For the past 13 years, the National Bank of Romania (NBR), in cooperation with the International Monetary Fund (IMF), has been organizing the seminar on financial stability issues. This year’s event took place on 12-13 September 2019 at the NBR, in Bucharest.

High level officials and experts from fourteen European central banks (Albania, Armenia, Belgium, Czech Republic, Georgia, Greece, Moldova, North Macedonia, Serbia, Slovakia, Slovenia, Spain, The Netherlands, Ukraine) participated in the seminar, along with specialists from the NBR, the IMF, representatives of international institutions (European Commission, Bank for International Settlements), representatives of investment banks (Natixis), representatives of economic think-tanks or academia (Bruegel, Council on Economic Policies, Centre for Economic Policy Research, University of Milano Bicocca), as well as representatives of Romanian authorities (Financial Supervisory Authority, Ministry of Public Finance and Bank Deposit Guarantee Fund).

Agenda

12 September 2019

Welcoming remarks:

• Mugur Isărescu, Governor, National Bank of Romania

Session 1: Financial inclusion and income inequality

Chair: Jaewoo Lee, IMF Mission Chief for Romania

Key Speaker:

• Alicia Garcia Herrero, Chief Economist Asia Pacific, Global Market Research, Natixis - Financial inclusion, rather than size, is the key to tackling income inequality

Presentations:

• Andrea Colciago, Economist, Research Department, De Nederlandsche Bank; Associate Professor, University of Milano Bicocca - Competition and Inequality
• Simona Iftimie, Economist, National Bank of Romania - Income inequality and access to credit

Session 2: Feedback loops between macroprudential policy and financial inclusion

Chair: Valentin Lazea, Chief Economist, National Bank of Romania

Key speaker:

• Paul Hilbers, Director of Financial Stability Division, De Nederlandsche Bank - Financial stability and financial inclusion

Presentations:

• Júlia Čillíková, Executive Director, National Bank of Slovakia - Macroprudential policy and financial inclusion in Slovakia
• Aaron Mehrotra, Senior Economist, Bank for International Settlements, Macroprudential policy and financial inclusion – effects and interlinkages
• Luminița Tatarici, Senior Economist, National Bank of Romania - Connecting financial inclusion and financial stability. Risks and benefits

13 September 2019

Session 3: SMEs and financial inclusion

Chair: Paul Hilbers, Director of Financial Stability Division, De Nederlandsche Bank

Key Speaker:

• Thorsten Beck, Professor of Banking and Finance - Cass Business School, SME Finance – Insights from the recent literature

Presentations:

• Miguel García-Posada, Staff Economist, Banco de España - Credit constraints, firm investment and employment: Evidence from survey data
• Mihaela Neagu, Economist, National Bank of Romania - SMEs access to finance. A financial stability perspective

Session 4: Climate-related risks and financial stability

Chair: Octavian Armașu, Governor, National Bank of Moldova

Key Speaker:

• Pierre Monnin, Fellow, Council of Economic Policies - Climate risks and financial stability. Implications and challenges for central banks

Presentations:

• Primož Dolenc, Deputy Governor, Bank of Slovenia - Climate change – an emerging risk for financial stability
• Serena Fatica, Senior Research Economist, Joint Research Centre, European Commission - The pricing of green bonds: are financial institutions special?
• Amalia Stamate, Economist, National Bank of Romania -Climate risks. Implications for the financial sector

Session 5: Research on Financial Stability – Young Professionals

Chair: Florian Neagu, Deputy Director of Financial Stability Department, National Bank of Romania

Presentations:

• Simona Malovaná, Head of Financial Research Unit, Financial Stability Department, Czech National Bank - The Effect of Higher Capital Requirements on Bank Lending: The Capital Surplus Matters
• Radu Popa, Economist, National Bank of Romania - Triggers of mortgage loan defaults: Evidence from changes in laws governing the housing market
• Alina Zaharia, Economist, National Bank of Romania - Uncovering the dynamic relationship between credit and economic growth in Romania

Closing Remarks:

Florin Georgescu, First Deputy Governor, National Bank of Romania