perspective. then, we will continue with the first keynote speech, delivered by ricardo reis. he will address the implications of interest rate trends on inflation, as well as the subsequent effects of inflation on these trends. we will then transition to our second academic session, which will focus on " theories of natural interest rates. " the natural interest rate, an abstract concept, is defined as the interest rate that prevails in long - term equilibrium once economic shocks have dissipated and prices are fully flexible. as a latent variable, understanding its determinants and refining its measurement is of paramount importance. this session will begin with a paper by ozge akinci, gianluca beningno, marco del negro, and albert queralto, who propose a complementary concept referred to as the financial ( in ) stability real interest rate. while the natural interest rate is typically associated with macroeconomic stability, this new concept emphasizes the critical importance of financial stability. following this presentation, galo nuno will discuss three theories concerning natural interest rates. traditional theories often highlight structural drivers such as technological advancement and demographic changes. however, galo's paper will challenge this conventional view, exploring how factors such as public debt, household inequality, the zero lower bound, and persistent negative supply shocks may influence natural interest rates. to conclude this session, we will hear from elias albagli, sofia bauducco, guillermo carlomagno, luis gonzales, and juan marcos wlasiuk, who will discuss the potential impacts of climate change and escalating geopolitical tensions on long - term interest rates. the second day will begin with the keynote speech titled " long - run interest rates : past, present, and future " by atif mian. he will explore the interconnections between interest rates and both private and public debt over time. atif will first address the role of inequality in explaining the simultaneous decline in interest rates and the rise in debt over the past few decades. he will then examine the dynamics of debt, discussing an appropriate constraint on interest rates to prevent explosive borrowing. finally, he will focus on estimating future yields. 4 / 5 bis - central bankers'speeches next, we will transition to the session titled " interest rates, inflation, and transmission to emerging markets. " this session will open with the paper " u. s. anti - inflationary policy and emerging economies : 1980 vs. 2020s " by drishan banerjee, galina hale

benefit from what we have learned from how monetary policy is monitored, for instance through the publication of reports, minutes and regular questioning in the parliamentary committee on finance. riksbanken ( 2013 ) remissyttrande om betankandet att forebygga och hantera finansiella kriser ( sou 2013 : 6 ), dnr 2013 - 234 - sta. the recommendation regarding national macroprudential policy mandates issued by the european systemic risk board ( esrb ) in december 2011 states that the eu countries should give one authority or one council the responsibility of implementing macroprudential policies. bis central bankers ’ speeches the future role of the central bank is taking shape allow me to conclude by highlighting certain aspects that are important to central banks in terms of creating a framework that continues to safeguard stable prices while at the same time being consistent with sustainable development in the financial system. first, monetary policy should continue to be conducted in the framework of flexible inflation target policy, with price stability as the overriding target. however, the financial crisis has brought to light the importance of monetary policy taking greater account of financial stability. it can be a case of extending the time horizon of the monetary policy analysis, and focusing on price stability over a longer period than just the next few years. second, financial stability policy requires a new focus, and macroprudential policy is emerging as a new policy area. macroprudential tools provide better opportunities to strengthen the resilience of banks and other financial institutions to various shocks. they also provide better possibilities of influencing bank lending rates and thus macroprudential policy becomes closely interconnected with monetary policy. overall, this enables us to work to a greater extent towards achieving a sustainable development in both lending and economic development. having more tools also facilitates managing the conflicting objectives encountered by central banks, even though there will always be difficult trade - offs. so, there is good reason to give central banks an influential role in macroprudential policy. it will better equip us to contribute to price stability while financial stability and a stable economic development are secured. at the same time, it should be emphasised that macroprudential policy does not resolve all the problems associated with the financial sector. also, we do not know how efficient the new macroprudential tools will be ; we will need to analyse and evaluate them afterwards. bis central bankers ’ speeches