Towards Macroprudential Frameworks for Managing Climate Risks

Paul Hiebert heads the Systemic Risk and Financial Institutions Division of the European Central Bank (ECB). In this role, he leads systemic risk analysis for the euro area feeding into the ECB’s flagship Financial Stability Review, as well as macroprudential policy for the largest euro area banks. Paul also chairs of the ESRB’s Analytical Working Group, as well as the Eurosystem’s Macroprudential Analysis Group. In recent years, Paul has also been leading climate-related initiatives of the European Systemic Risk Board as well as Basel Committee on Banking Supervision. These roles build on over 20 years of experience within the ECB, the International Monetary Fund, the Reserve Bank of Australia and the Canadian Department of Finance in various capacities—spanning economic, financial and policy functions for a wide range of countries. He has published on a diverse set of topics, including financial cycles, climate change, global banking, macroprudential policy, housing markets, and fiscal policy.

Stephen G. Cecchetti is the Rosen Family Chair in International Finance at the Brandeis International Business School, Chair of the Advisory Scientific Committee of the European Systemic Risk Board, Research Associate of National Bureau of Economic Research, and Research Fellow of the Centre for Economic Policy Research. Before rejoining Brandeis in 2014, he completed a five-year term as Economic Adviser and Head of the Monetary and Economic Department at the Bank for International Settlements. In addition to his other appointments, Cecchetti served as Director of Research at the Federal Reserve Bank of New York; Editor of the Journal of Money, Credit, and Banking. Cecchetti has published widely in academic and policy journals, and is the author of a leading textbook in money and banking.

Moderator:

Pierre Monnin is a Senior Fellow at the Council on Economic Policies (CEP) and a Visiting Professor in Practice at the Grantham Research Institute on Climate Change and the Environment in the London School of Economics and Political Science.