NEGATIVE EURO AREA INTEREST RATES AND SPILLOVERS ON WESTERN BALKAN CENTRAL BANK POLICIES AND INSTRUMENTS MAY 4 – 5, 2017
CONFERENCE AGENDA
Day 1: May 4, 2017
Welcome Addresses
Gent Sejko, Bank of Albania, Governor
Christoph Graf, Ambassador of Switzerland in Albania
Miguel Savastano, International Monetary Fund, Monetary and Capital Markets Department, Deputy Director
Session 1: Negative euro area interest rates and financial stability: a first look beyond the Western Balkans and general trends
Moderator: Klodion Shehu, Bank of Albania, Financial Stability Department, Director
Keynote address: Julia Woerz, Oesterreische Nationalbank, Foreign Research Division, Head: “How do interest rate differentials impact on euroization? Evidence from the OeNB’s Euro Survey”
Romain Veyrune, International Monetary Fund, Monetary and Capital Markets Department, Senior Economist: “Negative euro area interest rates and an effective de-euroization strategy”
Session 2: Negative euro area interest rates and financial stability in Western Balkan economies
Moderator: Natasha Ahmetaj, Bank of Albania, Second Deputy Governor
Klodion Shehu, Bank of Albania, Financial Stability Department, Director: “Implications of low interest rates for financial stability in Albania”
Belma Čolaković, Central Bank of Bosnia and Herzegovina, Chief Economist: “What is obscured by aggregate data in the case of Bosnia and Herzegovina?”
Arben Mustafa, Central Bank of the Republic of Kosovo, Advisor to the Governor: “Financial stability under unilateral Euroization: the case of Kosovo”
Milena Vučinić, Central Bank of Montenegro, Financial Stability Department: “ECB nonstandard monetary policy measures and financial stability in Western Balkan economies with emphasis on the case of Montenegro”
General Discussion
Session 3: Negative euro area interest rates and reserve management
Moderator: Elisabeta Gjoni, Bank of Albania, First Deputy Governor
Keynote address: Roberto de Beaufort Camargo, World Bank, Lead Financial Officer: “Are you prepared to assume the risk of increasing EUR yields?”
Victor Andrei, National Bank of Romania, Market Operations Department, Director: “Negative euro area interest rates and reserve management at Central Bank of Romania”
Sandor Ladányi, Magyar Nemzeti Bank, Foreign Exchange Reserves Management Strategy Department “Implementation of the new FX reserves investment strategy at the central bank of Hungary”
General Discussion
Session 4: Negative euro area interest rates and reserve management (continued)
Moderator: Roberto de Beaufort Camargo, World Bank, Lead Financial Officer
Marian Gjermeni, Bank of Albania, Market Operations Department, Director: “Reserve management challenge: Stability vs. Return”
Vesna Hristovska, National Bank of the Republic of Macedonia, Financial Market Operations Department: “Reserve management at the National Bank of the Republic of Macedonia in a context of negative euro area interest rates”
General Discussion
Day 2: May 5, 2017
Session 5: Negative euro area interest rates and monetary policy in the proximity of the euro area
Moderator: Guido Della Valle, International Monetary Fund, Monetary Policy Advisor
Keynote address: Ryan Banerjee, Bank for International Settlement, Senior Economist: “Monetary policy in the proximity of the euro area, what changes with negative euro area rates?”
Ulrich Bindseil, European Central Bank, Market Operations, Director General: “Rationale of accommodating ECB monetary policy, experience and outlook”
Thomas Moser, Swiss National Bank, Alternate Member of the Governing Board: “Monetary Policy below the Zero Lower Bound”
Dana Hajkova’ Czech National Bank, Advisor to the Bank Board: “Monetary policy and exchange rate commitment in the Czech Republic”
Daniel Felcser, Magyar Nemzeti Bank, Monetary Policy Analysis Department, Senior Economic Analyst: “Non-standard monetary policy in a low interest rate environment”
General Discussion
Session 6: Negative euro area interest rates and monetary policy in the Western Balkans
Moderator: Erald Themeli, Bank of Albania, Monetary Policy Department, Director
Keynote address: Isabella Moder, European Central Bank, Economist: “Spillovers of the ECB’s non-standard monetary policy measures on Southeastern Europe”
Guido della Valle, International Monetary Fund, Monetary Policy Advisor: “Estimating the lower policy rate bound in an euroized economy”
Anita Angelovska Bezhoska, National Bank of the Republic of Macedonia, Vice Governor: “Conduct of monetary policy at National Bank of the Republic of Macedonia: recent challenges and policy response”
Branislav Zoroja, National Bank of Serbia, Monetary Operations Department, General Manager: “Conduct of monetary policy with financial stability issues and challenging environment: Case of Serbia”
General Discussion
Concluding Remarks
Miguel Savastano, International Monetary Fund, Monetary and Capital Markets Department, Deputy Director
