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May
2
Wed
Online Seminar – The Road to a European Monetary Fund @ FBF Online Platform
May 2 @ 1:00 pm – 2:00 pm


Download the slides presented by Rolf Strauch

Download the slides presented by Marcello Messori


 

Abstract

The European Stability Mechanism (ESM) was established during the euro crisis to fill a gap in the institutional set-up of the monetary union: that of a lender of last resort for sovereigns. Several other reforms were also undertaken in that period, both at the national and at the supranational level. As a result, the euro area is now much stronger than before the crisis, both economically and institutionally. But a number of weaknesses to make EMU more robust still need to be fixed. In the debate about deepening the monetary union, a wider role for the ESM is one of the ideas under discussion.

In this online seminar, Rolf Strauch (ESM) will argue that developing a European Monetary Fund (EMF) is not a goal in itself, but could help to make the euro area economy more resilient. Various new functions are under discussion. Strauch will explain that there is a widespread consensus that these functions would be economically useful, and will stress that it is important not to miss this unique political opportunity to further integrate the monetary union.

Marcello Messori (School of European Political Economy, LUISS) will then provide his views and comments on the argument. As always the session will end with an interactive Question and Answers session.


 

Speakers

Rolf Strauch (Chief Economist and Member of the Management Board, European Stability Mechanism)

Rolf Strauch is the Management Board Member in charge of Economics, Policy Strategy, and Banking at the European Stability Mechanism and EFSF, which he joined in 2010. He is responsible for economic and financial analysis and policies, strategic orientation, and the country monitoring work that the ESM and EFSF undertake. He represents the ESM and EFSF in European fora, negotiates with Member States, and handles relations with credit rating agencies. Prior to this, he worked at the European Central Bank from 2000–2010 in the Directorate General Economics on fiscal, monetary, and structural policies. He also served previously as an economist at the Deutsche Bundesbank and as a researcher at both the University of Mannheim and the University of Bonn. He holds a Ph.D. in Economics from the University of Bonn and is a fellow at the Center for European Integration Studies (ZEI) in Bonn.

 

Marcello Messori (Professor of Economics, LUISS Guido Carli University)

Marcello Messori is Professor of Economics at the Department of Political Science, LUISS University and Director of the LUISS School of European Political Economy. He also chairs the Scientific Committee of Centro Europa Ricerche (CER) in Rome. Previously he taught in the Department of Economics at University of Rome ‘Tor Vergata’ and has been involved in several institutional activities, among others as Chairman of the government-established Society for the Development of the Italian Market of Pension Funds (MeFoP), and the president of the Italian Association of Asset Management (Assogestioni). He published widely in economic theory and applied economics and is a regular contributor to leading Italian newspapers, including “Corriere della sera” and previously “la Repubblica” and “Il Sole 24 Ore”.

 


 

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
8
Tue
Bank Regulation for Supervisory Purposes @ EUI Premises, Florence
May 8 – May 9 all-day
Bank Regulation for Supervisory Purposes @ EUI Premises, Florence | Fiesole | Toscana | Italy

Course Instructors: Emiliano Sabatini, Antonio Schifino (Bank of Italy)
Area: Bank Regulation, Supervision and Resolution
Level: Introductory/Intermediate

This course will focus on the following topics:

  • An overview of the solvency ratio: regulatory capital and Pillar I risks.
  • The main answers of micro-prudential regulators to the crisis.
  • The backstop measures.
  • Pillar II and its role under the Single Supervisory Mechanism.
  • An overview of the main IFRS accounting standards on financial instruments and their implications from a regulatory perspective.
  • The main differences between the accounting and the regulatory frameworks with reference to consolidation.

This course is targeted at EBA, SSM, SRB, ESRB, EU officials, lawyers, political scientists, Ph.D. students, accountants, private sector economists.

Click here for further information and registration

May
22
Tue
Measuring and Forecasting Volatility and Risk @ Barcelona
May 22 – May 24 all-day
Measuring and Forecasting Volatility and Risk @ Barcelona | Barcelona | Catalonia | Spain

Course Instructors: Christian Brownlees (Universitat Pompeu Fabra), Fabio Canova (FBF and BI Norwegian Business School)
Area: Statistical and Econometric Methods
Level: Intermediate/Advanced

This course will focus on the following topics:

  • Estimation and forecasting.
  • Models of time varying correlations: estimation and forecasting.
  • VaR and Systemic risk: measures and forecasting techniques.

This course is targeted at Financial Stability and Research departments in central banks, Ph.D. and Post-doctoral researchers, Assistant Professors, Research department officers of private banks, EU institutions.

Click here for further information and registration

Online Seminar – Bank Lending in The Age of Digital Disruption @ FBF Online Platform
May 22 @ 1:00 pm – 2:00 pm



Digital technologies are disrupting the world of banking and finance. Their advent visibly results in new opportunities. However, digital banking may also bring along new threats. Against the background of a long series of financial and technological innovations, this online seminar will focus on the economics of banking services in the new digital age. Professor Jean Dermine (INSEAD) will concentrate on banks’ two main functions – the provision of liquidity and the provision of loans – and will ask whether these services could be displaced by peer-to-peer and marketplace lending.

Dermine will in particular assess one segment of digital disruption, peer-to-peer (P2P) lending. The case of Lending Club, the emblematic leader of the US P2P sector will help to anchor the discussion on real-life issues and to anticipate likely developments in the globalized industry. In his talk he will also engage with contemporary regulatory issues.

Giacomo Calzolari (University of Bologna and Center for Economic Policy Research) will then provide his views and comments on the argument.

As always the session will end with an interactive Question and Answers session.

 

References:
The content of the seminar is based on two publications by Professor Dermine:


Speakers

Jean Dermine (Professor of Banking and Finance, INSEAD)

Jean Dermine is Professor of Banking and Finance at INSEAD and director of the its ‘Strategic Management in Banking’ and ‘Risk Management in Banking’ senior executive programs. He is also the founder of the INSEAD Centre for International Financial Services. He has been a Visiting Professor in several universities, including the Wharton School of the University of Pennsylvania, the University of Lausanne and CESAG in Dakar, and has been a visiting fellow at New York University, Göteborg University and the Stockholm Schools of Economics. As a consultant or director of training programmes, he has worked with European institutions, national central banks, consulting firms and private banks. His  research deals with topics including long-term value creation and risk control, FinTech, asset & liability management, bank valuation, credit risk and loan-loss provisioning.

 

Giacomo Calzolari (Professor of Economics, University of Bologna)

Giacomo Calzolari is Professor of Economics at the University of Bologna and Research Fellow at the Centre for Economic Policy Research in London. He has been conferred the Young Economist Award of the European Economic Association and the 2014-Best paper award by the Association of Competition Economics. He has published in top international journals such as American Economic Review, Rand Journal of Economics, International Economic Review and Journal of Economic Theory. He is co-editor of journals including the ‘International Journal of Industrial Organization’ and ‘Labour: Review of labour economics and industrial relations’. He is member of steering committee of the European Association of Industrial Economics and the Association of Competition 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.

Jun
22
Fri
Online seminar – SBBS: from Theory to Practice @ FBF Online Platform
Jun 22 @ 1:00 pm – 2:00 pm

 

This online seminar focuses on the recent Commission proposal for a bespoke regulatory framework for sovereign-bond backed securities (SBBS). A novel concept, SBBS have the potential to contribute to a more resilient Banking Union and a more efficient Capital Markets Union by helping banks and other financial institutions better diversify their sovereign bond portfolios and by expanding the toolkit for private sector risk-sharing, especially across borders. But they face several regulatory hindrances, which result—in a way—from their own being so novel. The recent Commission proposal aims to eliminate such hindrances, thus giving SBBS a chance.

Commission officials will present the broad contours of the draft legislation, and will discuss the trade-offs faced when drafting it and the rationale underpinning the various choices made. The presentations will be followed by an interactive Questions and Answers session.

 

Speakers

Peter Grasmann (Head of Unit, Economic Analysis of Financial Markets and Financial Stability – DG FISMA, European Commission)

Peter Grasmann studied economics, law and statistics at Munich University and University of California at Berkeley. He holds a PhD in economics. Previously he worked as lecturer at Munich University and CALTECH and later in financial services as analyst and consultant. He joined the European Commission in 1991. He first worked on financial integration and capital movements, later on economic analysis and forecasting for the EU economy and subsequently as Head of unit on the economic relationship with candidate and potential candidate countries. After a year of secondment to the International Civilian Office in Kosovo (UN1244) he returned to Brussels to lead a team on economic analysis of financial markets and financial stability.

  

Davide Lombardo (Senior Economist, EU/Euro Area Financial Sector Unit – DG FISMA, European Commission)

Davide Lombardo is a senior economist with the EU/Euro Area Financial Sector Unit of the Directorate General for Financial Stability, Financial Services and Capital Markets Union at the European Commission. Currently he is in particular co-leading a work stream on the regulatory treatment of so-called Sovereign Bond-Backed Securities (SBBS). He joined the European Commission in 2016, after working for 15 years at the International Monetary Fund, including on several IMF Programs. He holds a Ph.D. degree in economics from Stanford (2001), with specialization in finance and international 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.

Jun
28
Thu
Credit and Market Risk Management: A Value-based Approach @ EUI Premises, Florence
Jun 28 – Jun 29 all-day
Credit and Market Risk Management: A Value-based Approach @ EUI Premises, Florence | Firenze | Toscana | Italy

Course Instructor: Jean Dermine (Insead)
Area: Risk Management
Level: Intermediate

This course will focus on the following topics:

  • Probability of Default (PD) calibration and validation
  • Loss Given Default (LGD) – What do we know about LGDs?
  • Discount rate in LGDs.
  • Regulatory updates regarding LGDs.
  • Value-at-Risk.

This course is targeted at Financial stability and research department of Central Banks, Ph. D. students, private sector economists, EU officials.

Click here for further information and registration

Jul
5
Thu
Executive Seminar on Financial Surveillance @ Villa Salviati
Jul 5 @ 12:00 pm – Jul 6 @ 2:00 pm
Executive Seminar on Financial Surveillance @ Villa Salviati | Firenze | Toscana | Italy

Participation to this event is upon invitation only


This closed-doors, two-days Chatham House executive seminar on Financial Surveillance will (1) take stock of the state of the art in the supervision and resolution of banks and other non-bank actors in Europe; (2) will assess the market impact and developments of the recently implemented prudential and resolution rules and will (3) critically review current oversight gaps and risks and explore possible remedies. Compared to past editions which focussed on the banking sector, this executive seminar will look both at banks and non-banks realities.

The executive seminar will be held in the context of the Florence School of Banking and Finance’s 4th Advisory Council and Scientific Committee Meeting.

PROGRAMME

 


Scientific organisers:

  • Stefano Cappiello | Bank of Italy
  • Elena Carletti | Florence School of Banking and Finance and Bocconi University
  • Pierre Schlosser | Florence School of Banking and Finance
  • Emiliano Tornese | European Commission

Sep
27
Thu
Liquidity Regulation: Concepts, Methods and Applications @ EUI Premises, Florence
Sep 27 – Sep 28 all-day
Liquidity Regulation: Concepts, Methods and Applications @ EUI Premises, Florence | Firenze | Toscana | Italy

Course Instructors: Bart Joosen (VU University), Stefano Cappiello (Single Resolution Board), Jean-Jacques Van Helten (Visiting fellow, RSCAS; formerly Bank of Montreal)
Area: Bank Regulation, Supervision and Resolution
Level: Intermediate/Advanced

This course will focus on the following topics:

  • Liquidity Coverage Ratio and Net Stable Funding Ratio’s in the European Capital Requirements Regulation framework
  • Definition of High Quality Liquid Assets, the changing definition of safe assets and the forthcoming Simple Transparent and Standardised Securitisations
  • Stress testing, survival period and measurement of resilience against liquidity shocks
  • Internal Liquidity Adequacy Assessment (ILAAP), Risks not included in LCR
  • Relationship with recovery and resolution frameworks, importance of liquidity constraints for the definition of “failing or likely to fail”

This course is targeted at EU Officials (ECB, SSM, SRB, ESRB, EBA, ESM), Senior Policy Officers of Prudential Supervisors/National Central Banks, In-house Legal Counsels, External Lawyers, Treasurers with Banks, Senior Legal Officers, Funding Strategists.

Click here for further information and registration

Oct
17
Wed
Macroprudential Policy Implementation in Europe @ EUI Premises, Florence
Oct 17 – Oct 19 all-day
Macroprudential Policy Implementation in Europe @ EUI Premises, Florence | Firenze | Toscana | Italy

Course Instructors: Senior staff members from the ESRB Secretariat and the ECB
Area: Financial Stability and Macroprudential policy
Level: Introductory/Intermediate

This course will focus on the following topics:

  • Macroprudential policy framework, objectives and instruments
  • Implementation challenges (e.g. calibration, cross-border effects, leakages, transmission)
  • The use of capital-based instruments (e.g. countercyclical capital buffer, structural buffers, risk weights)
  • The use of asset-based instruments, in particular for the real estate sector
  • The use of liquidity instruments (e.g. liquidity coverage requirements. net stable funding ratio, loan-to-deposit ratio)
  • Macroprudential policy beyond banking

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

Nov
5
Mon
Economic Forecasting for Banking @ EUI Premises, Florence
Nov 5 – Nov 7 all-day
Economic Forecasting for Banking @ EUI Premises, Florence | Firenze | Toscana | Italy

Course Instructor: Massimiliano Marcellino (Bocconi University and EUI)
Area: Statistical and Econometric Methods
Level: Introductory/Intermediate

This course will focus on the following topics:

  • The main macroeconomic drivers of banking performance
  • Modelling economic variables using linear regression models
  • Using linear regression models for point, interval and density forecasting
  • Forecasting in time of crisis: how to detect and handle parameter instability
  • Forecasting in an evolving context: introducing dynamics in the linear models
  • Forecast evaluation, comparison and combination

This course is targeted at EBA, ESRB, SSM, SRB, EU Institutions, Financial Stability officers, Economics Departments And Forecasting Departments of Central Banks, Ph.D. and Post-doctoral researchers, Research department officers of private banks.

Click here for further information and registration