What you will learn
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.
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.
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
Sybille Grob
Sybille Grob worked for 20 years at the Dutch Central Bank in various positions and fields. She started as analyst in the banking supervision department, worked for many years as economist at the research department, was policy advisor for the board of directors in the financial stability department and, finally, supervisor of pension funds.
Through the time, she was also responsible for various technical assistance projects, mainly directed to countries in South East Europe and Central Asia, either on behalf of the Dutch Central Bank or the European Central Bank.
Since 2012, Sybille Grob established herself as independent consultant, providing advice in financial stability and financial sector matters to international organizations.
Attila Csajbók
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.
Petr Jakubik
Petr Jakubík is currently working as the Principal Expert on Financial Stability at European Insurance and Occupational Pensions Authority (EIOPA) and senior lecturer in Charles University in Prague. He has received Financial Stability Institute Award 2008 and Irving Fisher Committee Award 2010 of the Bank for International Settlements. 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 is also currently acting as 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 also regularly giving trainings and presentations on finacial stability issues in different international fora, having sound policy-relevant publication record.
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.
Application procedure
Application Closing Date: Sep 2,2013
