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28 сентября, 18:20

Third ESRB annual conference: Session 3: Macroprudential policy in recovering economies

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Third ESRB annual conference - 27/28 September 2018 Session 3: Macroprudential policy in recovering economies Major central banks have used unprecedented monetary policy measures in the aftermath of the global financial crisis. With monetary policy transmission mechanisms normalising and economies recovering, some of the major central banks have started to increase interest rates and have also announced scaling back of non-standard monetary policy operations. One important aspect in the design of a macroprudential policy is how it interacts with monetary policy, the current low interest rate environment and investors’ risk aversion. Panellists discussed how macroprudential policies can be used to contain potential related vulnerabilities and identify related challenges. Chair: Marco Pagano, Professor, University of Naples Federico II Panellists: Pierre-Richard Agénor, Professor, University of Manchester Per Callesen, Governor of Danmarks Nationalbank Ester Faia, Professor, Johann Wolfgang Goethe University Daniel Gros, Director, Center for European Policy Studies, ASC Member Peter Praet, Executive Board Member, European Central Bank

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28 сентября, 17:35

Visit of German Federal President Steinmeier to the ECB - 26 Sep 2018

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Mario Draghi thanks German Federal President Frank-Walter Steinmeier for his visit to the ECB today and reflects on the success of the euro.

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28 сентября, 15:37

Third ESRB annual conference: Winners of the ESRB Research Prize

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Third ESRB annual conference - 27/28 September 2018 Winners of the ESRB Research Prize in memory of Ieke van den Burg The ESRB awards an annual prize to recognise outstanding research conducted by young scholars on topics related to the ESRB’s mission. The annual prize was established in 2014 in memory of Ieke van den Burg, who was a member of the ESRB ASC (2011-14) and of the European Parliament (1999-2009). In this session, the winner of the 2018 prize presented his research and the prize was formally awarded. Chair: Javier Suarez, Professor, CEMFI, Chair of the ESRB ASC Speaker: Kilian Huber, University of Chicago

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28 сентября, 15:07

Third ESRB annual conference: Keynote speech: Artificial Intelligence and big data

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Third ESRB annual conference - 27/28 September 2018 Keynote speech: Artificial Intelligence and big data in finance and financial stability analysis Speaker: John Schindler, Associate Director, Board of Governors of the Federal Reserve System John Schindler, Associate Director in the Financial Stability Division of the Federal Reserve Board, outlined in his keynote speech the financial stability implications of artificial intelligence and big data.

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28 сентября, 15:03

Third ESRB annual conference: Session 2: Risks in the shadow banking system

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Third ESRB annual conference - 27/28 September 2018 Session 2: Identifying and assessing risks in the shadow banking system The EU shadow banking system has grown significantly in recent years. This reinforces the need to develop a framework to monitor risks in this part of the financial sector. Such a risk monitoring framework is a key part of a broader macroprudential strategy. This session discussed potential financial stability risks and key elements which should be considered when monitoring risks and vulnerabilities in the shadow banking system. Chair: Richard Portes, Professor, London Business School Speakers: Rustom Irani , Professor, University of Illinois Sujit Kapadia, Head of Division, European Central Bank Catherine Lubochinsky, Professor, University Paris 2

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28 сентября, 12:31

Third ESRB annual conference: Session 1: International perspectives on macroprudential policy

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Session 1: International perspectives on macroprudential policy Global financial integration entails many benefits, but it can also contribute to a build-up of systemic risk within the financial system due to the pro-cyclical nature of capital flows. Addressing the vulnerabilities of financial globalisation leads to new policy challenges for macroprudential authorities. In this session, speakers will present their views on potential risks related to international financial integration and the policy options available to mitigate these risks. Chair: Claudia Buch, Vice President, Deutsche Bundesbank Speakers: Philippe Bacchetta, Professor, HEC Lausanne Şebnem Kalemli-Özcan, Professor, University of Maryland Jeffrey Franks, Director, International Monetary Fund

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28 сентября, 12:28

Third ESRB annual conference: Welcome address: Francesco Mazzaferro

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Third ESRB annual conference - 27/28 September 2018 Welcome address Francesco Mazzaferro, Head of the ESRB Secretariat Francesco Mazzaferro, Head of the ESRB Secretariat, opened the second day of the conference.

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28 сентября, 12:26

Third ESRB annual conference: Keynote speech: Philip Lane

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Third ESRB annual conference - 27/28 September 2018 Keynote speech Philip Lane, Governor, Central Bank of Ireland, Chair of the ESRB ATC Philip Lane, Governor of the Central Bank of Ireland and Chair of the ESRB Advisory Technical Committee, gave a keynote speech to conference participants.

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28 сентября, 12:22

Third ESRB annual conference: Policy panel discussion: Sustainable finance

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Third ESRB annual conference - 27/28 September 2018 Policy panel discussion: Sustainable finance Climate change can pose a threat to financial stability due to the adverse impact of climate- and weather related events on the economy and the transition risks associated with reducing carbon emissions. Participants in this policy panel discussed their insights on climate-related financial risks and how they can be addressed by market participants and financial policymakers. Chair: Mark Carney, Governor of Bank of England Panellists: Stefan Ingves, Governor of Sveriges Riksbank Dirk Schoenmaker, Professor, Erasmus University Rotterdam Christian Thimann, CEO, Athora Germany Francois Villeroy de Galhau, Governor of Banque de France

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27 сентября, 17:59

Third ESRB annual conference: Welcome address: Mario Draghi

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Third ESRB annual conference - 27/28 September 2018 Welcome address Mario Draghi, Chair of the ESRB Mario Draghi, in his capacity of Chair of the European Systemic Risk Board, opened the conference and give a keynote address to conference participants.

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26 сентября, 16:58

Third ECB Annual Research Conference: Session 5: Macroeconomic model with financial panics

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The ECB held its third Annual Research Conference on 25 and 26 September in Frankfurt, bringing together leading academics in the fields of monetary economics and finance. Session 5: A macroeconomic model with financial panics by Mark Gertler, New York University, Nobuhiro Kiyotaki, Princeton University, and Andrea Prestipino, Federal Reserve Board of Governors Discussant: Veronica Guerrieri, University of Chicago Chair: Frank Smets, European Central Bank

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26 сентября, 16:55

Third ECB Annual Research Conference: Session 5: Deconstructing monetary policy surprises

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The ECB held its third Annual Research Conference on 25 and 26 September in Frankfurt, bringing together leading academics in the fields of monetary economics and finance. Session 5: Deconstructing monetary policy surprises: The role of information shocks by Peter Karadi, European Central Bank, and Marek Jarociński, European Central Bank Discussant: Refet Gürkaynak, Bilkent University Chair: Frank Smets, European Central Bank