Videos & podcast

An economic and monetary policy outlook with the Swiss National Bank, BIS and UBS (01:28:03)

A debate of key macro questions: What are the biggest macroeconomic/financial market risks in the pandemic crisis? Are current policy tools enough to prevent a depression? How does Switzerland handle being one of the world's favourite safe havens?

27 May 2020

  • Capital flows and "original sin redux"

    Event: Webinar at Princeton University's Bendheim Center for Finance
    Speaker: Hyun Song Shin (Economic Adviser and Head of Research)
    Date: 20 April 2020
    Hyun Song Shin explains why borrowing in local currency has not made emerging markets immune to a pandemic-induced financial shock.

  • BIS's Cœuré on artificial intelligence and finance

    Event: Panel discussion at the Bank of France
    Speaker: Benoît Cœuré (Head of the BIS Innovation Hub)
    Date: 30 January 2020
    In a panel organised by the Bank of France as part of the event "La Nuit des Idées", Cœuré talks about artificial intelligence and its implications for monetary policy, financial markets and financial regulation and supervision (in French).

  • Creating a Credible and Trusted Digital Currency

    Event: Panel discussion at the World Economic Forum, Davos
    Panellists: Benoît Cœuré (Head of the BIS Innovation Hub), Sheila Warren, Tharman Shanmugaratnam, David Marcus, Valdis Dombrovskis, Neha Narula
    Date: 23 January 2020
    Cœuré argues that the discussion about central banks issuing digital currencies is not primarily about technology but meeting needs.

  • ASSA 2020 panel session: Monetary policy frameworks in a world of low interest rates

    Event: ASSA 2020 Annual Meeting, San Diego
    Chair: Agustín Carstens (BIS General Manager)
    Panellists: Ben Broadbent (Bank of England), Philip Lane (ECB), Masazumi Wakatabe (Bank of Japan), Carolyn Wilkins (Bank of Canada), John Williams (Fed New York)
    Date: 5 January 2020
    Discussants analyse whether monetary policy frameworks are still adequate to cope with the challenges central banks are currently facing.

  • 2020 AFA panel session: Fintech, financial stability and regulation

    Event: American Finance Association 2020 Annual Meeting, San Diego
    Chair: Hyun Song Shin, (Economic Adviser and Head of Research)
    Panellists: Thomas Philippon (NYU), Antoinette Schoar (MIT), Susan Athey (Stanford)
    Date: 3 January 2020
    Examines issues surrounding the rise of fintechs, including the effects on financial stability, competition and financial inclusion, and the incorporation of privacy concerns into traditional regulation and policy discussions.

  • Innovation and the future of central banks: a policy fireside chat

    Event: Fireside chat with James Crabtree at Singapore FinTech Festival
    Speaker: Agustín Carstens (BIS General Manager)
    Date: 13 November 2019
    Carstens discusses the challenges posed by technology to central banks, regulators etc.

  • Central Bank of Luxembourg-Toulouse School of Economics conference "The future of the international monetary system"

    Event: Central Bank of Luxembourg-Toulouse School of Economics conference "The future of the international monetary system"
    Speakers: Gaston Reinesch (Central Bank of Luxembourg), Gita Gopinath (IMF); Philip Lane (ECB), Hélène Rey (London Business School), Claudio Borio (BIS), Jean Tirole (Toulouse School of Economics), Benoît Coeuré (ECB), Maurice Obstfeld (University of California, Berkeley)
    Date: 17 September 2019
    In a panel discussion, Borio (at 38:10) explains what is wrong with the international monetary and financial system, and what can be done about it.

  • The future of money and the payment system: what role for central banks?

    Event: Lecture at Princeton University, Princeton, New Jersey
    Speakers: Agustín Carstens (BIS General Manager)
    Date: 5 December 2019
    Central bank public goods are the foundation for more efficient and inclusive payments, says Agustín Carstens.

  • Libra needs to make a better case for itself, says BIS

    Event: CNN Money interview
    Speakers: Agustín Carstens (BIS General Manager)
    Date: 7 November 2019
    Carstens discusses central bank digital currencies and why there's no clear case for an e-franc in Switzerland. On Libra, he says it is a "provocative proposition" but that it still needs to build a better case to convince the BIS.

  • BIS Chief Carstens on monetary policy, global growth

    Event: 2019 IMF-World Bank Annual Meetings
    Speakers: Agustín Carstens (BIS General Manager)
    Date: 17 October 2019
    Carstens discusses monetary policy and its impact on global growth with Bloomberg's Kathleen Hays on the sidelines of the IMF-World Bank annual meetings. He also talks about green bonds and digital currencies.

  • Annual Economic Report highlights

    Event: 89th Annual General Meeting
    Speakers: Agustín Carstens (BIS General Manager)
    Date: 30 June 2019
    Watch highlights of the Annual Economic Report 2019, presented to BIS shareholders at the Annual General Meeting in Basel on 30 June.

  • Regulating banks in the era of fintech shadow banks

    Event: 89th Annual General Meeting
    Speakers: Amit Seru, Steven and Roberta Denning Professor of Finance, Stanford Graduate School of Business
    Date: 30 June 2019
    Andrew Crockett Memorial Lecture delivered by Amit Seru on the occasion of the Bank's Annual General Meeting, Basel, 30 June 2019.

  • FSI special session on regulatory convergence: what are the missing pieces?

    Event: 89th Annual General Meeting
    Chairman: Fernando Restoy, Chairman of the FSI
    Panellists: Paul Andrews (Secretary General of IOSCO), Jaime Caruana (Board member of BBVA and former BIS General Manager), William Coen (Secretary General of the BCBS), Jonathan Dixon (Secretary General of the IAIS), Wilson Ervin (Vice Chairman in the Group Executive Office of Credit Suisse) and Elisa Ferreira (Vice Governor of Banco de Portugal)
    Date: 30 June 2019

  • Panel discussion

    Event: 89th Annual General Meeting
    Chairman: Jens Weidmann, Chairman of the Board, BIS and President, Deutsche Bundesbank
    Panellists: Alejandro Díaz de León Carrillo, Governor, Bank of Mexico, Thomas Jordan, Chairman of the Governing Board, Swiss National Bank, Lesetja Kganyago, Governor, South African Reserve Bank, Yi Gang, Governor, People's Bank of China
    Date: 30 June 2019

  • Time to ignite all engines

    Event: 89th Annual General Meeting
    Speakers: Agustín Carstens (BIS General Manager)
    Date: 30 June 2019
    Agustín Carstens speaks about the risks to the global economic outlook, the path to higher interest rates and the best way to achieve sustainable growth.

  • Monetary policy frameworks in EMEs: practice ahead of theory

    Event: 89th Annual General Meeting
    Speakers: Claudio Borio (Head of the Monetary and Economic Department)
    Date: 30 June 2019
    Claudio Borio explains the particular challenges for emerging market central banks in setting monetary policy and the multiple tools they use.

  • Big tech in finance: opportunities and risks

    Event: 89th Annual General Meeting
    Speakers: Hyun Song Shin  (BIS Economic Adviser and Head of Research)
    Date: 30 June 2019
    Hyun Song Shin discusses the entry of big tech companies into financial services and the new challenges this poses for financial regulators, consumer protection and data privacy.

  • No clear skies yet

    Event: 89th Annual General Meeting
    Speakers: Agustín Carstens (BIS General Manager)
    Date: 30 June 2019
    Agustín Carstens speaks about the risks to the global economic outlook, the path to higher interest rates and the best way to achieve sustainable growth.

  • Monetary policy frameworks in EMEs: inflation targeting, the exchange rate and financial stability

    Event: 89th Annual General Meeting
    Speakers: Claudio Borio (Head of the Monetary and Economic Department)
    Date: 30 June 2019
    Claudio Borio explains the particular challenges for emerging market central banks in setting monetary policy and the multiple tools they use.

  • Big tech in finance: opportunities and risks

    Event: 89th Annual General Meeting
    Speakers: Hyun Song Shin (Economic Adviser and Head of Research)
    Date: 30 June 2019
    Hyun Song Shin discusses big tech and finance, Facebook's Libra announcement and associated topics.

  • Innovation BIS 2025: the Bank's new medium-term strategy

    Event: 89th Annual General Meeting
    Speakers: Agustín Carstens (BIS General Manager)
    Date: 30 June 2019
    Agustín Carstens discusses Innovation BIS 2025 - what it means, what's being done and what's to come.

  • Conversation with Agustín Carstens

    Event: 2019 IIF Spring Membership Meeting, Tokyo
    Speakers: Agustín Carstens (BIS General Manager) and Robert S Kaplan (President, Dallas Federal Reserve Bank)
    Date: 6 June 2019
    Bank for International Settlements General Manager Agustín Carstens speaks about the global economy and how central banks are positioning themselves in relation to developments.

  • A conversation with Agustín Carstens

    Event: Conference on "Technology-Enabled Disruption: Implications for Business, Labor Markets and Monetary Policy" organised by the Federal Reserve Banks of Atlanta, Dallas and Richmond
    Speakers: Agustín Carstens (BIS General Manager) and Robert S Kaplan (President, Dallas Federal Reserve Bank)
    Date: 22 May 2019
    Bank for International Settlements General Manager Agustín Carstens talks with Dallas Fed President Robert S Kaplan about the financial sector, global economy and more at the Technology-Enabled Disruption conference.

  • How to strengthen international cooperation for cyber security?

    Event: G7 high-level conference on "Cybersecurity: Coordinating efforts to protect the financial sector in the global economy"
    Speakers: Agustín Carstens (BIS General Manager) and Benoît Cœuré (Chairman of the Committee on Payments and Market Infrastructures)
    Date: 10 May 2019
    Coeuré (7:08:15) and Carstens (7:24:42) outline the current state of international cooperation in the area of cyber security, and offer thoughts on the way forward based on the work and experience of the BIS and the CPMI.

  • Global imbalances and the international footprint of firms: what role for exchange rates?

    Event: Joint G20/IMF Seminar on Global Imbalances
    Speaker: Hyun Song Shin (Economic Adviser and Head of Research)
    Date: 10 April 2019
    The accounting basis for macroeconomics is looking increasingly creaky in an age of global firms and global value chains. Key elements need to be rethought. And the financial channel of exchange rates has become more potent, while the traditional trade channels have waned in importance. (01:12:04, Shin at 00:35)

  • Interview with William Coen

    Event: Institute of International Finance's FRT Podcast 
    Speaker: William Coen (Secretary General, Basel Committee on Banking Supervision)
    Date: 22 January 2019
    Coen speaks about market risk, the year ahead and the upcoming consolidated framework for Basel standards.

  • On money, debt, trust and central banking

    Event: Cato Institute 36th Annual Monetary Conference, Washington DC
    Speaker: Claudio Borio (Head of the Monetary and Economic Department)
    Date: 15 November 2018
    In this keynote address, Borio addresses issues like the relationship between money and debt, the viability of cryptocurrencies as money, money neutrality and the nexus between monetary and financial stability. The present monetary system, with central banks and a prudential apparatus at its core, can and must be improved, but it still provides the best basis to build on.

  • BIS General Manager talks about spillovers at IMF research conference

    Event: IMF's 19th Jacques Polak Annual Research Conference on "International Spillovers and Cooperation"
    Speakers: Moderator: Maurice Obstfeld (IMF). Panel participants: Agustín Carstens (BIS General Manager), Takatoshi Ito (School of International and Public Affairs, Columbia University), Silvana Tenreyro (Bank of England and London School of Economics) and Ksenia Yudaeva (Central Bank of the Russian Federation)
    Date: 2 November 2018
    Participants discuss the challenges to policymaking in an interconnected world.

  • BIS General Manager discusses the outlook for emerging markets

    Speaker: Agustín Carstens (BIS General Manager)
    Date: 15 October 2018
    Agustín Carstens (General Manager) explains to CNBC how emerging markets should further strengthen their fundamentals to better shield themselves from the risk of a snapback in interest rates.

  • We are living in a world with interconnected balance sheets, says BIS's Shin

    Speaker: Hyun Song Shin (Economic Adviser and Head of Research)
    Date: 12 October 2018
    Hyun Song Shin (Economic Adviser and Head of Research) speaks to Bloomberg about emerging market economies 20 years after the Asian financial crisis, and explains how we are living in a world with interconnected balance sheets.

  • BIS's Carstens Urges Central Banks to Normalize Rates

    Speaker: Agustín Carstens (General Manager)
    Date: 4 October 2018
    Augustin Carstens, general manager at Bank for International Settlements, discusses pressures on emerging markets, central banks normalizing monetary policy, and the United States-Mexico-Canada Agreement. He speaks on "Bloomberg Surveillance" with Tom Keene and Francine Lacqua. Interviewed at Bloomberg's Future of Finance conference.

  • CNN's Martina Fuch interviews BIS General Manager Agustín Carstens

    Speaker: Agustín Carstens (General Manager)
    Date: 18 September 2018
    Martina Fuchs asks BIS General Manager Agustín Carstens if policymakers lived up to their post-crisis duties. "Absolutely," he says. "It was an unprecedented phenomenon. We have taken the appropriate actions."

  • Bitcoin's big problems

    Speaker: Hyun Song Shin (Economic Adviser and Head of Research)
    Date: 8 August 2018
    Shin discusses the economics underlying cryptocurrencies in this Bloomberg podcast.

  • Data for financial stability: collecting and connecting the dots

    Event: 9th ECB Statistics Conference: "20 years of ESCB statistics: what's next?"
    Speaker: Ardo Hansson (Governor, Bank of Estonia), Philip Lane (Governor, Central Bank of Ireland), Richard Berner (NYU Stern School of Business), Luiz Awazu Pereira da Silva (Deputy General Manager), Hans-Helmut Kotz (Goethe University)
    Date: 11 July 2018
    More data are necessary to help policymakers anticipate and manage the next crisis, but they may not be enough - the lens through which they are analysed matters as much as the data (Pereira da Silva at 36:21).

  • Sustaining the momentum

    Event: 88th Annual General Meeting
    Speaker: Agustín Carstens (General Manager)
    Date: 24 June 2018
    Agustín Carstens outlines a four-part agenda to maintain the current economic upswing.

  • Per Jacobsson Foundation Lecture: "The real effects of disrupted credit: evidence from the global financial crisis"

    Event: 88th Annual General Meeting
    Speaker: Ben S Bernanke, Distinguished Fellow in Residence, The Brookings Institution
    Date: 24 June 2018

  • Panel discussion on "The real effects of disrupted credit: evidence from the global financial crisis"

    Event: 88th Annual General Meeting
    Speakers: Chairman: Agustín Carstens, General Manager
    Panellists:  Ilan Goldfajn (Governor, Central Bank of Brazil), Haruhiko Kuroda (Governor, Bank of Japan), Ignazio Visco (Governor, Bank of Italy)
    Date: 24 June 2018

  • FSI special session on key financial regulatory developments: Implementation of recently finalised standards, impact assessment and related policy issues; standard-setting activities on technological advancements and cyber-risk

    Event: 88th Annual General Meeting
    Speakers: Fernando Restoy (Chair of the FSI), Paul Andrews (Secretary General of IOSCO) at 05.35, Morten Bech (Head of Secretariat of the CPMI) at 16.14, William Coen (Secretary General of the BCBS) at 24:25, Jonathan Dixon (Secretary General of the IAIS) at 42:22, Dietrich Domanski (Secretary General of the FSB) at 54:35 and David Walker (Secretary General of the IADI) at 1:08:17.
    Date: 23 June 2018

  • Macroprudential frameworks: experience, prospects and a way forward

    Event: 88th Annual General Meeting
    Speaker: Claudio Borio (Head of the Monetary and Economic Department)
    Date: 24 June 2018
    Claudio Borio speaks on macroprudential frameworks past, present and future.

  • Cryptocurrencies and the economics of money

    Event: 88th Annual General Meeting
    Speaker: Hyun Song Shin (Economic Adviser and Head of Research)
    Date: 24 June 2018
    Hyun Song Shin explains why, despite all the hype, cryptocurrencies are a far cry from money.

  • Annual Report 2017/18

    Speaker: Agustín Carstens (General Manager)
    Date: 24 June 2018
    Agustín Carstens (General Manager) presents the new BIS Annual Report and highlights the Bank's core activities in three main areas: economic research and statistics, banking activities and international cooperation.

  • Cryptocurrencies: looking beyond the hype

    Speaker: Hyun Song Shin (Economic Adviser and Head of Research)
    Date: 17 June 2018
    Hyun Song Shin speaks about Chapter V of the Annual Economic Report 2018.

  • Moving forward with macroprudential frameworks

    Speaker: Claudio Borio (Head of the Monetary and Economic Department)
    Date: 17 June 2018
    Claudio Borio speaks about Chapter IV of the Annual Economic Report 2018.

  • Central banking: trending and cycling

    Event: Sveriges Riksbank'350th anniversary conference "350 years of central banking: the past, the present, and the future"
    Speakers: Jerome Powell (Federal Reserve), Mark Carney (Bank of England), Erkki Liikanen (Bank of Finland), Agustín Carstens (BIS General Manager)
    Date: 25 May 2018
    On the occasion of its anniversary conference, the Riksbank asked some of the world's most powerful central bank Governors how they view the future for central banks.

  • The money flower and why Bitcoin is a Ponzi scheme

    Event: TEDxBasel 2018
    Speakers: Morten Bech (Head of Secretariat, Committee on Payments and Market Infrastructures)
    Date: 26 May 2018
    Bech explains how cryptocurrencies fit into the "money flower". He talks about what money is and outlines work being done by the CPMI, currently chaired by Benoît Coeuré.
  • Challenges for monetary policy from global financial cycles (01:28:01)
    Event: IMF-SNB 8th High-Level Conference on the International Monetary System, Zurich
    Speaker: Lead speaker: Tobias Adrian (IMF)
    Panel participants: Agustín Carstens, Philip Lane, Mario Marcel, Jerome H Powell and Hélène Rey
    Date: 8 May 2018
    Participants discuss the importance of global financial cycles in driving capital flows and their relation to monetary policy.
  • The market risk framework: 25 years in the making
    Event: ISDA Annual General Meeting, Miami
    Speaker: William Coen (Secretary General, Basel Committee on Banking Supervision)
    Date: 25 April 2018
    Keynote speech on the Basel Committee's work to finalise and implement the revised market risk framework.
  • Booms and busts: are we better able to deal with them today?
    Event: IMF seminar, Washington DC
    Speaker: Joumanna Bercetche (CNBC), David Lipton (IMF), Agustín Carstens (General Manager), Gene Frieda (PIMCO), Philip Lane (Governor, Central Bank of Ireland), Hélène Rey (London Business School)
    Date: 21 April 2018
    What we know about boom-bust cycles, how we identify "bad" booms and how to manage them, and how to limit the potential for busts.
  • Digital currencies: implications for central banks
    Event: Brookings Institution panel discussion, Washington DC
    Speaker: Rana Foroohad (Financial Times), Eswar Prasad (Brookings Institution), Agustín Carstens (General Manager), Urjit Patel (Governor, Reserve Bank of India), Stefan Ingves (Governor, Sveriges Riksbank)
    Date: 17 April 2018
    Discussion on the challenges and opportunities digital currencies pose to central banks.
  • Money in the digital age: what role for central banks?
    Event: Lecture at House of Finance, Goethe University
    Speaker: Brigitte Haar (Vice President, Goethe University), Jens Weidmann (President, Deutsche Bundesbank and Chairman, BIS Board), Agustín Carstens (General Manager), Otmar Issing (President, Center for Financial Studies)
    Date: 6 February 2018
    Authorities must be prepared to act against the invasive spread of cryptocurrencies to preserve the integrity of the concept of money and protect consumers and investors (Carstens at 15:00).
  • Post-crisis bank resolution: what are the main challenges now?
    Event: Concluding remarks at the 8th FSI-IADI conference on "Bank resolution, crisis management and deposit insurance"
    Speaker: Agustín Carstens (General Manager)
    Date: 2 February 2018
    Highlights key challenges with the implementation of the international standards on resolution.
  • Keynote address
    Event: Keynote address at the FSI-IADI 8th Conference on Bank Resolution, Crisis Management and Deposit Insurance
    Speaker: Sir Paul Tucker (Harvard University)
    Date: 1 February 2018
    Resolution and resolvability have become embedded in the work of the official sector, although this is still confined to specialists. It has not yet had sufficient impact on lender of last resort policy and prudential supervision.
  • Keynote address
    Event: FSI-IADI 8th Conference on Bank Resolution, Crisis Management and Deposit Insurance
    Speaker: Mark Branson (CEO, Finma)
    Date: 31 January 2018
    We need consistent adoption of resolution standards in national statutes and close interaction between national resolution authorities and banking institutions to ensure that individual resolution plans can be executed and that there are feasible alternatives that can be deployed in unexpected circumstances.
  • Basel III, a milestone achievement?
    Event: Goethe University Institute of Law and Finance conference "Basel III: are we done now?"
    Speaker: Stefan Ingves (Chairman, Basel Committee on Banking Supervision), Timothy Adams (Institute of International Finance), William Coen (Secretary General, BCBS), Andreas Dombret (Deutsche Bundesbank), moderator: Nicolas Veron (Bruegel and Peterson Institute for International Economics)
    Date: 29 January 2018
    Keynote speech by Ingves followed by panel discussion.
  • The geographic consequences of Basel III
    Event: Goethe University Institute of Law and Finance conference "Basel III: are we done now?"
    Speaker: Claudio Borio (Head of the Monetary and Economic Department), Sandra O'Connor (JPMorgan Chase), Christian Ossig (Association of German Banks), Shunsuke Shirakawa (Financial Services Agency of Japan)
    Date: 29 January 2018
    Borio moderates a panel discussion.
  • Weak productivity: The role of financial factors and policies
    Event: Joint BIS-IMF-OECD conference: Weak Productivity: The role of financial factors ad policies
    Speaker: Maurice Obstfeld (IMF), Claudio Borio (Head of the Monetary and Economic Department), Karolina Ekholm (Swedish Ministry of Finance)
    Date: 10 January 2018
    Borio argues that the misallocation of resources across sectors and firms can have long-lasting but often overlooked reprecussions for productivity growth and economic fluctuations. (Borio 28:09-43:31).
  • Monetary policy in the grip of a pincer movement
    Event: 21st Annual Conference of the Central Bank of Chile
    Speaker: Claudio Borio (Head of the Monetary and Economic Department)
    Date: 16-17 November 2017
    Borio examines the implications for monetary policy of the conjunction of two developments: the emergence of disruptive financial cycles, and the limited sensitivity of inflation to domestic economic slack.
  • Reducing the risk of wholesale payments fraud related to endpoint security
    Event: Release of CPMI discussion note
    Speaker: Benoît Cœuré (Chairman of the Committee on Payments and Market Infrastructures)
    Date: 28 September 2017
    Committee on Payments and Market Infrastructures Chairman Benoît Cœuré explains the committee's proposals to improve the security of wholesale payments that involve banks, financial market infrastructures and other financial institutions.
  • Challenges for regulators and supervisors after the post-crisis reforms
    Event: FSI conference on "Supervisory policy implementation in the current macro-financial environment - 'a cross-sectoral journey'"
    Speaker: Jaime Caruana (General Manager)
    Date: 18 September 2017
    Proper policy implementation is essential to reaping the full benefits of the global regulatory reforms. It covers three dimensions: (i) adopting the new standards into national regulation in a proper, consistent and timely way; (ii) assessing whether the standards, once implemented, achieve their objectives; and (iii) putting in place supervisory frameworks that help maximise the benefits of the new standards.
  • FSI Presentation of current regulatory issues
    Event: BIS Annual General Meeting 2017, FSI presentation of current regulatory issues
    Speaker: Fernando Restoy (Chairman, Financial Stability Institute)
    Date: 24 June 2017
    Fernando Restoy (Chair of the FSI), Svein Andresen (Secretary General of the FSB) at 02:40, William Coen (Secretary General of the Basel Committee) at 20:50, Yoshihiro Kawai (Secretary General of the IAIS) at 36:20, Morten Bech (Secretary General of the CPMI) at 46:30, David Walker (Secretary General of the IADI) at 57:10
  • Looking beyond the here and now
    Event: BIS Annual General Meeting 2017
    Speaker: Jaime Caruana (General Manager)
    Date: 25 June 2017
    Focusing on the 87th BIS Annual Report's key messages, in his speech Jaime Caruana notes that global growth has broadened and strengthened, and the near-term outlook is better than it's been in a long while. He argues that taking advantage of these tailwinds to build greater economic resilience, nationally and globally, will leave us better prepared for future adverse events. Completing Basel III is a priority.
  • How much do we really know about inflation?
    Event: BIS Annual General Meeting 2017
    Speaker: Claudio Borio (Head of the Monetary and Economic Department)
    Date: 25 June 2017
    Could an inflation flare-up end the current expansion? How much do we really know about the inflation process? In his presentation, Claudio Borio draws on research presented in the 87th BIS Annual Report and concludes that we may be underestimating globalisation's influence on inflation. If so, a flare-up may not be that likely. If the hypothess is correct, it also points to refinements in current monetary policy strategies.
  • Globalisation: real and financial
    Event: BIS Annual General Meeting 2017
    Speaker: Hyun Song Shin (Economic Adviser and Head of Research)
    Date: 25 June 2017
    In his presentation, Hyun Song Shin highlights key messages from the 87th BIS Annual Report. He argues that trade and financial openness go together, and that globalisation of the real economy entails substantial financial globalisation. The complex trading relationships involved in global value chains require greater financial resources. If left unchecked, the build-up of financial excesses can result in costly financial crises. Ensuring a resilient financial system is the best way to reap the benefits of real globalisation. 
  • The global financial system, the real rate of interest and a long history of boom-bust cycles
    Event: Andrew Crockett Memorial Lecture, BIS Annual General Meeting 2017
    Speaker: Hélène Rey (Lord Bagri Professor of Economics, O.B.E. London Business School)
    Date: 25 June 2017
    Financial cycles strongly determine real short-term interest rates. Wealth increases rapidly during financial booms, faster than consumption itself. As a consequence, the consumption to wealth ratio declines, as happened in the "Roaring 20s" and the "Exuberant 2000s". In the subsequent busts, savings increase and keep real interest rates low. The related global financial cycle constrains monetary poilcy independence, even for countries with flexible exchange rates, transforming the Mundellian trilemma into a dilemmma. Tackling these issues calls for combinations of monetary and fiscal policy coordination, macroprudential policies, and possibly capital controls. It also means considering the role of the US as a provider of safe assets, and asking whether a multipolar system would be advantageous.
  • Panel discussion: The global financial system, the real rate of interest and a long history of boom-bust cycles
    Event: Panel discussion, Andrew Crockett Memorial Lecture, BIS Annual General Meeting 2017
    Speaker: Jens Weidmann (President, Deutsche Bundesbank and Chairman of the BIS Board of Directors of the Bank for International Settlements), William Dudley (President and Chief Executive Officer of the Federal Reserve Bank of New York), Stefan Ingves (Governor of Sveriges Riksbank and Chair of the Basel Committee on Banking Supervision), Veerathai Santiprabhob (Governor of the Bank of Thailand)
    Date: 25 June 2017
    Following the Andrew Crockett Memorial Lecture by Hélène Rey, panel discussion participants exchange views.
  • Policy panel 2: Who is willing to act? Passing on the hot potato of policy intervention
    Event: Deutsche Bundesbank policy symposium: "Frontiers in central banking - past, present and future"
    Speaker: Christine Lagarde (Managing Director, IMF), Jaime Caruana (General Manager), Mario Monti (former Prime Minister of Italy)
    Date: 14 June 2017
    Jaime Caruana participates in a panel discussion at this Bundesbank symposium (Jaime Caruana at 16:05).
  • Global liquidity and procyclicality
    Event: Barcelona GSE Lecture
    Speaker: Hyun Song Shin (Economic Adviser and Head of Research)
    Date: 27 April 2017
    In his presentation, Hyun Song Shin examines why global financial conditions are so attuned to the strength of the dollar, and why the real economy is so sensitive to global financial conditions.
  • Twenty years after the Asian Financial Crisis: remaining challenges for monetary and financial stability
    Event: ADBI/ADB Conference: "20 years after the Asian financial crisis: lessons, challenges and the way forward"
    Speaker: Hyun Song Shin (Economic Adviser and Head of Research)
    Date: 13 April 2017
    In his speech, Hyun Song Shin discusses the current state of the global dollar funding network, and the challenges posed by local currency bond markets for monetary policy and financial stability.
  • Public hearing of the French Senate (Commission des finances du Sénat)
    Speaker: William Coen (Secretary General of the Basel Committee on Banking Supervision)
    Date: 22 February 2017
    William Coen outlines the key elements of the Basel Committee's reforms following the global financial crisis and why they have been developed, emphasising that strong global standards for banks create a level playing field and make global firms more resilient. See the video in French (William Coen at 06.14) and read Mr Coen's introductory remarks.
  • Markus Brunnermeier, 2016 Lamfalussy Fellow
    Speaker: Markus Brunnermeier (Alexandre Lamfalussy Fellow for 2016)
    Date: 15 December 2016
    Markus Brunnermeier discusses his experience as the 2016 Alexandre Lamfalussy Senior Research Fellow.
  • The euro and the battle of ideas - presenting the book
    Speaker: Markus Brunnermeier (Alexandre Lamfalussy Fellow for 2016)
    Date: 5 September 2016
    Presentation on the book by Markus Brunnermeier, Harold James and Jean-Pierre Landau. The design flaws in the euro reflect fundamental differences in its founders' economic thinking. For historical reasons, Germans favour rules, discipline and austerity as an antidote to excessive debt. The French prefer flexibility and discretion, and would opt for stimulus along Keynesian lines. These differences in approach are likely to continue hindering a unified response to the euro area's problems.
  • Finalising Basel III
    Event: Meeting with the European Parliament's Committee on Economic and Monetary Affairs (ECON Committee)
    Speaker: William Coen (Secretary General of the Basel Committee on Banking Supervision)
    Date: 12 October 2016
    In his remarks William Coen outlines outstanding post-crisis reforms to members of the European Parliament, saying that Basel III reforms are on track to be finalised by the end of 2016 and that they will promote the comparability and credibility of risk-based capital ratios. (William Coen at 05:08)
  • Bank capital: a revised Basel framework
    Event: 2016 Annual Membership Meeting of the Institute of International Finance
    Speaker: William Coen (Secretary General of the Basel Committee on Banking Supervision)
    Date: 7 October 2016
    In his remarks William Coen reviews progress in finalising the Basel Committee's reform agenda, emphasising that the Basel III reforms are a package, with various policy options implying trade-offs. The reforms do not aim to raise capital requirements, but increases cannot be ruled out for outlier banks. (William Coen at 02:51)
  • Macro Musings: Claudio Borio on financial stability, the Triffin dilemma, and international monetary policy
    Speaker: Claudio Borio (Head of the Monetary and Economic Department)
    Date: 10 October 2016
    In this podcast, Claudio Borio talks with host David Beckworth about a range of topics.
  • Ultra-low interest rates: Why? What consequences? Here to stay?
    Event: First ESRB annual conference
    Speaker: Vitor Constâncio (Vice President, ECB); discussants: François Villeroy de Galhau (Governor, Bank of France), Gabriel Bernardino (Chairman, European Insurance and Occupational Pensions Authority), Claudio Borio (Head of the Monetary and Economic Department)
    Date: 23 September 2016
    Claudio Borio examines the causes, consequences and likelihood of persistence of ultra-low interest rates and argues that the role of monetary policy frameworks in causing such low rates has not been fully appreciated, although a number of other factors have no doubt also been at work. (Claudio Borio at 55:30)
  • Everything old is new again: the comeback of capital controls
    Event: FT Festival of Finance
    Speaker: Moderator: Matt Klein (FT Alphaville)
    Panellists: Hyun Song Shin (Economic Adviser and Head of Research), Hélène Rey (London Business School), Karthik Sankaran (Eurasia Group)
    Date: 01 July 2016
    Being able to move money across borders seems as central to globalisation as free trade, but it was never always so. Now the consensus is starting to flip back, with even the IMF endorsing some limits on moving money across borders. What does this mean? (Hyun Song Shin at 11:07, 16:40, 20:50 and 43:53)
  • Regulation and structural change in financial systems
    Event: ECB Forum on Central Banking
    Speaker: Stijn Claessens, Senior Adviser, Board of Governors of the Federal Reserve System; discussant: Hyun Song Shin (Economic Adviser and Head of Research)
    Date: 28 June 2016
    Hyun Song Shin discusses Claessen's paper "Regulation and structural change in financial systems", emphasising two key messages: that financial structure matters for efficiency and risks; and that regulation should take account of financial structure. (Hyun Song Shin at 1:01:38)
  • Global realignment and policy rebalancing
    Event: BIS Annual General Meeting 2016
    Speaker: Jaime Caruana (General Manager)
    Date: 26 June 2016
    Focusing on the 86th BIS Annual Report's key messages, in his speech Jaime Caruana discusses the realignment taking place in the global economy, and elements of a needed policy rebalancing.
  • Towards financial stability-oriented monetary policy? Some evidence
    Event: BIS Annual General Meeting 2016
    Speaker: Claudio Borio (Head of the Monetary and Economic Department)
    Date: 26 June 2016
    In his presentation, Claudio Borio draws on BIS research presented in the Annual Report to argue that a financial stability-oriented monetary policy can yield significant benefits.
  • Liquidity, leverage and macro risk
    Event: BIS Annual General Meeting 2016
    Speaker: Hyun Song Shin (Economic Adviser and Head of Research)
    Date: 26 June 2016
    In his presentation, Hyun Song Shin highlights a main message of the Annual Report: apparently disparate issues can be understood better by reference to a few common themes, especially the role of accumulated stocks in accentuating the impact of shocks.
  • Reflections on central banking: what is it all about?
    Event: Per Jacobsson Foundation Lecture, BIS Annual General Meeting 2016
    Speaker: Jacob A Frenkel (Chairman of JPMorgan Chase International)
    Date: 26 June 2016
    Despite dramatic changes in the world - political, economic, institutional, conceptual - there exists a core of central banking principles that remains robust.
  • Panel discussion: Reflections on central banking: what is it all about?
    Event: Panel discussion, Per Jacobsson Foundation Lecture, BIS Annual General Meeting 2016
    Speaker: Chair: Jens Weidmann (President, Deutsche Bundesbank and Chairman of the BIS Board of Directors)
    Participants: Agustín Carstens (Governor, Bank of Mexico), François Villeroy de Galhau (Governor, Bank of France), Raghuram G Rajan (Governor, Reserve Bank of India)
    Date: 26 June 2016
    Following the Per Jacobsson Foundation Lecture by Jacob A Frenkel, panel discussion participants exchange views on central banking.
  • Global liquidity and procyclicality
    Event: World Bank conference "The state of economics, the state of the world"
    Speaker: Hyun Song Shin (Economic Adviser and Head of Research); discussants: Asli Demirgüç-Kunt (World Bank), Maurice Obstfeld (IMF)
    Date: 8 June 2016
    BIS data show that the euro and the yen may be starting to take on the features of an international funding currency, following in the dollar's footsteps. The key takeaway of Hyun Song Shin's presentation however is that a stronger dollar is associated with more severe market anomalies. (Hyun Song Shin at 4:02)
  • Credit, commodities and currencies
    Event: Systemic Risk Centre public lecture, London School of Economics and Political Science
    Speaker: Jaime Caruana (General Manager)
    Date: 05 February 2016
    In his lecture, Jaime Caruana lays out broad themes that shed light on the current state of the global economy.
  • Persistent ultra-low interest rates: the challenges ahead
    Event: Bank of France-BIS Farewell Symposium for Christian Noyer
    Speaker: Jaime Caruana (General Manager)
    Date: 12 January 2016
    In the aftermath of the crisis, central banks have had to operate in uncharted waters, characterised by low growth, below-target inflation and unusually low interest rates - as well as financial fragility and rising debt. In his closing remarks, Jaime Caruana highlights the challenges ahead.
  • Revisiting three intellectual pillars of monetary policy received wisdom
    Event: Cato Institute 33rd Annual Monetary Conference: luncheon address
    Speaker: Claudio Borio (Head of the Monetary and Economic Department)
    Date: 12 November 2015
    Claudio Borio questions three beliefs that underpin current monetary policy received wisdom. He concludes that the trend decline in real interest rates is, at least in part, a disequilibrium phenomenon, not consistent with lasting financial, macroeconomic and monetary stability; and that there is a need to adjust current monetary policy frameworks so that monetary policy plays a more active role in preventing systemic financial instability and its huge macroeconomic costs.
  • Policy lessons and the future of unconventional monetary policy
    Event: Sixteenth Jacques Polak Annual Research Conference: "Unconventional monetary and exchange rate policies"
    Speaker: Moderator: Maurice Obstfeld (IMF)
    Panellists: Claudio Borio (Head of the Monetary and Economic Department, BIS), Lael Brainard (Federal Reserve Board), Paul Krugman (CUNY), Adam Posen (Peterson Institute)
    Date: 06 November 2015
    Claudio Borio explains that today's persistently low rates are not "equilibrium" rates because of their long-term costs. Monetary policy must be more consistent through both financial booms and busts, and unconventional measures are best viewed as crisis management tools. (Claudio Borio at 47:50)
  • Revisiting monetary policy frameworks - monetary policy and financial stability
    Event: Seminar, 2015 IMF-World Bank Annual Meetings
    Speaker: Moderator: José Viñals (Financial Counsellor and Director of the Monetary and Capital Markets Department, IMF)
    Panelists: Jaime Caruana (General Manager, BIS), Benoît Cœuré (member of the Executive Board, ECB), Nemat Shafik (Deputy Governor, Bank of England), Rodrigo Vergara (Governor, Central Bank of Chile)
    Date: 10 October 2015
    In his panel remarks, Jaime Caruana argues that the principle of separation of monetary policy and macroprudential policy, while appealing on the surface, is less compelling upon closer inspection. (Jaime Caruana at 17:30).
  • Credit booms and credit busts
    Event: Interview with the Institute for New Economic Thinking
    Speaker: Claudio Borio (Head of the Monetary and Economic Department)
    Date: 10 July 2015
    In this interview, Claudio Borio speaks with INET's Marshall Auerback on the need to strengthen the macroprudential orientation of regulatory and supervisory frameworks in order to improve safeguards against financial instability.
  • CPMI 25th Anniversary Conference opening remarks
    Event: 25th Anniversary Conference of the Committee on Payments and Market Infrastructures
    Speaker: Benoît Cœuré (Chairman of the Committee on Payments and Market Infrastructures)
    Date: 30 June 2015
    In his speech marking the 25th anniversary of the CPMI, its chairman reflects on the past, present and future of this global standard-setting body in the field of payments, clearing and settlement systems.
  • The role of the CPMI as part of the Basel Process
    Event: 25th Anniversary Conference of the Committee on Payments and Market Infrastructures
    Speaker: Jaime Caruana (General Manager)
    Date: 30 June 2015
    Jaime Caruana's keynote speech reviews three snapshots from the CPMI's history, describes the Committee's work in the context of the Basel Process and provides insights on the growing role of centralised counterparties following the global financial crisis.
  • Taking a longer-term perspective
    Event: BIS Annual General Meeting 2015
    Speaker: Jaime Caruana (General Manager)
    Date: 28 June 2015
    Focusing on the BIS 85th Annual Report's key messages, in his speech Jaime Caruana analyses the unusually low interest rate environment, taking a longer-term perspective that highlights the role of financial and global factors.
  • Persistent unusually low interest rates. Why? What consequences?
    Event: BIS Annual General Meeting 2015
    Speaker: Claudio Borio (Head of the Monetary and Economic Department)
    Date: 28 June 2015
    In his presentation, Claudio Borio develops a core theme of the BIS 85th Annual Report, that persistent unusually low interest rates are not necessarily "equilibrium" rates, conducive to sustainable and balanced global expansion.
  • Three BIS research themes in the Annual Report
    Event: BIS Annual General Meeting 2015
    Speaker: Hyun Song Shin (Economic Adviser and Head of Research)
    Date: 28 June 2015
    In his presentation, Hyun Song Shin highlights three research themes that have guided BIS work over the previous year and are reflected in the BIS 85th Annual Report: characteristics of financial intermediation; global liquidity and spillovers; and monetary and financial stability policy frameworks.
  • Out of many, one? Household debt, redistribution and monetary policy during the economic slump
    Event: Andrew Crockett Memorial Lecture, BIS Annual General Meeting 2015
    Speaker: Amir Sufi (Professor of Finance, University of Chicago)
    Date: 28 June 2015
    High-income and low-income individuals respond differently to monetary policy shocks, as do savers and borrowers. This lecture argues that recognising the importance of the redistribution channels can guide central bankers on what monetary policies are most likely to be effective.
  • Monetary policy and household demand
    Event: Panel discussion, Andrew Crockett Memorial Lecture, BIS Annual General Meeting 2015
    Speaker: Chair: Christian Noyer (Bank of France)
    Participants: Haruhiko Kuroda (Bank of Japan), Stephen S Poloz (Bank of Canada), Alexandre Tombini (Central Bank of Brazil)
    Date: 28 June 2015
    Following the Andrew Crockett Memorial Lecture by Amir Sufi, panel discussion participants exchange views on monetary policy and household demand.
  • The blind spot of the international monetary and financial system
    Event: IMF conference "Rethinking Macro Policy III: Progress or Confusion?", Session 6: "International Monetary and Financial System"
    Speaker: Chair: Tharman Shanmugaratnam (Deputy Prime Minister and Minister for Finance of Singapore)
    Participants: Ricardo Caballero (Ford International Professor of Economics and Director of the World Economic Laboratory, Massachusetts Institute of Technology); Jaime Caruana (General Manager, BIS); Zeti Akhtar Aziz (Governor, Bank Negara Malaysia)
    Date: 16 April 2015
    In his remarks, Jaime Caruana focuses on the blind spot of the current international monetary and financial system: its inability to constrain the build-up of financial imbalances. (Jaime Caruana at 03:46)
  • Macroprudential tools, their limits and their connection with monetary policy
    Event: IMF conference "Rethinking Macro Policy III: Progress or Confusion?", Session 2: "Macro-Prudential Tools: Gathering Evidence"
    Speaker: Chair: Stanley Fischer (Vice Chairman of the Board of Governors of the Federal Reserve System)
    Participants: Robert Rubin (former US Treasury Secretary); Hyun Song Shin (Economic Adviser and Head of Research, BIS); Sir Paul Tucker (Senior Fellow, Harvard Kennedy School and Harvard Business School)
    Date: 15 April 2015
    In his presentation, Hyun Song Shin discusses the limits of macroprudential tools and their relationship with monetary policy. (Hyun Song Shin at 24:25)
  • The international monetary and financial system: its Achilles heel and what to do about it
    Event: INET conference "New economic thinking: liberté, égalité, fragilité"
    Speaker: Claudio Borio (Head of the Monetary and Economic Department), Anton Brender and Florence Pisani (Paris-Dauphine University), Hélène Rey (London Business School), Peter Termin (MIT)
    Date: 09 April 2015
    In his presentation, Claudio Borio argues that the Achilles heel of the international monetary and financial system is that it amplifies the "excess financial elasticity" of domestic policy regimes, ie it exacerbates their inability to prevent the build-up of financial imbalances, or outsize financial cycles, that lead to serious financial crises and macroeconomic dislocations.
  • Toward a joined-up research agenda for central banks
    Event: Bank of England's One Bank Research Agenda Launch Conference, Panel 1: "Policy frameworks and interactions"
    Speaker: Chair: Jon Cunliffe (Deputy Governor, Bank of England)
    Participants: Misa Tanaka (Senior Research Manager, Bank of England); Hyun Song Shin (Economic Adviser and Head of Research, BIS); Ricardo Reis (Professor of Economics, Columbia University)
    Date: 25 February 2015
    An integrated research agenda for central banks entails finding common elements that run through monetary policy and financial stability mandates. In his presentation, Hyun Song Shin explains that one of those elements is the risk-taking channel of monetary policy. (Hyun Song Shin at 29:40)
  • Monetary policy: the new normal
    Event: Institute of International Finance Annual Meeting
    Speaker: Claudio Borio (Head of the Monetary and Economic Department), Vítor Constâncio (ECB), Martin Feldstein (Harvard University), John Taylor (Stanford University)
    Date: 10 October 2014
    Claudio Borio participates in a panel discussion at the IIF's Annual Meeting. (Claudio Borio at 20:39, 35:09 and 54:44)
  • Zentralbanken als diskrete Retter der Weltwirtschaft
    Event: «ECO Spezial», Schweizer Radio und Fernsehen
    Speaker: Jaime Caruana (General Manager), Bill White (former Economic Adviser)
    Date: 03 September 2014
    Swiss TV documentary on the role of central banks as discreet rescuers of the world economy (German only)
  • The BIS and the future of the global financial system
    Event: Interview - Yale School of Management
    Speaker: Jaime Caruana (General Manager)
    Date: 09 July 2014
    In an interview with Jeffrey Garten (Yale School of Management), Jaime Caruana discusses the post-crisis global financial system, with a particular focus on the BIS, its mission, and the work it conducts in the area of financial stability.
  • A step in the dark: unconventional monetary policy after the crisis
    Event: Andrew Crockett Memorial Lecture, BIS Annual General Meeting 2013
    Speaker: Raghuram Rajan (Professor of Finance, University of Chicago Booth School of Business)
    Date: 23 June 2013
    Unconventional monetary policy has truly been a step in the dark. In his lecture, Raghuram Rajan sheds light on how and why central bankers have departed from their usual conservatism.
  • Global liquidity: where do we stand?
    Event: Bank of Korea International Conference 2013, "Assessing global liquidity in a global framework"
    Speaker: Jaime Caruana (General Manager)
    Date: 4 June 2013
    In his speech, Jaime Caruana characterises today's global financial conditions and reviews quantity and price indicators of global liquidity. He describes the current, unprecedented levels of monetary accommodation and the challenges that interest rate normalisation could pose.
  • Macroprudential policy and the financial cycle: some stylised facts and policy suggestions
    Event: IMF Conference "Rethinking macro policy II: first steps and early lessons"
    Speaker:

    Moderator: Andy Haldane (Bank of England)
    Panellists: Claudio Borio (Director of Research and Deputy Head of the Monetary and Economic Department), Stanley Fischer (Governor, Bank of Israel), Chongsoo Kim (Governor, Bank of Korea)
    Date: 16 April 2013
    In his panel remarks, Claudio Borio maintains that the financial cycle - which is the main source of systemic risk - should be at the core of our understanding of the macroeconomy, and that it has significant implications for the design and limits of macroprudential policy. (Claudio Borio at 10:37)
  • Society, economic policies and the financial sector
    Event: Per Jacobsson Foundation Lecture, BIS Annual General Meeting 2012
    Speaker: Dr Yaga Venugopal Reddy (Emeritus Professor, University of Hyderabad and former Governor of the Reserve Bank of India); opening remarks: Guillermo Ortiz (Chairman of the Per Jacobsson Foundation)
    Date: 24 June 2012
    Finance has the potential to do good, but it is essential to minimise its potential to do harm. As his lecture explains, central bankers have not merely a stake but also a legitimate role to play in this respect.
  • What financial system for the 21st century?
    Event: Per Jacobsson Foundation Lecture, BIS Annual General Meeting 2011
    Speaker: Sir Andrew Crockett (former General Manager); opening remarks: Jaime Caruana (General Manager), Guillermo Ortiz (Chairman of the Per Jacobsson Foundation)
    Date: 26 June 2011
    In his lecture, Sir Andrew Crockett presents the principles that should underpin the financial system for the medium- and longer-term. A new and stronger financial system should be global, robust and an effective servant of the real market economy.

  • On the global retreat of correspondent banks

    Speakers: Goetz von Peter, Principal Economist and Tara Rice, Deputy Head of Secretariat, CPMI
    Date: 1 March 2020
    Tara Rice and Goetz von Peter explain the drivers and implications of the global retreat of correspondent banks.

  • On the future of securities settlement

    Speakers: Jenny Hancock, Member of Secretariat, CPMI and Amber Wadsworth, Visiting member of Secretariat, CPMI
    Date: 1 March 2020
    Jenny Hancock and Amber Wadsworth explain how converting financial assets into digital tokens could transform the clearing and settlement of securities trades.

  • Property price dynamics: domestic and international drivers

    Speaker: Paul Hilbers, Director of Financial Stability at the Netherlands Bank
    Date: 17 February 2020
    Paul Hilbers presents the key findings of the CGFS report Property price dynamics: domestic and international drivers.

  • FSI paper no. 23: Policy responses to fintech: a cross-country overview

    Date: 30 January 2020
    FSI paper no. 23 Policy responses to fintech: a cross-country overview.

  • The design of digital financial infrastructure: lessons from India

    Speakers: Siddharth Tiwari, Chief Representative of the Office for Asia and the Pacific
    Date: 15 December 2019
    Siddharth Tiwari explains how India's example shows innovation can co-exist with strong regulation, data privacy and fast payments.

  • OTC derivatives: euro exposures rise and central clearing advances

    Speakers: Sirio Aramonte, Senior Economist and Wenqian Huang, Economist
    Date: 8 December 2019
    Aramonte and Huang highlight trends in the composition of outstanding OTC derivatives and explore reasons behind the voluntary migration of some to central clearing.

  • Offshore markets drive trading of emerging market currencies

    Speakers: Nikhil Patel, Economist
    Date: 8 December 2019
    FX markets for emerging market currencies account for almost 25% of global turnover. BIS economist Nikhil Patel explains how these markets have evolved in the past few years.

  • Implementation and implications of unconventional monetary policy tools (UMPTs)

    Speakers: Philip Lowe, Chair of the Committee on the Global Financial System, and Jacqueline Loh, Chair of the Markets Committee
    Date: 7 October 2019
    Philip Lowe, Chair of the Committee on the Global Financial System, and Jacqueline Loh, Chair of the Markets Committee discuss two major reports on the implementation and implications of unconventional monetary policy tools (UMPTs) introduced by central banks in response to the financial crisis and its aftermath.

  • Green bonds: the reserve management perspective

    Event: BIS Quarterly Review - September 2019
    Speakers: Ingo Fender, Omar Zulaica
    Date: 22 September 2019
    Fender and Zulaica look at the opportunities and challenges facing central bank reserve managers who seek to incorporate environmental sustainability objectives into their portfolios.

  • Playing it safe: global systemically important banks after the crisis

    Event: BIS Quarterly Review - September 2019
    Speakers: Tirupam Goel, (Economist), Aakriti Mathur (Senior Associate)
    Date: 22 September 2019
    Goel and Mathur discuss how the risk posed by global systemically important banks (G-SIBs) has diminished in line with the incentives set by the post-crisis regulatory framework.

  • Triennial Central Bank Survey

    Speakers: Vladyslav Sushko, Senior Economist
    Date: 16 September 2019
    Senior Economist Vladyslav Sushko discusses the main findings of the 2019 Triennial Central Bank Survey.

  • Catherine Schenk, 2018-19 Lamfalussy Fellow

    Speaker: Catherine Schenk (Professor of Economic and Social History at Oxford and 2018-19 BIS Lamfalussy Senior Research Fellow)
    Schenk discusses her experience as the 2018-19 Alexandre Lamfalussy Senior Research Fellow.
    Date: 13 August 2019

  • Integrated inflation targeting - Another perspective from the developing world

    Speaker: Pierre-Richard Agénor and Luiz A Pereira da Silva (Deputy General Manager)
    Agénor and Pereira assess recent experiences with inflation targeting, the challenges it has faced since the financial crisis, and ways in which these challenges have been, or should be, addressed. They focus on the perspective of middle-income countries.

  • Impact of financial regulations: insights from an online repository of studies

    Event: BIS Quarterly Review - March 2019
    Speakers: Stijn Claessens, Head of Financial Stability Policy and Deputy Head of the Monetary and Economic Department
    Date: 5 March 2019
    The BIS launches a public, online and interactive repository of studies on the effects of financial regulations, called FRAME.

  • Following the imprint of the ECB's asset purchase programme on global bond and deposit flows

    Event: BIS Quarterly Review - March 2019
    Speakers: Stefan Avdjiev, Senior Economist and Deputy Head of International Banking and Financial Statistics
    Date: 5 March 2019
    Tracing the imprint of the ECB's expanded asset purchase programme (APP) on international bond portfolios and euro-denominated deposits.
  • Establishing viable capital markets
    Speaker: CGFS chair Philip Lowe (Governor of the Reserve Bank of Australia)
    Date: 23 January 2019
    Lowe explains the key findings and recommendations of the report Establishing viable capital markets.
  • The geography of dollar funding of non-US banks
    Event: BIS Quarterly Review - December 2018
    Speakers: Torsten Ehlers (Senior Economist) and Iñaki Aldasoro (Economist)
    Date: 16 December 2018
    Ehlers and Aldasoro explain where non-US banks raise their $12.8 trillion in US dollar funding and where that funding comes from.
  • The 2008 crisis: transpacific or transatlantic?
    Event: BIS Quarterly Review - December 2018
    Speakers: Robert N McCauley (Senior Adviser)
    Date: 16 December 2018
    McCauley argues that European banks' investments in US mortgage-backed securities more plausibly explain the pre-2008 US housing market boom and eventual bust than Asian countries' purchases of US government bonds.
  • Regulating cryptocurrencies: assessing market reactions
    Event: September 2018 Quarterly Review
    Speaker: Raphael Auer (Senior Economist) 
    Date: 23 September 2018
    Auer discusses how the valuations of cryptocurrencies, as well as their transaction volumes and user bases, react to news about regulatory actions. The BIS study suggests that cryptocurrency markets rely on regulated financial institutions to operate, bringing cryptocurrencies within reach of national regulation.
  • Fintech credit markets around the world: size, drivers and policy issues
    Event: September 2018 Quarterly Review
    Speaker: Grant Turner (Senior Economist) 
    Date: 23 September 2018
    Turner discusses how fintech credit offers an alternative funding source for businesses and consumers, but also gives rise to challenges for regulators. For financial stability, challenges and benefits may arise if the fintech credit sector grows further, or if banks make greater use of similar technological innovations in providing credit.
  • The rise of zombie firms: causes and consequences
    Event: September 2018 Quarterly Review
    Speaker: Ryan Banerjee (Senior Economist)
    Date:  23 September 2018
    Banerjee discusses the rise in the number of zombie firms since the late 1980s. The BIS's analysis suggests that this increase is linked to reduced financial pressure, which in turn seems to reflect in part the effects of lower interest rates.
  • Early warning indicators of banking crises: expanding the family
    Event: March 2018 Quarterly Review
    Speaker: Mathias Drehmann (Principal Economist, Monetary and Economic Department)
    Date: 11 March 2018
    Drehmann discusses how early warning indicators change during a cycle and thereby signal a crisis.
  • Payments are a-changin' but cash still rules
    Event: March 2018 Quarterly Review
    Speakers: Cristina Picillo (Member of the Secretariat - CPMI), Umar Faruqui (Member of the Secretariat - CPMI)
    Date: 11 March 2018
    The authors discuss whether cash is ceding ground to electronic payments.
  • Mortgages, developers and property prices
    Event: March 2018 Quarterly Review
    Speaker: Christian Upper (Head of Emerging Markets, Monetary and Economic Department)
    Date: 11 March 2018
    Upper discusses the risks posed by the rapid rise in property developer debt in several Asian economies in recent years.
  • Finalising Basel III - Highlights
    Event: Media conference following meeting of the Group of Central Bank Governors and Heads of Supervision (GHOS)
    Speaker: Mario Draghi (GHOS Chair), Stefan Ingves (Basel Committee on Banking Supervision Chair), William Coen (Secretary General, Basel Committee on Banking Supervision)
    Date: 7 December 2017
    Highlights of the media conference to explain Basel III reforms.
  • Finalising Basel III
    Event: Media conference following meeting of the Group of Central Bank Governors and Heads of Supervision (GHOS)
    Speaker: Mario Draghi (GHOS Chair), Stefan Ingves (Basel Committee on Banking Supervision Chair), William Coen (Secretary General, Basel Committee on Banking Supervision)
    Date: 7 December 2017
    Introductory remarks from Draghi and Ingves, followed by a question and answer session.
  • Household debt and financial stability
    Event: December 2017 Quarterly Review
    Speaker: Anna Zabai (Economist, Monetary and Economic Department)
    Date: 3 December 2017
    Zabai explains how high household debt could affect economic and financial stability.
  • Capital misallocation and financial development: a sector-level analysis
    Speaker: Christian Upper (Monetary and Economic Department)
    Date: November 2017
    BIS Working Papers no 671: Does financial development lead to a more efficient allocation of capital?
  • Reducing the risk of wholesale payments fraud related to endpoint security
    Event: Release of CPMI discussion note
    Speaker: Benoît Cœuré (Chairman of the Committee on Payments and Market Infrastructures)
    Date: 28 September 2017
    Committee on Payments and Market Infrastructures Chairman Benoît Cœuré explains the committee's proposals to improve the security of wholesale payments that involve banks, financial market infrastructures and other financial institutions.
  • Central bank cryptocurrencies
    Speaker: Morten Bech (Monetary and Economic Department)
    Date: September 2017
    Discussion of the main findings of the BIS Quarterly Review article.
  • Global value chains and effective exchange rates at the country-sector level
    Speaker: Nikhil Patel (Monetary and Economic Department)
    Date: May 2017
    BIS Working Papers no 637: A new framework for computing the real effective exchange rate, a commonly used measure of comparativeness of countries.
  • Asymmetric information and the securitization of SME loans
    Speaker: Leonardo Gambacorta (Monetary and Economic Department)
    Date: January 2017
    BIS Working Papers no 601: Did banks' practice of selling loans on to other investors deserve the bad reputation it gained during the financial crisis?
  • The PFMI implementation database
    Date: 31 May 2019
    How to navigate the PFMI implementation database, an online data repository of jurisdictions' implementation measures for the Principles for financial market infrastructures and associated CPMI and IOSCO assessment principle ratings.
  • The Basel Framework
    Date: 9 April 2019
    This tutorial explains the features of the Basel Committee's new consolidated framework, bringing global standards for bank regulation and supervision together in one place.
  • New data on exchange rates and central bank policy rates
    Speaker: Marjorie Santos (Deputy Head of Data Bank Services)
    Date: 18 September 2017
  • Changes to the Global Liquidity Indicators
    Speaker: Phil Wooldridge (Head of International Banking & Financial Statistics)
    Date: 18 September 2017
  • Changes to the International Banking Statistics
    Speaker: Phil Wooldridge (Head of International Banking & Financial Statistics)
    Date: 18 September 2017
  • Introducing new BIS data sets
    Speaker: Bruno Tissot (Head of BIS Statistics)
    Date: 18 September 2017
  • What's the level of debt of companies, households and governments?
    Date: 24 February 2017                                                         
    The BIS statistics on credit to the non-financial sector help you understand how much credit banks and non-banks have extended to households, companies and governments in more than 40 economies, both advanced and emerging.
  • Which banks are the largest creditors to a particular country?
    Date: 21 November 2016                                                        
    Find out how much credit banks of a given nationality have extended to borrowers in more than 200 countries, using the consolidated banking statistics.
  • How to search for BIS statistics
    Date: 15 July 2016                                                                     
    This tutorial shows you how to navigate the BIS statistics webpage and use the three statistics tools to access the data sets.
  • An introduction to BIS statistics
    Speaker: Bruno Tissot (Head of Statistics & Research Support)
    Date: 25 November 2015
  • Total credit to the general government sector - how to find data using the BIS Statistics Warehouse
    Speaker: Christian Dembiermont (Head of Data Bank Services)
    Date: 25 November 2015

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  • Piet Clement: The BIS at 90
    Speaker: Piet Clement (Head of Information & Collaboration)
    Date: 17 May 2020
    Piet Clement explains the origins of the BIS and the roles it has played since opening on 17 May 1930.
  • Patrizia Baudino: FSI crisis management series - the banking crisis in Iceland publication
    Speaker: Patrizia Baudino (Senior Advisor)
    Date: 26 March 2020
    Patrizia Baudino speaks about Iceland in 2008 as part of the Financial Stability Institute's new series on bank crisis management.
  • Morten Bech: Technology is transforming payments
    Speaker: Morten Bech (Head of Secretariat, CPMI)
    Date: 1 March 2020
    Morten Bech explains what's shaping the future of payments.
  • Geoff Summerhayes on climate change, insurance and the role of financial supervisors
    Speaker: Geoff Summerhayes, Executive Board Member at the Australian Prudential Regulation Authority (APRA)
    Date: 24 February 2020
    Global warming has increased the frequency and severity of natural catastrophes. Geoff Summerhayes explains the challenges related to climate risk assessment and the transition to a low-carbon economy, and the role that financial supervision can play.
  • Bruno Tissot speaks about "big data" and its implications for central banks
    Speaker: Bruno Tissot (Head of Statistics and Research Support at the BIS, and Head of the Secretariat of the Irving Fisher Committee on Central Bank Statistics)
    Date: 17 February 2020
    "Big data" is an increasingly important topic in the creation, storage, retrieval, methodology and analysis of multiple sources of information - for both the private and public sectors. Bruno Tissot discusses how we can best use big data, the opportunities and challenges it presents, and the policy issues it creates.
  • Luiz Pereira da Silva speaks about "green swan" risks
    Speaker: Luiz Awazu Pereira da Silva (Deputy General Manager)
    Date: 20 January 2020
    Climate change poses new challenges to central banks, regulators and supervisors. Luiz Pereira da Silva reviews ways of addressing these new risks within central banks' financial stability mandate, based on a new research paper, The green swan. "Green swan" risks are potentially extremely financially disruptive events that could be behind the next systemic financial crisis.
  • BIS Innovation hub
    Speaker: Hyun Song Shin (Economic Adviser and Head of Research)
    Date: 18 December 2019
    Hyun Song Shin explains how the BIS Innovation Hub, a new project designed to support central bank collaboration on new technology and to pool resources, puts central bankers at the cutting edge of innovation. Read the transcript on the BIS website.
  • The design of digital financial infrastructure: lessons from India
    Speaker: Siddharth Tiwari, Chief Representative of the Office for Asia and the Pacific
    Date: 8 December 2019
    Siddharth Tiwari explains India's experience with designing digital infrastructure and the lessons it holds for improving cross border payments.
  • FX and OTC derivatives markets through the lens of the BIS Triennial Survey
    Speaker: Hyun Song Shin (Economic Adviser and Head of Research)
    Date: 8 December 2019
    Hyun Song Shin offers some key analytical insights on foreign exchange and OTC derivatives markets from the latest BIS Quarterly Review, in which BIS economists take a deeper look at data from the 2019 Triennial Central Bank Survey.
  • Agustín Carstens on the global economy, the role of fiscal policy and digital currencies
    Speaker: Agustín Carstens (General Manager)
    Date: 25 October 2019
    Agustín Carstens discusses whether fiscal policy coordination can help slowing global growth and how Libra sparked an important policy debate.
  • Amit Seru discusses the policy challenges of the fintech revolution
    Speaker: Amit Seru, the Steven and Roberta Denning Professor of Finance at the Graduate School of Business of Stanford University and 2018 Alexandre Lamfalussy Senior Research Fellow
    Date: 10 October 2019
    Amit Seru discusses the policy challenges from tech firms' entry into payments and financial services and explains how the current surge in fintech innovation matches up to the past.
  • Reserve management goes green: the BIS green bond fund
    Speakers: Ulrike Elsenhuber (Senior Relationship Manager) and Omar Zulaica (Asset Management Specialist)
    Date: 26 September 2019
    Ulrike Elsenhuber and Omar Zulaica, from the BIS's Banking Department, explain how the BIS and central banks are supporting environmental sustainability and the greening of the financial system through the investment of foreign exchange reserves.
  • Markets swing on trade and monetary policy
    Speaker: Claudio Borio (Head of Monetary and Economic Department)
    Date: 22 September 2019
    Claudio Borio sat down on 19 Sept to discuss the Bank for International Settlements' latest Quarterly Review, which tells a tale of two opposing forces - trade tensions and monetary policy - and how markets oscillated under their influence.
  • Catherine Schenk on why history matters for current economic events and policymaking
    Speaker: Catherine Schenk (Professor of Economic and Social History at Oxford and 2018-19 BIS Lamfalussy Senior Research Fellow)
    Date: 14 August 2019
    Catherine Schenk explored BIS archives to shed light on central bank swaps. She discusses her findings and the relevance of history as a guide to policymaking. 
  • William Coen reflects on his years at the Basel Committee
    Speaker: William Coen
    Date: 11 July 2019
    William Coen recently left his job of Secretary General of the Basel Committee on Banking Supervision. In this episode of BISness, he looks back at his years at the helm of the global standard setter for the prudential regulation of banks.
  • Agustín Carstens: Risks to the global economy and the path to higher interest rates
    Speaker: Agustín Carstens (General Manager)
    Date: 30 June 2019
    Agustín Carstens speaks about the risks to the global economic outlook, the path to higher interest rates and the best way to achieve sustainable growth, as outlined in Chapter I of the BIS 2019 Annual Economic Report.
  • Claudio Borio: Monetary policy frameworks in emerging markets
    Speaker: Claudio Borio (Head of the Monetary and Economic Department)
    Date: 30 June 2019
    Claudio Borio explains the particular challenges for emerging market central banks in setting monetary policy and the multiple tools they use, as outlined in Chapter II of the BIS 2019 Annual Economic Report.
  • Hyun Song Shin: Big tech in finance
    Speaker: Hyun Song Shin (Economic Adviser and Head of Research)
    Date: 23 June 2019
    Hyun Song Shin discusses the entry of big tech companies into financial services and the new challenges this poses for financial regulators, consumer protection and data privacy, as outlined in Chapter III of the BIS 2019 Annual Economic Report.