaction. November 13-14, 2014, Stockholm, Sweden.

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