International conference to commemorate the 20th anniversary of the autonomy of Banco de México "Central bank independence - Progress and challenges"
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Monday, October 14, 2013
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09:00-09:05 |
Opening remarks |
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Agustín 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. |
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Chairperson Manuel Ramos Francia Deputy Governor, Banco de México |
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John B. Taylor (Presentation) Mary and Robert Raymond Professor of Economics, Stanford University; George P. Shultz Senior Fellow in Economics, Hoover Institution |
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Jacob A. Frenkel (Presentation) Chairman, JPMorgan Chase International; Chairman of the Board of Trustees, Group of Thirty (G-30); Former Governor, Bank of Israel |
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Olivier Blanchard Economic Counsellor and Director, Research Department, International Monetary Fund |
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Stephen 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*) |
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Luis Videgaray (Document*) Secretary of Finance and Public Credit, Mexico |
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Agustín Carstens (Document*) Governor, Banco de México |
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The 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. |
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Chairperson José Julián Sidaoui Former Deputy Governor, Banco de México |
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Axel A. Weber Chairman of the Board of Directors, UBS AG; Former President, Deutsche Bundesbank |
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Athanasios Orphanides Professor of the Practice of Global Economics and Management, MIT Sloan School of Management; Former Governor, Central Bank of Cyprus |
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Masaaki Shirakawa (Document) Former Governor, Bank of Japan |
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José De Gregorio (Presentation) Professor of Economics, Universidad de Chile; Former Governor, Banco Central de Chile |
14:20-15:50 |
Lunch - Keynote Address Introductory remarks Agustín Carstens Governor, Banco de México |
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Jean-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. |
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Chairperson Everardo Elizondo Former Deputy Governor, Banco de México |
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Luis M. Linde (Presentation) Governor, Banco de España |
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Christian Noyer Governor, Banque de France; Chairman of the Board of Directors, Bank for International Settlements |
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Ravi Menon Managing Director, Monetary Authority of Singapore |
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Stefan 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) Introductory remarks Agustín Carstens Governor, Banco de México |
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Ben S. Bernanke (Document) (Video) Chairman of the Board of Governors, US Federal Reserve System |
Tuesday, October 15, 2013
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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. |
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Chairperson Manuel Sánchez (Document) Deputy Governor, Banco de México |
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Philipp Hildebrand (Document) Vice Chairman, BlackRock; Former Chairman of the Governing Board, Swiss National Bank |
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William 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 |
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Jaime Caruana (Document) General Manager, Bank for International Settlements |
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Klaas 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. |
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Chairperson Javier Guzmán (Document) Deputy Governor, Banco de México |
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Zeti Akhtar Aziz Governor, Bank Negara Malaysia |
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José Darío Uribe (Document) Governor, Banco de la República (Colombia) |
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Rodrigo Vergara Governor, Banco Central de Chile |
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Marek 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. |
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Chairperson Roberto del Cueto Deputy Governor, Banco de México |
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Miguel Mancera Aguayo (Document*) Former Governor, Banco de México |
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Pedro Aspe (Presentation*) Co-Chairman, Evercore Partners; Former Secretary of Finance and Public Credit, Mexico |
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Guillermo 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 |
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Francisco 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 |
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Agustín Carstens Governor, Banco de México |
*Available only in Spanish
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