Lessons from the Global Financial Crisis in the Age of COVID-19

IMF Conference

Lessons from the Global Financial Crisis in the Age of COVID-19

November 23-25, 2020

The world is facing an unprecedented crisis. Pre-existing vulnerabilities in financial systems are intensifying in many economies, particularly for non-financial corporates, non-bank financial institutions and sovereign debt. We must prepare for post-pandemic financial reforms to secure financial stability. The IMF, together with The University of Tokyo, hosted the virtual conference “Lessons from the Global Financial Crisis in the Age of COVID-19” to bring together veteran and current policymakers and researchers from around the world to offer their insights on how best to manage financial risks during the current and future crises.

You can watch the videos on this website and the following IMF social media platforms:

Facebook for the English channel
IMF Asia Pacific Office (Day 1 / Day 2 / Day 3)

Twitter for Japanese interpretation
@IMF_Tokyo (Day 1 / Day 2 / Day 3)

Details in Japanese are available at The University of Tokyo's website.

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Video Playlist

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Session 1 “Crisis Management Lessons”
Session 2 “International Cooperation Risk Management"
Session 3 “Financial Regulation”

Agenda

Time	Program
9:00-9:10 pm Japan time	Opening remarks: Makoto Gonokami, President, The University of Tokyo 01'16"
9:10-9:20 pm	Opening speech: Kristalina Georgieva, Managing Director, International Monetary Fund (IMF) Speech 13'12"
9:20-10:50 pm	International crisis management during the GFC and lessons for the COVID-19 crisis Moderator: Gillian Tett, Chair Editorial Board and Editor-at-Large US, Financial Times 20'53" \| 31'04" \| 41'48" \| 49'03" \| 58'32" (starting Q&A) Panelists: Hiroshi Nakaso, Project Professor, The University of Tokyo 24'06" William Dudley, Senior Research Scholar, Griswold Center for Economic Policy Studies, Princeton University 32'39" Francesco Papadia, Senior Fellow of the Bruegel Institute Presentation 42'27" Marianne Nessen, Senior Advisor to the Executive Board, Sveriges Riksbank 50'18" Issues for discussion International collaboration is critical for successful management and prevention of financial crises. This session will explore broad challenges and lessons for policymakers through drawing on experiences gained during the GFC, assessing policy responses during the current crisis and considering the challenges that lie ahead.

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Time	Program
9:00-9:10 pm Japan time	Opening Remarks: Haruhiko Kuroda, Governor, Bank of Japan Speech (link to the Bank of Japan website) 00'55"
9:15-9:30 pm	Navigating the Pandemic: Asia’s Multi-Speed Recovery Jonathan D. Ostry, Acting Director, Asia and Pacific Department, IMF Presentation 12'30"
9:35-10:20 pm	International efforts to bolster cooperation and manage financial stability in the era of COVID-19 Moderator: Takehiko Nakao, Chairman, Mizuho Research Institute 31'03" \| 1h03'11" (starting Q&A) Panelists: Ceyla Pazarbasioglu, Director, Strategy Policy and Review Department, IMF Presentation 34'00" Masamichi Kono, Deputy Secretary-General, The Organisation for Economic Co-operation and Development (OECD) 44'51" Toshinori Doi, Director, ASEAN+3 Macroeconomic Research Office (AMRO) 54'30" Issues for discussion Both global and regional cooperation are important to mitigate economic and financial risks during crises. This session will discuss how best to leverage such cooperation during the COVID-19 crisis to manage risks, including by drawing on lessons from the past.
10:25-11:10 pm	Adapting crisis tools to a changing financial landscape Moderator: Patricia Mosser, Professor, School of International and Public Affairs, Columbia University 1h24'10" \| 1h57'16" (starting Q&A) Panelists: Robin Brooks, Managing Director and Chief Economist, The Institute of International Finance (IIF) Presentation 1h26'30" Shunsuke Shirakawa, Vice Commissioner for Strategy Development and Management, Financial Services Agency, Japan (JFSA) Presentation 1h36'35" Kenichi Ueda, Associate Professor, The University of Tokyo Presentation 1h45'31" Issues for discussion Financial and economic risk emanate from both within and from outside the traditional core financial sector. This session will explore structural change and innovation driven through Fintech and similar channels, and the implications of this change for broader financial stability and the design of crisis-management tools. The session will also highlight the importance of good governance and efficient mechanisms in capital markets to help manage financial risk.

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Time	Program
9:00-9:10 pm Japan time	Opening Speech: Ryozo Himino, Commissioner, JFSA 01'08"
9:15-9:25 pm	Sustaining Financial Health during the COVID-19 Pandemic and on the Road to Recovery Tobias Adrian, Director, Monetary and Capital Markets Department, IMF Speech 11'12"
9:30-11:00 pm	Financial regulatory measures during the GFC and lessons and measures for the COVID-19 crisis Moderator: Yoshihiro Kawai, Visiting Professor, The University of Tokyo 26'00" \| 1h37'27" (starting Q&A) Panelists: Stefan Ingves, Governor, Sveriges Riksbank (by video) Presentation \| Short video \| Full Presentation 32'41" Stijn Claessens, Head of Financial Stability Policy Department, Bank for International Settlements (BIS) 46'05" Takatoshi Ito, Professor, School of International and Public Affairs, Columbia University Presentation 59'52" Nobuyuki Hirano, Chairman, Member of the Board of Directors, Mitsubishi UFJ Financial Group, Inc. 1h23'27" Issues for discussion Financial regulation is a key component of managing financial risk and establishing good governance. This session will cover financial regulatory lessons from the GFC and how they can be applied to help manage financial risks. Specific issues include regulatory policies and their impact, resolution frameworks for the banking sector, solvency and liquidity management, and lessons from the GFC already applied during the current crisis.
11:00-11:10 pm	Closing remarks on public sessions: Tsutomu Watanabe, Dean, Graduate School of Economics, The University of Tokyo 2h09'02"

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Speakers and Panelists

Opening Remarks	Opening Speech
Makoto Gonokami President, The University of Tokyo Bio	Kristalina Georgieva Managing Director, IMF Bio
Moderator
Gillian Tett Chair Editorial Board and Editor-at-Large US, Financial Times Bio
Panelists
William Dudley Senior Research Scholar, Griswold Center for Economic Policy Studies, Princeton University Bio	Francesco Papadia Senior Fellow of the Bruegel Institute Bio
Marianne Nessen Senior Advisor to the Executive Board, Sveriges Riksbank Bio	Hiroshi Nakaso Project Professor, The University of Tokyo Bio

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Opening Remarks
Haruhiko Kuroda Governor, Bank of Japan Bio	Jonathan D. Ostry Acting Director, Asia and Pacific Department, IMF Bio
Moderator
Takehiko Nakao Chairman, Mizuho Research Institute Bio
Panelists
Ceyla Pazarbasioglu Director, Strategy Policy and Review Department, IMF Bio	Masamichi Kono Deputy Secretary-General, OECD Bio
Toshinori Doi Director, AMRO Bio
Moderator
Patricia Mosser Professor, School of International and Public Affairs, Columbia University Bio
Panelists
Robin Brooks Managing Director and Chief Economist, IIF Bio	Shunsuke Shirakawa Vice Commissioner for Strategy Development and Management, JFSA Bio
Kenichi Ueda Associate Professor, The University of Tokyo Bio

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Opening Speech
Ryozo Himino Commissioner, JFSA Bio	Tobias Adrian Director, Monetary and Capital Markets Department, IMF Bio
Moderator
Yoshihiro Kawai Visiting Professor, The University of Tokyo Bio
Panelists
Stefan Ingves Governor, Sveriges Riksbank Bio	Stijn Claessens Head of Financial Stability Policy Department, BIS Bio
Nobuyuki Hirano Chairman, Member of the Board of Directors, Mitsubishi UFJ Financial Group, Inc. Bio	Takatoshi Ito Professor, School of International and Public Affairs, Columbia University Bio
Closing Remarks
Tsutomu Watanabe Dean, Graduate School of Economics, The University of Tokyo Bio

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IMF Conference

Lessons from the Global Financial Crisis in the Age of COVID-19

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Video Playlist

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Agenda

Session 1: Monday, November 23Theme: Crisis Management Lessons

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Session 2: Tuesday, November 24Theme: International Cooperation; Risk Management

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Session 3: Wednesday, November 25Theme: Financial Regulation

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Speakers and Panelists

Session 1: Monday, November 23

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Session 2: Tuesday, November 24

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Session 3: Wednesday, November 25

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IMF’s Work

RESOURCES

TOPICS

Flagship Publications

Other Publications

IMF reports and publications by country

Regional Offices

All News

See Also

For Journalists

Press Center

RESOURCES

FLAGSHIPS

KEY SERIES

IMF NOTES

Social Media

Contact

Email notification sign-up

Lessons from the Global Financial Crisis in the Age of COVID-19

Session 1: Monday, November 23Theme: Crisis Management Lessons

Session 2: Tuesday, November 24Theme: International Cooperation; Risk Management

Session 3: Wednesday, November 25Theme: Financial Regulation

Session 1: Monday, November 23

Session 2: Tuesday, November 24

Session 3: Wednesday, November 25