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CXII Meeting of Governors of Central Banks Members of CEMLA - Spring
SEVILLE, SPAIN
May 5 - 6, 2022
The CXII Meeting of Governors of central banks members of the Center for Latin American Monetary Studies (CEMLA) was organized jointly with the Banco de España and held on May 5 and 6, 2022 in Seville, Spain.
As is tradition, the Meeting aimed at exchanging information among monetary authorities on the main current issues in the international economy and financial markets, with special attention to those that have an impact on Latin America. For the first time, the Banco de España joined this Meeting as an Associate Member of CEMLA, after more than three decades as a Collaborating Member.
The Meeting was welcomed by Dr. Pablo Hernández de Cos, Governor of the Banco de España, and Dr. Manuel Ramos Francia, Director General of CEMLA. The session began with a presentation by the General Manager of the Bank for International Settlements (BIS), Dr. Agustín Carstens Carstens, on Central Bank Digital Currencies (CBDC). Dr. Ilan Goldfajn, Director of the Western Hemisphere Department of the International Monetary Fund (IMF), and Dr. Manuel Ramos Francia spoke next, addressing the international and Latin American economic and financial outlook.
The second day of the Meeting began with a debate on the normalization of monetary policy after the pandemic and the impact of rising energy and food prices, in a context of new disruptions in production chains. Participants included Dr. Trevor Reeve, Director of the Division of Monetary Affairs of the Federal Reserve Board; Dr. Leonardo Villar Gómez, General Manager of Banco de la República (Colombia); Dr. Pablo Hernández de Cos; Dr. Julio Velarde, President of the Banco Central de Reserva del Perú; Dr. Jorge Carrera, Second Vice President of the Banco Central de la República Argentina; Eng. Beltrán de Ramón, General Manager of the Banco Central de Chile; and Dr. Gerardo Zúñiga, Director of International Affairs of Banco de México.
The following sessions were devoted to the challenges for monetary policy and financial stability at the current juncture, and to reviewing the main issues on the agenda of the Basel Committee on Banking Supervision. The conference closed with a session on the implications of the war in Ukraine for the global economic order.
Speakers at these sessions included Dr. Willem Buiter, Adjunct Professor at Columbia University and Adjunct Member of the External Relations Council; Mr. Luis de Guindos, Vice President of the European Central Bank; and Dr. Gillian Tett, Chair of the Editorial Board and Managing Editor of the Financial Times.
Tobias Adrian
Financial Counsellor and Director of the Monetary and
Capital Markets Department
International Monetary Fund (IMF)
Tobias Adrian is the Financial Counsellor and Director of the Monetary and Capital Markets Department of the International Monetary Fund (IMF). Prior to joining the IMF, Mr. Adrian was a Senior Vice President of the Federal Reserve Bank of New York and the Associate Director of the Research and Statistics Group. Mr. Adrian has published extensively in economics and finance journals, including the American Economic Review and the Journal of Finance. His research spans asset pricing, financial institutions, monetary policy, and financial stability, with a focus on aggregate consequences of capital markets developments. He has taught at Princeton University and New York University. He is member of the editorial boards of the International Journal of Central Banking and the Annual Review of Financial Economics. Mr. Adrian holds a Ph.D. from the Massachusetts Institute of Technology in Economics, an MSc from the London School of Economics in Econometrics and Mathematical Economics, a Diplom from Goethe University Frankfurt and a Maîtrise from Dauphine University Paris. He received his Abitur in Literature and Mathematics from Humboldtschule Bad Homburg.
Matías Ossandon Busch
Director, Financial Stability
CEMLA
Matias Ossandon Busch is Director of Financial Stability at the Center for Latin American Monetary Studies (CEMLA) and Research Fellow at the Halle Institute for Economic Research (IWH) in Germany. He holds a PhD in Economics from the University of Magdeburg and has been visiting researcher at the German Bundesbank, at the Bank of England, and at the Norwegian Central Bank, among other institutions. He has been also lecturer in the fields of econometrics, corporate finance, and international financial stability at the Universities of Magdeburg (Germany) and Adolfo Ibáñez (Chile). His research focuses on the impact of international banking and regulation on financial stability. He is also Associate Editor of the Latin American Journal of Central Banking.
Jorge Galán
Head of the Macroprudential Strategy Unit
Financial Stability Department, Banco de España
Jorge Galan joined Banco de España in 2015 and is currently the Head of the Macroprudential Strategy Unit at the Department of Financial Stability and Macroprudential Policy. At Banco de España, Jorge has been responsible for the development of cyclical risk indicators, the operationalization of macroprudential instruments, and the assessment of macroprudential policies. He has been a member of several working groups at the European Systemic Risk Board, the European Central Bank, and the Basel Committee of banking Supervision. He holds a PhD from University Carlos III of Madrid and has published several papers in academic journals on banking efficiency, the identification of systemic risk, and the impact of macroprudential policy.
Lucyna Gornicka
Senior Economist
European Central Bank (ECB)
Lucyna is a Senior Economist in the Prices and Costs Division at the ECB. She is currently on leave from the IMF, where she worked on a range of macrofinancial projects, including FSAPs for Austria, Colombia and New Zealand. She holds a PhD from the University of Amsterdam. Her research interests focus on financial stability, monetary and macroprudential policy issues. Her work has been published in the Journal of International Economics, Journal of Banking and Finance, ant the Economic Policy Journal.
Simon Lloyd
Senior Research Economist
Bank of England
Simon is a Senior Research Economist at the Bank of England, working in both the International Directorate and the Macroprudential Strategy and Support Division. He joined the Bank in June 2017 after completing his PhD at the University of Cambridge. Simon’s research interests span international and monetary economics, and macro-finance. He has a particular interest in global macroeconomic modelling and the analysis of cross-border spillovers.
Eduardo Manuel
Economist
Bank of England
Ed is an Economist at the Bank of England, working in the Macroprudential Strategy and Support Division. He joined the Bank in September 2018 after completing his MSc at University College London. Ed’s research focuses on international economics and financial stability.
Thibaut Duprey
Director Financial Stability Model Development and Research
Bank of Canada
Thibaut Duprey is the Director of Model Development and Research in the Financial Stability Department at the Bank of Canada. His main interests include macro-financial linkages, banking theory, systemic risks, financial crises, and the associated prudential policies. In addition, he has contributed to the integration of financial stability considerations in the monetary policy framework. Before joining the bank, he was an economist at the Financial Stability Directorate of the Banque de France. He received his Ph.D. in Economics from the Paris School of Economics.
María Victoria Landaberry
Head of the Financial Stability Department
Banco Central del Uruguay
María Victoria Landaberry is the Head of the Financial Stability Department at the Central Bank of Uruguay. She has more than 10 years of experience working in the financial system. She is in charge of the Program Area in Data Science, and a professor of fundamentals statistics at UTEC. Ms. Landaberry has a background in Economics and holds Master’s degree in International Economics from the University of the Eastern Republic of Uruguay. In 2021 she obtained the professional Master in Data Science from the Technological University of Uruguay.
Rafael Nivin
Head, Department of Financial Research
Banco Central de la Reserva del Perú
Rafael Nivin is currently Head of the Department of Financial Research in the Central Reserve Bank of Peru. Previously, he works as a senior economist in the Department of Macroeconomic Modelling at the Central Reserve Bank of Peru. He holds a MSc and a PhD in Economics from the University of Illinois at Urbana-Champaign (USA) and Diploma in International Economic Research from the Kiel Institute for the World Economy (Germany). His research is related to macrofinancial risks to financial stability and the effects of macroprudential policy.
Tobias Adrian
Consejero Financiero y Director del Departamento de Mercados
Monetarios y de Capital
Fondo Monetario Internacional (FMI)
Tobias Adrian es Consejero Financiero y Director del Departamento de Mercados Monetarios y de Capital del Fondo Monetario Internacional (FMI). Antes de incorporarse al FMI, el Sr. Adrian fue Vicepresidente Senior del Banco de la Reserva Federal de Nueva York y Director Asociado del Grupo de Investigación y Estadística. El señor Adrian ha publicado extensamente en revistas de economía y finanzas, como la American Economic Review y el Journal of Finance. Su investigación abarca la fijación de precios de los activos, las instituciones financieras, la política monetaria y la estabilidad financiera, centrándose en las consecuencias agregadas de la evolución de los mercados de capitales. Ha enseñado en la Universidad de Princeton y en la Universidad de Nueva York. Es miembro de los consejos de redacción del International Journal of Central Banking y del Annual Review of Financial Economics. El Sr. Adrian es doctor en Economía por el Instituto Tecnológico de Massachusetts, tiene una maestría en Econometría y Economía Matemática por la London School of Economics, un diploma de la Universidad Goethe de Frankfurt y una maestría de la Universidad Dauphine de París. Obtuvo su Abitur en Literatura y Matemáticas en la Humboldtschule Bad Homburg.
- CEMLA Growth-at-Risk Project website
- Financial Vulnerability and Monetary Policy
- Stress-ridden Finance and Growth Losses: Does Financial Development Break the Link?
- The benefits are at the tail: Uncovering the impact of macroprudential policy on growth-at-risk
- Capital Flows at Risk: Taming the Ebbs and Flows
- Foreign vulnerabilities, domestic risks: the global drivers of GDP-at-Risk
- Canadian Financial Stress and Macroeconomic Condition
- Managing GDP Tail Risk
- Evaluating Growth-at-Risk as a tool for monitoring macro-financial risks in the Peruvian economy
- An application of the Growth at Risk methodology to Uruguay (in Spanish)