For the past 12 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 14-16 November 2018 at the NBR Training Center in Sinaia.

Experts from seven central banks of the member countries of the IMF Netherlands Constituency (Belgium, Bulgaria, Croatia, Georgia, The Netherlands, Moldova, Ukraine) participated in the seminar, along with specialists from the NBR, the IMF, representatives of international institutions (World Bank, European Banking Authority, Bank for International Settlements), representatives of the Romanian authorities (Financial Supervisory Authority and Bank Deposit Guarantee Fund) and academia (National University of Political Studies and Public Administration).

Agenda

Thursday, 15 November 2018

Opening Session

Introductory remarks:

• Liviu Voinea, Deputy Governor, National Bank of Romania
• Anthony De Lannoy, Executive Director, International Monetary Fund

Keynote Address: “What we have learnt from EU-wide stress tests”
Andrea Enria, Chairperson, European Banking Authority

Session 1: Lessons in designing and calibrating macroprudential policy

• Chair: Liviu Voinea, Deputy Governor, National Bank of Romania
• Key Speakers:
  • Paul Hilbers, Director, De Nederlandsche Bank – Putting macroprudential policy to work
  • Erlend Nier, Deputy Division Chief, International Monetary Fund – Calibration of a debt- service-to- income limit: Evidence from microdata

Session 2: Tradeoffs between financial stability and monetary policy

• Chair: Paul Hilbers, Director, De Nederlandsche Bank
• Key speakers:
  • Hans Dewachter, Senior Advisor, National Bank of Belgium – Trade-offs between financial stability and monetary policy
  • Dubravko Mihaljek, Advisor, Bank for International Settlements – Housing markets and domestic policy coordination

Friday, 16 November 2018

Session 3: Experiences with macroprudential policy and coordination with other policies

• Chair: Remus Pricopie, Rector, National University of Political Studies and Public Administration
• Key Speakers:
  • Frank Heemskerk, Former Executive Director, World Bank – Lessons learned & Road to World Bank Group Capital Increase
  • Cheikh Anta Gueye, Deputy Division Chief, International Monetary Fund – Macroprudential Policies and House Prices in Europe (Regional Economic Outlook)

Session 4: Tradeoffs between macroprudential policies and the real economy

• Chair:Erlend Nier, Deputy Division Chief, International Monetary Fund
• Key Speakers:
  • Natan Garștea, Head of Financial Stability Division, National Bank of Moldova – Experience of new macroprudential tools implementation in Moldova
  • Zviad Zedginidze, Head of Financial Stability Department, National Bank of Georgia – Tradeoffs between macroprudential policies and the real economy
  • Pervin Dadashova (Ms), Head of Macro Stress Testing and Modelling Unit, National Bank of Ukraine – The emergence of macroprudential policy in Ukraine

Session 5: Research on Financial Stability – Young Professionals

• Chair: Eugen Rădulescu, Director, Financial Stability Department, National Bank of Romania
• Speakers:
  • Florin Dragu, Division Chief, National Bank of Romania – Probability of default - a new qualitative perspective
  • Constantin Cătălin Dumitrescu, Economist, National Bank of Romania – Investment activity of non-financial companies in Romania: evolution, drivers and constraints
  • Alexie Alupoaiei, Senior Economist, National Bank of Romania – Looking for the macroprudential policy stance
  • Matei Kubinschi, Senior Economist, National Bank of Romania – Quantitative toolkit for operationalizing the Countercyclical Capital Buffer in Romania
  • Claudia Voicilă, Economist, National Bank of Romania – Banking sector concentration risk: consequences and possible prudential implications