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Calendar

Mar
18
Mon
Credit and the Macroeconomy: Leverage Cycles, Asset Prices and Crisis @ EUI Premises, Florence
Mar 18 – Mar 20 all-day
  • Course dates: 18-20 March 2019
  •  Place: EUI Premises, Florence
  •  Course Instructor: Moritz Schularick (University of Bonn)
  •  Area: Financial Stability and Macroprudential policy
  •  Level: Intermediate
  •  Target: 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

Mar
22
Fri
THE JOURNEY TOWARDS MAKING BANKS RESOLVABLE – AN ASSESSMENT BY DR. ELKE KÖNIG @ Palazzo Incontri
Mar 22 @ 4:00 pm – 7:00 pm

  The Florence School of Banking and Finance, Fondazione CESIFIN Alberto Predieri and Fondazione CR Firenze are organising a high-level lecture by Elke König, Chair of the Single Resolution Board.  
In her lecture, Dr. Konig will briefly introduce the EU framework for resolution, then explain how the SRB conceives and works (with the banks under its remit) on resolvability, and finally give an assessment on the state of play and next steps. More in details, the lecture will cover:
  • the EU regulatory framework and the SRB policy which constitute the basis for the work by the SRB and the banks on resolvability;
  • a more detailed description of the priority areas to be addressed by banks to achieve resolvability;
  • some insights into the SRB work on these areas; an assessment of the progress made so far.
 

Speaker

Elke König Chair of the Single Resolution Board Dr Elke König is Chair of the SRB, being responsible for the management of the organisation, the work of the Board, the budget, all staff, and the Executive and Plenary sessions of the Board. The General Counsel, the Policy Coordination and International Relations Unit, the Communications office and the Internal Audit function report directly to her. She was President of the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) from 2012 until 2015. After qualifying in business administration and obtaining a doctorate, Dr König spent many years working for companies in the financial and insurance sector. From 1980 to 1990, she worked for KPMG Deutsche Treuhandgesellschaft in Cologne, auditing and advising insurance undertakings, from 1986 as a holder of a special statutory authority (Prokuristin) and from 1988 as a director and partner. From 1990 to 2002, Dr König was a member of the senior management of the Munich Re Group (Head of Accounting); she then moved to Hannover Rückversicherung AG as Chief Financial Officer. From 2010 to the end of 2011, Dr König was a member of the International Accounting Standards Board (IASB) in London. Dr König was also a representative of the Supervisory Board of the Single Supervisory Mechanism.  

Programme

  • 16:00 Registration and welcome coffee
  • 16:35 Opening remarks
    • Lorenzo Stanghellini (Professor of Business Law, University of Florence)
  • 16:45 Lecture
    • Elke König (Chair, Single Resolution Board)
  • 17:30 Interventions by discussants
    • Elena Carletti (Scientific Director, Florence School of Banking and Finance)
    • Lorenzo Gai (Professor of Economics, University of Florence)
  • 17:50 Questions and answers with the public
    • Moderated by Federico Fubini (Corriere della Sera)
    • Panelists: Elke König, Elena Carletti, Lorenzo Gai
  • 18:35 Closing remarks
    • Renaud Dehousse (President, European University Institute)
  • 18:45 Cocktail for all participants
  • 19:30 Restricted dinner for speakers and selected guests (upon invitation)
The event will be in English with simultaneous translation to Italian.  

EVENT CO-ORGANISED WITH

Fondazione CESIFIN Alberto Predieri

Fondazione CR Firenze

Apr
1
Mon
Non Performing Exposures: Management Tools, Supervisory Profiles and Policy Goals @ EUI Premises, Florence
Apr 1 – Apr 3 all-day

Course dates: 1-3 April 2019

Place: EUI Premises, Florence

Course Instructors: Andrea Resti (Bocconi University), Senior experts from the public and private sector

Area: Risk Management

Level: Intermediate

Target: 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
2
Tue
Online seminar – Decrypting Sustainable Finance @ FBF Online Platform
Apr 2 @ 1:00 pm – 2:15 pm

Download the presentation by Dirk Schoenmaker

Download the presentation by Kinanya Pijl

 

Finance is widely seen as an obstacle to a better world. In this online seminar, Prof. Dirk Schoenmaker (Erasmus University Rotterdam) will explain how the financial sector can be mobilised to counter this inevitability. As is documented in Prof. Schoenmaker’s recent book (D. Schoenmaker and W. Schramade, Principles of Sustainable Finance, Oxford University Press, 2019), using finance as a means to achieve social goals one can divert the planet and its economy from its current path to a world that is sustainable for all.
After describing the sustainability challenges, the seminar will show how investors and bankers can steer funding to sustainable companies and projects without sacrificing return and thus speed up the transition to a sustainable economy. Further, the seminar will analyse the Sustainable Development Goals as a strategy for a better world and will provide evidence that environmental, social, and governance factors matter, describing in detail how to incorporate these factors in the corporate and financial sectors.

 

Joint online seminar by the Florence School of Banking and Finance and the Florence School of Regulation


 

Chair and Moderator

Jean-Michel Glachant (Robert Schuman Chair, Director of the Florence School of Regulation and Director of Loyola de Palacio Energy Policy Programme )

Jean-Michel Glachant is the Director of the Florence School of Regulation and the Holder of the Loyola de Palacio Chair, since 2008. Glachant took his Ph.D. in economics at La Sorbonne in France. He worked in the industry and private sector before becoming professor at La Sorbonne. He has been advisor of DG TREN, DG COMP and DG RESEARCH at the European Commission and of the French Energy Regulatory Commission (CRE). He has been a coordinator and scientific advisor of several European research projects. He is a research partner in the CEEPR at MIT (USA), the EPRG at Cambridge University. Jean-Michel Glachant has been the first editor-in-chief of EEEP: “Economics of Energy and Environmental Policy” (an IAEE journal) and is Vice-President of both the French and the International Association for Energy Economics. His main research interests are the building of a common European energy policy (security of supply, renewable energy, energy efficiency, energy technology policy, and climate change policy), the achievement of the European energy internal market (design, regulation and competition policy), the industrial organization and market strategy of energy companies in a wave of innovation (decarbonisation, decentralisation, and digitalisation).

 

Speaker

Dirk Schoenmaker (Professor of Banking and Finance at the Rotterdam School of Management, Erasmus University)

Dirk Schoenmaker is a Professor of Banking and Finance at the Rotterdam School of Management, Erasmus University. He is also a Non-Resident Fellow at the think tank Bruegel and a Research Fellow at the CEPR. His research covers the fields of sustainable finance, central banking, financial supervision and European banking. Before joining RSM, Dirk was Dean of the Duisenberg School of Finance and worked at the Dutch Ministry of Finance and the Bank of England. Dirk is co-author of the textbooks Principles of Sustainable Finance (OUP) and Financial Markets and Institutions: A European Perspective (CUP) and author of Governance of International Banking: The Financial Trilemma (OUP). 

 

 

Commentator

Kinanya Pijl (Researcher, European University Institute)

Kinanya Pijl is a fourth-year PhD researcher in law at the European University Institute. In her dissertation, Kinanya explores under what circumstances large commercial banks in Europe can bank responsibly. She has interviewed about 160 bankers and central bankers in England, Germany and the Netherlands to provide insight into the workings of responsibility-taking in the EU banking sector for negative social and environmental impacts related to corporate loans granted by banks. Kinanya has contributed to a book on corporate duties of care in Europe in the field of international corporate social responsibility and accountability (in Dutch). In addition, she was part of a team that has conducted a study on increasing leverage for responsible business conduct for the parties to the Dutch Banking Sector Agreement on Human Rights. Very recently, Kinanya started working for the consultancy firm Principia Advisory on improving organisational ethics in a large bank.

 

 
 

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
8
Mon
Stress Testing the Financial Sector @ EUI Premises, Florence
Apr 8 – Apr 10 all-day

Course dates: 8-10 April 2019

Place: EUI Premises, Florence

Course Instructors: Til Schuermann (Oliver Wyman), Mario Quagliariello (EBA), Senior Experts from the public and private sector

Area: Risk Management

Level: Intermediate

Target: 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
23
Tue
Sovereign Debt Risks @ EUI Premises, Florence
Apr 23 – Apr 24 all-day

Course dates: 23-24 April 2019

Place: EUI Premises, Florence

Course Instructors: Lee Buchheit (Cleary Gottlieb Steen & Hamilton LLP), Mitu Gulati (Duke University), Jeromin Zettelmeyer (Peterson Institute of International Economics)

Area: Risk Management

Level: Intermediate

Target: 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
25
Thu
Annual Conference – European Financial Infrastructure in the Face of New Challenges @ EUI Premises, Florence
Apr 25 all-day

MORE INFORMATION AND REGISTRATION

 

Scientific Organisers:

  • Franklin Allen, Brevan Howard Centre, Imperial College
  • Elena Carletti, Bocconi University, BAFFI CAREFIN and European University Institute
  • Mitu Gulati, Duke University
  • Jeromin Zettelmeyer, Peterson Institute for International Economics
 

Europe’s financial infrastructure is experiencing deep challenges from both within and outside. From within, there is a need to deal effectively with sovereign risk in a way that ensures financial stability in both the short and the long run. From the outside, Europe needs to react to the risk of economic and financial fragmentation, ignited by populist and nationalist movements and a new unilateralism on the side of Europe’s traditional ally, the United States. The tensions ignited by this shift have so far been mostly limited to international trade, but they could also affect the payments system.

Against this background, the purpose of this conference will be to gain a better understanding of the internal and external disruptions that may be putting Europe’s financial system under stress and offer a way forward to address these challenges, in a dialogue between senior academics, policy-makers and private practitioners.

Specifically, the conference aims to (1) assess the challenges to Europe’s and the global payment systems in the context of rising US extra-territorial sanctions, (2) debate what steps could mitigate the costs of sovereign debt crises without raising sovereign yields or exacerbating liquidity risk in the short run, (3) ask whether Europe needs a safe asset that helps address challenges from both directions, and how this could be designed.

 
Apr
30
Tue
Online seminar – Central Counterparty Clearing and Systemic Risk @ FBF Online Platform
Apr 30 @ 3:00 pm – 4:00 pm

Download the presentation by Thorsten Koeppl

Download the presentation by Agnieszka Smolenska

 
  Over the past decade, clearinghouses have subsumed the management of counterparty risk for many financial transactions. Regulators and supervisors thus face a new nexus for risk in financial markets, where these institutions have become too important too fail. The European Union set out a comprehensive regulatory framework for Central Counterparties (CCPs) in recent years, in order to improve their ability to face possible financial distress. Reforms adopted in the last months aim to ensure a more consistent and robust supervision of CCPs in EU and non-EU countries to tackle emerging challenges. In this context, the online seminar will offer a primer on the features of CCPs as both insurers and sources of systemic risk.
 

Speaker

Thorsten Koeppl (Professor, Queen’s University)
Thorsten V. Koeppl is a Professor and RBC Fellow in the Department of Economics at Queen’s University. He is currently also the Scholar in Financial Services and Monetary Policy at the CD Howe Institute one of Canada’s most influential policy think tanks. Prof. Koeppl advises the Bank of Canada on Central Bank Digital Currency and in the past has served as an adviser to several other policy institutions in matters of financial market organization, regulation and intervention in the past. Prof. Koeppl has degrees in management and in economics from the Universities of Eichstaett/Ingolstadt and Basle, and received his Ph.D. in economics from the University of Minnesota in 2002. His main research interests are in the areas of macroeconomics (in particular monetary economics), financial market infrastructure and blockchain economics. He has published on these topics in top economics journals such as Review of Economic Studies, Journal of Economic Theory, Review of Financial Studies and the Journal of Financial Economics among several others.

 

Commentator

Agnieszka Smoleńska (Polityka Insight and European University Institute)
Agnieszka Smoleńska is the acting head of the European Affairs desk at Polityka Insight. Between 2014-2018 she was a PhD Researcher in Law at the European University Institute and a research associate at the Florence School of Banking and Finance, where she focused on the EU banking regulations and the economic reform of the Eurozone. Previously, she worked at the European Commission, the European Parliament, and also cooperated with Transparency International and the World Bank.

 

 

 


 

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.
May
15
Wed
Empirical Methods in Banking and Policy Evaluation @ EUI Premises, Florence
May 15 – May 17 all-day

Course dates: 15-17 May 2019

Place: EUI Premises, Florence

Course Instructor: Steven Ongena (University of Zurich)

Area: Statistical and Econometric Methods

Level: Intermediate

Target: Financial stability and research department of Central Banks; Ph.D. students in Economics, Banking or Econometrics; Private sector economists.

Click here for further information and registration

Online seminar – The Economy of Risk in Insurance @ FBF Online Platform
May 15 @ 1:00 pm – 2:00 pm


Download the presentation by Michel Dacorogna

 
Despite constituting a key dimension of financial markets, the basic economics of insurance remain poorly understood. This online seminar intends to be a first contribution to fill this gap. In this introductory online seminar Dr. Michel Dacorogna (University of Zürich and Prime Re Solutions) starts by offering a definition of risk and by highlighting the value of risk management from a theoretical point of view. Dr. Dacorogna then discusses the difference between uncertainty and risk as introduced by Frank Knight. On this basis, he briefly recalls the history of insurance and its role in economic development.

Based on risk measures and their various operationalisations, it is possible to define a capital adjusted to risk to guarantee payment of an insurance policy. With a simple example, Dr. Dacorogna then shows how the price of risk is computed and discusses its main components – what he calls the cost of production of an insurance policy. Lastly, he emphasizes the role of portfolio diversification and its limitation illustrated through a modification of the example.

Dr. Dacorogna’s presentation will be followed by comments from Dimitris Zafeiris (EIOPA) as well as by our traditional Questions and Answers session.
 

Speaker

Michel Dacorogna (University of Zürich and Prime Re Solutions)
Michel Dacorogna is partner at Prime Re Solutions, a company advising financial institutions on actuarial and economic matters. He is also Director of Risk Management at the Geneva Association and head of DEAR-Consulting. He is the former scientific advisor to the chairman of SCOR. He conducts research in the field of insurance mathematics, capital management and risks. He presents models and capital management techniques to management and customers. He is Member of the board of the Research Center on Insurance Risk at the Nanyang Technical University of Singapore, he collaborates with the center on their various initiatives. Until July 2013, Michel was deputy group CRO of SCOR in charge of Solvency II and the internal model. He was at the origin of SCOR’s internal model, which he developed with his team for more than 10 years. Author and co-author of more than 85 publications in refereed scientific journals; he is often invited to present his results in international conferences and specialized seminars. His work is referenced in many publications. One of the papers he co-authored was the most quoted paper over 5 years in the Journal of Banking and Finance. His book: “An Introduction to High Frequency Finance” remains a reference in the field. He also lectures at the ETH and University of Zurich, at the University Ca’Foscari in Venice (Italy) and at the University of Turin (Italy) in their master of finance and insurance programs. He has been awarded the International Research Chair LabEx MME-DII & ES-SEC CREAR in 2018 at ESSEC Business School in Paris. He received his Habilitation, Ph. D. and M. Sc. in Theoretical Physics from the University of Geneva in Switzerland and did a post-doc at the University of California in Berkeley.

 

Commentator

Dimitris Zafeiris (Head of the Risks and Financial Stability Department, EIOPA)
Dimitris Zafeiris is Head of the Risks and Financial Stability Department at the European Insurance and Occupational Pensions Authority (EIOPA). He is responsible for EIOPA’s activities in the areas of financial stability, crisis management and studies and statistics.Before joining EIOPA, Dimitris ran the risk management unit in a commercial bank where he was responsible for the management of projects such as the implementation of Basel II and external asset quality reviews. Prior to this, Dimitris held roles as investment director, portfolio manager and analyst in a number of firms in the asset management industry. Dimitris holds a Master of Science in Finance and a Bachelor of Science in Economics.

 


 

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.