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You can find a press release on the conference here:Internationally acclaimed experts discuss financial stability challenges of decade at MNB conference

You can find the video recording of the conference here: Magyar Nemzeti Bank - YouTube

After hosting its first Financial Stability Conference of international interest in 2022, where 29 speakers from 4 continents discussed the current issues affecting the financial system, the short-term challenges of financial stability and its longer-term future, the Magyar Nemzeti Bank (MNB, the central bank of Hungary) is organizing jointly with OMFIF (Official Monetary and Financial Institutions Forum) and CEMLA (Center for Latin American Monetary Studies) the second instalment of its financial stability conference series „Turbulent Times” in Spring 2024. The conference will take place on 25-26 March 2024 in a physical form in Budapest, Hungary.

The conference is focused on the challenges of the current macroeconomic turbulences to financial stability: inflation persistently above target levels, interest rate hikes and related risks to banks’ business models, geopolitical realignments, digitalization and climate change related financial risks; all of which particularly affect emerging markets.

Conference venue: Budapest, MNB Buda HQ (Krisztina krt. 55.), conference hall, 25-26 March 2024

Preliminary Agenda

25 March 2024

Time (CET) Session
9:00 – 9:30 Welcome address

Barnabás Virág, Deputy Governor of MNB
Manuel Ramos-Francia, Director General of CEMLA
Christopher Garnett, Senior Adviser at OMFIF
9:30- 10:15 International Keynote speech

Thorsten Beck (Florence School of Banking and Finance): Financial stability and macroprudential policies – managing turbulent times
10:15- 11:30 Macroprudential strategies for inflationary episodes and monetary policy normalisation

Keynote speaker: Anke Weber (International Monetary Fund): Macroprudential Strategies for Inflationary Episodes and Monetary Policy
Moderator: Barnabás Virág (MNB): Macroprudential strategies for inflationary episodes and monetary policy normalisation
Panellists: Anke Weber, Jan Frait (Czech National Bank): Macroprudential and monetary policies in the era of Great Macrofi-nancial Volatility, Natasha Ahmetaj (Bank of Albania)
11:30 – 11:45 Coffee break
11:45 – 13:00 Geopolitical and economic fragmentation risks: shifting linkages and financial stability

Keynote speaker: Stefan Thurner (Complexity Science HUB Vienna): Financial systemic risk in a world with known supply chain net-works
Moderator: Manuel Ramos-Francia (CEMLA): Geopolitics and financial fragmentation: considerations from a mac-ro-financial point of view
Panellists: Stefan Thurner, Mahvash S. Qureshi (International Monetary Fund), Carlos Quicazan (Central Bank of Colombia)
13:00 – 14:00 Lunch
14:00 – 15:10 Financial stability through the lens of historical economics

Keynote speaker: Jorge Ponce (Banco Central del Uruguay): Financial stability through the lens of historical economics
Presenters: Clemens Jobst (University of Vienna)
15:10 – 15:30 Coffee break
15:30 – 17:00 The optimality and the realities of the current financial crisis management framework (regulation, resolution, deposit insurance and other policy interventions) in light of recent stress events

Keynote speaker: Dominique Laboureix (Single Resolution Board)
Moderator: Krisztina Földényiné Láhm (MNB): The optimality and the realities of the current financial crisis man-agement framework
Panellists: Dominique Laboureix, Ruth Walters (Bank for International Settlements), Thorsten Beck (Florence School of Banking and Finance)
Evening Informal event

Guided Tour at the Hungarian Money Museum and Visitors Centre

26 March 2024

Time (CET) Session
9:00 – 9:30 MNB keynote speech

Ádám Banai (MNB): Turbulent Times: the case study of Hungary
9:30 – 10:30 The effects of technological change on liquidity and funding stress

Keynote presenter: Manuel Ramos-Francia (CEMLA): Clogged capital flows pipes? Non-bank global investors and the stability of bond flows
Presenter: Efraim Benmelech (Kellogg School of Management Northwestern University): Digital Banks and Financial Stability
10:30 – 10:45 Coffee Break
10:45 – 11:45 Reinvented markets and financial intermediation

Keynote presenter: Leonardo Gambacorta (Bank for International Settlements): Gen AI and the economy: opportunities and risks
Presenter: Ania Zalewska (University of Leicester School of Business): Reinvented markets and financial intermediation
11:45 – 13:00 Lunch
13:00 – 14:00 Applying stress testing and current systemic risk modelling in macroprudential policymaking

Keynote presenter: Serafín Martinez-Jaramillo (Banco de México): Financial Stability Conference of the Magyar Nemzeti Bank - Turbulent Times
Presenters: Bence Mérő (MNB): Agent-Based Modelling for Macroprudential purposes
14:00 – 14:15 Coffee break
14:15 – 15:45 Systemic underpricing of climate risks in financial markets: does it warrant a macroprudential response?

Keynote presenter: Matias Ossandon Busch (CEMLA): Stranded in the wastelands? Natural capital depletion and bank deposit reallocation
Presenters: Paola D'Orazio (Chemnitz University of Technology): Creating new paradigms while breaking old ones: the global shift towards green central banking
András Borsos (MNB, Complexity Science Hub Vienna): Amplification of climate policy risks for the banking system due to pro-duction network contagion

List of confirmed speakers

Ádám Banai

Executive Director - Magyar Nemzeti Bank

Thorsten Beck

Professor of Financial Stability and Director – Florence School of Banking and Finance

Efraim Benmelech

Henry Bullock Professor of Finance & Real Estate - Kellogg School of Management, Northwestern University

András Borsos

Economist – Magyar Nemzeti Bank, Researcher – Complexity Science Hub Vienna

Matias Ossandon Busch

Director of Financial Stability - CEMLA

Krisztina Földényiné Láhm

Director of the Resolution Directorate - MNB

Jan Frait

Deputy Governor - Czech National Bank

Leonardo Gambacorta

Head of Innovation and Digital Economy - Monetary and Economic Department Bank for International Settlements

Clemens Jobst

Professor for Economic and Social History, Vice-head of department – University of Vienna

Dominique Laboureix

Chair - Single Resolution Board

Serafin Martinez-Jaramillo

Manager Environmental and Social Risks Analysis and Policy Unit - Banco de México

Bence Mérő

Senior Economist - Magyar Nemzeti Bank

Paola D’Orazio

Junior Professor of Economics – Chemnitz University of Technology

Jorge Ponce

Head of Economic Research - Banco Central del Uruguay

Manuel Ramos-Francia

Director General – CEMLA

Mahvash S. Qureshi

Assistant Director and Chief of the Global Financial Stability Analysis Division – Monetary and Capital Markets Department International Monetary Fund

Stefan Thurner

President - Complexity Science Hub

Full Professor – Science of Complex Systems, Medical University Vienna

Barnabás Virág

Deputy Governor – Magyar Nemzeti Bank

Ruth Walters

Senior Advisor at the Financial Stability Institute - Bank for International Settlements

Anke Weber

Advisor and Mission Chief for Hungary, European Department - International Monetary Fund

Ania Zalewska

Research Chair and Professor of Finance – University of Leicester School of Business