Press Release No. 13/445

Press Release: High-Level Conference: “Nordic-Baltic Financial Linkages and Challenges” December 13, 2013 in Tallinn, Estonia

November 14, 2013

Eesti Pank, Sveriges Riksbank and the International Monetary Fund are hosting a high-level conference on “Nordic-Baltic Financial Linkages and Challenges” in Tallinn, Estonia, on December 13, 2013.

This day-long conference will bring together high-level policymakers, leaders of Nordic-Baltic banks, prominent academics, and representatives from the media to examine regional financial integration, cross-border collaboration, as well as market perspectives and opportunities.

“Understanding financial linkages and spillovers and assessing the impact of changing regulations are an essential part of the Fund’s country and regional surveillance, IMF Deputy Managing Director Nemat Shafik said. “These factors are particularly relevant in a region as closely integrated as the Nordic-Baltic countries. The conference will provide a forum to analyze the region’s financial landscape and discuss the regulatory and supervisory challenges in the context of European Union and euro area financial sector reforms.”

The financial sectors of the eight Nordic-Baltic countries (Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden) are closely linked and concentrated around a small group of large banks, which operate against a backdrop of changing global and European financial sector standards, with implications for regulation, supervision and crisis management. “We’ve reaped the benefits of financial interlinkages, but also suffered their downside. With this experience in mind we meet in Tallinn to navigate the future of the financial sector in our Nordic-Baltic region,” Riksbank Governor Stefan Ingves said.

Three thematic sessions and a concluding panel discussion on these challenges facing both governments and banks will allow thorough examination of these key issues.

“Long-standing Nordic-Baltic cross-border supervisory collaboration has underpinned Estonia’s financial stability, given the links between Estonia’s banks and their Scandinavian owners, Esti Pank Governor Ardo Hansson said. “During recent years several initiatives have been introduced to enhance the regulatory framework for the European financial sector. In particular, the advent of the Single Supervisory Mechanism means that both market participants and authorities in the region as well as in the rest of Europe will face complex challenges in coming years and working together is now more important than ever.”

The working language of the conference will be English and the event is free of charge. Further information about the content of the conference, practical details and the day’s agenda can be found on: http://www.imf.org/external/np/seminars/eng/2013/estonia/index.htm

Journalists can register as of Wednesday, November 13, 2013. The online registration form can be completed at http://www.eestipank.ee/en/conference2013

MEDIA CONTACTS

In Tallinn: Ingrid Mitt
Public Relations Division
Eesti Pank / Bank of Estonia
Phone: +372 668 0965
E-mail: ingrid.mitt@eeestipank.ee
Media requests: press@eestipank.ee

In Stockholm: Cecilia Roos
Press Office/ Communications Secr.
Sveriges Riksbank
Phone: +46 70 6016568
E-mail:cecilia.roos-isaksson@riksbank.se

In Washington: Bruno Silvestre
Communications Department
International Monetary Fund
Phone: +1 202 623 7100
E-mail: bsilvestre@imf.org
Media requests:media@imf.org