During 20-22nd October 2016, the National Bank of Romania and the International Monetary Fund jointly organized in Sinaia the 10th edition of the Regional Seminar on Financial Stability, entitled “Macrostability: Central Banks in Uncharted Territories”.

In the opening session of the seminar, the introductory speech was delivered by Mr. Mugur Isarescu, Governor, National Bank of Romania and Mr. Reza Baqir, Mission chief for Romania, International Monetary Fund.

Experts from 12 central banks (Austria, Belarus, Czech Republic, Croatia, France, Greece, Georgia, Hungary, Moldova, Poland, Portugal, Ukraine) participated in the seminar, along with specialists from the National Bank of Romania, the International Monetary Fund, representatives of international institutions (European Central Bank, World Bank, European Banking Authority, Bruegel, Council on Economic Policies), representatives of the Romanian authorities (Ministry of Public Finance, Financial Supervision Department) and academia (Bucharest University of Economic Studies, Alexandru Ioan Cuza University).

The seminar topics included: “Building up new tools for monitoring systemic risks”, “Financial inclusion”, “AQR role in establishing market confidence and resolution of NPLs”, “Crisis resilience framework”, “Living in a low interest rate environment”, “New macroprudential instruments for managing new risks”.

Program

Thursday, 20 October 2016

Opening Remarks

• Mugur Isărescu, Governor, National Bank of Romania
• Reza Baqir, Mission Chief for Romania, International Monetary Fund
  

Panel 1: Building up new tools for monitoring systemic risks

• Chair: Liviu Voinea, Deputy Governor, NBR
• Key speaker: Steven Phillips, Advisor, Monetary and Capital Markets Department, IMF – “Challenges and cautions in analyzing systemic risk”
• Key speaker: Adelaide Cavaleiro, Advisor to the Board of Directors, Bank of Portugal – “Building up new tools for monitoring systemic risks – The Portuguese experience”
• Key speaker: Philip Reading, Director, Department for Financial Stability and the Supervision of Less Significant Institutions, National Bank of Austria – “Systemic risk monitoring tools – the Austrian experience”

Panel 2: Financial inclusion

• Chair: Alejandro Hajdenberg, IMF Resident Representative for Romania and Bulgaria
• Key speaker: Marin Moloșag, Senior Advisor, National Bank of Moldova – “Financial inclusion – a prerequisite for macrofinancial stability”
• Key speaker: Pierre Monnin, Fellow, Council on Economic Policies – “Financial inclusion, income inequality and macroeconomic stabilities: exploring the links”
• Paper presented by Horațiu Lovin, advisor the the NBR deputy governor – “Household debt and monetary policy transmission in a high-inequality environment”

Panel 3: AQR role in establishing market confidence and resolution of NPLs

• Chair: Gheorghe Hurduzeu, Dean, Faculty of International Relations, Bucharest University of Economic Studies
• Key Speaker: Andreas Pfeil, Bank Sector Analyst, Oversight Department, European Banking Authority – “Identifying potential links: AQRs, asset quality and banks’ other risk indicators”
• Key Speaker: Aurora Ferrari, Practice Manager, Finance & Markets Global Practice for Financial Stability, Bank Regulation and Supervision, World Bank – “AQRs: just the first step...”
• Paper presented by the Financial Stability Department: Anca Diniță, Alina Bîrțoiu, Virgil Dăscălescu – “An approach to determining the relative risk ranking of Romanian individual banks”

Panel 4: Crisis resilience framework

• Chair: Eugen Rădulescu, Director, Financial Stability Department, NBR
• Key Speaker: Alexander Lehmann, Visiting Fellow, Bruegel – “Strengthening crisis resilience within CESEE’s open financial systems”
• Paper presented by the Financial Stability Department: Florin Dragu, Anamaria Cazacu – “Stress-testing the non-financial companies sector – a macroprudential perspective”
• Paper presented by the Financial Stability Department: Ruxandra Popescu, Irina Mihai – “Stress-testing the household sector – assessing the link between the banking sector and real sector”

Friday, 21 October 2016

Panel 5: Living in a low interest rate environment

• Chair: Enache Jiru, State Secretary, Ministry of Public Finance
• Key Speaker: Frank Moss, Director General, Directorate General International and European Relations, European Central Bank – “Living in a low interest-rate environment – Challenges for central banks”
• Key Speaker: Zsolt Kuti, Director, Monetary Policy and Financial Analyses Directorate, National Bank of Hungary – “Monetary policy twist and future challenges”
• Paper presented by the Financial Stability Department: Liviu Voinea, Alexie Alupoaiei – “Analysis of saving behavior: the role of precautionary motives and ambiguity”

Panel 6: New macroprudential instruments for managing new risks

• Chair: Ernesto Crivelli, Economist, European Department, IMF
• Key Speaker: Ramona Jimborean, Economist, Macroprudential Policy Division Financial Stability Directorate, Bank of France – “Macroprudential Policy in Europe and France”
• Paper presented by the Financial Stability Department: Liviu Voinea, Matei Kubinschi – “Dynamics and Determinants of Eurozone Risk Premia”
• Paper presented by the Financial Stability Department: Elena Banu, Luminița Tatarici, Irina Mihai – “The real estate market cycle – building a new tool for evaluating the financial cycle”

Cuvânt de închidere

• Liviu Voinea, Deputy Governor, NBR
• Alejandro Hajdenberg, Resident Representative for Romania and Bulgaria, IMF