Past Program


The seventh session of the Salzburg Global Forum on Finance in a Changing World will bring stakeholders from different sectors and regions to discuss emerging risks to the financial system and potential solutions; to review obstacles to global coordination and cooperation in the light of increasing fragmentation; to assess progress in implementing the regulatory reform agenda against the backdrop of ongoing realignment in the global economy as well as to outline priority steps to strengthen diversity, trust, and openness of the financial system.

Nearly nine years since the financial crisis, much has been done to strengthen financial systems around the world. However, new challenges are mounting in global financial markets which face weak economic growth prospects, protectionism, low interest rates, diverging policy stances among major jurisdictions, high levels of global debt, and uncertainty about the full impact of reforms and implementation challenges. At the same time, regulators are now shifting their attention to data security, data privacy, and cybersecurity- with concerns for customer safety as well as safety and soundness of the financial system. As new signs of fragmentation are emerging, better coordination among regulators and supervisors as well as coordinated foresight in policy formulation across jurisdictions will be critical to meet needs of the industry and society.

Although banking systems in advanced economies have been strengthened and recapitalized, adjustments to new regulations have significantly altered banks’ business practices and affected liquidity in the financial markets. There is an increasing evidence of financial retrenchment as demonstrated by a sharp reduction in cross-border lending and an increased home bias. European banks in particular have been cutting their foreign exposure. Regulators will need to continue to pay attention to the cumulative effects of various reforms in order to constrain any potential negative consequences for the real economy. Banks also need to take a longer-term view – by tackling structural challenges and by better formulating and communicating their positive role in society. Crucial factors affecting banks’ contribution to the global economy will include the final interpretation and implementation of the latest regulations (such as TLAC and requirements related to resolution and recovery planning), the way banks adapt to the new financial services landscape, and more general economic and financial conditions.
Capital markets have gained significant prominence since the 2008 crisis. They are likely to continue to grow in importance, not only in terms of funding long-term pension liabilities but also in filling big lending gaps for infrastructure development and growth of small and medium-sized enterprises. Non-bank financial sector assets have grown by 130% over the past decade and are now equivalent to 120% of global GDP. While the growth in the sector is positive, it is unclear how capital markets will perform under stressed conditions, especially with regard to the question of market liquidity. At the same time, banks and non banks alike are innovating faster than ever. However, risks and vulnerabilities stemming from new technologies and market-based financing still need to be better understood and addressed. As new companies seek access to financial markets, payment rails, and warehouse customer data, protection of their systems and networks – from both internal and external threats – is paramount. To achieve its full potential for public good, the financial system must remain global. Effective frameworks of international cooperation are particularly important for countries at different stages of development – such as emerging and developing economies that need to ensure solutions are consistent with their markets and policy goals, but still avoid regulatory arbitrage. The relative costs of regulation and the way in which cross-border laws and regulations are coordinated are key factors driving the business decisions of financial firms, which can in turn impact capital market development and economic growth in emerging markets.


Laura Ahto
President and Chief Executive Officer, BNY Mellon's European Bank, The Bank of New York Mellon SA/NV, Brussels
Paul Andrews
Secretary General, International Organization of Securities Commissions, Madrid
Lorenzo Bini Smaghi
Chairman of the Board, Société Générale, Paris
Sharon Bowen
Joanna Cound
Managing Director, EMEA Government Affairs & Public Policy, Blackrock, London
Andreas Dombret
Global Senior Advisor, Oliver Wyman; International Senior Advisor, Houlihan Lokey; former Board Member of the Deutsche Bundesbank
Saeb Eigner
Chairman, Dubai Financial Services Authority
Douglas Flint
Chairman, Standard Life Aberdeen
Thomas F. Huertas
Partner, Ernst & Young, London
Patrick Kenadjian
Senior Counsel, Davis Polk & Wardwell London LLP, London
Michael Krimminger
Partner, Cleary Gottlieb Steen & Hamilton LLP, Washington DC
Greg Medcraft
Director, Directorate for Financial and Enterprise; Organisation for Economic Co-operation and Development (OECD)
Paul Muthaura
Chief Executive, Capital Markets Authority of Kenya, Nairobi
Annette Nazareth
Partner, Davis and Polk, LLP; former Commissioner of the U.S. Securities and Exchange Commission, Washington DC
Sandra O'Connor
Chief Regulatory Affairs Officer, JPMorgan Chase & Co, New York
Jerome Powell
Member, Board of Governors, Federal Reserve System, Washington DC
Guy Standing
Economist; Professorial Research Associate, School of Oriental and African Studies, University of London; author, The Precariat: The New Dangerous Class
Dominik Treeck
Partner, Oliver Wyman, London
Mark Yallop
Chair, FICC Markets Standards Board (FMSB), London





Participants List

Multi-Year Series


Since 2011, Salzburg Global Seminar has held a series of high-level programs focusing on issues critical to the future of financial markets and global economic growth and stability.

The Salzburg Global Forum on Finance in a Changing World convenes an internationally representative group of leaders from financial services firms, supervisory and regulatory authorities, and consultancies, auditors, law firms and other professional service providers in a small and intimate setting. The annual gathering at Schloss Leopoldskron offers private and public sector leaders an opportunity for in-depth, off-the-record conversations on the issues affecting the future of global markets.

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