European Financial Infrastructure in the Face of New Challenges
Franklin Allen is Professor of Finance and Economics and Director of the Brevan Howard Centre at Imperial College London since July 2014. Previously he was on the faculty of the Wharton School of the University of Pennsylvania, where he now has Emeritus status. He was formerly Vice Dean and Director of Wharton Doctoral Programs, Co-Director of the Wharton Financial Institutions Center, Executive Editor of the Review of Financial Studies and Managing Editor of the Review of Finance. He is a past President of the American Finance Association, the Western Finance Association, the Society for Financial Studies, the Financial Intermediation Research Society and the Financial Management Association, and a Fellow of the British Academy and the Econometric Society. His main areas of interest are corporate finance, asset pricing, financial innovation, comparative financial systems, and financial crises.
Lee C. Buchheit is Honorary Professor at the University of Edinburgh. Previously he was a Partner at Cleary Gottlieb Steen & Hamilton LLP in New York, where his practice focused on international and corporate transactions, including Eurocurrency financial transactions, sovereign debt management, privatization and project finance. He joined the firm in 1976 and became a Partner in 1984. From 1987 to 1990, he was Resident in the Hong Kong office; from 1979 to 1982, in the London office; and from 1976 to 1979, in the Washington, D.C. office. Mr. Buchheit is the author of two books in the field of international law and more than 40 articles on professional matters. He has served as an Adjunct Professor at the School for International and Public Affairs of Columbia University (1994-97), as a Visiting Professor at Chuo University in Japan (1997-98), as a Lecturer on Law at the Harvard Law School (2000), as a Visiting Lecturer in Law at the Yale Law School (2005), as an Adjunct Professor of Law at Duke University Law School (2006-07), and as an Adjunct Professor of Law at New York University Law School (2008). Mr. Buchheit is a Visiting Professorial Fellow in the Centre for Commercial Law Studies at the University of London. He received a Juris Doctor degree from the University of Pennsylvania Law School in 1975 and a Diploma in International Law from Cambridge University in 1976. Mr. Buchheit received an undergraduate degree from Middlebury College. Mr. Buchheit is a member of the Bars in New York and Pennsylvania.
Elena Carletti is Professor of Finance at Bocconi University, Scientific Director of the Florence School of Banking and Finance at the European University Institute (EUI), and member of the Board of Directors at UniCredit, where she sits in the Remuneration and the Internal Controls & Risks Committees. Previously she was Professor of Economics at the EUI, holding a joint chair in the Economics Department and the Robert Schuman Centre for Advanced Studies. She is a member of the Advisory Scientific Committee of the European Systemic Risk Board and Research Fellow at CEPR, Fellow of the Finance Theory Group, CESifo, IGIER and the Wharton Financial Institutions Center. Among other appointments, she has worked as consultant for the OECD and the World Bank, has served in the review panel of the Irish Central Bank and of the Riskbank and has been a board member of the Financial Intermediation Research Society. Her main research areas are Financial Intermediation, Financial Crises and Regulation, Competition Policy, Corporate Governance and Sovereign Debt.
Vítor Constâncio was Vice-President of the European Central Bank from 1 June 2010 to May 2018. In the Portuguese Government, he was Secretary of State for the Budget and Planning in 1974 -76 and Finance Minister in 1977-78. At the central bank of Portugal, he was Director of the Economics Department, Deputy Governor and then from 2000 to 2010, Governor of the Banco de Portugal and consequently, member of the European Central Bank Governing Council. He was Assistant Professor at the Lisbon School of Economics and Management (ISEG), University of Lisbon, from 1968 to 1973 and later, coordinator Professor of the Master´s degree on Monetary Policy from 1989 to June 2010. He is now President of the School Board at ISEG and Professor at the Master’s Degree in Banking and Financial Regulation at the School of Economics, University of Navarra, Madrid, and member of the respective Advisory Board.
Aitor Erce is Principal Economist at the European Stability Mechanism. Before joining the ESM, he was a Senior Economist at the International Affairs Directorate of the Bank of Spain. Since 2012, Aitor is an associate researcher at the Dallas Fed’s Globalization and Monetary Policy Institute and, since 2013, an affiliate researcher with Warwick University’s IMF Research Network. His research has been published in international peer-reviewed journals such as the Journal of Banking and Finance, the Journal of Monetary Economics, Governance and the Journal of International Money and Finance. He holds an MSc in finance from CEMFI and a PhD in economics from the European University Institute. His interests include capital flows, international financial architecture and crises resolution.
James H. Freis, Jr. is Chief Compliance Officer and Managing Director for the Deutsche Börse Group since April 2014, based near Frankfurt, Germany, responsible for overseeing regulatory requirements and engaging with financial supervisors for Group entities on a global basis. Deutsche Börse Group is one of the world’s leading financial market infrastructure service providers for the securities industry—major Group entities include Clearstream, the Frankfurt Stock Exchange, and the Eurex derivatives exchanges and clearing house—covering the entire process chain, from trading, clearing, settlement and custody, as well as electronic infrastructure and providing market information. Mr Freis’s career as an attorney began at the Federal Reserve Bank of New York; he spent seven years at the Bank for International Settlements (BIS) in Basel, Switzerland; returned to the United States to work at the Treasury Department; and also was in private practice at Cleary Gottlieb Steen & Hamilton advising global financial institutions. From 2007 to 2012, Mr. Freis was Director (CEO) of the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN), the lead U.S. Government official for anti-money laundering and counter-terrorist financing requirements, and head of the country’s financial intelligence unit (FIU). Mr Freis is a graduate of Georgetown University, earned his Juris Doctor from Harvard University, and is a Chartered Financial Analyst (CFA) charterholder.
Giampaolo Galli is Deputy Director of the Observatory of Public Accounts at the Catholic University and Senior Fellow at the Luiss School of European Political Economy. He has a BA from University Bocconi (1975) and a Ph.D. in Economics at MIT (1980). From 2013 to 2018 he has been a member of the Italian Parliament (member of the Budget Committee). General Director of the Confederation of Italian Industry, Confindustria (2009-2012); General Director of ANIA, Association of Insurance Companies (2003-2008); Chief Economist of Confindustria (1995-2002). From 1980 to 1995 he worked at the Bank of Italy in monetary affairs and econometric modelling. From 1992 to 1995, as Chief of the International Division, he has represented the Bank of Italy in various international fora, such as the European Union Monetary Committee, the OECD Economic Policy Committee, and the G10 group. He has taught econometrics, macroeconomics, monetary economics, international economics and insurance economics at University Bocconi (Milano), University La Sapienza (Roma) and Luiss Guido Carli (Roma). He is the author of several publications on academic journals and a columnist for Il Sole 24Ore.
Anna Gelpern is a Professor of Law at Georgetown and a nonresident senior fellow at the Peter G. Peterson Institute for International Economics. She has published research on government debt, contracts, and regulation of financial institutions and markets. She has co-authored a law textbook on International Finance, and has contributed to international initiatives on financial reform and government debt. Before coming to Georgetown, she held full-time appointments at the American University Washington College of Law, Rutgers School of Law-Newark and Rutgers University Division of Global Affairs. She has held visiting appointments at Harvard and Penn law schools. Between 1996 and 2002, Professor Gelpern served in legal and policy positions at the U.S. Treasury Department. Earlier she practiced with Cleary, Gottlieb, Steen &Hamilton in New York and London. Professor Gelpern has taught International Finance, Contracts, Commercial Law, Financial Institutions and International Law. She earned an A.B. from Princeton University, a J.D. from Harvard Law School, and a M.Sc. from the London School of Economics and Political Science.
Gabriele Giudice works at the European Commission since 1994. Currently, he heads the unit working on EMU Deepening and the Macroeconomy of the Euro Area in DG ECFIN. Previously, he was assigned to the financial assistance programmes for Greece (2012-16, as EU Deputy Mission Chief) and Latvia (2009-12, as EU Mission Chief), while heading the units carrying out the surveillance of Member States (Greece, UK, Sweden, the Baltic countries). He also led the unit in charge of the business-cycle analysis of EU economies (2008-09). He was member of the Private Office (Cabinet) of Commissioner Joaquín Almunia (2004-08), where he followed economic, budgetary and monetary issues in the EU and the euro area. He has worked in ECFIN in other areas such as the design and implementation of the Stability and Growth Pact, economic policy coordination and policy analysis. He was educated as an international economist at Bocconi University, Milan and at the Institute for International Policy Studies, Milan. His publications cover EU budgetary coordination and surveillance, EMU reform, and economic and budgetary developments and reforms in Latvia, the UK and Greece. Since 2016 he is editor of the Quarterly Review of the Euro Area.
Peter Grasmann is the Head of Unit, Economic Analysis of Financial Markets and Financial Stability at DG FISMA, European Commission. He 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.
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.
Mitu Gulati is on the faculty of the Duke University School of Law. His current research areas are Sovereign Debt Restructuring, Contract Evolution and Measuring the Impact of Changes in the Rule of Law. He has forthcoming work in the Journal of Financial Regulation and the Capital Markets Law Journal.
Klaus Martin Löber is Head of the Oversight Division of the European Central Bank, in charge of the oversight of financial markets infrastructures and payments instruments. His areas or responsibility also encompass the ECB’s global regulatory policy activities with a focus on payments and market infrastructures. Furthermore, Mr Löber is contributing to the global fintech and digital innovations agenda, chairing the CPMI working group on digital currencies and co-chairing the CPMI-IOSCO working group on digital innovations looking into relevant developments. Prior to his current position, from 2012 to 2016, Mr Löber was Head of the Secretariat of the Committee on Payments and Market Infrastructures (CPMI) hosted by the Bank for International Settlements in Basel, Switzerland, a global regulatory standard setting body in the areas of payments, clearing and settlement. Earlier positions include the European Central Bank, the European Commission, Deutsche Bundesbank and private practice. Mr Löber regularly publishes on financial markets legal, regulatory and infrastructure issues.
Yannis Manuelides is a finance Partner with the international law firm Allen & Overy in London. A qualified solicitor in England, he is also a member of the Paris bar and has over 25 years’ experience in banking and finance transactions, including corporate and leveraged finance, debt restructurings, securitisations and capital market transactions. He has acted for several banks and corporates on strategies to address the consequences of the Eurozone crisis, contributing to the current debates on sovereign and bank debt. He is a member of an ad-hoc working group comprising of market participants and economists from the Bank of England designing market appropriate GDP-linked bonds for sovereigns. During the Greek crisis he acted for the Steering Committee of private creditors which negotiated with Greece and the official sector the restructuring of the Greek sovereign debt.
Michala Marcussen assumed the role of Societe Generale’s Group Chief Economist in September 2017 and leads a team of over 30 economists and sector engineer’s in her role as Head of Economic and Sector Research in the Risk Division. She is a member of Société Générale’s Group Management Committee and has been with the Group since 1994. She began her career with Den Danske Bank in 1986 and has worked in Copenhagen, Brussels, London and Paris. With over 30 years of experience in the financial industry, she is a frequent commentator in the economic debate and has done extensive work on European integration, the long-term economic outlook, fair value of interest rates and pension savings. Michala Marcussen holds a Master of Science in Economics from the University of Copenhagen and is a CFA charterholder. Michala Marcussen is also Vice President of the SUERF (European Money and Finance Forum) Council of Management.
Marco Pagano is Professor of Finance at University of Naples Federico II, President of the Einaudi Institute for Economics and Finance (EIEF), and Director of the Centre for Studies in Economics and Finance (CSEF). He holds a B.A. from Cambridge University and a Ph.D. from MIT, and taught at Bocconi University, the University of Salerno and Imperial College. From 2004 to 2011 he was managing editor of the Review of Finance with Josef Zechner. In 2011 received an ERC Advanced Grant for a project on “Finance and Labor”. Most of his research is in the area of finance, with a focus on banking, corporate finance and market microstructure. He has also contributed to research at the interface between finance and various fields in economics, namely macroeconomics, law and labor economics. His publications have appeared in top economics and finance journals. Currently he co-chairs the Advisory Scientific Committee of the European Systemic Risk Board (ESRB).
Richard Portes, Professor of Economics at London Business School, is Founder and Honorary President of the Centre for Economic Policy Research (CEPR), inaugural holder of the Tommaso Padoa-Schioppa Chair at the European University Institute, and Co-Founder and Co-Chair (1984-2016) of the Board of Economic Policy. He is an elected Fellow of the Econometric Society and of the British Academy, Chair of the Advisory Scientific Committee to the European Systemic Risk Board (and Co-Chair of the ESRB’s Joint Expert Group on Shadow Banking), of the Steering Committee of the Euro50 Group, and of the Bellagio Group on the International Economy. He held academic positions at Balliol College at Oxford, Princeton, Birkbeck College and visited the Haas Business School, University of California, Berkeley, and Columbia Business School. He holds three honorary doctorates and was decorated CBE in the 2003 New Year’s Honours. His current research interests include international macroeconomics, international finance, macroprudential regulation, European bond markets and European integration.
Nicolas Véron is a Senior fellow at the Peterson Institute for International Economics since October 2009 and is a senior fellow at Bruegel, the Brussels-based economic policy think tank he helped cofound in 2002–2004. A French citizen and graduate of Ecole Polytechnique and Ecole Nationale Superieure des Mines de Paris, he has held various positions in the public and private sectors, including as corporate adviser to France’s labor minister (1997–2000), as chief financial officer of the publicly listed internet company MultiMania / Lycos France (2000–2002), and as an independent financial services consultant. Since July 2013 he has been a board member of the derivatives arm of the Depository Trust and Clearing. His research is mostly about financial systems and financial reform around the world, including global financial regulatory initiatives and current developments in the European Union. He has published on accounting standards, audit firm governance, banking supervision, cross-border financial crisis management, economic nationalism, financing of high-growth firms, industrial policy, internationalization of large companies, oversight of inward investment in the European Union, and rating agencies. In September 2012, Bloomberg Markets included Véron in its second annual 50 Most Influential list, with reference to his early advocacy of European banking union.
Jeromin Zettelmeyer is a senior fellow of the Peterson Institute for International Economics, a CEPR research fellow, and a member of CESIfo. From 2014 until September of 2016, he served as Director-General for Economic Policy at the German Federal Ministry for Economic Affairs and Energy. Previously, he was Director of Research and Deputy Chief Economist at the European Bank for Reconstruction and Development (2008–2014), and a staff member of the International Monetary Fund (1994-2008), where we worked in the research, Western Hemisphere, and European departments. He holds degrees from the University of Bonn and MIT (Ph.D. 1994). His research interests include financial crises, sovereign debt and economic growth.