Since the financial crisis, central banks have used both conventional and unconventional monetary policies to rebuild and maintain economic stability. At the same time, we face challenges posed by exchange rate volatility, asset price booms, high debt levels and fragile banking sectors. What lessons can we draw from the financial crisis about the interaction between monetary policy and financial stability?

Programme

8:45 – 9:00 Opening of the Symposium, Governor Øystein Olsen

9:00 – 12:00 Lessons from the financial crisis about the interaction between monetary policy and financial stability, Chair: Deputy Governor Egil Matsen

9:00 – 9:30 Managing Spillovers - Striking the Right Balance of Domestic Objectives and External Stability, Christine Lagarde, Managing Director, IMF

9:30 – 10:00 Conversation between Christine Lagarde and Yngve Slyngstad, CEO Norges Bank Investment Management

10:00 – 10:30 Coffee break

10:30 – 12:00 Panel discussion:

• Governor Augustin Carstens
• Peter Praet, Member of the Executive Board of the ECB
• Governor Ignazio Visco
• Axel Weber, Chairman of the Board at UBS
• Moderator: Yngve Slyngstad

12:00 – 13:00 Lunch break

13:00 – 16:30 Experiences and expectations about macroprudential policies and the ability to fine-tune the financial sector, Chair: Egil Matsen

13:00 – 13:45 Professor Hyun Song Shin, Economic Adviser and Head of Research, BIS

13:45 – 14:30 Professor Frank Smets, Adviser to the President of the ECB

14:30 – 15:00 Coffee break

15:00 – 16:15 The Nordic Experience

• Governor Màr Gudmundsson
• Governor Stefan Ingves
• Governor Erkki Liikanen
• Governor Øystein Olsen
• Governor Lars Rohde
• Moderator: Deputy Governor Jon Nicolaisen

16:15 – 16:30 Coffee break

16:30 – 18:00 Panel discussion: Monetary policy and financial stability - Going forward, Chair: Egil Matsen

Panelists:

• Augustin Carstens
• Jacob Frenkel, Chairman of JPMorgan Chase International
• Jon Nicolaisen
• Hyun Song Shin
• Moderator: Martin Sandbu, Financial Times

18:00 – 19:00 Drinks and Book presentation of "Central Banks at a Crossroads: What can we learn from history" with the editors:

• Professor Michael Bordo, Rutgers University
• Professor Marc Flandreau, Graduate Institute of International and Development Studies
• Moderator: Martin Sandbu, Financial Times

19:00 Dinner at Norges Bank

Dinner speech by Governor Stefan Ingves