(Intercontinental CityStars Hotel, Cairo, Egypt, May 9 11, 2016)
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1 ASSOCIATION OF AFRICAN CENTRAL BANKS (AACB) AACB 2016 CONTINENTAL SEMINAR ON THE THEME: FINANCIAL STABILITY- NEW CHALLENGES FOR CENTRAL BANKS (Intercontinental CityStars Hotel, Cairo, Egypt, May 9 11, 2016) Terms of reference
2 2 INTRODUCTION For the implementation of its purposes, the Association of African Central Banks (AACB) shall, in accordance with the provisions under Article 3 of its statutes, conduct activities to promote the exchange of ideas and experiences on monetary, financial and banking matters and cooperation in Africa. And, cognizant of the key role that monetary, banking and financial institutions play in safeguarding financial stability, the Assembly of Governors decided, at the close of its 38 th ordinary meeting that took place on August 14 th, 2015 in Malabo, Equatorial Guinea, to approve the organization of the Continental Seminar for 2016 on the theme Financial Stability: new challenges for Central Banks. These terms of reference present the background to and objectives of the seminar, the main topics going to be addressed and the organizational arrangements involved. 1 BACKGROUND AND OBJECTIVES OF THE SEMINAR The majority of African countries were not directly hit by the global financial crisis which began in 2007 because their financial integration in global markets was minimal. However, capital in-flows to Africa have increased in recent years under the combined effects of flexible global monetary conditions and improved macroeconomic performances on the Continent. This has consequently improved foreign investors optimism in the economic potential of Africa s private sector. Although, African Central Banks have in recent years made great strides in modernizing their monetary and financial systems so that they become more resilient, the efforts these institutions are making to continue integrating African economies in the global economic system, financial innovations, cross-border banking activities, illicit financial flows and financial inclusion are source of new challenges for these institutions in terms of financial stability. It is worth noting that the objective of Central Banks before the financial crisis was largely to safeguard price stability. While Central Banks have always played an active role in achieving financial stability, this has not always been their main concern. Further, price stability was expected to boost financial stability in the same way as financial instability is associated generally with monetary instability. But, because the recent financial crisis occurred at a time of relative price stability in the developed and emerging economies, there were some questions around this belief. And this has given a new impetus to policies for strengthening financial stability, which is now a key issue for monetary and financial integration. Considering the quality of governance and credibility of Central Banks, many have been given a supplementary mandate in the field of financial stability, even though controversy still persists on which institutions should be playing that role. Therefore, Central Banks are facing new challenges which are tied specifically to the need for adequate institutional mechanisms that safeguard financial stability, to the regulatory framework for strengthening the financial system at a time when financial innovations are on an incremental trend, and also to the methods for assessing the strength of the financial system and its major components.
3 3 Moreover, Pan-African banks have grown significantly in recent years. A report issued in February 2015 by the International Monetary Fund (IMF) states that these banks are systemically present in about 36 African countries, and are more in number than European and American banks which have been on African soil for a long time. The expansion of these Pan-African banks has strengthened financial cooperation and financial inclusion between African countries. It has brought competition and innovation to the host countries and offered new prospects for diversification in the countries of origin. Therefore, the growth in Pan-African banks is good for the continent s financial growth, but it might also induce new challenges for Central Banks in terms of financial stability. In fact, cross border banking activities could create problems in the way these Pan-African banks are regulated and supervised, and such issues might be risky if they are not addressed properly. It is in this context, where Africa is striving to safeguard financial stability as it accelerates monetary and financial integration that the Assembly of Governors decided to devote the Continental Seminar for 2016 to the new challenges that financial stability poses to Central Banks. In this regard, the main objectives of the Continental Seminar for 2016 are to: Deepen understanding of the role African Central Banks play in financial stability in a context with financial crises of various origins and the growth of cross border banking on the continent; Highlight the new challenges of expanding Central Banks main duties in financial stability and propose strategic guidelines to address them; Contribute in developing capacity for Central Banks to discharge the duty of safeguarding financial stability, by taking over the issues pertaining to the institutional, supervisory and regulatory frameworks of financial flows of various sources. 2 PROCEEDINGS The Seminar could include: The presentation of papers stating the definition, objectives, new challenges in supervision and regulation, evaluation methods and indicators, institutional arrangements and management tools for financial stability; In-depth discussions on the strategic guidelines for strengthening financial stability in Africa. These discussions could include the ways and means of safeguarding stability in the financial system by strengthening supervision of the national and cross border activities of financial institutions to ensure compliance with national and regional regulations, as well as with international financial standards;
4 4 Recommendations on how to promote convergence in the institutional arrangements and frameworks for regulating and supervising financial activities so that there is more synergy in efforts to overcome the new barriers to financial stability. 3 ORGANIZATIONAL ARRANGEMENTS 3.1. Participants The Continental Seminar will bring together about sixty participants from the following institutions: AACB member Central Banks; European Central Bank (ECB); African Union Commission (AUC); Economic Commission for Africa (ECA); Secretariat of the Common Market for Eastern and Southern Africa (COMESA); Secretariat of the Southern African Development Community (SADC); Central African Economic and Monetary Community (CEMAC); General Secretariat of the Economic Community of Central African States (ECCAS); Economic Community of West African States (ECOWAS); Arab Magreb Union (AMU); West African Economic and Monetary Union (WAEMU); East African Community (EAC); West African Monetary Agency (WAMA); West African Monetary Institute (WAMI); International Monetary Fund (IMF); World Bank; Bank for International Settlements (BIS); African Development Bank (AfDB); Making Finance Work for Africa (MFW4A).
5 Agenda The proposal is to have a three-day seminar with plenary and break-out sessions, as follows: Day One (am): Presentations on the objectives, micro and macroprudential instruments, institutional arrangements, issues and challenges of financial stability amid financial innovations and the expansion of cross border banking activities: 1. Issues pertaining to the implementation of macroprudential tools ; Choice, implementation and customization of tools in the face of continuous changing economic conditions given the complex interactions between macro-prudential, microprudential and monetary policies ; Implementations policy tools in the context of Basels framework; Challenges and way forward. 2. Perspectives and challenges of cross-border banking activities in Africa ; International initiatives in anti-money laundering, combating terrorism financing and illicit financial flows; International Capital inflows and financial innovation: what steps can central banks take?; Supervision challenges posed by banking conglomerates and financial holding companies. Internal management of financial groups (risk management issues). 3. Opportunities and challenges / risks posed by the emerging trends in financial inclusion ; Mobile banking and risk to financial stability ; Micro finance institutions and risks to financial stability; Sustainability of credit to SMEs and Risks financial stability. Day One (pm): Presentations on the experiences of Central Banks in the AACB sub-regions relevant to the central theme of the seminar. 1. North Africa (Central Bank of Egypt, Banque Centrale de Mauritanie) 2. West Africa (BCEAO, Bank of Ghana) 3. East Africa (Bank of Tanzania, Central Bank of Kenya) 4. Central Africa (BEAC, Banque Centrale du Congo) 5. Southern Africa (Bank of Zambia, Bank of Botswana)
6 6 Day Two (am): workshops on the theme Strategic directives for safeguarding financial stability in African economies Workshop 1: Workshop 2: Financial stability in Africa amid accelerating global capital inflows, financial innovations, and illicit financial flows: what steps can Central Banks take? Issues, challenges and strategies for safeguarding financial stability in a context of expanding cross border banking activities and promoting financial inclusion. Workshop 3: Institutional and regulatory frameworks for safeguarding financial stability in Africa: state of the art, advantages and limitations; Day Two (pm) and Day Three: Reporting in plenary on the break-out sessions, developing and adopting the recommendations of the Seminar Date and venue Pursuant to the decisions made by the Assembly of Governors in Malabo, Central Bank of Egypt will host the Seminar on May 2016 at Intercontinental CityStars Hotel in Cairo, Egypt. 4. RELATED EXPENSES In accordance with the Association s fiscal 2016 budget, approved by the Assembly of Governors in Malabo, the cost of organizing the Seminar will be covered by the host institution, namely Central Bank of Egypt, except for the transport costs and the travel expenses of the AACB Secretariat.
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