Twelve Annual International Conference

In conjunction with the World Bank, the Federal Reserve Bank of Chicago held its twelfth annual International Banking Conference on September 24 and September 25, 2009. The purpose of the conference was to address current issues affecting international financial markets. The conference examined the recent global financial upheaval, whether financial principles seem to have shifted in recent years, and what that may mean for international financial markets and regulation. As usual, there was an emphasis on the implications for public policy. What "broke" in the current crisis? Is there a "playbook" on how to respond to systemic crises? What is the optimal role of national governments in dealing with crises? How should asset bubbles be addressed in the future? Do we need a major overhaul of governance in the industry? What other reforms are needed? These and related issues were addressed at the two-day conference. It featured keynote presentations by

• Christina Romer, Chair, U.S. Council of Economic Advisers
• José Viñals, Financial Counsellor and Director of Monetary and Capital Markets, International Monetary Fund
• Kevin M. Warsh, Governor, Board of Governors of the Federal Reserve System and
• Philipp Hildebrand, recently appointed Chairman of the Governing Board, Swiss National Bank.

The makeup of the conference was truly international as the audience typically consisted of representatives from central banks, regulatory and supervisory agencies, trade associations, financial institutions and academic institutions from around the globe. Last year, more than 150 participants from 30 countries joined the discussion.