The objective of the conference was to discuss how systemic risk can build up in the financial sector and ways to prevent it from rising excessively.
The conference drew participation from policy makers, central bankers, multilateral institutions, policy think tanks and academia from several countries including India.
- The conference recognised cross border financial flows and excessive leverage as key sources of systemic risk and emphasised the need for policy makers to ensure that they had in their tool kit sufficient number of instruments encompassing fiscal, monetary, exchange rate, macro prudential and capital flow measures to address such a risk.
- The conference also emphasised the need for central banks and the governments to work together, especially at times of stress.
- The conference noted that to the extent managing systemic risk has become an important objective, some pre-crisis notions such as central bank autonomy, inflation targeting and freer capital flows need to be revisited.
- There was also consensus that monetary policies of advanced economies have significant spillover impact on EDEs imposing macroeconomic costs on them and that advanced economies have to be sensitive to these spill overs and share the burden of adjustment.
The participants include financial sector regulators, researchers, financial sector practitioners and stakeholders, industry and trade representatives, government officials, media and those interested in public policy.
- Kevin P. Gallagher
Speaker
Professor of Global Development Policy
Global Development Policy Center
Boston University - Louis Kasekende
Speaker
Chief Economist
African Development Bank - Manuel Agosin
Speaker
Dean
Dept of Finance
Universidad de Chile - Usha Throat
Speaker
CAFRAL
- Andrew Sheng
Speaker
President
Fung Global Institute - Sir John Gieve
Speaker
Former Deputy Governor
Bank of England - Paulo Nogueira Batista
Speaker
Executive Director Brazil
International Monetary Fund - Adair Lord Turner
Speaker
Former Chairman
UK Financial Services Authority - Montek Singh Ahluwalia
Speaker
Former Deputy Chairman of the Planning Commission
Planning Commission, India - Nemat Shafik
Speaker
Deputy Managing Director
International Monetary Fund - Sukhdave Singh
Speaker
Deputy Governor
Bank Negara Malaysia - Deepak Mohanty
Speaker
Executive Director
Reserve Bank of India
- Amar Bhattacharya
Speaker
Director
G24 Secretariat - C. Rangarajan
Speaker - Bimal Jalan
Speaker - YV Reddy
Speaker
Emeritus Professor of Economics
University of Hyderabad - D. Subbarao – Anchor
Speaker - P. Chidambaram
Speaker
Minister of Finance
Govt. of India