Home  |  Board of Governors  |  Disclaimer  |  Español
Banco de México: Central bank independence - Progress and challenges, 2013 (PDF)

International conference to commemorate the 20th anniversary of the autonomy of Banco de México "Central bank independence - Progress and challenges" 
 

Independencia de los bancos centrales
 
 

Monday, October 14, 2013

09:00-09:05 Opening remarks
  Agust?n CarstensAgustín Carstens
Governor, Banco de México
09:05-10:50 Session 1. The case for central bank independence (Video)
This session aims at reviewing the importance of central bank independence as a key condition for price stability. It also attempts to discuss the interdependence of monetary and fiscal policies and how such a relationship enhances economic outcomes when the monetary authority is granted independence.
Manuel Ramos FranciaChairperson
Manuel Ramos Francia
Deputy Governor, Banco de México
John B. TaylorJohn B. Taylor (Presentation)
Mary and Robert Raymond Professor of Economics, Stanford University; George P. Shultz Senior Fellow in Economics, Hoover Institution
Jacob A. FrenkelJacob A. Frenkel (Presentation)
Chairman, JPMorgan Chase International; Chairman of the Board of Trustees, Group of Thirty (G-30); Former Governor, Bank of Israel
Olivier BlanchardOlivier Blanchard
Economic Counsellor and Director, Research Department, International Monetary Fund
Stephen G. CecchettiStephen G. Cecchetti (Document)
Economic Adviser and Head of the Monetary and Economic Department, Bank for International Settlements
10:50-11:15 Arrival of the President of the United Mexican States
11:30-12:30 Special session (Video*)
Luis VidegarayLuis Videgaray (Document*)
Secretary of Finance and Public Credit, Mexico
Agust?n CarstensAgustín Carstens (Document*)
Governor, Banco de México
Enrique Pe?a NietoThe Honorable Enrique Peña Nieto (Document*)
President of the United Mexican States
12:30-12:40 The President of the United Mexican States Leaves the Session Room
12:40-14:10 Session 2. The voice of experience of central bankers (Video)
This session will provide a broad review of central banking from the perspective of former central bankers. The panelists will present their experiences in dealing with the challenges inherent to central banking and will give their reflections on the trends and the future of central banks.
Jos? Juli?n SidaouiChairperson
José Julián Sidaoui
Former Deputy Governor, Banco de México
Axel A. WeberAxel A. Weber
Chairman of the Board of Directors, UBS AG; Former President, Deutsche Bundesbank
Athanasios OrphanidesAthanasios Orphanides
Professor of the Practice of Global Economics and Management, MIT Sloan School of Management; Former Governor, Central Bank of Cyprus
Masaaki ShirakawaMasaaki Shirakawa (Document)
Former Governor, Bank of Japan
Jos? De GregorioJosé De Gregorio (Presentation)
Professor of Economics, Universidad de Chile; Former Governor, Banco Central de Chile
14:20-15:50 Lunch - Keynote Address
Agust?n CarstensIntroductory remarks
Agustín Carstens
Governor, Banco de México
Jean-Claude TrichetJean-Claude Trichet
Chairman, Group of Thirty (G-30); Chairman of the Board of Directors, Bruegel Institute; Former President, European Central Bank; Honorary Governor, Banque de France
16:00-17:30 Session 3. The limits to central banks' objectives - The policy perspective (Video)
Central banks are confronting increased pressures to support economic activity in the context of a fiscal contractionary stance. This session will discuss the limits to what monetary policy can accomplish and how these actions may impact central bank independence in the future.
Everardo ElizondoChairperson
Everardo Elizondo
Former Deputy Governor, Banco de México
  Luis M. LindeLuis M. Linde (Presentation)
Governor, Banco de España
Christian NoyerChristian Noyer
Governor, Banque de France; Chairman of the Board of Directors, Bank for International Settlements
Ravi MenonRavi Menon
Managing Director, Monetary Authority of Singapore
Stefan IngvesStefan Ingves (Document)
Governor, Sveriges Riksbank; Chairman of the Basel Committee on Banking Supervision, Bank for International Settlements
20:00-21:30 Dinner - Keynote Address (videoconference)
Agust?n CarstensIntroductory remarks
Agustín Carstens
Governor, Banco de México
Ben S. BernankeBen S. Bernanke (Document) (Video)
Chairman of the Board of Governors, US Federal Reserve System

 

Tuesday, October 15, 2013

09:00-10:30 Session 4. Unconventional monetary policy and central bank independence (Video)
This session will discuss the analytical framework for central banks' unconventional monetary policy actions. Particular emphasis is placed on how these actions could affect policy objectives and limit future central bank independence in a context in which societies demand a high level of transparency and accountability.
Manuel S?nchezChairperson
Manuel Sánchez (Document)
Deputy Governor, Banco de México
Philipp HildebrandPhilipp Hildebrand (Document)
Vice Chairman, BlackRock; Former Chairman of the Governing Board, Swiss National Bank
William C. DudleyWilliam C. Dudley (Document)
President and Chief Executive Officer, Federal Reserve Bank of New York; Chairman of the Committee on the Global Financial System, Bank for International Settlements
Jaime CaruanaJaime Caruana (Document)
General Manager, Bank for International Settlements
Klaas KnotKlaas Knot (Document) (Presentation)
President, De Nederlandsche Bank
10:50-12:20 Session 5. Central bank independence - Design and implementation (Video)
In this session, the experience of some countries in designing and implementing institutional frameworks for an independent central bank will be described. The session will provide an assessment of the arrangements that have been established to shield central banks from political interference, as well as the effects of central bank independence on economic outcomes in these countries.
  Javier Guzm?nChairperson
Javier Guzmán (Document)
Deputy Governor, Banco de México
Zeti Akhtar AzizZeti Akhtar Aziz
Governor, Bank Negara Malaysia
  Jos? Dar?o Uribe EscobarJosé Darío Uribe (Document)
Governor, Banco de la República (Colombia)
  Rodrigo VergaraRodrigo Vergara
Governor, Banco Central de Chile
  Marek BelkaMarek Belka
President, National Bank of Poland
12:20-13:50 Session 6. Banco de México's autonomy - Its impact on the Mexican economy (Video*)
This session will review the Mexican experience with central bank autonomy by examining the process that shaped its current status, the role it played in the economic stabilization process following the 1994 crisis, and the relevance of an autonomous central bank in facing Mexico's present economic challenges.
  Roberto del CuetoChairperson
Roberto del Cueto
Deputy Governor, Banco de México
  Miguel Mancera AguayoMiguel Mancera Aguayo (Document*)
Former Governor, Banco de México
  Pedro Aspe ArmellaPedro Aspe (Presentation*)
Co-Chairman, Evercore Partners; Former Secretary of Finance and Public Credit, Mexico
  Guillermo OrtizGuillermo Ortiz (Document*)
Chairman of the Board of Directors, Grupo Financiero Banorte - Ixe; Former Governor, Banco de México; Former Secretary of Finance and Public Credit, Mexico     
  Francisco Gil D?azFrancisco Gil Díaz (Document*)
President, Telefónica México; Former Secretary of Finance and Public Credit, Mexico; Former Deputy Governor, Banco de México
13:50-14:00 Closing remarks
Agust?n CarstensAgustín Carstens
Governor, Banco de México

 

*Available only in Spanish