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Venue

Format

in-person, Helsinki

Date

Wednesday, June 11, 2025

In cooperation with

Bank of Finland & SUERF will organise a Conference on “Monetary Policy Implementation: Old Wisdoms and New Trends” on Wednesday, 11th June 2025, in Helsinki, Finland. This conference’s unique focus on monetary policy implementation will offer a great opportunity to promote the topic at a critical juncture as well as interact among experts in the field. There will be three sessions that cover the central bank balance sheet, monetary policy instruments and the market for reserves.

Information regarding the registration and the finalised program will be provided soon. Please note that the conference is by invitation only and the number of seats is limited.
If you wish to receive an invitation, please send a mail to MOsihteerit@bof.fi.

9.00 – 17.00 (Helsinki time UTC +3)

Program

Time
Wednesday, 11 June 2025
08:30
Registration & coffee
09:00
Welcome and opening remarks
Mika Pösö, Bank of Finland
09:05
Keynote speech
Tuomas Välimäki, Bank of Finland
09:40
Session 1: The balance sheet
Chair: Mika Pösö, Bank of Finland

How much reserves are needed in the steady state?

Thomas Vlassopoulos, European Central Bank

Approaches to QT – How to transition to the steady state?

Victoria Saporta, Bank of England

Profitability and composition of balance sheet. Is the minimum reserve requirement part of a solution?

Heidi Elmér, Riksbank
11:10
Break
11:30
Keynote speech

Addressing banks’ liquidity risks in the new technological and mone-tary policy environment

Fernando Restoy, BIS Financial Stability Institute
12:10
Lunch
13:40
Session 2: Instruments and facilities
Chair: Jens Eisenschmidt, Morgan Stanley

The roles of the structural portfolio and the long-term credit operations

Gioia Cellai, Banca d’Italia

First experiences of the new normal – The BoC case

Stéphane Lavoie, Bank of Canada

Steering rates with a facility rather than operations - The dan-gers of stigma

Niko Herrala, Bank of Finland
15:10
Break
15:30
Session 3: Market for reserves
Chair: Francesco Papadia, Bruegel

State of the euro money market

Christoph Rieger, Commerzbank

Pros and cons of the interbank money market – Does the rise of the secured market change the calculus?

Sriya Anbil, Board of Governors of the Federal Reserve

Why reference rates are important and how does the imple-mentation framework affect them?

Jean-Louis Schirmann, The European Money Markets Institute
17:00
Concluding remarks
Ernest Gnan, SUERF
17:15
Networking dinner at the Bank of Finland’s seaside villa

Transportation by boat from the Market Square, return by bus

Old wisdoms and new trends

Dinner speech: Francesco Papadia, Bruegel
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