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XV Meeting of Heads of Financial Stability
September 9 - 10, 2025
CEMLA Mexico City, Mexico
Face-to-face format
The XV Meeting of Heads of Financial Stability was held in Mexico City, Mexico, on September 9 -10, 2025, and was attended by 44 representatives from 25 institutions and CEMLA associates. The meeting focused on the lessons learned for financial stability from the global implications for cross-border spillovers, debt vulnerabilities and prudential regulation, implications of trade tension for the financial sector, and policy shocks and asset prices.
The agenda included two keynote sessions. The first speaker was Richard Berner, Co-Director of the Stern Volatility and Risk Institute and Clinical Professor of Management Practice, NYU Stern School of Business, who delivered the keynote address titled “Financial Stability – Unfinished Business”. The second speaker was Jose M. Berrospide, Assistant Director in the Division of Financial Stability at the Federal Reserve Board, who gave the keynote address titled “The usability of bank capital buffers and credit supply shocks at SMESs during the pandemic”.
Richard Berner
Richard Berner is Clinical Professor of Management Practice at NYU Stern’s Department of Finance and Co-Director, with Robert Engle, of the Stern Volatility and Risk Institute. He was the first Director of the U.S. Office of Financial Research (2013–2017) and previously Counselor to the Treasury Secretary. Earlier, he served as Managing Director and Chief U.S. Economist at Morgan Stanley, EVP and Chief Economist at Mellon Bank, and held senior economist roles at Salomon Brothers, Morgan Guaranty Trust Company, and the Board of Governors of the Federal Reserve.
He has taught at Carnegie Mellon and George Washington University, and currently advises organizations such as FinRegLab, MacroPolicy Perspectives, HData, and the IMF panel of experts on financial stability. His research focuses on financial stability, risk management, volatility, macroeconomics, and policy design. A former president and fellow of the National Association for Business Economics, he has received multiple awards for economic forecasting, and he is the 2007 recipient of the William Butler Award for Excellence in Business Economics. He holds a BA in Economics from Harvard and a PhD from the University of Pennsylvania.
José Berrospide
José Berrospide is the Assistant Director in the Division of Financial Stability at the Federal Reserve Board in Washington, D.C. In this role, he leads and oversees the team responsible for identifying and measuring systemic risks in banks and other financial institutions. Mr. Berrospide conducts policy analysis and research in the areas of financial stability, supervisory stress tests, and the regulation of systemically important financial institutions. His primary research interests include banking, financial institutions, and empirical corporate finance. His current research focuses on the effects of bank capital and capital regulation on lending, the usability of bank capital buffers, credit supply shocks on SMEs during the pandemic, the transmission of shocks through multi-market banks, the cross-border effects of regulations, banks' liquidity hoarding, and the real effects of corporate credit lines. His research has been published in top outlets, including the Journal of Financial Intermediation, among others. Mr. Berrospide holds a Ph.D. in Economics from the University of Michigan.