International Banking Conference
Macro-prudential Regulatory Policies: The New Road to Financial Stability?
September 23–24, 2010
The recent financial crisis has made clear that the more traditional micro prudential regulatory tools can be inadequate to create a safe and stable financial system.
It is argued that there is a need for a more Macro-prudential approaches to manage the overall financial system risks, to complement micro-prudential approaches. However, a number of important questions must be answered when considering such an approach. The International Monetary Fund with the Federal Reserve Bank of Chicago has organized an International Banking Conference on September 23–24, 2010 to address some of these questions.
The conference will focus on the implications for public policy. It will feature keynote presentations by Paul Volcker, Chairman of the U.S. President’s Economic Recovery Advisory Board and former Chairman of the Federal Reserve System; Tommaso Padoa-Schioppa, Chairman, Promontory Financial Group Europe and Former Chairman of the Basel Committee on Banking Supervision; Jaime Caruana, General Manager of the Bank for International Settlements and Former Chairman of the Basel Committee on Banking Supervision; and Charles Taylor, Director of the Pew Charitable Trust Financial Reform Project and Former Executive Director of the Group of Thirty. The makeup of the conference is truly international. The audience consists of representatives from central banks, regulatory and supervisory agencies, financial institutions, trade associations and academic institutions from around the globe.
For further information and to register see: www.chicagofed.org/InternationalBankingConference
PROGRAM
| Systemic Risk and Macro Prudential Tools | |
|---|---|
| Thursday, September 23, 2010 | |
| 9:00 a.m. | Registration |
| 9:40 a.m. | Welcoming Remarks Charles L. Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago Jose Viñals, Financial Counselor and Director, Monetary and Capital Markets, IMF |
| 10:00 a.m. | Session I: Why Macroprudential Policies Are Needed—Objectives, History, Theory
Speakers Markus K. Brunnermeier, Princeton University Eugene N. White, Rutgers University Lasse H. Pedersen, New York University Commentator Luigi Zingales, University of Chicago |
| 12:00 p.m. | Luncheon And Keynote Address Paul A. Volcker, Chairman, President's Economic Recovery Advisory Board and Former Chairman, Board of Governors of the Federal Reserve System |
| 2:00 p.m. | Session II — Coordination with Other Policies—Monetary, Microprudential, Cross-Border Speakers Lucrezia Reichlin, London Business School Jean Pierre Landau, Banque de France Júlia Király, Magyar Nemzeti Bank (National Bank of Hungary) Commentator E. Philip Davis, National Institute of Economic and Social Research (UK) |
| 3:45 p.m. | Break |
| 4:00 p.m. | Session III: Components of Macroprudential Regulation—Countercyclical, Systemic Risk and Bank Capital Policies Speakers Jesús Saurina, Bank of Spain Enrico C. Perotti, University of Amsterdam Viral V. Acharya, New York University Commentator Richard Berner, Morgan Stanley |
| 6:00 p.m. | Reception |
| 6:45 p.m. | Dinner and Keynote Address Tommaso Padoa-Schioppa, Chairman, Promontory Financial Group Europe and Former Chairman of the Basel Committee on Banking Supervision |
| Friday, September 24, 2010 | |
| Registration and Continental Breakfast | |
| 8:15 a.m. | Session IV: Structuring Macroprudential Regulation—Theory, Governance and Informational Needs Speakers Charles Kahn, University of Illinois, Juan Solé and Marco A. Espinosa-Vega, IMF Erlend W. Nier, IMF Christine M. Cumming, Federal Reserve Bank of New York Commentator João A. C. Santos, Federal Reserve Bank of New York |
| 10:00 a.m. | Break |
| 10:15 a.m. | Session V: Cross-Border Issues—Harmonization, Burden-Sharing, Failure Resolution Speakers André Sapir, Université Libre de Bruxelles Peter Praet, National Bank of Belgium Eva Hüpkes, Financial Stability Board Commentator Philipp Hartmann, European Central Bank (Invited) |
| 12:15 p.m. | Luncheon And Keynote Address: Jaime Caruana, General Manager of the Bank for International Settlements and Former Chairman of the Basel Committee on Banking Supervision |
| 2:15 p.m. | Session VI: Market Discipline—Interaction with Macroprudential Regulation, Effectiveness, Future Role Speakers Oliver Hart, Harvard University Takatoshi Ito, University of Tokyo Luc Laeven, IMF Commentator Maria J. Nieto, Bank of Spain |
| 4:00 p.m. | Break |
| 4:15 p.m. | Session VII: Policy Panel—Where to from Here? Speakers Jose de Gregorio, Central Bank of Chile Randall Kroszner, University of Chicago Tarisa Watanagase, Bank of Thailand William White, Organization for Economic Cooperation and Development (OECD) |
| 6:00 p.m. | Reception |
| 6:45 p.m. | Dinner and Keynote Address Charles Taylor, Director of the Pew Charitable Trust Financial Reform Project and Former Executive Director of the Group of Thirty |
| Conference Coordinators: Stijn Claessens, IMF Douglas D. Evanoff, Federal Reserve Bank of Chicago George G. Kaufman, Loyola University Chicago and Federal Reserve Bank of Chicago Laura Kodres, IMF |
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