OeNB | SUERF | Joint Vienna Institute | Yale Program on Financial Stability Conference

Martin Kocher
Governor | Oesterreichische Nationalbank 

Financial stability in a rapidly changing environment

This panel discusses how financial stability risks are evolving in an environment shaped by geopolitical tensions, volatile financial conditions, and rapid technological and structural change in financial intermediation, including the evolving role of bank‑ and market‑based finance. The discussion explores how these dynamics affect the resilience of financial institutions, the stability of the broader system, and the financial sector’s contribution to economic growth. Panellists will highlight key risks and opportunities in the wake of a rapidly changing environment.

Moderation

Thomas Steiner
Executive Board Member | Oesterreichische Nationalbank

Cornelia Holthausen
Director General for Macroprudential Policy and Financial Stability | European Central Bank

Kamila Makhmudová
Chief Financial Officer | Raiffeisen Bank International AG

Irena Radovic
Governor | Central Bank of Montenegro

Rolf Strauch
Chief Economist and Management Board Member | European Stability Mechanism

Advances in digital finance and AI adoption: new opportunities and challenges for central banks to safeguard financial stability

This panel discusses how recent advances in digital finance and AI adoption by banks affect the risks and risk management of individual banks and the banking system at large, looking both at opportunities and challenges. Will these developments lead to more herding behaviour, more information-efficient markets, or both? From a crisis management perspective, what are the implications of potentially faster, larger and more frequent digital runs on banks and non-bank financial institutions for central banks as guardians of financial stability?

Moderation

Maximilian Fandl
Lead Economist | Joint Vienna Institute

Sharon  Donnery
Member of the Supervisory Board | European Central Bank

Ilinka Kajgana
Chief Risk Officer | Erste Bank der österreichischen Sparkassen AG

Tommaso Mancini-Griffoli
Head of the BIS Innovation Hub| Bank for International Settlements

Oliver Wünsch
Global Head of Governmental and Regulatory Affairs | UBS

Expectations and limits to the role of central banks in managing financial crises in times of rapid change

Pablo Hernández de Cos
General Manager| Bank for International Settlements

Introduction
Martin Kocher
Governor | Oesterreichische Nationalbank

Lender of last resort in times of digital finance and artificial intelligence: Bagehot revisited

This panel discusses how the lender of last resort function of central banks may evolve in times of digital finance and AI adoption. Is there a need to restate Bagehot’s dictum and adjust central bank emergency liquidity assistance frameworks against this background and based on experience since the Great Financial Crisis? Which lessons can be learned regarding the use and design of broad-based liquidity support to the banking sector in stress times?

Moderation

June Rhee
Director of Master of Management Studies in Systemic Risk | Yale School of Management

Ulrich Bindseil
Professor | Technical University Berlin

Stijn Claessens
Member of the Advisory Board | Yale Program on Financial Stability

Andrew Metrick
Janet L. Yellen Professor of Finance and Management | Yale School of Management
Director of the Yale Program on Financial Stability | Yale University

Victoria Saporta
Executive Director for Markets | Bank of England

Tobias Adrian
Financial Counsellor and Director | International Monetary Fund

Introduction
Ben Kelmanson
Director | Joint Vienna Institute

Regulatory and supervisory consequences

This panel reflects how the current regulatory and supervisory framework is up to the task of tackling risks arising from the geopolitical, economic, financial and technological spheres. It further explores how competitiveness and resilience of the banking and financial system in the EU could be ensured amidst the debate on simplifying rules - also in relation to the regulatory developments in the US. The main question will be how to strike the right balance in the face of current challenges.

Moderation

Markus Schwaiger
Director | Oesterreichische Nationalbank

Claudia Buch
Chair of the Supervisory Board | European Central Bank

Bernhard Engel
Managing Director | Alvarez and Marsal

Fabiana Melo
Deputy Division Chief in the Financial Supervision and Regulation Division | International Monetary Fund

Isabel Vaillant
Director | European Banking Authority

Ernest Gnan
Secretary General | SUERF