Event Summary

Exploring Innovations in Central Banking

Bretton Woods Committee  | Mon, Dec 18, 2023


Keynote Address with John C. Williams, President & CEO, Federal Reserve Bank of New York

New York Federal Reserve President, John C. Williams, reiterated the importance of both halves of the Federal Reserve's dual mandate in his opening speech. While he noted that inflation had started to come under control, he felt that a restrictive monetary stance would be necessary for the foreseeable future. 



Policy Tools: Bolstering Global Resilience

The first panel called for a broader set of tools for central bankers dealing with novel challenges. The panelists noted that there are a host of new threats to long term resilience all of which will require novel ideas and perhaps novel intervention from central bankers globally. The discussion featured:

  • Michelle Neal, Head of Markets Group, Federal Reserve Bank of New York

  • Rebecca Patterson, Bretton Woods Committee Member; Former Chief Investment Strategist, Bridgewater Associates

  • Yi Gang, Former Governor, PBOC 

  • William C. Dudley, Chair, Bretton Woods Committee 

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Monetary Policy, Financial Stability, and the Digital Frontier

The second panel called for contributions from the official sector, private sector, and international coordination to create the guardrails for stability in the digital financial future. While there was by no means a view that the innovation of digital finance should be stifled, there was a shared view that the role of regulators is a key one and one that regulators themselves need to fully take up. The discussion featured:

  • Nellie Liang, Undersecretary for Domestic Finance, U.S. Department of the Treasury

  • William C. Dudley, Chair, Bretton Woods Committee 

  • Per von Zelowitz, Director, Federal Reserve Bank of New York Innovation Center

  • Gordon Liao, Chief Economist, Circle

  • Neha Narula, Director, Digital Currency Initiative, MIT Media Lab

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Luncheon: Financing the Future: A Path to Unlocking Sustainable Growth

BWC's future work was highlighted during a luncheon session discussing the Multilateral Reform Working Group's upcoming publication. Working Group member, Keiko Honda, walked through real solutions, both regulatory and instrument-based, to crowd private-sector finance into the global commons. This conversation featured:

  • Keiko Honda, Adjunct Professor in School of International and Public Affairs, Columbia University
  • Emily Slater, Executive Director, Bretton Woods Committee
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