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20 years of Macroprudential Policy in Europe

Looking back and looking ahead

Event type

Research Conference


September 21 and 22, 2023


Sheraton Bratislava Hotel, Pribinova 12, Bratislava



Scientific coordination

Ernest Gnan, SUERF; Zuzana Fungáčová, Bank of Finland; Esa Jokivuolle, Bank of Finland and SUERF; Ján Klacso, Národná banka Slovenska; and, Reiner Martin, Národná banka Slovenska and SUERF

In partnership with:
Logo of the Suomen Pankki
Logo of the SUERF (The European Money and Finance Forum)


Macroprudential policy has been part of the economic policy toolkit in Europe for around two decades and has become widely used since the GFC. It is time to look back at experiences and best practices in Europe. What have we learnt about the efficiency of various tools used to dampen financial cycles and to strengthen the resilience of the financial system? Have macroprudential policies helped to cushion financial crises that Europe experienced during the last two decades? What were success factors and shortcomings? Looking ahead, how can macroprudential policies help to address the challenges the European economy is facing? These include the transformation towards a more market and tech-based financial system, the transition to a sustainable economy and the possibility of a protracted period of upward inflation pressures. This conference will bring together leading academic researchers and macroprudential policymakers to take stock and to provide some guidance on the future development of macroprudential policies.

Stream Record


Thursday, 21 Sep 2023
Welcome and introduction
Peter Kažimír, Governor, Národná banka Slovenska
Marja Nykänen, Member of the Board, Bank of Finland

Keynote: “MPP through the eyes of dynamic macro-banking models” 
Prof. Javier Suarez, CEMFI

Session 1: What do we know about MPP so far?
Chair: tba
Ricardo Correa, Federal Reserve Board 
Martin Hellwig, MPI Bonn
Enrique Mendoza, University of Pennsylvania

Session 2 (Policy, National perspectives): What do we know about MPP so far?
Chair: Marja Nykänen, Bank of Finland
Gediminas Šimkus, Lietuvos Bankas
Marek Ličák, Národná banka Slovenska
Benjamin Weigert, Deutsche Bundesbank
Katja Taipalus, Bank of Finland

Session 3 (Policy, International Perspectives): What do we know about MPP so far?
Chair: Reiner Martin, Národná banka Slovenska
Christopher J Erceg, IMF – Joining remotely
Boris Hofmann, BIS
Bengt Holmstrom Holmstroem, MIT I SUERF Fellow – Joining remotely
Cornelia Holthausen, ECB

Dinner & Keynote: Stefan Ingves, former Governor, Sveriges Riksbank

Friday, 22 Sep 2023
SUERF Annual Lecture “Defining the research frontier for MPP – where to go from here?”
Prof. Thorsten Beck, EUI Florence I SUERF Fellow
Introduced by Ernest Gnan, SUERF

Session 4: A brave new world for MPP?
Chair: Markus Schwaiger, OeNB
Cristina Cella, Sveriges Riksbank
Gonzalo Gasós, European Banking Federation
Paul Hiebert, ECB 
Tuomas Peltonen, ESRB