Third ESRB annual conference - 27/28 September 2018 Session 1: International perspectives on macroprudential policy. Global financial integration entails many benefits, but it can also contribute to a build-up of systemic risk within the financial system due to the pro-cyclical nature of capital flows. Addressing the vulnerabilities of financial globalisation leads to new policy challenges for macroprudential authorities. In this session, speakers will present their views on potential risks related to international financial integration and the policy options available to mitigate these risks. Chair: Claudia Buch, Vice President, Deutsche Bundesbank Speakers: Philippe Bacchetta, Professor, HEC Lausanne Şebnem Kalemli-Özcan, Professor, University of Maryland Jeffrey Franks, Director, International Monetary Fund