Mr.Giovanni Dell'Ariccia

Mr.Tommaso Mancini Griffoli

Mr.Tamim Bayoumi

Mr.Fabian Valencia

Mr.Karl F Habermeier

The proposed SDN would take stock of the current debate on the shape that monetary policy should take after the crisis. It revisits the pros and cons of expanding the objectives of monetary policy, the merits of turning unconventional policies into conventional ones, how to make monetary policy frameworks more resilient to the risk of being constrained by the zero-lower bound going forward, and the institutional challenges to preserve central bank independence with regards to monetary policy, while allowing adequate government oversight over central banks’ new responsibilities. It will draw policy conclusions where consensus has been reached, and highlight the areas where more work is needed to get more granular policy advice.

Monetary Policy in the New Normal

Mr.Dong He

Mr.Ross B Leckow

Mr.Vikram Haksar

Ms.Yasmin Almeida

Ms.Mikari Kashima

Mr.Nadim Kyriakos-Saad

Ms.Hiroko Oura

Tahsin Saadi Sedik

Natalia Stetsenko

Ms.Concha Verdugo Yepes

New technologies are driving transformational changes in the global financial system. Virtual currencies (VCs) and the underlying distributed ledger systems are among these. VCs offer many potential benefits, but also considerable risks. VCs could raise efficiency and in the long run strengthen financial inclusion. At the same time, VCs could be potential vehicles for money laundering, terrorist financing, tax evasion and fraud. While risks to the conduct of monetary policy seem less likely to arise at this stage given the very small scale of VCs, risks to financial stability may eventually emerge as the new technologies become more widely used. National authorities have begun to address these challenges and will need to calibrate regulation in a manner that appropriately addresses the risks without stifling innovation. As experience is gained, international standards and best practices could be considered to provide guidance on the most appropriate regulatory responses in different fields, thereby promoting harmonization and cooperation across jurisdictions.

Initial Considerations

Virtual Currencies and Beyond

Mr.Karl F Habermeier

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