Home About National Bank Conferences High Level International Conference on Monetary Policy and Asset Management (Marriot Hotel Skopje), 16. February, 2018

High Level International Conference on Monetary Policy and Asset Management (Marriot Hotel Skopje), 16. February, 2018





High-level conference


A NEW NORMAL?

THE GLOBAL ECONOMIC EXPANSION, INFLATION DYNAMICS, FINANCIAL STABILITY AND ITS MEANING FOR GLOBAL ASSET MANAGEMENT


The National Bank of the Republic of Macedonia (NBRM) and The Reinventing Bretton Woods Committee (RBWC) are pleased to announce international conference that will focus on latest trends and challenges regarding monetary policy, financial stability and asset management in general.

The conference will be held on 16 February 2018 in Marriott Hotel, Skopje, Macedonia.

The aim of the conference is to assess how the current state and perspectives of global economy pose new challenges to central banks with respect to their mandate on price and financial stability. It will focus on post-crisis financial markets developments in the advanced and developing world, financial sector’s resilience and the implications for central banks. The discussions during the conference will try to answer how the asset managers have reacted on divergent monetary policies and how they are preparing for their convergence. In addition, the conference will also cover discussions on the future of integration of the South East European countries, by tackling the accomplishments made so far and future challenges.

The target audience consists of central banks, international financial institutions, global asset managers and local financial and investment institutions. The attendance of high-level representatives from relevant international financial institutions, academia and global banks as well as the governors of the central banks will enable fruitful discussions and exchange of views between participants.

Conference Program

8:30

Registration and coffee

9:00

Opening Remarks:

Mr. Dimitar Bogov, Governor, NBRM 

 

Mr. Marc Uzan, Director, RBWC 

9:20

Keynote speaker: Mr. Benoît Cœuré, Member of the Executive Board, ECB 

10:00

SESSION 1: GLOBAL ECONOMIC EXPANSION, INFLATION AND PRODUCTIVITY DYNAMICS AND SHIFTING MONETARY POLICY

  • How sustainable is the current global economic momentum?
  • Europe, US, Brexit, geopolitical and political risks – what are the implications for the global outlook?
  • How effective were the unconventional monetary policies?
  • What is the future of interest rates? Slowly moving interest rates back to normal level, but what does “normal” mean?
  • Impact on the financial markets from monetary policy normalization: towards a greater stability or heightened volatility?
  • The role of monetary policy communication – investors’ sentiment and markets’ reactions

Speakers:
Tao Zhang, Deputy Managing Director, International Monetary Fund (IMF)   (presentation PDF)
Jonathan Pingle, Managing Director, Head of Economics, BlackRock Fixed Income Americas   (presentation PDF)

Chair: Linda Yueh, Fellow in Economics at St. Edmund Hall, University of Oxford, Adjunct Professor of Economics, London Business School


11:00

Coffee break

11:30

SESSION 2:  FINANCIAL STABILITY: ARE WE WELL EQUIPPED TO DEAL WITH POTENTIAL TURBULENCE?

  • Globally, debt is at record levels. The configuration of low levels of market volatility and low bond yields may point to snapback risks.
  • Is it that high debt might become a significant drag on demand as interest rates normalize?
  • Is the global financial system well equipped to deal with any financial turbulence in context of upcoming normalization of monetary policy?
  • Should policy makers be concerned by another Minsky Moment?
  • What are the appropriate policy instruments to sustain financial stability and achieve macroprudential policy objectives?

Speakers:
Luiz Awazu Pereira da Silva, Deputy General Manager, Bank for International Settlements (BIS)  (presentation PDF)
Már Guðmundsson, Governor, Central Bank of Iceland   (presentation PDF)
Peter Mooslechner, Executive Director, Member of the Governing Board, National Bank of the Republic of Austria    (presentation PDF)

Chair: Maja Kadievska Vojnovic, Vice Governor, National Bank of the Republic of Macedonia


13:00

Lunch

14:30

SESSION 3: STRATEGIES FOR EFFECTIVE RISK MITIGATION: CB’S AND ASSET MANAGERS’ PERSPECTIVE

  • From divergent monetary policies to monetary policy convergence - how should asset managers prepare for the “new normal” in the global monetary policy?
  • What are the appropriate strategic asset allocations: the past and the future?
  • Balancing between market and credit risks?
  • Optimizing the currency composition of foreign reserves: hedged versus unhedged?
  • Diversification towards alternative asset classes: experience with equities

Speakers: 
Isabelle Strauss Kahn, Lead Financial Officer, World Bank Treasury and Former Director at Banque de France   (presentation PDF)
Massimiliano Castelli, Managing Director, UBS Asset Management    (presentation PDF)
Tomas Garbaravičius, Board Member, Bank of Lithuania    (presentation PDF)
Mojmir Hampl, Vice Governor, Czech National Bank    (presentation PDF)

Chair: Jennifer Johnson Calari, Principal, JJC Advisory, Founder and Former Head of RAMP, World Bank 


16:00

Coffee Break

16:20

SESSION 4: SOUTH EAST EUROPE: WHAT IS THE CURRENT PATH FOR INTEGRATION AND GROWTH?

  • How to shift the discussion in the EU from crisis management to enlargement?
  • How countries in the region can get a fair idea of ​​the future path of their European integration?
  • Which policies can facilitate integration of the region within European and global structure?
  • How to improve the economic outlook in the region by boosting trade and investment? Do we see any opportunities in joining endeavors to win third markets?

Speakers:
Dragan Tevdovski, Minister, Ministry of Finance of the Republic of Macedonia    (presentation PDF)
Vladislav Goranov, Minister, Ministry of Finance of the Republic of Bulgaria
Carlo Monticelli, Vice Governor, Council of Europe Development Bank (CEB)     (presentation PDF)
Charlotte Ruhe, Managing Director, European Bank for Reconstruction and Development (EBRD)    (presentation PDF)
Debora Revoltella, Director, Economics Department, European Investment Bank (EIB)

Chair: Anita Angelovska Bezhoska, Vice Governor, National Bank of the Republic of Macedonia