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Conference on Financial Stability and Macro-prudential Policy

10 Feb. 2015

Banco de Portugal is organizing a conference on Financial Stability and Macro-prudential Policy, which will be held in Lisbon on 10 February 2015.

The recent crisis evidenced the systemic nature of financial risks and the inter-linkages between the financial sector and the other sectors of the economy. The need to monitor and attenuate these risks led to a profound reform in financial regulation and supervision and to an enhanced role of central banks in promoting financial stability.

This conference, addressed at financial regulators, financial industry and academia, aims at promoting the debate on critical issues related to the design and implementation of policies oriented toward financial stability and at contributing to raise awareness among market participants regarding the challenges imposed by the new policy framework.


08.30 - 09.00Registration
09.00 -09.30<strong>Welcome and opening remarks<br /> </strong><strong>Carlos da Silva Costa</strong>, Governor, Banco de Portugal<br /> <br />
09.30 - 10.45 <p><strong>SESSION I: POLICY FRAMEWORK FOR FINANCIAL STABILITY <br /> <br /> Chair: Peter Praet,</strong> European Central Bank<br /> <br /> <a href="//" target="_blank">Macro-prudential Policies within a Multicountry Monetary Union</a><br /> <strong>Fernando Restoy</strong>, Banco de España <br /> <br /> <a href="//" target="_blank">The EU Macro-prudential Policy Framework : State of Play and Challenges Ahead</a><br /> <strong>Aliénor Margerit</strong>, European Commission </p>
10.45 - 11.00Coffee break
11.00 - 12.15 <p><strong>SESSION II: SYSTEMIC RISK - ASSESSMENT AND MEASUREMENT <br /> <br /> </strong><a href="//" target="_blank">Challenges to Macro-prudential Regulation</a><br /> <strong>Chair: João Santos</strong>, Federal Reserve Bank of New York <br /> <br /> <a href="//" target="_blank">On Systemic Risk Contribution and Macro-financial Linkages</a><br /> <strong>Marco Espinosa-Vega</strong>, International Monetary Fund<br /> <br /> <a href="//" target="_blank">The Perennial Challenge to Counter Too-Big-to-Fail in Banking</a><br /> <strong>Steven Ongena</strong>, Universität Zürich and Centre for Economic Policy Research</p>
12.15 - 14.00Lunch
14.00 - 15.15 <p><strong>SESSION III: POLICY INSTRUMENTS - WHEN TO ACTIVATE AND EXPECTED EFFECTS <br /> <br /> </strong><a href="//" target="_blank">The Role of Early Warning Models in Activating Macro-Prudential Policy Instruments: Recent Developments</a><br /> <strong>Chair: Carsten Detken</strong>, European Central Bank <br /> <br /> <a href="//" target="_blank">The Role of Capital Requirements in Macro-prudential Policy</a><br /> <strong>Javier Suarez</strong>, Centro de Estudios Monetarios y Financieros and Centre for Economic Policy Research<br /> <br /> <a href="//" target="_blank">The Effectiveness of Macro-prudential tools</a><br /> <strong>Gabriele Galati</strong>, De Nederlandsche Bank</p>
15:15 – 15:30Coffee break
15:30 - 16:45<strong>SESSION IV: MITIGATING RISKS IN THE REAL ESTATE SECTOR<br /> <br /> </strong><a href="//" target="_blank">Macro-prudential Regulation of Real Estate Markets: Why, What, and How?”</a><br /> <strong>Chair: Deniz Igan</strong>, International Monetary Fund<br /> <br /> <a href="//" target="_blank">Macro-prudential Policy: Heterogeneity and Welfare Evaluation</a><br /> <strong>Caterina Mendicino</strong>, Banco de Portugal<br /> <br /> <a href="//" target="_blank">Macro-prudential Policy and Real Estate Instruments</a><br /> <strong>Ola Melander</strong>, Sveriges Riksbank <p> </p>
16:45 - 17:00 <p><strong>Concluding remarks<br /> <br /> Pedro Duarte Neves,</strong> Banco de Portugal </p>

Getting to the Conference


The Lisbon Airport is located close to the city centre.

Taxis are a fast way to reach the city centre and can be found outside the arrivals terminal.

Several buses also stop right outside the arrivals terminal. Buses 44, 745, or 83 run past the major avenues uptown and end up in the old city centre.

It has recently opened a subway station at the airport with connection to downtown.

If you have large luggage you should take either the AeroBus or AeroShuttle bus services which run between the airport and the city centre every 20 or 30 minutes. A ticket may be purchased directly from the driver.



For further information please contact the Conference Secretariat:

Anabela Marques / Teresa Perdigão
Financial Stability Department
Banco de Portugal

Tel: +351 21 312 8230 / +351 21 3130566