Friday, November 1, 2019

09:00 – 09:10 Welcome remarks (video)
Alejandro Díaz de León, Governor, Banco de México
09:10 – 10:40

Panel I.- Financial stability and central bank independence
The interaction between financial stability and central bank independence, including the major recent advances and the pending subjects in specialized literature, will be discussed in this session. The main subjects to be addressed are: the optimal design of macroprudential policies and the role of central banks in their implementation; the interaction between prices and financial stability, considering the challenges and synergies between monetary and financial stability policies; and, the benefits of having a single Committee for all objectives of the central bank’s mandate or one Committee for each objective. Other subjects include the challenges to prepare models of the central bank’s role in financial stability; the implications of central bank independence for transparency and accountability; the risks associated with the disclosure of information; the role of new technologies in the development of the banking business; and, the challenges associated with financial stability.

Moderator
Fabrizio López-Gallo, Director General of Financial Stability, Banco de México

Speakers
Sigríður Benediktsdóttir, Director of Undergraduate Studies, Yale Jackson Institute for Global Affairs
Atif Mian, John H. Laporte, Jr. Class of 1967 Professor of Economics, Public Policy and Finance, Princeton University
Rafael Repullo, Professor of Economics and Director, Center for Monetary and Financial Studies
Deborah J. Lucas, Sloan Distinguished Professor of Finance, MIT Sloan School of Management, and Director of the MIT Golub Center for Finance and Policy

11:30 – 13:00

Panel II.- Financial stability and macroprudential policy
This session will cover the experience in different jurisdictions regarding the interaction between central bank independence and financial stability—understood as the necessary condition for central banks to fulfill their mandate—and macroprudential policies. In this regard, macroprudential policy and its interaction with other policy tools available to central banks; and, the challenges for their implementation and the activation of macroprudential tools, including the new perspectives on the long-standing debate of rules vs. discretion in the implementation of policy measures aimed at maintaining financial stability. The need to have clear objectives, accountability indicators and mechanisms as well as monetary policy lessons that can be applied to financial stability policy will also be addressed.

Moderator
Juan Pablo Graf, Head of the Banking Securities and Saving Unit, Ministry of Finance

Speakers
Otávio Ribeiro, Deputy Governor for Regulation, Central Bank of Brazil
Claudia Buch, Vice-President, Deutsche Bundesbank
J. Nellie Liang, Miriam K. Carliner Senior Fellow, Economic Studies, Brookings Institution
Hyun Song Shin, Economic Adviser and Head of Research, Monetary and Economic Department, Bank for International Settlements (BIS)