Thirteenth Annual International Banking Conference

September 23–24, 2010

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Courtesy of ThomsonReuters

 

 

 

 

 

 

 

 

 

In conjunction with the International Monetary Fund, the Federal Reserve Bank of Chicago will hold its thirteenth annual International Banking Conference on September 23–24, 2010. The purpose of these conferences is to address current issues affecting international financial markets. This year, we examine the role of macroprudential regulation in the financial sector. Shocked by the experience of the last few years, many argue that the more traditional microprudential regulatory tools are inadequate to create a safe and stable financial system. The microprudential paradigm relies on the presumption that the financial system as a whole can be made safe by ensuring individual financial institutions are made safe. This ignores interconnections and externalities, whereby the actions of one financial institution or events in financial markets can lead to spillover effects that adversely affect general market conditions, other financial institutions, and ultimately the economy as a whole. Instead, it is argued, there is a need for both microprudential approaches to regulate individual institutions and macroprudential approaches to manage the overall financial system risks. However, a number of important questions must be answered:

 

  • What are the theoretical motivations for such regulation?
  • How would it interact with other regulatory and macroeconomic policies, especially monetary policy?
  • What would be the specific macroprudential tools?
  • Who should have control over the macroprudential tools?
  • How should a macroprudential regulator be structured?
  • Where should it be housed?
  • How can macroprudential policies be structured across national borders?
  • What role, if any, can market discipline play in supporting macroprudential objectives?

 

These and related issues will be addressed at the two-day conference.

 

As always, the conference will focus on the implications for public policy. It will feature keynote presentations by Paul Volcker, Chairman of the U.S. President’s Economic Recovery Advisory Board and former Chairman of the Federal Reserve System; Tommaso Padoa-Schioppa, Chairman, Promontory Financial Group Europe and Former Chairman of the Basel Committee on Banking Supervision; Jaime Caruana, General Manager of the Bank for International Settlements and Former Chairman of the Basel Committee on Banking Supervision; and Charles Taylor, Director of the Pew Charitable Trust Financial Reform Project and Former Executive Director of the Group of Thirty. The makeup of the conference is truly international. The audience consists of representatives from central banks, regulatory and supervisory agencies, financial institutions, trade associations and academic institutions from around the globe. Last year, attendees came from some 30 countries.

 

Updates, including those for the agenda, will be posted to this site as they become available.


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Featured Speakers

Paul A. Volcker
Chairman, President's Economic Recovery Advisory Board and Former Chairman, Board of Governors of the Federal Reserve System

In the course of his career, Paul A. Volcker worked in the United States federal government for almost 30 years, culminating in two terms as chairman of the Board of Governors of the Federal Reserve System from 1979-1987. He divided the earlier stages of his career between the Federal Reserve Bank of New York, the Treasury Department and the Chase Manhattan Bank.

 

Volcker retired as chairman of Wolfensohn & Co. upon the merger of that firm with Bankers Trust. From 1996-1999, Volcker headed a committee formed to determine existing dormant accounts and other assets in Swiss banks of victims of Nazi persecution. From 2000–05, Volcker served as chairman of the Board of Trustees of the International Accounting Standards Committee overseeing a renewed effort to develop consistent, high-quality accounting standards acceptable in all countries. In 2003, he headed a private Commission on the Public Service recommending a sweeping overhaul of the organization and personnel practices of the United States federal government.

 

In April 2004, Volcker was asked by UN Secretary General Kofi Annan to chair the Independent Inquiry into the United Nations Oil-for-Food Program. The report on the inquiry was published in October 2005. In 2007, Volcker was asked by the president of the World Bank to chair a panel of experts to review the operations of the Department of Institutional Integrity. A report was published in September 2007. In November 2008, President Elect Obama chose Volcker to head the President’s Economic Recovery Advisory Board.

 

Pursuing his many continuing interests in public policy, Volcker is associated with the Japan Society, the Institute of International Economics, the American Assembly, and the American Council on Germany. He is honorary chairman of the Trilateral Commission and chairman of the Trustees of the Group of 30. 

Tommaso Padoa-Schioppa
Chairman, Promontory Financial Group Europe and Former Chairman, Basel Committee on Banking Supervision

Tommaso Padoa-Schioppa is chairman of Promontory Financial Group Italy S.a.r.l. He served as senior adviser to the founder and chief executive officer of Promontory Financial Group, LLC from January 2006 until May of that year, when he was selected as Minister of the Economy and Finance in the Italian government and chairman of the International Monetary and Financial Committee of the International Monetary Fund. He was appointed to his new position to lead Promontory’s expansion of operations in Europe in May 2009.

 

Padoa-Schioppa is chairman of the Trustees of the International Accounting Standards Committee Foundation (IASC), the independent body responsible for development and promulgation of global accounting standards. He is also president of Notre Europe, a European think tank based in Paris, and is widely recognized as the intellectual impetus behind the creation of the euro.

 

From 1993 to 1997, Padoa-Schioppa was chairman of the Basel Committee on Bank Supervision, where he led the work to extend capital requirements for market risks and to elaborate and adopt the Core Principles on Banking Supervision, which are now applied worldwide. Padoa-Schioppa was a member of the European Central Bank's six-member Executive Board from its founding in 1998 until 2005; chairman of the Commissione Nazionale per le Società e la Borsa (CONSOB) Italy’s securities regulator (1997-98); deputy director general of the Banca d'Italia (1984-97); and director-general for Economic and Financial Affairs at the Commission of European Communities (1979-83).

 

He served as Chairman of the G-10 Committee on Payments and Settlement Systems from 2000 to 2005, where the committee assumed a key new role as a standard-setting body under his leadership. In particular, it adopted the 2001 Core Principles for Systemically Important Payment Systems, the 2001 Recommendations for Securities Settlement Systems and the 2004 Recommendations for Central Counterparties. He began his financial services career in 1968 at the Bank of Italy.

 

He is the author of, “The Road to Monetary Union in Europe,” (2000), “The Euro and Its Central Bank: Getting United after the Union” (2004), “Regulating Finance,” (2004), and other books, essays and articles. He graduated from Bocconi University, Milan, and the Massachusetts Institute of Technology.

Jaime Caruana
General Manager, Bank for International Settlements and Former Chairman, Basel Committee on Banking Supervision

Jaime Caruana took up the position of General Manager of the Bank for International Settlements on April 1, 2009. As the Bank's chief executive officer, he carries out the policy determined by the Board of Directors and is responsible to the Board for the management of the Bank.

 

Previously, Caruana was financial counsellor to the managing director as well as director of the Monetary and Capital Markets Department at the International Monetary Fund. From 2000 to 2006, Caruana was the Governor of the Bank of Spain, Spain's central bank, and in that capacity, served on the Governing Council of the European Central Bank. He was also the chairman of the Basel Committee on Banking Supervision from 2003 to 2006 and has been a member of the Financial Stability Forum (now the Financial Stability Board) since 2003. From 2004 to 2006, he chaired the Coordination Group, a senior group of supervisory standard setters from the Basel Committee, the International Organization of Securities Commissions (IOSCO), the International Association of Insurance Supervisors (IAIS) and the Joint Forum.

 

Prior to joining the Bank of Spain, Caruana served as director general of the Spanish Treasury and headed an investment services company and a fund management company for nearly 10 years.

Charles Taylor
Director, Pew Charitable Trust Financial Reform Project and Former Executive Director, Group of Thirty

Charles Taylor is director of the Financial Reform Project at the Pew Charitable Trusts and a fellow at the Financial Institutions Center at the Wharton School of the University of Pennsylvania.

 

From 2002 to 2008, Taylor was director, operational risk at the Risk Management Association and a member of the Association’s leadership team. Before 2002, he was managing director strategy development at the Depository Trust & Clearing Corporation in New York and immediately prior to that, head of the global risk management practice at Andersen Consulting. As executive director of the Group of Thirty in the first half of the 1990s, he had authored several studies, spoken and published widely and advised government and industry on issues of public policy and private practice.

 

Taylor started his career at the World Bank in 1973. He has degrees from Oxford and Cambridge in economics and mathematics and from the University of Pennsylvania in business.


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09/23/10
9:00 AM
Registration and Continental Breakfast
9:40 AM
Welcoming Remarks
Charles L Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago View Bio
Jose Viñals, Financial Counselor and Director, Monetary and Capital Markets, International Monetary Fund View Bio
10:00 AM
Session I: Why Macroprudential Policies Are Needed—Objectives, History, Theory
Moderator
Douglas D Evanoff, Federal Reserve Bank of Chicago
Speakers
Markus K Brunnermeier, Princeton University
Eugene N White, Rutgers University
Lasse H Pedersen, New York University
Commentator
Luigi Zingales, University of Chicago
12:00 PM
Luncheon And Keynote Address
Introduction
Charles L Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago View Bio
Keynote
Paul A Volcker, Chairman, President's Economic Recovery Advisory Board and Former Chairman, Board of Governors of the Federal Reserve System View Bio
2:00 PM
Session II: Coordination with Other Policies—Monetary, Microprudential, Cross-Border
Moderator
Stijn Claessens, International Monetary Fund
Speakers
Huw Pill, London Business School
Jean Pierre Landau, Banque de France
Júlia Király, Magyar Nemzeti Bank (National Bank of Hungary)
Commentator
E Philip Davis, National Institute of Economic and Social Research (UK)
3:45 PM
Break
4:00 PM
Session III: Components of Macroprudential Regulation—Countercyclical, Systemic Risk and Bank Capital Policies
Moderator
Laura Kodres, International Monetary Fund
Speakers
Jesús Saurina, Banco de España
Enrico C Perotti, University of Amsterdam
Viral V Acharya, New York University
Commentator
Richard Berner, Morgan Stanley
6:00 PM
Reception
6:45 PM
Dinner and Keynote Address
Introduction
Gordon Werkema, First Vice President and Chief Operating Officer, Federal Reserve Bank of Chicago View Bio
Keynote
Tommaso Padoa-Schioppa, Chairman, Promontory Financial Group Europe and Former Chairman, Basel Committee on Banking Supervision View Bio
09/24/10
7:30 AM
Registration and Continental Breakfast
8:15 AM
Session IV: Structuring Macroprudential Regulation—Theory, Governance and Informational Needs
Moderator
Giovanni Majnoni, World Bank
Speakers
Charles Kahn University of Illinois, Juan Solé, International Monetary Fund and Marco A. Espinosa-Vega, International Monetary Fund
Erlend W Nier, International Monetary Fund
Christine M Cumming, Federal Reserve Bank of New York
Commentator
João A C Santos, Federal Reserve Bank of New York
10:00 AM
Break
10:15 AM
Session V: Cross-Border Issues—Harmonization, Burden-Sharing, Failure Resolution
Moderator
Ceyla Pazarbasioglu, International Monetary Fund
Speakers
André Sapir, Université Libre de Bruxelles
Peter Praet, Banque Nationale de Belgique (National Bank of Belgium)
Eva Hüpkes, Financial Stability Board
Commentator
Philipp Hartmann, European Central Bank
12:15 PM
Luncheon and Keynote Address
Introduction
Daniel G Sullivan, Executive Vice President and Director of Economic Research, Federal Reserve Bank of Chicago View Bio
Keynote
Jaime Caruana, General Manager, Bank for International Settlements and Former Chairman , Basel Committee on Banking Supervision View Bio
2:15 PM
Session VI: Market Discipline—Interaction with Macroprudential Regulation, Effectiveness, Future Role
Moderator
David Marshall, Federal Reserve Bank of Chicago
Speakers
Oliver Hart, Harvard University
Takatoshi Ito, University of Tokyo
Luc Laeven, International Monetary Fund
Commentator
Maria J Nieto, Banco de España
4:00 PM
Break
4:15 PM
Session VII: Policy Panel—Where to from Here?
Moderator
George G Kaufman, Loyola University Chicago and Federal Reserve Bank of Chicago
Speakers
Jose de Gregorio, Banco Central de Chile
Randall Kroszner, University of Chicago
Tarisa Watanagase, Bank of Thailand
Robert Eisenbeis, Cumberland Advisors
William White, Organization for Economic Cooperation and Development (OECD)
6:00 PM
Reception
6:45 PM
Dinner and Keynote Address
Moderator
Laura Kodres, International Monetary Fund
Keynote
Charles Taylor, Director, Pew Charitable Trust Financial Reform Project and Former Executive Director, Group of Thirty View Bio
6:45 PM
Conference Coordinators
Stijn Claessens, International Monetary Fund
Douglas D Evanoff, Federal Reserve Bank of Chicago
George G Kaufman, Loyola University Chicago and Federal Reserve Bank of Chicago
Laura Kodres, International Monetary Fund
6:45 PM

 

 

Last Updated: 10/12/2010


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Hotel Information

Notice

The cut-off dates for the conference hotels expired. As of  September 16th, all conference hotels are completely booked.  However, we recommend that you continue to contact the hotels, as the situation is fluid and availability changes hourly.

 

If you have any questions, please contact Sandy Schneider at (312) 322-8203 or Sandy.Schneider@chi.frb.org.

Union League Club
65 W Jackson Blvd
Chicago ,  IL   60604

Telephone: (312) 427-7800

 

The Union League Club provides the ambiance, security and service of private club coupled with the conveniences of a modern luxury hotel. Located two blocks from the Federal Reserve Bank, overnight guests of the Club receive a voucher for a complimentary breakfast buffet in the historic Wigwam Dining Room the first morning of their overnight stay. In addition, guests have free use of the Club's athletic department, including swimming pool, cardiovascular fitness center, basketball court, weight room and much, much more. The Club also boasts an extraordinary art collection and stately library. All sleeping have internet wireless access. Check-in time is 3:00 p.m. and check-out time is 12 noon.

 

For reservations, please call the Union League Club directly at (800) 443-0578 or (312) 427-7800. The cut-off date for the conference rate is Friday, August 20, 2010. A credit card is required to reserve a room.

Club Quarters Central Loop
111 W Adams St
Chicago ,  IL   60603

Telephone: (312) 214-6400
 

The Club Quarters Central Loop is located around the corner from the Federal Reserve Bank in the heart of the city's financial district. Guests at this location can enjoy free wireless internet access all through the hotel, complimentary chilled bottled water on each floor adjacent to the elevators, a fitness center and club room with complimentary coffee, tea, newspapers, magazines and games. Located in the same building is the Elephant and Castle Pub and Restaurant featuring a combination of British classics and North American favorites. The restaurant also provides room service for the hotel. To make a reservation, call member services at (212) 575-0006. The cut-off date for the conference rate is Monday, August 2, 2010. A credit card is required to reserve a room.

Club Quarters Wacker at Michigan
75 E Wacker Dr (just off Michigan Ave)
Chicago ,  IL   60601

Telephone: (312) 357-6400

 

The Club Quarters Wacker at Michigan is situated at Chicago's most visited intersection along the Chicago River and Michigan Ave. This landmark building has been fully restored to its historic grandeur. This building offers spectacular views of the skyline including the floodlit landmarks of the Wrigley Building and Tribune Tower. Guests are within walking distance to great shopping, siteseeing and restaurants. The hotel has partnered with Bella Bacino's, located next door to the hotel, to offer room service of American Italian fare and award winning pizza. Guests at this location can enjoy free wireless internet access all through the hotel, complimentary chilled bottled water on each floor adjacent to the elevators, a fitness center and club room with complimentary coffee, tea, newspapers, magazines and games.  To make a reservation, call member services at (212) 575-0006. The cut-off date for the conference rate is Monday, August 2, 2010. A credit card is required to reserve a room.

Comfort Suites Michigan Avenue
320 N Michigan Ave
Chicago ,  IL   60601
(312) 204-6902

Telephone: (312) 204-6902

 

This brand new all-suite property has nicely appointed oversized suites with some of the best views in Chicago. Hotel amenities include a 24 hour state-of-the-art fitness center, high speed internet, full kitchens, washers and dryers in each suite and full American breakfast buffet each morning for guests. Weather permitting, this hotel is about a 15 minute walk to the Chicago Fed or a 5 minute taxi ride. To make a reservation please contact the hotel's Director of Sales, Patrick W. Kennedy (phone number above).


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