The 4th Journal of Central Banking Law and Institutions International Conference (JCLI2026)

Name: The 4th Journal of Central Banking Law and Institutions International Conference (JCLI2026)
Start: 2026-05-08T00:00:00Z
End: 2026-05-08T00:00:00Z
Location: Bali

May 8, 2026Bali, IndonesiaIn-person

Registration open

The 4th Journal of Central Banking Law and Institutions International Conference (JCLI2026) is an upcoming academic gathering focused on the intersection of central banking, law, and institutional frameworks. Hosted in the city of Bali, IDN, this conference serves as a platform for scholars and practitioners to delve into contemporary issues and advancements in these critical areas. The event is structured to foster in-depth discussions and the exchange of ideas among participants from various backgrounds.

Committees & topics

Topics
Central Bank Credibility and Institutional Resilience · Central Bank Independence in an Era of High Public Debt · Digital Currency Interoperability, Cross-Border Payments and Data Sharing · Agentic Artificial Intelligence in Central Banking · Digital Financial Assets, Market Fragmentation and Financial Stability · Non-Bank Financial Institutions and Systemic Interactions · Monetary-Fiscal Interactions and Policy Coordination · Regulatory and Supervisory Institutional Design for Financial Stability

Why it matters

The conference addresses a crucial nexus in global finance and governance, exploring how legal and institutional structures shape central banking practices and, conversely, how central banking influences legal and institutional developments. This dynamic interaction is vital for maintaining financial stability, promoting economic growth, and responding to evolving global challenges. Understanding these relationships is particularly important in an era marked by rapid technological change, shifting geopolitical landscapes, and increasing demands for transparent and accountable financial systems.

The discussions at JCLI2026 contribute to a broader understanding of the challenges and opportunities facing central banks worldwide. Topics such as regulatory frameworks, monetary policy tools, financial innovation, and international cooperation are central to ensuring resilient and effective financial systems. The insights generated from such conferences can inform policy decisions and academic research, ultimately strengthening the foundations of global economic order.

How to prepare

Delegates preparing for JCLI2026 should focus on developing a robust understanding of the interplay between legal doctrines, institutional design, and central banking operations. This involves not only familiarity with economic theories but also an appreciation for the legal and political contexts in which central banks operate. Reviewing recent publications in central banking law and economics will be beneficial.

Effective participation will require a nuanced approach to presenting research or engaging in discussions. Consider how different legal traditions and institutional arrangements might influence policy outcomes across various jurisdictions. For those presenting, framing research within the context of current global economic trends and regulatory debates will enhance its relevance and impact. Engaging with the diverse perspectives of attendees, who will likely represent a range of legal and economic backgrounds, is key to maximizing the learning experience.

Country perspectives

Where the most-relevant 3 countries stand on the core issues in play. Click through for the full country profile.

Indonesia

As the host nation, IDN provides a regional perspective on central banking challenges and legal frameworks, particularly concerning emerging economies and financial inclusion.

Role in topic

IDN's central bank plays a significant role in managing monetary policy and financial stability within a rapidly developing economy, offering valuable insights into the practical application of central banking law and institutions in a dynamic regional context.

United States

The USA's Federal Reserve system and its legal framework offer a benchmark for discussions on central bank independence, regulatory oversight, and responses to financial crises.

Role in topic

The USA's extensive experience with complex financial markets and its influential legal precedents often shape international discussions on central banking law and institutional best practices.

Germany

DEU, as a key member of the Eurozone, contributes perspectives on the legal and institutional challenges of a multi-country monetary union and the role of the European Central Bank.

Role in topic

DEU's strong emphasis on stability-oriented monetary policy and its legal traditions provide a critical lens through which to examine the institutional design and effectiveness of central banking within a supranational framework.

Topics & background

The background behind each topic and the actors that shape it.

Central Bank Credibility and Institutional Resilience

Central bank credibility — the public's belief that a monetary authority will deliver on its mandate, particularly price stability — emerged as a foundational concept during the disinflation era of the 1980s and 1990s, after the high-inflation experience of the 1970s discredited discretionary monetary policy. Reforms such as the Reserve Bank of New Zealand Act 1989, the Maastricht Treaty's design of the ECB, and the post-1997 operational independence of the Bank of England institutionalized credibility through clear mandates, transparency requirements, and accountability mechanisms. For two decades, anchored inflation expectations allowed central banks unusual room to maneuver during the 2008 global financial crisis and the COVID-19 shock. That consensus has been strained by the 2021-2023 inflation surge, which exposed forecasting errors at the Fed, ECB, and Bank of England and prompted internal reviews (notably the Bernanke Review at the BoE in 2024). Political pressure on central banks has intensified — from public attacks on the Federal Reserve's leadership, to disputes over the CBRT's policy direction in Türkiye, to questions over the BoJ's exit from yield curve control. Losses on expanded balance sheets have also created fiscal and reputational costs that test institutional resilience. Today the debate centers on how central banks can rebuild credibility through clearer communication, framework reviews, and governance safeguards, while withstanding politicization, staff turnover, and the operational risks of crisis-era tools. The Bank for International Settlements and the IMF have increasingly framed resilience as a function not only of legal independence but of analytical capacity, transparency, and a credible exit strategy from unconventional policies.

Key players

Central Bank Independence in an Era of High Public Debt

Operational independence became the dominant model for central banks during the 1990s, premised on a clear separation between monetary policy and fiscal financing of governments. The doctrine, supported by empirical work linking independence to lower inflation, was embedded in EU treaties (Article 123 TFEU's prohibition of monetary financing), the Bank of Japan Act 1997, and reforms across emerging markets. The 2008 crisis and the pandemic, however, drove central banks deep into sovereign bond markets through quantitative easing, blurring the line with fiscal policy even when purchases were justified on monetary grounds. Global public debt has now risen above 95% of GDP according to the IMF's 2024 Fiscal Monitor, with advanced economy debt ratios near post-war highs. As policy rates rose to combat inflation, debt-servicing costs surged, generating what observers call "fiscal dominance" risks: governments may pressure central banks to keep rates low, tolerate higher inflation, or maintain large balance sheets to support bond markets. Episodes such as the UK's 2022 gilt market intervention by the BoE and ongoing debates over the ECB's Transmission Protection Instrument illustrate the tension between financial stability and the prohibition on fiscal support. The contemporary debate involves how to preserve de jure and de facto independence when central bank balance sheets, remittance losses, and emergency facilities make monetary and fiscal policy increasingly entangled. Reformers propose clearer rules on emergency lending, transparent loss-sharing arrangements with treasuries, and stronger legal protections against the dismissal of governors — issues now actively discussed at the BIS, IMF, and within national legislatures.

Key players

Agentic Artificial Intelligence in Central Banking

Central banks have used machine learning for nearly a decade in nowcasting, text analysis of supervisory filings, and anomaly detection in payment systems. The arrival of generative AI in 2022-2023 and, more recently, of "agentic" AI systems — models that plan, call tools, and execute multi-step tasks with limited human oversight — has expanded both opportunities and risks. The BIS Innovation Hub's Project Aurora (financial crime detection) and Project Raven (cyber resilience), along with surveys by the IMF and Financial Stability Board, document growing experimentation with AI in supervision ("suptech"), regulatory compliance ("regtech"), and internal research. Agentic AI raises novel governance issues for central banks acting in three capacities simultaneously: as users of AI (in forecasting, supervision, and operations), as supervisors of regulated entities deploying AI in credit, trading, and customer interaction, and as guardians of financial stability against AI-driven concentration, correlated model behavior, and cyber risk. The FSB's November 2024 report on AI in finance and the BIS's 2024 work on generative AI flag risks including model monoculture, third-party dependency on a small number of foundation model providers, hallucination in high-stakes decisions, and accountability gaps when autonomous agents act. The regulatory landscape is fragmenting. The EU AI Act (in force August 2024) classifies credit scoring as high-risk; the UK and Singapore favor principles-based guidance; the US has shifted from the 2023 Biden Executive Order toward a deregulatory stance in 2025. Central banks must decide how to apply existing model risk management frameworks (such as the Fed's SR 11-7) to agentic systems, whether to require human-in-the-loop controls, and how to coordinate internationally to prevent supervisory arbitrage.

Key players

Digital Financial Assets, Market Fragmentation and Financial Stability

Digital financial assets — encompassing cryptoassets, stablecoins, and tokenized traditional securities — moved from the periphery of finance to a multi-trillion-dollar market over the past decade. The 2022 collapses of Terra/Luna, Celsius, and FTX exposed structural vulnerabilities and triggered the Financial Stability Board's high-level recommendations on crypto activities and global stablecoin arrangements, finalized in July 2023, alongside Basel Committee standards on banks' crypto exposures effective January 2026. The EU's Markets in Crypto-Assets Regulation (MiCA), fully applicable from December 2024, became the first comprehensive regional framework. Rather than converging, regulatory approaches have fragmented. The United States in 2025 enacted the GENIUS Act on payment stablecoins and shifted toward a more permissive stance under a reconstituted SEC and CFTC posture, while the EU enforces MiCA, the UK is phasing in a tailored regime, Hong Kong and Singapore license stablecoin issuers, and several jurisdictions maintain outright bans. Tokenization of deposits, money market funds, and government bonds — advanced by projects at JPMorgan, BlackRock, and the BIS's Project Agorá — is moving onto regulated infrastructure but raises questions about settlement finality, on-chain identity, and the unified ledger concept proposed by the BIS in 2023. Financial stability concerns now span run risk on stablecoins, interconnections between crypto markets and the traditional banking system (illustrated by the March 2023 US regional banking stress), cyber and operational risks of distributed ledger infrastructure, and cross-border spillovers from regulatory arbitrage. Central banks must reconcile innovation with the FSB's "same activity, same risk, same regulation" principle, while addressing market fragmentation that undermines monitoring and crisis management.

Key players

Non-Bank Financial Institutions and Systemic Interactions

Non-bank financial intermediation — money market funds, open-ended investment funds, hedge funds, insurance companies, pension funds, family offices, and private credit vehicles — now accounts for roughly half of global financial assets, according to the FSB's annual Global Monitoring Report. Its rise reflects post-2008 banking reforms, prolonged low interest rates that pushed investors toward yield, and the growth of capital markets relative to bank lending. Stress episodes have repeatedly originated in this sector: the March 2020 "dash for cash" in US Treasury and money markets, the September 2022 UK liability-driven investment (LDI) crisis among pension funds, the March 2023 collapse of Archegos and its impact on banks, and recurring vulnerabilities in private credit. NBFIs interact with the banking system through prime brokerage, repo and securities financing, derivatives margining, and direct credit linkages. These channels can amplify shocks: leverage in hedge fund basis trades has raised concerns at the Fed and BoE about US Treasury market resilience; growth of private credit (estimated at over USD 1.7 trillion globally by the IMF in 2024) creates opacity around valuations and credit quality. Liquidity mismatches in open-ended funds remain a focus of IOSCO and FSB joint work, including 2023 recommendations on anti-dilution liquidity management tools. The policy debate centers on the appropriate regulatory perimeter: whether to apply bank-like rules to systemically important non-banks, strengthen activity-based regulation (margining, leverage limits, liquidity requirements), or rely on enhanced data reporting and stress testing. Coordination is complicated by the cross-border nature of these activities, divergent national approaches, and intense industry pushback against bank-style oversight.

Key players

Monetary-Fiscal Interactions and Policy Coordination

The post-1980s policy consensus assigned price stability to independent central banks and demand management to automatic stabilizers and discretionary fiscal policy, with limited day-to-day coordination. That separation has eroded since 2008. Quantitative easing made central banks the largest holders of sovereign debt in many advanced economies; the COVID-19 response saw unprecedented fiscal expansion financed at low rates by central bank purchases; and the 2022-2024 tightening cycle has revealed how monetary and fiscal stances can pull in opposite directions, as in the UK "mini-budget" episode of September 2022. The 2021-2023 inflation episode has reignited theoretical and policy debates about the fiscal theory of the price level, the limits of monetary policy when fiscal deficits are persistent, and the appropriate response when sovereign debt sustainability is in question. The IMF, BIS, and OECD have all warned in recent reports that the combination of high debt, higher real rates, demographic pressures, defense spending, and green transition costs makes uncoordinated policy mixes increasingly costly. Quantitative tightening, central bank operating losses, and decisions on remunerating reserves directly affect government budgets, creating new institutional friction. The contemporary debate involves what coordination should look like without compromising central bank independence. Proposals range from formal fiscal councils and debt sustainability frameworks (as in the EU's revised economic governance rules adopted in 2024), to clearer information-sharing protocols between treasuries and central banks, to renewed discussion of the "monetary-fiscal compact" idea. The goal is to avoid both fiscal dominance and excessive monetary tightening born of fiscal profligacy.

Key players

Regulatory and Supervisory Institutional Design for Financial Stability

The 2008 global financial crisis exposed deep gaps in the institutional architecture for financial stability: fragmented supervision, weak macroprudential mandates, and unclear authority during cross-border resolution. The G20-led response created the Financial Stability Board (2009), the Basel III framework, recovery and resolution regimes (BRRD in the EU, Dodd-Frank Title II in the US), and macroprudential authorities such as the European Systemic Risk Board, the US Financial Stability Oversight Council, and the UK Financial Policy Committee. Many jurisdictions consolidated supervisory functions inside the central bank (UK PRA, ECB Single Supervisory Mechanism since 2014) or created twin-peaks models separating prudential and conduct supervision (Australia, Netherlands, South Africa). More than a decade later, the optimal institutional design remains contested. The March 2023 failures of Silicon Valley Bank, Signature Bank, and Credit Suisse exposed weaknesses in supervisory follow-through, resolution planning for mid-sized banks, and cross-border crisis management — even within the strengthened post-2008 framework. The Basel Committee's October 2023 report on the banking turmoil emphasized supervisory effectiveness over further regulatory reform. Meanwhile, the expansion of the regulatory perimeter to cover crypto, NBFIs, operational resilience (DORA in the EU, effective January 2025), and climate-related financial risks is straining existing institutional structures. The debate now spans several axes: integration versus separation of monetary policy and supervision; the appropriate balance between rules and supervisory judgment; accountability mechanisms for macroprudential authorities; the design of resolution regimes for non-banks; and the role of regional bodies such as the SSM and the Banking Union's still-incomplete deposit insurance pillar. Emerging markets face the additional challenge of building capacity and independence simultaneously, often under tight fiscal constraints.

Key players

Resources

News, lessons, and country profiles to prep for The 4th Journal of Central Banking Law and Institutions International Conference (JCLI2026).

Recent reporting to ground your prep

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Lessons

Bite-sized lessons to build the basics

Gender Dynamics Across Cultures

Hidden Stakeholders

Engagement Strategies

Dynamic Analysis

Courses

Guided courses that go deeper on the topic

Policy Brief Writing

Cross-Cultural Communication

Advanced Negotiation

Multilateral Negotiation

The states in play, with the data that shapes their stance

Country dossier

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By committee

Frequently asked questions

The 4th Journal of Central Banking Law and Institutions International Conference (JCLI2026)

May 8, 2026Bali, IndonesiaIn-person

Registration open

Committees & topics

Topics
Central Bank Credibility and Institutional Resilience · Central Bank Independence in an Era of High Public Debt · Digital Currency Interoperability, Cross-Border Payments and Data Sharing · Agentic Artificial Intelligence in Central Banking · Digital Financial Assets, Market Fragmentation and Financial Stability · Non-Bank Financial Institutions and Systemic Interactions · Monetary-Fiscal Interactions and Policy Coordination · Regulatory and Supervisory Institutional Design for Financial Stability

Why it matters

How to prepare

Country perspectives

Where the most-relevant 3 countries stand on the core issues in play. Click through for the full country profile.

Indonesia

As the host nation, IDN provides a regional perspective on central banking challenges and legal frameworks, particularly concerning emerging economies and financial inclusion.

Role in topic

United States

The USA's Federal Reserve system and its legal framework offer a benchmark for discussions on central bank independence, regulatory oversight, and responses to financial crises.

Role in topic

The USA's extensive experience with complex financial markets and its influential legal precedents often shape international discussions on central banking law and institutional best practices.

Germany

DEU, as a key member of the Eurozone, contributes perspectives on the legal and institutional challenges of a multi-country monetary union and the role of the European Central Bank.

Role in topic