Introduction (Klaas Knot)
On 10–11 November 2011, De Nederlandsche Bank held a conference on “Welfare implications of financial innovation” in honor of Nout Wellink.
Nout Wellink led DNB from 1997 to 2011. This period saw the creation of the Economic and Monetary Union (EMU), the introduction of the euro, and the merger of DNB with the Dutch pensions and insurance regulator. The latter created a supervisory model that is increasingly being adopted around the globe. In the years following the outbreak of the global financial crisis in 2007, Nout Wellink led DNB during a period of extreme turmoil, in an effort to support the Dutch financial sector. His efforts as chairman of the Basel Committee on Banking Supervision and as member of the Governing Council of the European Central Bank provided important impulses for policy decisions to strengthen the international financial system.
In current discussions on the future of the financial landscape, the issue of the impact of financial innovation on financial stability and macroeconomic performance is playing a prominent role. This topic is close to Nout Wellink’s interests and experiences as a central banker. It therefore struck us as natural to organize a conference on this theme as a way to pay tribute to Nout Wellink’s long-standing contributions to the central banking community.
Thursday, 10 November 2011
Friday, 11 November 2011
10:30–10:35 Opening by Klaas Knot (De Nederlandsche Bank)
10:35–10:50 Keynote address: Maasaki Shirakawa (Bank of Japan) (by videoconference): What is So Special about Financial Innovation?
Chair: Mathias Dewatripont (National Bank of Belgium)
11:00–12:00 Franklin Allen (Wharton School, University of Pennsylvania): Trends in financial innovation and their welfare impact – an overview
Comment: William White (OECD)
12:00–13:00 Frank Smets (ECB): Financial markets: Productivity, procyclicality, and policy, and On the trade-off between growth and stability: The role of financial markets
Comment: Jan Qvigstad (Norges Bank)
14:30–15:30 Jean-Charles Rochet (University of Zurich): Innovations, rents and risk
Comment: Laurent Clerc (Banque de France)
15:30–16:00: Coffee break
Chair: William White (OECD)
16:00–17:00 Panel discussion: The future financial landscape
Jaime Caruana (BIS), Mervyn King (Bank of England, by videoconference), Peter Praet (ECB), Stanley Fischer (Bank of Israel)
Closing remarks: Nout Wellink