Makrotillsynskonferens, november 2014

Sveriges riksbank arrangerar tillsammans med den Internationella valutafonden (IMF) en konferens om Makrotillsyn – implementering och samverkan med andra politikområden i Stockholm den 13-14 november.

 

Konferensen samlar representanter från nationella myndigheter och internationella organisationer för att dela kunskap och erfarenheter om det framväxande politikområdet makrotillsyn.

 

Finanskrisen visade att analys av riskerna i enskilda delar av det finansiella systemet inte är tillräckligt för att garantera den övergripande finansiella stabiliteten. Makrotillsyn fokuserar på risker i hela det finansiella systemet och behovet av att utveckla regler som tar hänsyn till systemrisker och bidrar till att förbättra motståndskraften i hela det finansiella systemet.

 

Konferensen är uppdelad i fyra arbetspass där olika aspekter av makrotillsyn kommer att diskuteras: i) ramverk för att övervaka systemrisker, ii) kopplingen mellan makrotillsyn och andra politikområden, iii) när det är rätt tid att införa makrotillsynsåtgärder, iv) makrotillsynsåtgärders effektivitet.

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

Presentatörer och moderatorer

Bild på Enrica Detragiache

Enrica Detragiache

Assistant Director, European Department, IMF

 

 

Bild på Aerdt Houben

Aerdt Houben

Director, Financial Stability Division, De Nederlandsche Bank

 

 

Bild på Jean-Pierre Danthine

Jean-Pierre Danthine

Vice Chairman of the Governing Board, Swiss National Bank

 

 

Bild på 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

 

 

Bild på 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