HKIMR-AMRO-ECB-ESM-BOFIT Joint Workshop on “Recent Developments and Future Prospects of the International Monetary System”
24 - 25 August 2023
The HKIMR, ASEAN+3 Macroeconomic Research Office (AMRO), European Central Bank (ECB), European Stability Mechanism (ESM) and Bank of Finland Institute for Emerging Economies (BOFIT) jointly organised the workshop on “Recent Developments and Future Prospects of the International Monetary System” on 24-25 August 2023 in Hong Kong.
(From left to right) Enoch Fung, CEO of AoF and Executive Director of HKIMR; Arnaud Mehl, Adviser, International Policy Analysis of ECB; Kouqing Li, Director of AMRO; Eddie Yue, Chief Executive of HKMA; Rolf Strauch, Chief Economist and Management Board Member of ESM; Iikka Korhonen, Head of BOFIT
In his opening remarks, Mr Enoch Fung, Chief Executive Officer (CEO) of Hong Kong Academy of Finance (AoF) and Executive Director of HKIMR, noted that the HKIMR is honoured to play a part in facilitating the discussions amongst experts from around the world on the highly important topic, and is delighted to have received around 60 high quality submissions responding to our Call for Papers for the workshop.
Enoch Fung, CEO of AoF and Executive Director of HKIMR
In his welcoming remarks, Mr Eddie Yue, Chief Executive of Hong Kong Monetary Authority (HKMA) highlighted that the current international monetary system has been the foundation of globalisation of the world economy for several decades. With that in mind, how would the future trends in globalisation, financial innovations, CBDCs, wider use in renminbi and other non-USD currencies internationally affect the dynamics of the international monetary system further down the road? These issues have been discussed extensively in the workshop.
Eddie Yue, Chief Executive of HKMA
Dr Kouqing Li, Director of AMRO pointed out that for ASEAN+3, the region is more resilient to external shocks after its reforms since the Asian Financial Crisis. ASEAN+3 will continuously deepen financial integration to bolster regional resilience.
Dr Kouqing Li, Director of AMRO
Over 100 participants from central banks, private sector, academia and international financial institutions around the world attended the workshop on site.
The full conference programme can be found here.
Session 1 – Currency Usage for cross-border payments, bank loans and external balance sheets
(from left to right)
Chair: Iikka Korhonen, Head of BOFIT
Speakers: Longmei Zhang, Senior Economist of IMF; Peter McQuade, Senior Economist of ECB and Cian Allen, Economist of IMF
Session 2 - Capital Flow, Exchange Rate and Invoicing Currency Concentration
(from left to right)
Chair: Phakawa Jeasakul, Resident Representative in Hong Kong SAR Sub Office of IMF
Speakers: Shangshang Li, PhD Candidate of University of Oxford; Balduin Bippus, PhD Candidate of University of Cambridge and Nick Sander, Senior Economist of Bank of Canada
Session 3 - International Use of Renminbi
(from left to right)
Chair: Hans Genberg, Professor of Economics and Senior Director of Central Banking and Finance Programs of Asia School of Business
Speakers: Longmei Zhang, Senior Economist of IMF; Alicia García-Herrero, Chief Economist for Asia Pacific of Natixis and Qing Liu, Associate Professor of Tsinghua University
Session 4 - International Roles of Euro and Dollar
(from left to right)
Chair: Gergely Hudecz, Principal Economist of European Stability Mechanism
Speakers: Georgios Georgiadis, Lead Economist of European Central Bank; Maylin Sun, Economist of American University, Washington DC and Heliodoro Temprano Arroyo, Adviser, DG for Economic and Financial Affairs, European Commission
Session 5 - Crypto Assets and their Implications
(from left to right)
Chair: Ilhyock Shim, Head of Economics and Financial Markets for Asia and the Pacific of BIS
Speakers: Jorge Chan-Lau, Principal Economist of AMRO and Alexander Copestake, Economist of IMF
Panel 1: How to Manage the International Monetary and Financial System in a More Fragmented Geo-Economic World?
(On screen from top to bottom) Speakers: Fabio Natalucci, Deputy Director of the Monetary and Capital Markets Department of IMF; Linda Goldberg, Financial Research Advisor of Federal Reserve Bank of New York and Chengjun Zhou, Director-General of Research Institute of The People’s Bank of China
(On stage from left to right) Chair: Rolf Strauch, Chief Economist and Management Board Member of ESM and Speaker: Benoit Mojon, Head of Economic Analysis of BIS
Panel 2: Policy Initiatives in a Changing International Monetary System
(On screen) Speaker: Dong He, Deputy Director of the Monetary and Capital Markets Department of IMF
(On stage from left to right) Chair: Arnaud Mehl, Adviser, International Policy Analysis of ECB and Speakers: Kouqing Li, Director of AMRO; Saleem Bahaj, Associate Professor of UCL