Inaugural Address
SESSION I
SESSION II
SESSION III
SESSION IV
SESSION V
  
 
Day 1: Friday, February 12, 2010
  

Globalisation,
Market Failures and Challenges Posed to Central Banks

Chairman
Lars E. O. Svensson
Deputy Governor, Sveriges Riksbank Stockholm, Sweden

Co-chair
Shyamala Gopinath
Deputy Governor, Reserve Bank of India, Mumbai

(a) Issues Related to the 'Impossible Trinity' - Constraints on Policy Options.

Globalisation has been a key factor in promoting economic growth. However, any move towards a
fully liberalised economy has to contend with the 'impossible trinity' that throws up enormous
challenges for the autonomy of the monetary policy making, particularly in crisis related volatility as
well as for the effectiveness of monetary policy transmission processes.
 
The Impossible Trinity and Constraints on Policy Options

Lead Speaker
Irma Rosenberg  
Member of the Board of the Swedish National Debt Office
(Formerly Deputy Governor, Sveriges Riksbank), Stockholm, Sweden
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Discussant
Benjamin M. Friedman
William Joseph Maier Professor, Harvard University, Cambridge, MA
 

(b) Financial Market Failures and Public Policies – Conduct of the Monetary Policy in the Globalised World.

The current financial crisis has reopened the debate on the efficacy of the market mechanisms and the role of public policy. The current crisis also represents and extraordinary example of the need for cooperation among different public policies, ranging from macroeconomic to liquidity related, particularly monetary, regulatory and supervisory policies across the globe.
 
The Future of Public Debt: Prospects and Implications

Lead Speaker
Stephen G. Cecchetti  
Economic Adviser and Head of the Monetary and
Economic Department Bank for the International Settlements, Basel
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Discussant
Eswar S. Prasad
Nandlal P. Tolani Senior Professor of Trade Policy,
Cornell University, Ithaca, NY, USA
and Senior Fellow, Brookings Institution
 
Questions and Responses by Participants
Summing up by the Chairman and Co-chair