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Feb
15
Thu
Online Seminar – A French-German Vision on Euro Area Reform @ FBF Online Platform
Feb 15 @ 1:00 pm – 2:00 pm


Download the slides of the presentation

Market discipline and risk sharing should be viewed as complementary pillars of the euro area financial architecture, rather than as substitutes. Achieving this complementarity, however, is not easy. It calls for stabilisation and insurance mechanisms that are both effective and cannot give rise to permanent transfers. And it requires a reformed institutional framework.

Against this background, the seminar presented and discuss the recent Euro Area reform proposal formulated in a CEPR Policy Insight by a group of independent French and German economists with differing views and political sensitivities but a shared conviction that the current deadlock must be overcome.

The proposal asserts that a reform of the euro area is needed for three reasons: first, to reduce the continued vulnerability of the euro area to financial instability; second, to provide governments with incentives for reform; third – and perhaps most importantly – to remove a continuing source of division between euro area members and of resentment of European institutions, which has contributed to the rise of anti-euro populism and which could eventually threaten the European project itself.


 

Speakers

Jean Pisani-Ferry (EUI, Bruegel, Hertie School of Governance and Sciences Po)

Jean Pisani-Ferry is a professor of economics with Sciences Po Paris and the Hertie School of Governance in Berlin, and he holds the Tommaso Padoa-Schioppa chair of the European University Institute in Florence. In the first half of 2017, Pisani-Ferry contributed to Emmanuel Macron’s presidential bid as the Director of programme and ideas of his campaign. Beforehand, he served from 2013 to end-2016 as Commissioner-General of France Stratégie. Previously, he was Founding Director of Bruegel, Executive President of the French PM’s Council of Economic Analysis, Senior Economic Adviser to the French Minister of Finance, Director of CEPII, and Economic Adviser with the European Commission. He taught at University Paris-Dauphine, École Polytechnique, École Centrale and the Free University of Brussels. His publications include numerous books and articles on economic policy and European policy issues. He has also been an active contributor to public debates with regular columns in the international media.

 

 

Henrik Enderlein (Hertie School of Governance and Jacques Delors Institute Berlin)

Henrik Enderlein is Director of the Jacques Delors Institut – Berlin and Professor of Political Economy at the Hertie School of Governance. He is also a Visiting Fellow at the EUI’s Robert Schuman Centre for Advanced Studies. He previously worked as economist at the European Central Bank and was Junior Professorship in Economics at the Free University Berlin. Since 2013, he is a member of the independent German fiscal council. His awards include the Max Planck Society’s Otto-Hahn Medal for outstanding achievements by young scientists, a Fulbright Distinguished Chair at Duke University’s Political Science Department in 2006-2007, and the Pierre Keller Visiting Professorship at Harvard Kennedy School in 2012-2013. His widely published research is focused on the political economy of economic policy-making, with a special focus on the Euro, the ECB, the EU-Budget, European integration, fiscal federalism, and sovereign defaults.

 

 

 

Jeromin Zettelmeyer (Peterson Institute for International Economics)

Jeromin Zettelmeyer is a Senior fellow at the Peterson Institute for International Economics. Previously, he served as director-general for economic policy at the German Federal Ministry for Economic Affairs and Energy, where he was responsible for economic analysis and forecasting, the microeconomic policy framework, and a key policy initiative to boost private and public investment. He also represented Germany at the OECD Economic Policy Committee and served as a founding cochair of the OECD’s Global Forum on Productivity. Before joining the German government, he was director of research and deputy chief economist at the EBRD; nonresident fellow at PIIE; earlier, a staff member of the IMF. His current research and policy interests include Europe’s currency union, Greece’s debt problem, the social impact of macroeconomic adjustment and reform, and the causes and consequences of the global productivity slowdown.

 


 

This online seminar is organised in cooperation with the Tommaso Padoa-Schioppa Chair in European Economic and Monetary Integration at the European University Institute.

 

Technical disclaimer

The online seminar will take place on the Adobe Connect platform. You can access the seminars from personal computers, laptops, tablets and smartphones. You are strongly encouraged to read the technical requirements before registering for the online seminar. To ensure an optimal experience in terms of connection speed and video quality, we suggest to attend the seminar via a device connected to a stable network connection, avoiding if possible shared wi-fi or mobile connections.

Feb
26
Mon
The Essentials of EU Banking Regulation @ EUI Premises, Florence
Feb 26 – Feb 28 all-day
The Essentials of EU Banking Regulation @ EUI Premises, Florence | Toscana | Italy

Course Instructors: Christos Gortsos (National and Kapodistrian University of Athens and EUI – Fernand Braudel Senior Fellow), Seraina Grünewald (University of Zurich), Kristian Kjeldsen (Single Resolution Board)
Area: Bank Regulation, Supervision and Resolution
Level: Introductory/Intermediate

This course will focus on the following topics:

  • Banking resolution as an element of the ‘bank safety net’
  • Recovery planning – resolution planning
  • Minimum requirement of eligible liabilities (MREL) – differences with the total loss absorbing capacity (TLAC)
  • Early intervention
  • The international regulatory framework: Key attributes of effective resolution (Financial Stability Board)
  • The EU regulatory framework: BRRD and Single Resolution Mechanism Regulation (SRMR)
  • The Single Resolution Board: institutional aspects
  • Resolution tools (including bail-in)
  • Conditions for resolution (including the ‘failing or likely to fail’ criterion)
  • Precautionary recapitalization
  • State aid and Single Resolution Fund (SRF) aid
  • Government financial stabilization tools (GFST)
  • Equivalence of third country resolution frameworks

This course is targeted at EU Officials (ECB, SSM, SRB, ESRB, EBA, ESM), economists and risk managers in financial institutions and private banks, lawyers and accountants, Ph.D. students, post-graduate researchers, and assistant professors.

Click here for further information and registration

Mar
15
Thu
The banks and the market – Lecture by Sabine Lautenschläger @ Palazzo Incontri
Mar 15 @ 4:00 pm – 6:10 pm


Abstract

In her speech, Sabine Lautenschläger argues that, in a well-functioning banking sector, banks must be able to fail. It is key, however, that they can do so in an orderly manner without destabilizing the entire banking system. Against that backdrop, Ms Lautenschläger discusses the role of the supervisor within the European framework for bank resolution. She also sheds light on the importance of the upcoming European stress test for supervisors’ assessments of banks’ resilience.

The event will be in Italian and English, simultaneously translated.

 

Agenda

16:35 | Opening remarks by Giuseppe Morbidelli (President, Fondazione CESIFIN Alberto Predieri)

16:40 | Presentation of the FBF and the speaker by Elena Carletti (Scientific Director, Florence School of Banking and Finance)

16:45 | Lecture by Sabine Lautenschläger (Member of the Executive Board and Vice-Chair of the Supervisory Board of the ECB): ‘The banks and the market’

17:30 | Questions and answers with the public, moderated by Emilio Barucci (Full professor of Financial Mathematics, Polytechnic University of Milan)

18:00 | Closing remarks by Vincenzo Grassi (Secretary General, European University Institute) and Giuseppe Rogantini-Picco (Member of the Board, Fondazione CR Firenze)

18:10 | Cocktail for all participants

 

Speaker

Sabine Lautenschläger

Member of the Executive Board & Vice-Chair of the Supervisory Board of the European Central Bank

Sabine Lautenschläger, born in 1964, studied law in Bonn. After passing the second state examination in law, she joined the Bundesaufsichtsamt für das Kreditwesen (BAKred – Federal Banking Supervisory Office), which later became the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin – Federal Financial Supervisory Authority). In the course of her career at BAKred/BaFin, she held several management positions before being appointed BaFin’s Chief Executive Director of Banking Supervision in 2008. Later, in 2011, she additionally was Member of the Management Board and Board of Supervisors of the European Banking Authority (EBA) in London. In 2011 Sabine Lautenschläger moved to the Deutsche Bundesbank, serving as Vice-President until January 2014 when she was appointed to the Executive Board of the European Central Bank. As Member of the Executive Board she is also Member of the Governing Council which is responsible for the Monetary Policy in the Euro Area. Since her appointment as Vice-Chair of the Supervisory Board of the Single Supervisory Mechanism (SSM) in February 2014, she has also been in charge of ECB Banking Supervision. She represents ECB Banking Supervision in the Basel Committee on Banking Supervision and in the Financial Stability Board Plenary.

 

EVENT CO-ORGANISED WITH

Fondazione CESIFIN Alberto Predieri

Fondazione CR Firenze

Mar
19
Mon
Financial Frictions and Macroprudential Policies @ EUI Premises, Florence
Mar 19 – Mar 21 all-day
Financial Frictions and Macroprudential Policies @ EUI Premises, Florence | Fiesole | Toscana | Italy

Course Instructor: Nobuhiro Kiyotaki (Princeton University)
Area: Financial Stability and Macroprudential policy
Level: Advanced

This course will focus on the following topics:

  • Rationale for macroprudential policy;
  • DSGE models with a financial sector;
  • Interactions between the real and the financial sectors;
  • Financial accelerator, booms and busts.

This course is targeted at EBA, SSM, SRB, ESRB, EU officials, financial stability and research department of Central Banks, Ph.D. students, private sector economists.

Click here for further information and registration

Apr
5
Thu
Understanding the Common European framework for Supervisory Review and Evaluation Process (SREP) @ EUI Premises, Florence
Apr 5 – Apr 6 all-day
Understanding the Common European framework for Supervisory Review and Evaluation Process (SREP) @ EUI Premises, Florence | Fiesole | Toscana | Italy

Course Instructors: Slavka Eley, Oleg Shmeljov (European Banking Authority)
Area: Bank Regulation, Supervision and Resolution
Level: Intermediate

This course will focus on the following topics:

  • Business model Analysis;
  • Internal governance;
  • Assessing risks to capital;
  • Liquidity and funding;
  • SREP capital adequacy assessment;
  • SREP liquidity adequacy assessment;
  • Supervisory and early intervention measures

This course is targeted at SSM, SRB, ESRB, EU officials, economists and risk managers in financial institutions and private banks, lawyers and accountants, Ph.D. students, post-graduate researchers, assistant professors.

Click here for further information and registration

Apr
17
Tue
Online Seminar – Risk Reduction in the Banking Union: NPLs and Sovereign Debt Concentration @ FBF Online Platform
Apr 17 @ 1:00 pm – 2:00 pm


Download the presentation here

‘Risk reduction’ is a key condition to complete the Banking Union. Risk-reduction is understood to refer to two main issues: the treatment of Non-Performing Loans (NPLs) and the concentration of sovereign exposure.

In this online seminar, Daniel Gros and Willem Pieter De Groen (CEPS) will first argue that the stock of NPLs is by now well-known and should no longer be considered a ‘risk’. The only question that remains is whether banks are willing to recognise the losses, today or later. Also, there is little evidence that banks with high NPL ratios lend less. Low capital ratios constitute a more important determinant of lending.

Gros and De Groen will then claim that the concentration of sovereign exposures (on the domestic sovereign) should be looked at in the context of the overall balance sheet of the banks. They will show that banks with different business models in the three major euro area countries (DE, FR and IT) seem to follow very different incentives. On the one hand the countries with more dominant investment banks show less concentration because they rely more on market financing, which would become more expensive if the asset side of their balances shows excessive concentration. On the other hand countries with more retail oriented banks, the yield differential on peripheral government bonds, might be less of an issue at first sight, but becomes more important in the medium to long term when they have to issue bonds to fulfill the MREL requirements.


 

Speakers

Daniel Gros (Director, CEPS – Centre for European Policy Studies)

Daniel Gros is the Director of the think tank Centre for European Policy Studies (CEPS), which he joined first in 1986-1988 and then again in 1990. He has worked International Monetary Fund from 1983 to 1986, and served as economic advisor to the Directorate General II of the European Commission from 1988–1990, co-authoring the study targeted to design the Euro, the European Parliament from 1998-2005, as well as several government members, including the Prime minister and the Finance minister of France. He has also taught at the College of Europe in Natolin and numerous other universities throughout Europe. His current research primarily focuses on EU economic policy, specifically on the impact of the euro on capital and labour markets, as well as on the international role of the euro, especially in Central and Eastern Europe. He also monitors the transition towards market economies and the process of enlargement of the European Union towards the east.

 

 

Willem Pieter De Groen (Research Fellow and Head of Financial Markets and Institutions Unit, CEPS – Centre for European Policy Studies)

Willem Pieter De Groen is a Research Fellow at the Center for European Policy Studies (CEPS), heading the Financial Markets and Institutions Unit, and is an associate researcher at the International Research Centre on Cooperative Finance (IRCCF) of HEC Montréal, contributing to research on financial systems. He has authored and co-authored studies and coordinated projects on EU and Near East financial institutions regulation, diversity in bank ownership and business models, retail financial services and financial instruments. Moreover, he also works on small and medium-sized enterprises obstacles to growth and access to finance as well as collaborative economy and taxation.

 

 


 

Technical disclaimer

The online seminar will take place on the Adobe Connect platform. You can access the seminars from personal computers, laptops, tablets and smartphones. You are strongly encouraged to read the technical requirements before registering for the online seminar. To ensure an optimal experience in terms of connection speed and video quality, we suggest to attend the seminar via a device connected to a stable network connection, avoiding if possible shared wi-fi or mobile connections.

Apr
19
Thu
Credit and the Macroeconomy: Leverage Cycles, Asset Prices and Crisis @ EUI Premises, Florence
Apr 19 – Apr 20 all-day
Credit and the Macroeconomy: Leverage Cycles, Asset Prices and Crisis @ EUI Premises, Florence | Fiesole | Toscana | Italy

Course Instructor: Moritz Schularick (University of Bonn)
Area: Financial Stability and Macroprudential policy
Level: Intermediate

This course will focus on the following topics:

  • Financial cycles and the economy;
  • Interest rates and returns on capital;
  • Financial crisis prediction: tools and accuracy;
  • Bank capital and financial stability;
  • Debt overhang and recovery from crises;
  • Managing credit booms: macroprudential vs. monetary policy

This course is targeted at EBA, SSM, SRB, ESRB, EU officials, financial stability and research department of Central Banks, Ph.D. students, post-doc researchers; assistant professors; private sector economists.

Click here for further information and registration

Apr
24
Tue
Managing and Understanding Sovereign Debt Risks and Restructuring @ EUI Premises
Apr 24 – Apr 25 all-day
Managing and Understanding Sovereign Debt Risks and Restructuring @ EUI Premises | Fiesole | Toscana | Italy

Course Instructor: Lee C. Buchheit (Cleary Gottlieb Steen & Hamilton LLP); Mitu Gulati (Duke University); Jeromin Zettelmeyer (Peterson Institute of International Economics)
Area: Risk Management
Level: Intermediate

This course will focus on the following topics:

  • Sovereign default and restructuring risk;
  • How do sovereign borrowers get into trouble?
  • The warning signs of sovereign distress.
  • Initial maneuvers to escape and evade the crisis.
  • The options when the initial maneuvers don’t work — bailout or restructure
  • The evolution of sovereign debt restructuring techniques — 1982 to 2017
  • The role of the official sector
  • Contractual provisions that facilitate, or that retard, sovereign debt workouts
  • Sovereign debt restructuring after Greece and Argentina

This course is targeted at EBA, SSM, SRB, ESRB, EU officials, financial stability and legal department experts in Central Banks, Ph.D. students, private sector members, law firms and practitioners.

Click here for further information and registration

Apr
26
Thu
FBF Annual Conference: ‘Institutions and the Crisis’ @ Villa Schifanoia
Apr 26 all-day
FBF Annual Conference: 'Institutions and the Crisis' @ Villa Schifanoia | Firenze | Toscana | Italy

The annual conference of the Florence School of Banking and Finance, organised at the European University Institute (EUI) brings together leading economists, lawyers, political scientists and policy makers to critically analyse, review and debate the most salient elements and gaps of Europe’s post-crisis institutional architecture.

Organisers:

Franklin Allen | Brevan Howard Centre Imperial College
Elena Carletti | BAFFI CAREFIN Bocconi University and European University Institute
Mitu Gulati | Duke University

Background:

The crisis has turned Europe’s economic and financial governance into a patchwork of bodies, instruments and rules that are hard to disentangle. Against this background, the purpose of this conference is to critically analyse, review and debate the most salient elements and gaps of Europe’s post-crisis institutional architecture.

More specifically, the conference aims:
  • to draw analytical and practical lessons from the crisis management solutions provided by European Union institutions
  • to interrogate how courts discussed, challenged and legitimized the EU’s key crisis-led decisions
  • to look ahead and boldly ask and discuss what should be the Economic and Monetary Union’s optimal institutional set-up – also in light of a renewed and conceivably more dynamic French-German cooperation moment.

Sessions:

  • Session 1: A Look Back: Evaluating European Institutions’ Crisis Management
  • Session 2: Disentangling The Crisis And The Courts
  • Session 3: The Way Forward: The Eurozone’s Institutional Prospects

MORE INFORMATION AND REGISTRATION

Apr
27
Fri
EUI-nomics 2018 @ EUI Premises, Florence
Apr 27 all-day
EUI-nomics 2018 @ EUI Premises, Florence | Fiesole | Toscana | Italy

Since 2011, the EUI-nomics workshops provide an annual forum for discussion among academics, policy-makers and private sector economists. Current and expected global economic perspectives and conditions are reviewed and discussed, with a special focus put on the euro area and its Member States.

Leading economists will provide comprehensive briefings about each country or area’s economic outlook. The 2018 EUI-nomics workshop will be completed by a policy panel debating the extent of the remaining heterogeneity in the euro area and its implications for policy-making and market performance.

The event is organised by Prof. Massimiliano Marcellino in the framework of Pierre Werner Chair and Global Governance programme.

MORE INFORMATION AND REGISTRATION