Interactions between fiscal, monetary and supervisory policy-makers influence the financial stability in a European Union (EU) or EU candidate country. To respond to changing economic developments effective communication among all stakeholders is needed.
What you will learn
The workshop focuses on cross-country sharing of experience about the challenges of policy co-ordination. The approach combines lectures with a case study. Participants will work in teams and simulate roles, provided in the case study.
In the case of fiscal and monetary policies, the emphasis will be on a balanced policy mix and on frameworks that set the right incentives for sustained and non-inflationary growth in the private sector. In the supervision area, the use of approaches such as stress-tests that discourage excessive risk-taking, and the need to internalize systemic risks resulting from the evolving economic situation will be discussed.
Topics Covered
The workshop will tackle the following questions:
- Should policy-makers try to slow rapid bank lending to the private sector, and how?
- How should policy-makers respond to foreign currency loans to firms and households?
- When are growing external liabilities a concern, and are capital controls an answer?
- How should fiscal or monetary policy respond to a sharply widening external deficit?
- What are key trades-offs for fiscal policy in supporting growth and financial stability?
Who should attend
The workshop has been designed for senior officials who interact with other economic and financial agencies and policy advisers in units responsible for policy planning and coordination. Experts, working in ministries of finance, central banks and supervisory authorities, are encouraged to apply.
Faculty
Neven Borak, Bank of Slovenia
Ddr. Neven Borak, PhD Econ, PhD Hist is a strategy analyst at the Bank of Slovenia. His previous employments include consulting positions at the Planning Office and Planning Committee of the Republic of Slovenia, the Presidency of Republic of Slovenia, Autocommerce d.d. and as the head of the Securities Market Agency.
He is an author of numerous popular, technical, research and scientific works in economics and economic history. He published the books Monetary model of Yugoslavia (1984), Conception of Economic Independence (1992), The Search for Gulliver or How to Survive (1994), Monetary Reforms (1998), Economic Aspects of the Downfall of Yugoslavia (2002), From Reform to reform (2006 with Jože Prinčič) and Fiscal Rules (2013 with Helena Kamnar). He is also an author of chapters included in the books Economic models and planning (1981), Economic Change and the National Question in Twentieth-century Europe (2000), Banking and Financial Stability in Central Europe: Integrating Transition Economies into the European Union (2002) and Slovenian Modern History 1848-1992 (2005). Moreover he is an author of entries in The Encyclopedia of Slovenia (1987-2002), Slovenian Great Lexicon (2003-2005) and Slovenika (2011).
He also lectures at undergraduate and postgraduate programs at Slovenian universities.
Petr Jakubik, EIOPA
Petr Jakubik is currently working as the Financial Stability Team Coordinator at the European Insurance and Occupational Pensions Authority (EIOPA). Previously, he was working as an financial stability consultant at the Oesterreichische Nationalbank and Central Bank of Malta, economist at the European Central Bank, chief economist at the Czech National Bank, technical adviser at the Bank for International Settlements, visiting researcher in the Bank of Finland and credit risk analyst in the private banking sector. He received the Financial Stability Institute Award 2008 and Irving Fisher Committee Award 2010 of the Bank for International Settlements. In 2012-2013, he was the President of the Czech Economic Society.
He has extensively provided technical assistance, in particular, in the area of financial stability, designed a macro stress test for the Central Bank of the Republic of Turkey, National Bank of Serbia and Central Bank of Malta. He regularly gives trainings and presentations on finacial stability issues in different international fora, having sound policy-relevant publication record.
He also lectures at Charles University in Prague and the University of Finance and Administration in Prague. He holds a PhD in finance and PhD in economics, MSc in mathematics and computer sciences, MA in statistics and banking and MA in economics.
Attila Csajbók, World Bank FinSAC
Attila Csajbók is Senior Financial Sector Specialist at the World Bank’s Vienna Financial Sector Advisory Centre (FinSAC). His main responsibility is to provide technical assistance to World Bank clients in the areas of financial stability and macroprudential policy. He joined the FinSAC team in 2012. Previously he was Deputy Head of Financial Stability at the Magyar Nemzeti Bank (MNB, the central bank of Hungary). He had been with the MNB for 15 years, working in various areas like financial markets, monetary policy and financial stability. During these years he had actively participated in the transformation of the MNB into a fully-fledged inflation targeting central bank. In his previous role as Head of the Monetary Strategy Division, he had a direct experience of day-to-day monetary policy decision-making. At the onset of the financial crisis, he joined the MNB’s Financial Stability Department where he was responsible for macro stress-testing and forecasting. He has publications on various topics such as extracting information from financial asset prices, monetary policy rules, central bank governance, foreign currency lending and macroprudential policy coordination.
Mr. Csajbók has an M.Phil. in Economics from the University of Cambridge. He lives in Vienna with his wife and three children.
Application procedure
Application Closing Date: Nov 16,2014
