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

Welcome and opening remarks
Mika Pösö, Bank of Finland

Keynote speech: Tuomas Välimäki, Bank of Finland
TBD

9:40

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?
• Victoria Saporta, Bank of England
  Approaches to QT - How to transition to the steady state?
• Heidi Elmér, Riksbank
  Profitability and composition of balance sheet. Is the minimum reserve requirement part of a solution?  

• Q&A

Break

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

Lunch

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

• Gioia Cellai, Banca d'Italia
  The roles of the structural portfolio and the long-term credit operations
• 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: Marker for Reserves
Session chair: Francesco Papadia, Bruegel

• 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