FSR Conference 2021
Is macroprudential policy resilient to the pandemic?

Web Conference
March 1st, 2021
@ 4-6.30pm (Paris time)

FSR Conference 2021
Is macroprudential policy resilient to the pandemic?

This 24th edition of the Banque de France’s Financial Stability Review is dedicated to macroprudential policy at the heart of the Covid-19 crisis. For a decade, we have defined the macroprudential framework and have implemented it. Macroprudential policy, which is usually designed to respond to financial crises, also plays a crucial role in the current health crisis in order to prevent a financial crisis from erupting in its aftermath. While the current crisis has not emerged from the financial system, it has nevertheless appeared in a context of financial vulnerabilities characterised by a dynamic financial cycle, persistently low interest rates, high valuation of certain assets, high levels of public and private debt and the increasing role of the non-banking financial sector.

The various points of view expressed in this Review draw up the macroprudential agenda for the next decade. In particular, it becomes essential (i) to take better account of the international dimension of systemic financial risk, and more specifically to strengthen the European macroprudential framework; (ii) to extend the application of macroprudential rules to the financial sector as a whole (and not only to banks); (iii) to establish better coordination between monetary policy and macroprudential policy on financial stability issues.

On all of these subjects, we would like to extend our grateful thanks to the external contributors to this Review: Claudia Buch, Luis de Guindos, Gabriel Makhlouf, Linda Goldberg, Hyun-Song Shin, Jonathan Dixon and Richard Portes.

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Download the PDF version of
the Financial Stability Review no. 24 - March 2021

Download the review


4:00-4:20 Welcome address and Keynote speech
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The tale of the three stabilities: price stability, financial stability and economic stability

Speaker: François Villeroy de Galhau, Banque de France Governor


4:20-5:20 Roundtable #1 followed by a Q&A session
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After Covid: How to improve our crisis prevention framework? Further complementarities between microprudential, macroprudential and monetary policies.

    • Claudia Buch, Vice-President of the Bundesbank
    • Luis de Guindos, Vice-President of European Central Bank
    • Gabriel Makhlouf, Central Bank of Ireland Governor
    • François Villeroy de Galhau, Banque de France Governor


5:20-5:25 Break


5:25-6:25 Roundtable #2 followed by a Q&A session
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New risks and crises without frontiers: how to adapt our framework? How to cooperate further?

    • Linda Goldberg, Senior Vice President at the Federal Reserve Bank of New York
    • Richard Portes, Professor London Business School, Vice-Chair of the advisory scientific committee of the European Systemic Risk Board (ESRB)
    • Hyun Song Shin, Economic Adviser & Head of Research, Bank for International Settlements (BIS)
    • Romain Paserot, Deputy Secretary General of International Association of Insurance Supervisors (IAIS)


6:25-6:30 Conclusions
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Speaker: Emmanuelle Assouan, Deputy Director General Banque de France