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International Banking Conference

Macro-prudential Regulatory Policies: The New Road to Financial Stability?

September 23–24, 2010

Thirteenth Annual International Banking Conference

Thirteenth Annual International Banking Conference

  

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