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The MNB is organising the third instalment of its conference series titled „Financial Stability Conference: Prudently Catalysing Competitiveness”. The event will take place on 24-25 September 2026 in Budapest, Hungary.
The conference will address topics related to the role of the financial sector and its regulators in supporting both competitiveness and the mitigation of newly emerging systemic risks, the potential turn of the regulatory cycle, the impact of digitalization on these processes, the current geopolitical risk landscape and the most effective approaches to its modelling. In addition, the event will devote attention to the newest developments of long-standing risks originating from real estate market financing, which remain substantial, particularly in Europe.
For further information on practical details related to the event, please see the Practical Information Note here.
| Time (CET) | Session |
|---|---|
| 8:30 – 8:50 | Registration |
| 9:00 – 9:30 | Welcome address Mihály Varga, Governor of the MNB Manuel Ramos-Francia, Director General of CEMLA |
| 9:30- 10:15 | International Keynote speech Claudio Borio (Central Banking) |
| 10:15 – 10:45 | Coffee break |
| 10:45- 11:45 | Smarter Prudential Regulation: Catalysing Growth and Competitiveness Through Simplicity Presenters: Helmut Ettl (FMA), Nicolas Véron (Bruegel, Peterson Institute for International Economics): The EU Financial Services Reform Agenda |
| 11:45 – 13:00 | Balancing Stability and Competitiveness in Financial Regulation Moderator: Zoltán Kurali (MNB) Panellists: Helmut Ettl (FMA), Lars Overby (EBA), Livio Stracca (ECB), Nicolas Véron (Bruegel, Peterson Institute for International Economics) |
| 13:00 – 14:00 | Lunch |
| 14:00 – 15:15 | The Financial Stability Implications of CBDC Keynote speaker and chair of discussion: Mu Changchun (People's Bank of China) Panellists: Karina Kubelková (CNB), Jeremy Leake (BoE), Gerardo Hernandez del Valle (CEMLA) |
| 15:15 – 15:45 | Coffee break |
| 15:45 – 17:00 | AI as a Double-Edged Sword for Financial Stability Keynote speaker and chair of discussion: Leonardo Gambacorta (BIS): AI and financial stability Panellists: Mattias Levin (European Commission), Federico Signoretti (Banca d’Italia), Davide Stroppa (EBA) |
| 18:00 - 22:00 | Informal event Visiting the House of Parliament at 6:00 PM (For entry, we kindly ask everyone to bring a valid ID card or passport.) Dinner at the Urbán Betyár restaurant at 7:00 PM |
| Time (CET) | Session |
|---|---|
| 9:00 – 9:30 | Keynote speech Előd Takáts, Deputy Head of Secretariat at Committee on the Global Financial System BIS: Dollarization waves |
| 9:30 – 10:30 | Fragmented World, Integrated Markets: Managing Systemic Geopolitical Risk Moderator: Előd Takáts (BIS) Panellists: Martin Hodula (Czech National Bank), Fatima Silva (Banco de Portugal) |
| 10:30 – 11:00 | Coffee Break |
| 11:00 – 12:15 | The Trade-off Between Prudent Lending and Housing Affordability Moderator: Ádám Banai (MNB) Panellists: Nina Biljanovska (IMF), Fergal McCann (Central Bank of Ireland), Martin Reiner (National Bank of Slovakia), Jagdish Tripathy (Bank of England) |
| 12:15 – 13:30 | Lunch |
| 13:30 – 14:45 | From Risk Indices to Policy Calibration: Analytical Approaches to Geopolitical Uncertainty Presenters: Matei Kubinschi (National Bank of Romania): Measuring geopolitical uncertainty: Indicators, transmission channels and AI-based signals , Norbert Metiu (Deutsche Bundesbank): Geopolitical Risks: Measurement and Implications for Financial Stability , Katalin Varga (MNB): Energy risk factors and macro-financial vulnerability |
| 14:45 – 15:15 | Coffee break |
| 15:15 – 16:35 | Real Estate and Mortgage Market Risks Presenter: Adrian Carro (Banco de Espana): Taming the housing roller coaster: stability gains and distributional trade-offs , Federica Ciocchetta (National bank of Italy): Commercial real estate loans in Europe: does loan-to-value at origination predict default risk? , Peter Karlström (CEMLA): Macroprudential policy and systemic risk. The role of corporate and household credit booms , Enrique Martínez García (FED Dallas):Housing Markets, Expectations and Financial Stability. An evidence-based compass for financial stability monitoring and communication |
Governor – Magyar Nemzeti Bank
Executive Director - Magyar Nemzeti Bank
Senior Economist – European Department International Monetary Fund
Former Head of the Monetary and Economic Department - BIS
Senior Research Economist - Banco de Espana
Director General of the Digital Currency Institute - People's Bank of China
Executive Director - Austrian Financial Market Authority
Director General – CEMLA
Head Emerging Markets, Monetary and Economic Department - Bank for International Settlements
International Economics Group Head and Assistant Vice President at the Federal Reserve Bank of Dallas, and Co-Director of the Global Institute
Director of Research Division - Czech National Bank
Director of Financial Stability- CEMLA
Member of the Bank Board of the Czech National Bank
Deputy Director at the Financial Stability Department - National Bank of Romania
Deputy Governor – Magyar Nemzeti Bank
Senior Advisor in Payments and Innovation – Bank of England
Acting head of unit, digital finance - DG FISMA
Executive Director of the Research, Statistics and Economic Education Division – National Bank of Slovakia
Head of the Research Collaboration Unit - Central Bank of Ireland
Deputy Head of Macro-Finance Section, Directorate General Financial Stability - Deutsche Bundesbank
Head of Risk-based Metrics - EBA
Head of Financial Intermediaries and Structure Division – Banca d'Italia
Head of Macroprudential Policy Division – Banco de Portugal
Deputy Director General Macroprudential Policy and Financial Stability - ECB
Senior Policy Expert and Team Leader for AI Act implementation in the Digital Finance Unit – EBA
Deputy Head of Secretariat, Committee on the Global Financial System - BIS
Director of Financial Market Infrastructures - Center for Latin American Monetary Studies (CEMLA)
Senior Fellow - Bruegel and Peterson Institute for International Economics
Economic advisor – Magyar Nemzeti Bank
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