Session 1—Monetary Policy and Financial Stability

IMF Seminar

imf seminars event

DATE: October 10, 2015

DAY: Saturday

2:30 PM - 4:00 PM Lima Time

LOCATION: Lima Convention Center 6 - Pachacamac

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The Global Financial Crisis has prompted central banks in Advanced Economies and, to some extent in Emerging Markets, to rethink their monetary policy frameworks. The focus has been on the relationship between monetary policy and financial stability. It has become widely recognized that prudential policy needs to play a greater role to preserve financial stability. But whether and how much monetary policy needs to lend a hand is still hotly debated. This panel aims to explore the costs and benefits of using monetary policy to support financial stability.

Session 1—Monetary Policy and Financial Stability

Revisiting Monetary Policy Frameworks


Moderator: José Viñals


José Viñals is the Financial Counsellor and Director of the Monetary and Capital Markets Department of the International Monetary Fund. He is a member of the Financial Stability Board, representing the IMF. Before this, he served as the Deputy Governor of the Central Bank of Spain after holding successive positions. He has also been Chairman of the ECB’s International Relations Committee; and Chairman of Spain’s Deposit Guarantee Funds.

Jaime Caruana


Jaime Caruana is the General Manager of the Bank for International Settlements. Previously, Mr Caruana was Financial Counsellor to the Managing Director and Director of the Monetary and Capital Markets Department of the International Monetary Fund. From 2000 to 2006, Mr. Caruana was the Governor of the Bank of Spain, Spain's central bank, and in that capacity, served on the Governing Council of the European Central Bank. He was also the Chairman of the Basel Committee on Banking Supervision from 2003 to 2006 and has been a member of the Financial Stability Forum (now the Financial Stability Board) since 2003.

Benoît Cœuré


Benoît Cœuré is a member of the Executive Board of the European Central Bank and the Chairman of the Bank for International Settlements’ Committee on Payments and Market Infrastructures. Prior to joining the ECB, he served in various policy positions at the French Treasury. He was the CEO of the French debt management office, Agence France Trésor, then France’s Assistant Secretary for Multilateral Affairs, Trade and Development, co-president of the Paris Club and G8 and G20 finance sous-sherpa for France, and finally Deputy-Director General and Chief Economist of the French Treasury.

Nemat Shafik


Nemat (Minouche) Shafik is Deputy Governor for Markets and Banking at the Bank of England, where she has responsibility for the Bank’s balance sheet and its interaction with financial markets. She is a member of the Monetary Policy Committee, sits on the Prudential Regulation Board, and attends the Financial Policy Committee. Prior to joining the Bank, she was Deputy Managing Director of the International Monetary Fund from 2011–14 where she was responsible for policy and programmes in Europe and the Middle East. Prior to that she was Permanent Secretary of the UK’s Department for International Development.

Rodrigo Vergara


Rodrigo Vergara has been Governor of the Central Bank of Chile since December 2011 (serving a 4 year term) and has served as a member of the Board since 2009. Before his appointment to the Bank’s Board, Mr. Vergara was full professor at the Economics Department of Universidad Católica and an economic advisor to the central banks and governments of several countries in Latin America, Eastern Europe, Asia and Africa. He has also been an external consultant for the World Bank, the International Monetary Fund, the Inter-American Development Bank and the United Nations. Mr. Vergara holds a PhD from Harvard University (1991).