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Frankfurt am Main, 26 and 27 September 2019
European Central Bank, Main Building
Press Conference Room
The first day will be livestreamed on this website. Other parts of the conference will be recorded and made available here.
Thursday, 26 September 2019
15:30 - 15:45
Mario Draghi, Chair of the ESRB
Mario Draghi, in his capacity of Chair of the European Systemic Risk Board, will open the conference and give a keynote address to conference participants.
The financial sector is undergoing a period of substantial structural transformations. Established financial intermediaries are competing with new providers that use alternative ways of supplying financial services to customers. Financial innovations and new technologies are major drivers of these transformations in the financial sector. Participants in this policy panel discussion will provide their insights on how finance will be affected by the emergence of new providers and innovative financial services. Moreover, panellists will discuss how policymakers should respond to the changing nature of the financial industry.
17:45 - 19:00
Friday, 27 September 2019
09:00 - 09:15
Despite the rather short history of macroprudential policy in the EU, the knowledge and empirical evidence on its effectiveness and transmission is growing rapidly. This session will take stock of the experiences with macroprudential policies in recent years, providing perspectives from both the institutional and the academic angle. Speakers will share their views on the success of macroprudential policy in contributing to financial stability. A key topic in the discussion will be how the EU’s macroprudential framework could be improved to further enhance resilience of the financial system.
Marja Nykänen, Deputy Governor, Suomen Pankki
Ratna Sahay, Deputy Director, International Monetary Fund (IMF)
Isabel Schnabel, Professor, University of Bonn and ESRB ASC Vice-Chair
10:45 - 11:00
11:00 - 12:30
Session 2: The role of non-banks in the economy and the financial system
The EU non-bank financial system has grown significantly in recent years. This reinforces the need to develop a framework to monitor risks in this part of the financial sector. Such a risk monitoring framework is a key part of a broader macroprudential strategy. This session will discuss potential financial stability risks and key elements which should be considered when monitoring risks and vulnerabilities in the non-bank financial system.
Mariassunta Giannetti, Professor Stockholm School of Economics
Victoria Ivashina, Professor, Harvard University
12:30 - 13:00
Keynote speech: "Cybersecurity and its potential implications for systemic risk"
Cyberattacks are a relevant financial stability concern for regulators and market participants. Ms Theresa Payton, a distinguished expert in matters of cybersecurity, will outline in her keynote speech the key sources of cyber risk for the financial sector and she will discuss possible policy solutions to address cyber risks.
The ESRB awards an annual prize to recognise outstanding research conducted by young scholars on topics related to the ESRB’s mission. The annual prize was established in 2014 in memory of Ieke van den Burg, who was a member of the ESRB ASC (2011-14) and of the European Parliament (1999-2009). In this session, the winner of the 2019 prize will present his/her research and the prize will be formally awarded.
-Guillaume Vuillemey, HEC Paris & CEPR
14:45 - 15:00
15:00 - 16:30
Session 3: Regulatory reforms of the financial system - Are we done yet?
Following the global financial crisis in 2007-09, the financial system was subject to far-reaching regulatory reforms. Most notably, the micro- and macroprudential pillars of the global regulatory framework have been strengthened through collective efforts of policymakers in recent years. This session will focus on the past achievements in regulatory reforms and will outline ways to address remaining challenges.
Interview with Pablo Hernández de Cos
Eva Harangozo, Tel.: +49 69 1344 5389
Het Europees Comité voor systeemrisico’s (European Systemic Risk Board - ESRB) is een van de financiële toezichthouders die in 2010 zijn ingesteld naar aanleiding van de economische crisis als gevolg van grote begrotingstekorten van een aantal lidstaten. Het maakt deel uit van een nieuw raamwerk voor financieel toezicht binnen de Europese Unie.
Dit Comité brengt de risico's voor de stabiliteit van het financiële stelsel in beeld. Dit met het doel EU-lidstaten, de nationale toezichthouders en de Europese toezichthoudende autoriteiten in een vroeg stadium te waarschuwen voor een systeemrisico en zo deze risico's te voorkomen of te beperken. Bovendien kan het Europees Comité voor systeemrisico's adviseren over maatregelen die genomen kunnen worden.