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5th Joint Bank of England – Banque de France – Banca d’Italia – IMF – OECD Workshop on International Capital Flows and Financial Policies

The workshop aims to address frontier issues in the area of international capital flows, discussing how capital flows are affected by cyclical factors, such as inflation-driven monetary policy changes in advanced economies, by a more fragmented international financial system, by the growing role of non-bank financial institutions (NBFIs), and by long-run structural drivers, such as digitalization and climate change. In addition, the workshop will seek to identify the appropriate mix of policy tools – including capital flow management measures (CFMs), currency-based measures (CBMs), macroprudential measures, monetary policy tools, and foreign exchange intervention – to mitigate the volatility of capital flows and the risks emanating from it.