International Symposium of the Banque de France Regulation in the face of global imbalances Program

Global imbalances, in particular the polarisation of current account deficits and surpluses, have increased during the 2000s, until the outbreak of the financial crisis. As underlined by G20 heads of States and Government: “inconsistent and insufficiently coordinated macroeconomic policies, inadequate structural reforms […] led to unsustainable global macroeconomic outcomes.” (summit on financial markets and the world economy, Washington, November 15, 2008). This leads to today’s key question of regulation in the face of global imbalances.

This international symposium, organised by the Banque de France, will bring together a wide group of central bank governors, leading academics from all over the world as well as senior officials of major financial institutions and international organisations. The participants will debate themes that are relevant to the G20 French presidency, such as the reform of the regulation of the international monetary and financial system or the progress in the coordination of economic and financial policies.

08 h 45    

Opening speech

Christian NOYER,
Governor, Banque de France
Chairman, Bank for International Settlements

09 h 00    

   What imbalances after the crisis?

Chairperson :

Axel WEBER,
President, Deutsche Bundesbank

Speakers :
Franklin ALLEN,
Professor, Wharton School, Pennsylvania University

Jacob A. FRENKEL,
Chairman, Group of Thirty
Chairman, JPMorgan Chase Intl.
     
Pierre-Olivier GOURINCHAS,
Professor, University of California, Berkeley

Kenneth ROGOFF,
Professor, Harvard University
     
Nouriel ROUBINI,
Professeur, Stern School of Business, NYU

     
11 h 15 

The challenges of surveillance and coordination

Chairperson :
Mario DRAGHI,
Governor, Bank of Italy
Chairman, Financial Stability Board

Speaker :
Lorenzo BINI SMAGHI,

Member of the ECB's Executive Board

     
Olivier BLANCHARD,

Economic Counsellor, International Monetary Fund

     
Choongsoo KIM,
Governor, Bank of Korea
     
Olli REHN,
Member of the European Commission

     
14h 00    

The role of central banks: lessons from the crisis

Chairperson :  

Michel CAMDESSUS
Managing Director, International Monetary Fund (1987-2000)
     
Speakers :

Charles GOODHART
Emeritus Professor, London School of Economics
     
José DE GREGORIO,
Governor, Central bank of Chile

Olivier JEANNE,
Professor, Johns Hopkins University

Jean-Pierre LANDAU,
Deputy Governor, Bank of France
     
Athanasios ORPHANIDES,
Governor, Central bank of Cyprus

     
16 h 00    

Towards which international monetary system? (Round table)
     
Moderator :  
Martin WOLF,
Associate Editor and Chief Economics Commentator, Financial Times
     
Panellists :

HU Xiaolian
Vice-Governor, People’s Bank of China

Christine LAGARDE
Minister of the Economy, France

Jacques DE LAROSIÈRE
Advisor, BNP Paribas
     
Kiyohiko G. NISHIMURA
Deputy Governor, Bank of Japan
     
Jean-Claude TRICHET,
President, European Central Bank

Janet YELLEN,
Vice-Chair of the Board of Governors of the Federal Reserve System.

     
17 h 45    

Concluding remarks

William R. WHITE
Chairman, Economic and Development Review Committee, OECD