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

Konferenssit ja työpajat

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

Programme
Times in Finnish local time (UTC+3 EEST)

8:50

Welcome 
Mika Pösö, Bank of Finland
9:00

Keynote speech: A new dawn, a new day, a new life for monetary policy implementation 
Tuomas Välimäki, Member of the Board, Bank of Finland
9:30 Keynote speech: Learning by Doing
Victoria Saporta, Executive Director of the Markets Directorate, Bank of England  
10:00 Keynote Q&A
10:20 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

 
11:40

Keynote speech: Addressing banks’ liquidity risks in the new technological and monetary policy environment   
Fernando Restoy, Chair of the Financial Stability Institute, BIS  
12:10

Keynote Q&A
Moderator: Ernest Gnan, SUERF
12:20

Lunch
13:40

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
15:10

Break 
15:30

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
17:00

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

The conference is invitation-only and only in person attendance. 

For questions related to the conference, please contact the Event Coordination Team at MOSihteerit[at]bof.fi.