Bank of Finland and SUERF Conference on Monetary Policy Implementation: Old Wisdoms and New Trends

Welcome
Mika Pösö, Bank of Finland

Keynote speech: A new dawn, a new day, a new life for monetary policy implementation 
Tuomas Välimäki, Member of the Board, Bank of Finland

Keynote speech: Learning by doing
Victoria Saporta, Executive Director of the Markets Directorate, Bank of England  

Keynote Q&A

Break

10:40

Session 1: The Balance Sheet
Session chair: Mika Pösö, Bank of Finland

• Thomas Vlassopoulos, European Central Bank
  How much reserves are needed in the steady state?
• Heidi Elmér, Riksbank
  Profitability and composition of balance sheet. Can the deposit requirement be part of a solution?

• Q&A

Keynote speech: Fernando Restoy, BIS, Financial Stability Institute
Addressing banks’ liquidity risks in the new technological and monetary policy environment   

Keynote Q&A
Moderator: Ernest Gnan, SUERF

Lunch

Session 2: Instruments and Facilities
Session chair: Jens Eisenschmidt, Morgan Stanley  

• Gioia Cellai, Banca d'Italia
  The ECB operational framework review – Some thoughts on the way forward
  
  
• Stéphane Lavoie, Bank of Canada  
  First experiences of the new normal – The BoC case  
  
  
• Niko Herrala, Bank of Finland
  Steering rates with a facility rather than operations - The dangers of stigma
   
• Q&A

Break 

Session 3: Market for Reserves
Session chair: Luis Brandao-Marques, International Monetary Fund

• Christoph Rieger, Commerzbank
  State of the euro money market
  
  
• Sriya Anbil, Board of Governors of the Federal Reserve
  Pros and cons of the interbank money market – Does the rise of the secured market change the calculus?  
  
  
• Jean-Louis Schirmann, the European Money Markets Institute
  Why reference rates are important and how does the implementation framework affect them?  
  
  
• Q&A

Concluding remarks
Ernest Gnan, SUERF and Mika Pösö, Bank of Finland