INVITATION

Dear Sir or Madam,

We have the pleasure of inviting you to a workshop organized by the Oesterreichische Nationalbank (OeNB) on December 2, 2019 entitled

“How do monetary, micro- and macroprudential policies interact?”

The global financial crisis brought to light the interactions between monetary policy and micro- and macroprudential policies and stimulated a discussion on how to optimize coordination and cooperation among these policy areas. The use of unconventional monetary policy tools has had an impact on banks and other financial institutions, whose effects need due consideration. In the euro area, the European Central Bank (ECB) and the national central banks (NCBs) have taken on additional responsibilities. All NCBs are involved in macroprudential supervision through the European Systemic Risk Board (ESRB) and are subject to top-up powers of the ECB; several NCBs act as national designated authority and/or macroprudential authority. In the same vein, all NCBs are involved in microprudential supervision via the Single Supervisory Mechanism (SSM), which is organized under the ECB’s auspices, with many NCBs acting as national competent authority.

In this workshop, we will discuss the following questions:

• In what ways do these new responsibilities interact with central banks’ traditional tasks of implementing monetary policy, maintaining financial stability and providing large-value payment systems?
• Are there any potential synergies in, for instance, information requirements and expertise, and complementarities, such as macroprudential supervision addressing potential negative side effects of monetary policy?
• Where could conflicts of interest arise between these policy areas?

In addition, we will investigate what the new responsibilities might entail for central banks’ independence and legitimacy, which have traditionally formed a cornerstone of the Eurosystem. In this context, we will look into new ways of safeguarding central bank independence in a transparent and accountable manner.

Date
Monday, December 2, 2019
at 9.30 a.m. (registration)

Venue
Oesterreichische Nationalbank
Otto-Wagner-Platz 3
1090 Vienna
Kassensaal, 1^st floor

For further information on this event and to download the latest program please visit the OeNB website.

Please reply to event-management@oenb.at to receive a personal invitation.

We look forward to seeing you at the workshop in December.

Yours sincerely,
Event-Management