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Future of Financial Stability Assessments: Strengthening Agility, Focus, and Impact

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Location: G-03

Future

The recording of this event will be posted shortly.

Overview

Over two decades after its launch, the Financial Sector Assessment Program (FSAP) remains the IMF's flagship instrument for assessing risks to financial stability and helping countries identify supervisory and regulatory policies to guard against these risks, and crisis management policies if the risks materialize. Financial systems have become more interconnected, nonbank financial institutions have grown significantly in importance, and digitalization is transforming the provision of financial services. In response to these changes, the 2026 FSAP Review introduces a series of reforms to the FSAP designed to ensure that the program remains agile, focused, and impactful in a rapidly evolving financial landscape. These reforms include a more risk-based and tailored approach to assessments, greater attention to system-wide risks and emerging vulnerabilities, more actionable recommendations, and a more efficient and transparent assessment framework.

The seminar will serve as the public-facing launchpad for the Review, drawing a clear link between the changing nature of financial stability risks and the reforms adopted under the 2026 FSAP Review. Through a discussion with the lead author of the Review and a senior policy official, the event will explore why the Review was needed, what has changed, and how the reforms will help countries better identify risks, strengthen resilience, and support financial stability in an increasingly interconnected world. The discussion will complement the broader modernization agenda reflected in the 2026 Comprehensive Surveillance Review (CSR), while focusing specifically on the future of financial sector surveillance and the evolving role of the FSAP.

Panelists

Michaela Erbenova

Deputy Director, Monetary and Capital Markets Department, IMF

 

Michaela Erbenova is a Deputy Director at the Monetary and Capital Markets Department of the International Monetary Fund (IMF). In this capacity, she oversees the IMF’s Financial Sector Assessment Program and development of analytical tools for financial stability assessments; capacity building and related policy work on the management of sovereign debt, developments and innovations in sovereign debt markets and instruments; as well as MCM’s resource management and strategy. Her previous Fund career encompassed overseeing the Fund's capacity development strategy and evaluation and the IMF Institute training program as a Deputy Director of the IMF Institute for Capacity Development and more than 10 years in MCM, including as a Division Chief of Financial Supervision and Regulation. In 2016-2018, she served on the IMF Executive Board as Executive Director for Austria, Belarus, Czech Republic, Hungary, Republic of Kosovo, Slovak Republic, Slovenia, and Turkey. Prior to joining the IMF in 2007, Ms. Erbenova was a Board Member and Chief Executive Director of the Czech National Bank. Previously, she served as Advisor to the Czech Prime Minister; Chief Advisor to the Minister of Finance; and as Head of Investor Relations in Komercni Banka in the Czech Republic.

Ms. Erbenova holds MA in mathematical methods in economy from Moscow State University and Ph.D. in economics from the Charles University in Prague.

Michaela Erbenova

Christina Papaconstantinou

Deputy Governor, Central Bank of Greece

 

Christina Papaconstantinou is Deputy Governor of the Bank of Greece since 2021 overseeing the Bank’s prudential supervision directorates. She is a Member of the Supervisory Board of the European Central Bank since January 2024. Furthermore, she is a Member of the Economic and Financial Committee of the European Union (EFC), Alternate Member of the Financial Stability Board Regional Consultative Group for Europe (FSB) and representative of the Bank of Greece in the Eurosystem’s Appia Steering Group. She is the President of the BoD at DIAS ΙNTERBANKING SYSTEMS S.A., Corporate Governance Council Member of the Hellenic Growth Fund, Board Member of the Athens Concert Hall Organization and the Public Debt Management Agency, Member of the National Financial Literacy Steering Committee and of the Private Insurance against Natural Disasters Council. Before her appointment, she was the Chair of the BoD of PQH Single Special Liquidation S.A. and BoD Member of the Hellenic Capital Market Commission (2019-2021). She also worked as Advisor to the Prime Minister’s Office, as external consultant on matters of state aid, fiscal management, EU company and competition law and as expert in IMF missions. From 2012 to 2014, she served as Secretary General of the Ministry of Finance and as Secretary General of Fiscal Policy at the General Accounting Office of the Hellenic Republic. She holds a Law degree from the University of Athens and a master’s degree (LLM) in European Community Law from the University of London.

Christina Papaconstantinou