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Mar
16
Wed
Contingent Convertible Debt Instruments (CoCos): regulatory use and market development
Mar 16 @ 1:00 pm – 2:00 pm
Contingent Convertible Debt Instruments (CoCos): regulatory use and market development

Webinar #2 with Enrico Perotti

This webinar will address the new regulatory treatment of Contingent Convertible Debt instruments and the development of the underlying CoCo bond markets. The contractual feature of the existing stock of CoCo debt will be analysed along various dimensions. First, in terms of their regulatory effectiveness in absorbing risk. Second, in terms of their impact on risk incentives and thus on their preventive effect. Third, we will look at the empirical evidence on the market response to their issuance. Finally, time allowing we will discuss the recent evolution on the CoCo bond market in terms of issuances and prices.

 Register here

 

Enrico Perotti (Ph.D. MIT) is Professor of International Finance at the University of Amsterdam, Member of the Scientific Committee of the Florence School of Banking and Finance and CEPR).
His advisory work has focused on policy advice on issues of banking, financial reforms and stability to the EC, ECB, IMF, DNB, Bank of England, the World Bank and the UK Treasury.

Jul
1
Fri
Online Seminar! After Brexit: what next for the EMU, UK and the EU? @ Online
Jul 1 @ 12:00 pm – 1:00 pm
Online Seminar! After Brexit: what next for the EMU, UK and the EU? @ Online

Europe has grown out of its crises when reason and solidarity have prevailed, but it has also been devastated by its crises when fear and nationalism have taken the lead. Brexit, in the aftermath of the euro crisis, brings this dichotomy back to the foreground. Since 2010 there have been important advances in the development of the Economic and Monetary Union (EMU) and flexible forms of participation have allowed other EU countries, reluctant to join the euro, to share the basic principles that define the EU and have a common presence in the interdependent global world.

Brexit raises 3 crucial questions:

  1. Should the EMU be accelerated to become a centre of gravity within the EU, or slowed down to avoid a centrifugal diaspora? If accelerated, how?
  2. Should an ‘exit’ country be allowed free entry to the single market and other EU public goods without accepting freedom of movement?
  3. Should the EU remain as it is, or increase its capacity to offer common public services (Banking Union, border security, research funding, environment, etc.), or limit its scope of activity to the EU single and integrated market?

Panelists:

Joaquín Almunia (Former vice-president of the European Commission)
Ramon Marimon (European University Institute and UPF – Barcelona GSE; ADEMU)
Gorgio Monti (European University Institute; ADEMU)
Morten Ravn (University College London; ADEMU)

Moderator:
Annika Zorn (European University Institute, Florence School of Banking & Finance)

The event is jointly organised by the Florence School of Banking & Finance, Pierre Werner Chair and ADEMU Project.

Watch the recording

Jan
18
Wed
‘Lost in TLAC’ Online seminar @ FBF Online Platform
Jan 18 @ 1:00 pm – 2:00 pm
'Lost in TLAC' Online seminar @ FBF Online Platform

A key policy consequence drawn from the great financial crisis of 2007 and 2008 has been to compel private sector loss participation in case of a bank’s failure. Not only would such a bail-in of investors in banks spare tax payers but also re-instill market discipline by undoing implicit government guarantees. A crucial precondition for this strategy is that banks exhibit sufficient loss bearing capacity. Regulators both globally and in Europe thus prescribe minimum standards for the amount and quality of loss bearing capital to be held by banks. This online seminar looks at the crucial features of the requirements of the Financial Stability Board’s Total Loss-Absorbing Capacity (TLAC) requirements with a particular view to the Minimum Requirement for own Funds and Eligible Liabilities (MREL) prescriptions in the Bank Recovery and Resolution Directive (BRRD) and highlights some important implementation issues.

Click here to download the slides of the presentation

Speaker: Tobias Tröger (Goethe-Universität Frankfurt)

Tobias Tröger holds since 2011 the Chair of Private Law, Trade and Business Law, Jurisprudence at Goethe-University Frankfurt am Main. His research interests include contract law and contract theory, corporate law (particularly, comparative corporate governance and corporate finance), banking law and the economic analysis of law. He holds a Ph.D.-degree from the Eberhard Karls University of Tübingen, where he received the qualification of post-doctoral lecturer, and an LL.M. from Harvard Law School. Throughout his academic career, he received various scholarships and awards, among others the Award of the Reinhold and Maria Teufel- Foundation for his Ph.D.-Thesis, and the Irving Oberman Memorial Award from Harvard Law School, John M. Olin Center for Law, Economics and Business. Professor Tröger is Program Director Corporate Finance at the Research Center Sustainable Architecture for Finance in Europe (SAFE) in Frankfurt and Chairman of the Board of the European Banking Institute (EBI). He is an advisor to the European Parliament on matters regarding the Single Supervisory Mechanism (SSM). During recent years he taught as a visitor at various universities, inter alia at Stanford Law School and The University of Pennsylvania Law School.

Technical disclaimer

The online seminar will take place on the Adobe Connect platform. 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. In preparation for the event, please access the following link to test your computer and network for compatibility (please note that the “Adobe Connect Add-in” is optional): http://admin.adobeconnect.com/common/help/en/support/meeting_test.htm

If you wish to attend the online seminar through a smartphone or tablet, we strongly suggest installing the free Adobe Connect App, available on the following platforms:

Mar
1
Wed
‘The Future of CoCos’ Online seminar @ FBF Online Platform
Mar 1 @ 1:00 pm – 2:00 pm
'The Future of CoCos' Online seminar @ FBF Online Platform

Watch the recording of the seminar


Contingent Convertible bonds – also known as CoCo bonds – have attracted growing attention over the past years, both from regulators and industry practitioners. CoCos can be seen as a creation of the last financial crisis. They are a hybrid security that takes the form of a debt instrument upon issuance that may be turned into equity or written down altogether when a pre-determined trigger is activated.

In theory, CoCos thus constitute an ideal risk-absorbing instrument. It provides more agility and flexibility to banks in distress while at the same time – through its preventive effects – improving the resilience of the banking system. But under which exact design conditions can they support ‘going concern’ restructuring and market discipline in practice? Moreover, given the current volatile and unpredictable demand for CoCos in the market, is there a risk that CoCos might contribute instead to financial instability? Looking ahead, will the CoCo market reach maturity any time soon?

These are a few of the questions that will be addressed in this interactive online seminar on the future of CoCos with the lead presenter Enrico Perotti (University of Amsterdam) and the commentator Simon Gleeson (Clifford Chance).

Speaker: Enrico Perotti (University of Amsterdam)

Enrico Perotti (PhD in Finance at MIT, 1990) is Professor of International Finance at the University of Amsterdam. His broad research output has appeared in the top journals in economics, finance and law. He has been a frequent guest to the IMF, Federal Reserve Board and ECB Visiting Scholar programs. Since 2009 he acted as senior advisor on banking and financial regulation to the European Commission, Federal Reserve Board, ECB, DNB and the Bank of England. He visited the Bank of England in 2011-12 as Houblon-Normal Fellow and the ECB in 2015 as Wim Duisenberg Fellow.

Commentator: Simon Gleeson (Clifford Chance, London)

Simon Gleeson is Partner at Clifford Chance, specializing banking and financial markets law and regulation, clearing, settlement and derivatives. He is described by all of the major legal directories as one of the world’s leading experts in financial services and banking regulation, capital markets and derivatives. He is the lead legal advisor to the main UK banking and financial services industry bodies regarding Brexit. In addition to his private practice, he chairs the Institute for International Finance’s cross-border resolution committee, has been called to give evidence to UK and EU parliamentary committees, has advised the World Economic Forum on its 2009 Report on The New Global Financial Architecture, and was involved in the establishment of the UK’s Banking Standards Board.

Technical disclaimer

The online seminar will take place on the Adobe Connect platform. 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. In preparation for the event, please access the following link to test your computer and network for compatibility (please note that the “Adobe Connect Add-in” is optional): http://admin.adobeconnect.com/common/help/en/support/meeting_test.htm

If you wish to attend the online seminar through a smartphone or tablet, we strongly suggest installing the free Adobe Connect App, available on the following platforms:

Jul
5
Wed
‘To Fail or Not to Fail?’ Online seminar @ FBF Online Platform
Jul 5 @ 1:00 pm – 2:00 pm
CLICK HERE TO SEE THE RECORDING OF THE PRESENTATION

This interactive online seminar discussed the circumstances under which a credit institution is deemed to be ‘failing or likely to fail’. But what does it take for an institution to be deemed failing or likely to fail? Who makes that assessment and how is it conducted? What are the possible courses of action for authorities? The seminar also recalled and further clarify that a resolution scheme is adopted by the Single Resolution Board (SRB) in relation to a credit institution when it assesses that three conditions for resolution are met cumulatively, namely:

  • The competent (supervisory) authority – i.e., the European Central Bank (ECB) for significant credit institutions or the National Competent Authority (NCA) for less significant ones – determines, after consulting the resolution authority, that the credit institution is ‘failing or likely to fail’,
  • Having regard to timing and other relevant circumstances, there is no reasonable prospect that its failure could be prevented within a reasonable timeframe by taking in respect ‘alternative private sector measures’ or any ‘supervisory action’, and
  • A resolution action is necessary in the ‘public interest’ (meaning that, if this condition is not met, the credit institution may not be resolved but must be wound up).
Lastly, the online seminar explored lessons learned from (and implications of) the first resolution scheme adopted very recently.

Speaker: Christos Gortsos (National and Kapodistrian University of Athens)

Christos Gortsos is Professor of Public Economic Law at the Law School of the National and Kapodistrian University of Athens. Other positions include Visiting Professor at the European Institute of the University of Saarland; Research Partner in the program ‘Financial Market Regulation’ at the University of Zürich; and, from late 2017, Fernand Braudel Senior Fellow at the European University Institute. He also has teaching assignments at the European Institute of the University of Zürich and at the European Law Academy in Trier and is a member of the Committee on International Monetary Law of the International Law Association. His main fields of teaching, writing and research are international, EU and public monetary and financial law, central banking law, financial regulation and institutional economics.

 

Commentator: Seraina Grünewald (University of Zurich)

Seraina Grünewald is assistant Professor for Financial Market Law at the Institute of Law of the University of Zurich. Previous positions include research appointments at the Institute for Financial Services of the University of Liechtenstein, the Program on International Financial Systems of the Harvard Law School, Yale Law School and Columbia Law School, as well as intern positions in the Financial Law Division of the European Central Bank and at the IMF. In 2012 she was awarded the Issekutz Prize of the Institute of Law of the University of Zurich for outstanding achievements in economic law and previously the prize for the best bar exam of the term by the Cantonal High Court of Bern.

   
Sep
21
Thu
Online Seminar – Ending Too-Big-to-Fail: a Transatlantic Perspective @ FBF Online Platform
Sep 21 @ 1:00 pm – 2:00 pm

DOWNLOAD THE PRESENTATION BY WILSON ERVIN

DOWNLOAD THE COMMENTARY NOTES BY PATRICK HONOHAN

This seminar discusses the key challenges underlying the 'too big to fail problem' and the development of modern resolution techniques in the wake of the Great Financial Crisis. In particular, focusing on the development of 'bail-in' as a new and more general schematic to address this challenge, and compare it to alternative techniques.

The second half of the presentation analyses the different approaches taken in various countries, focusing on the USA and the EU. While there are many similarities, where have they diverged and why?

Watch the recording of the presentation:

 

Speaker

Wilson Ervin (Vice Chairman, Group Executive Office, Credit Suisse Group AG – New York)

Wilson Ervin is a Vice Chairman at Credit Suisse in the group executive office. He works on a variety of strategic projects, especially policy reforms related to bank capital and ending “too-big-to-fail”. He also chairs the Credit Suisse Americas Foundation, the Impact Investment Advisory Council, and the Partner Asset Facility. Prior to his current role, Mr. Ervin was the Chief Risk Officer of Credit Suisse, a member of the Executive Board, and chair of the Capital Allocation and Risk Management Committee. From 1990 to 1998, Mr. Ervin worked at Credit Suisse Financial Products, where he headed new product development. Before 1990, he held various roles in capital markets (both fixed income & equity), Australia investment banking, and the Mergers & Acquisitions group. Mr. Ervin recently received the Risk Magazine “Lifetime Achievement Award” for his efforts to end “too big to fail”. He currently serves on the board of Worldwide Orphans (WWO), City Harvest, and the Corporate Partnerships Committee of the Environmental Defense Fund. Mr Ervin received his A.B., summa cum laude, in economics from Princeton University. In early 2012 he wrote the seminal article on Bail-in published in the Economist and has been active on the topic since then.

 

Commentator

Patrick Honohan (Honorary Professor of Economics at Trinity College Dublin; Nonresident Senior Fellow at the Peterson Institute for International Economics)

Patrick Honohan was Governor of the Central Bank of Ireland and a member of the Governing Council of the European Central Bank from September 2009 to November 2015. He is an honorary professor of economics at Trinity College Dublin and a nonresident senior fellow at the Peterson Institute for International Economics, Washington, DC. Previously he spent twelve years on the staff of the World Bank where he was a Senior Advisor on financial sector issues. During the 1990s he was a Research Professor at Ireland’s Economic and Social Research Institute. In the 1980s he was Economic Advisor to the Taoiseach (Irish Prime Minister) Garret FitzGerald. He also spent earlier spells at the Central Bank of Ireland and at the International Monetary Fund. A graduate of University College Dublin, he received his PhD in Economics from the London School of Economics in 1978. He has taught economics at the London School of Economics, at University College Dublin and as a visitor to the University of California San Diego and the Australian National University as well as at Trinity College Dublin. He was elected a member of the Royal Irish Academy in 2002.

 

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.

Oct
4
Wed
Online Seminar – Resolution Planning in Practice @ FBF Online Platform
Oct 4 @ 1:00 pm – 2:00 pm
DOWNLOAD THE SLIDES OF THE PRESENTATION  

Resolution planning is at the heart of Europe’s new banking resolution regime and is a central power of resolution authorities. Yet, how resolution plans are prepared, discussed and implemented remains poorly understood, both in policy-making and in academic circles.

Against this background, this online seminar will provide a strategic overview of the essential and constitutive steps of the resolution planning process and will offer a solid understanding of new fundamental notions which are too often taken for granted such as for example the ‘preferred resolution strategy’, ‘critical functions’, ‘resolution tools’ and the ‘resolvability assessment’.

More specifically, the seminar will address the following questions: what are the steps the Single Resolution Board (SRB) takes in developing resolution plans? How are the critical functions identified? What are the key elements of the resolvability assessment?

 

Speakers

Mauro Grande (Member of the Single Resolution Board)

Mauro Grande is a member of the Single Resolution Board (SRB) as Director of Strategy and Policy Coordination. He is in charge of resolution strategy and cooperation which cover a range of cross-cutting issues relating to the core resolution activities as well as the interplay with relevant stakeholders. In that capacity, he chairs the SRB Committee on Cooperation between the SRB and the NRAs. Previously, he was Adviser to the Executive Board of the European Central Bank (ECB) from 2012 until 2015. After obtaining a degree in economics, Mr Grande started his professional career in finance and banking. From 1983 to 1990, he worked for the Banca d’Italia and was seconded to the European Commission and then to the European Monetary Institute. He has worked for the ECB in the area of prudential supervision and financial stability as Head of Division, Director and then Director General, participating in international (Financial Stability Board, Basel Committee on Banking Supervision) and EU (Financial Services Committee, European Banking Authority) bodies.

 

Sophie Steins Bisschop (Single Resolution Board, Directorate for Resolution Strategy, Processes and Methodology)

Sophie Steins Bisschop is working for SRB Directorate A, responsible for resolution strategy and methodology. She is co-responsible for designing SRB Methodologies on Critical Functions and the Public Interest Assessment. In parallel, she has supported resolution units in drafting resolution plans. Prior to joining SRB, Sophie worked at De Nederlandsche Bank, both in supervision and financial stability. Sophie holds a bachelor’s degree in Economics and Master’s degrees in Finance and Journalism.

 

 

 


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.

Nov
10
Fri
Online Seminar – The Future of the Banking Union @ FBF Online Platform
Nov 10 @ 1:00 pm – 2:15 pm
DOWNLOAD THE SLIDES OF THE PRESENTATION

 

Participation free – registration mandatory

This online seminar aims at giving a better understanding of the way the Banking Union is evolving and the ways it should develop in the coming year to be better equipped to cope with future risks. As presented in the recently published European Commission Communication on “Completing the Banking Union”, the seminar will therefore describe and discuss the measures to be adopted to complete the Banking Union and to make the European banking sector more resilient. After a brief introduction on the broader context in which the recent Commission Communication was conceived, speakers will then focus on the three main aspects addressed by the Commission Communication, namely:
  • The new ideas put forward by the Communication to set up a European Deposit Insurance Scheme (EDIS) in relation to the system proposed with the legislative proposal of 2015;
  • Non-Performing Loans (NPLs) in the European banking sector and the measures announced by the Communication to tackle such issue;
  • The characteristics of Sovereign-Bonds Backed Securities (SBBSs) and their potential usefulness in contributing to the diversification of financial institutions’ portfolios of sovereign bonds.
The presentations will be followed by an interactive Questions and Answers session.
 

Speakers

Mario Nava (Director, Financial System Surveillance and Crisis Management, DG FISMA, European Commission)

Mario Nava holds a first degree in economics from Bocconi University (1989), an MA from the Université Catholique de Louvain, Belgium (1992) and a PhD in Public Finance from the London School of Economics (1996). As of May 2016, he is Director of the ‘Financial system surveillance and crisis management’ directorate in the Financial Stability, Financial Services and Capital Markets Union DG (formerly the Internal Markets and Services DG) of the European Commission. He was previously Director of the ‘Regulation and prudential supervision of financial institutions’ directorate. Prior to that, from April 2011, he held the position of Acting Director. From November 2009 until September 2013, he was Head of the ‘Banking and Financial Conglomerates’ unit. Previously, he the Head of the ‘Financial Markets Infrastructure’ Unit. a member of the Group of Policy Advisers of the EU Commission President, Prof. Romano Prodi, and a member of the Cabinet of the Competition Commissioner, Prof. Mario Monti (2000-2001). Alongside his work at the Commission he is active in research and teaching.

       Giulia Bertezzolo (Policy officer, DG FISMA, European Commission)

Giulia Bertezzolo currently works as policy officer working on banking resolution and crisis management at the Directorate General for Financial Stability, Financial Services and Capital Markets Union and had previously worked on banking regulation and supervision. Among other tasks, Ms Bertezzolo led the work streams on the completion of Banking Union, on additional capital requirements (Pillar 2) and on proportionality of banking regulation. She also represented the Commission in European and international fora. She joined the European Commission in 2011, after having worked in Rome and Verona as attorney specialized in EU and administrative law and as a lecturer at the University of Trento School of Law. She holds a law degree and a PhD in EU and Comparative Administrative Law from the University of Trento, and in 2008 concluded a post-doctoral program on financial regulation at the Jean Monnet Centre of the New York University and she was awarded the best-PhD thesis prize by Istituto di ricerche sulla Pubblica amministrazione (IRPA). She published many essays and articles on EU and international law issues, including on banking regulation and supervision.

       Markus Aspegren (Economist, DG FISMA, European Commission)

Markus Aspegren is an Economist at the European Commission, Directorate General for Financial Stability, Financial Services and Capital Markets Union. He currently works on financial stability issues where he, among other tasks, focuses on the coordination of the Commission’s efforts to tackle non-performing loans. He joined the European Commission in 2012, after having served as Portfolio Manager at BNP Paribas Corporate & Investment Banking, as well as Risk and Solvency Manager in the CFO-office of BNP Paribas Fortis. Prior to this he was an Economist and Policy Advisor at the Ministry of Enterprise in Stockholm, Sweden. He holds an MBA from the Vlerick Business School in Belgium and a Master of Science in Macroeconomics from the Stockholm School of Economics.

       Davide Lombardo (Senior Economist, 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.

       

Scientific Advisor

Emiliano Tornese, Deputy Head, Resolution and Crisis Management, European Commission
 

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.

Nov
27
Mon
Central Banking in Europe Today: Over-Mighty or Under-Powered? @ Villa La Fonte, EUI
Nov 27 @ 4:30 pm – 6:30 pm

Download the paper that followed the speech

RECORDING OF THE EVENT


Agenda

16:30 | Introduction by Vincenzo Grassi, EUI Secretary General and Brigid Laffan, RSCAS EUI

16:50 | Introduction by Andrea Simoncini, UNIFI and Fondazione CR Firenze

17:00 | Lecture by Patrick Honohan “Central Banking in Europe today: Over-mighty or Under-powered”

17:45 | Q&A, moderated by Giorgia Giovannetti, UNIFI and EUI

18:30 | Reception for all participants

 


Abstract

The ECB and other European Central Banks have never looked so powerful. They have driven interest rates below zero and purchased trillions of euros of government and other bonds. They have become more active in bank supervision – a function now also centralised for the euro zone in the ECB. Moreover, a much broader toolkit than used in past decades is being energetically employed. Having tested the limits of their mandates, the ECB and other European Central Banks are now unlikely to return to the light touch policy of the 1990s. However, some puzzles remain:

  • Why is inflation in the euro area – the main statutory objective of the ECB – still below target?
  • Why were these tools not employed earlier in the crisis?
  • Is there more that could be done now, such as “helicopter money”; and if so, should it be used?

This lecture will explain how the crisis has gradually drawn the ECB into policy areas and instruments for which its mandate is less explicit, though no less real. The Frankfurt-based Bank has, in the past ten years, changed more than most central banks. Like other major central banks, it has had to innovate in response to developments in globalization, in commodity price fluctuations and in unusually large fiscal deviations. But in doing so the ECB has been faced with unique challenges of political legitimacy as well as of economic analysis in the multi-country currency union.

 


Speaker

Patrick Honohan
Honorary Professor of Economics at Trinity College Dublin; Nonresident Senior Fellow at the Peterson Institute for International Economics
Former Governor of the Central Bank of Ireland

Patrick Honohan was Governor of the Central Bank of Ireland and a member of the Governing Council of the European Central Bank from September 2009 to November 2015. He is an honorary professor of economics at Trinity College Dublin and a nonresident senior fellow at the Peterson Institute for International Economics, Washington, DC. Previously he spent twelve years on the staff of the World Bank where he was a Senior Advisor on financial sector issues. During the 1990s he was a Research Professor at Ireland’s Economic and Social Research Institute. In the 1980s he was Economic Advisor to the Taoiseach (Irish Prime Minister) Garret FitzGerald. He also spent earlier spells at the Central Bank of Ireland and at the International Monetary Fund. A graduate of University College Dublin, he received his PhD in Economics from the London School of Economics in 1978. He has taught economics at the London School of Economics, at University College Dublin and as a visitor to the University of California San Diego and the Australian National University as well as at Trinity College Dublin. He was elected a member of the Royal Irish Academy in 2002.

 
Jan
25
Thu
Online Seminar – Venezuela’s ‘Hunger’ Bonds @ FBF Online Platform
Jan 25 @ 1:00 pm – 2:00 pm


Download the slides of the presentation


An age-old question in international finance and law, dating back at least to the days of the Czar is: what happens when a country leadership chooses to favor the interests of foreign bondholders over those of its local population, using despotic means? Does the local population, after the leadership has been removed, have to continue paying these “odious” debts? Today, the question is being posed to the international community, front and center, in the context of the Venezuelan debt crisis, where an anti-democratic leadership continues to favor the interests of foreign bondholders over a deprived local population.

Those questions as well as the relevance of such a debate in a European context – where debt restructuring is regularly popping up and off the policy agenda – were be answered in this online seminar by sovereign debt scholars, Mitu Gulati (Duke University) and Jeromin Zettelmeyer (Peterson Institute for International Economics) who will also bring contrasting perspectives from international law and economics.


 

Speaker

Mitu Gulati (Professor of Law at Duke University)

Mitu Gulati is a Professor of Law at Duke Law School, Duke University. Previously, he taught at Georgetown University Law Center, and at the UCLA School of Law, and visited among others the University of Chicago, Duke University Law School, and the University of Virginia School of Law. Prior to joining academia, he held positions in law firms in New York, Boston and Newark. His main expertise lies in the field of sovereign bond contracts; current research interests include the historic evolution of concepts of sovereign immunity and the role that law can play as a symbol. He has authored articles, among others in the Journal of Legal Studies, the Review of Finance and Law and Social Inquiry, as well as books and book chapters.

 

 

Discussant

Jeromin Zettelmeyer (Senior Fellow at the Peterson Institute of 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.

 


 

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.