Macroprudential Communication
Event type
National Bank of Slovakia and SUERF workshop
Date
5. June 2025
10:00 – 15:30
Venue
Národná banka Slovenska
Imricha Karvaša 1
813 25 Bratislava
& online via Webex
Language
English
Partners
About
Research on and the practice of monetary policy communication is a rich field and communication has been recognized as a distinct and strategically important element of central banks’ monetary policy toolkit (see large literature on inflation targets and the pros and cons of various forms of targets, how can communication enhance – or damage – credibility, the role of forward guidance, forward guidance, strict rules on quiet periods etc.). In comparison, communication on macroprudential policies is little researched and discussed. Macroprudential policies are on the one hand, quite complex to explain, and, on the other hand, mostly not very prominent in the public domain. Furthermore, in many jurisdictions, decision-making structures and the institutions involved are considerably more complex than those for monetary policy, which also makes communication processes more complex. This workshop takes stock of existing research and practical policy experiences with regards to the communication of macroprudential policies. Drawing on insights from monetary policy communication, it also aims to identify directions in which developing macroprudential communication policies would look promising and useful, and fields in which related research looks promising.
Scientific coordination: Ernest Gnan, SUERF, Jan Klacso, NBS, Reiner Martin, NBS and SUERF.
Draft Agenda
10:00
Registration
10:20
Opening remarks
Reiner Martin, Executive Director · National Bank of Slovakia I SUERF Council
10:30
Session 1: Recent innovations and lessons with monetary policy communication: What can macroprudential policy take away?
Michael Ehrmann, Head of Monetary Policy Research Division · European Central Bank
Davide Romelli, Associate Professor · Trinity College Dublin I SUERF Research Affiliate
Moderator: Ernest Gnan, Secretary General · SUERF
11:30
Coffee break
12:00
Session 2: Macroprudential communication in practice – A tale of five countries
Adam Banai, Executive Director, Monetary Policy Instruments, Financial Stability and Foreign Reserve Management· Magyar Nemzeti Bank
Marek Ličák, Director, Macroprudential Policy Department · National Bank of Slovakia
Markus Schwaiger, Director, Department for Financial Stability and the Supervision of Less Significant Institutions · Oesterreichische Nationalbank
Moderator: Reiner Martin, Executive Director · National Bank of Slovakia I SUERF Council
13:30
Lunch
14:30
Session 3 – Where do we stand internationally with macroprudential communication?
Erlend Nier, Advisor · IMF
John Fell, Deputy Director General, Macroprudential Policy & Financial Stability · ECB I SUERF Fellow
Gaston Gelos, Deputy Head, Monetary and Economic Department & Head of Financial Stability · BIS
Moderator: Benjamin Weigert, Director General, Financial Stability · Deutsche Bundesbank
15:30