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New eBook: ‘European Financial Infrastructure in the Face of New Challenges’

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The Florence School of Banking and Finance is pleased to announce the publication of its latest e-book, ‘European Financial Infrastructure in the Face of New Challenges’. This book critically analyses, reviews and debates the internal and external disruptions that may be putting Europe’s financial system under stress, focusing particularly on:

  • Extra-Territoriality and Financial Infrastructure
  • Collective Action Clauses and Sovereign Debt Restructuring
  • Towards a European Safe Asset?

This book represents the latest installment in the eBook series published at the Florence School of Banking and Finance since 2011. These publications collect the contributions from the speakers in the FBF’s Annual Conference. The 2019 edition follows up on he discussions at the the conference ‘European Financial Infrastructure in the Face of New Challenges’, which was held at the EUI in Florence, Italy, on 25 April 2019.

The eBook contains the following papers:

  • Keynote speech – Sovereign Fragility (Lee C. Buchheit)
  • Dinner speech – European Financial Architecture and the European Safe Asset (Vítor Constâncio)
  • PART I – Extra-Territoriality and Financial Infrastructure
    • Financial Market Infrastructures: Supporting Global Markets While Respecting Financial Sanctions Restrictions (James H. Freis, Jr.)
    • Extraterritorial Application or Regulation in the Area of Financial Market Infrastructure: The Case for Cross-Border Cooperative Oversight (Klaus Löber)
    • Supranational Financial Supervision: A Pipe Dream, or an Idea Whose Time has Come? (Nicolas Véron)
  • PART II – Collective Action Clauses and Sovereign Debt Restructuring
    • The Road to Euro Area Sovereign Debt Restructuring (Aitor Erce)
    • Collective Action Clauses and Sovereign Debt Restructuring Frameworks: Why and When is Restructuring Appropriate (Giampaolo Galli)
    • CACs and Doorknobs (Anna Gelpern and Jeromin Zettelmeyer)
    • Using the Local Law Advantage in Today’s Eurozone (Yannis Manuelides)
  • PART III – Towards a European Safe Asset?
    • Completing the Economic and Monetary Union with a European Safe Asset (Gabriele Giudice)
    • Does the Euro Area Need a Safe Asset? Does the Euro Area Banking System Need a ‘European’ Safe Asset? (Daniel Gros)
    • Time Consistent Solutions to the Euro Area Doom Loop (Michala Marcussen and Lorenzo Bini Smaghi)
    • A Common Safe Asset for Eurozone Bank Stability (Marco Pagano)