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Bank resolution in times of COVID-19 @ Online
Nov 27 @ 9:15 am – 12:45 pm

The Single Resolution Board and the Florence School of Banking and Finance (European University Institute) are organising an interdisciplinary Academic Event on ‘Bank resolution in times of COVID-19’. The event will take place on Friday, 27 November 2020 (09.15-12.45) in an online format.

The COVID-19 pandemic is challenging the European Union and the principles and instruments of its recently established Banking Union. Fortunately, great strides have been made towards financial stability in the last 12 years. European policymakers have created and shaped a de facto macroeconomic financial stability objective, in which the resolution pillar plays an important role. Financial stability and bank resolution are currently striding along the road, and their relationship remains debated. Some have argued that bank resolution fosters financial stability, by preventing unexpected and disorderly bank exits from the sector. Others have contended that the potential enforcement of some resolution tools, such as bail-in, may represent a risk for the stability of the system.

During its four years of existence and well before the COVID-19 emergency, some building blocks of the crisis management framework have been challenged. It has been argued that the consistency of the resolution regime with other instruments, such as the European Stability Mechanism facilities, and with national legal orders (e.g. domestic insolvency regimes, safeguard of creditor’s property rights, national central bank resources) could be further improved, also to ensure more legal certainty. The firepower of the Single Resolution Fund depends also on the introduction of the Common Backstop, potentially provided by the European Stability Mechanism.

Will this step contribute to the prevention of financial instability?

Will the design of the resolution framework prevent a second wave of bank bail-out in the European Union in the COVID-19 context?

To what extent can the stability of the European banking sector be maintained while minimising the use of public funds in the banking sector?

Against this background, the aim of the event is to bring together leading scholars and policy-makers in order to discuss economic, financial, legal, political and public policy topics located at the intersection between financial stability and bank resolution and in the context of COVID-19.

We look forward to welcome you online on 27 November 2020!

Download Event Agenda
Register here to attend


Friday, 27 November 2020 (09.15-12.45)

09.15 – 09.20 | Welcome and Introduction
Bart P.M. Joosen (Professor of Financial Law, Vrije Universiteit Amsterdam)

09.20 – 10.40 | Session 1
Chaired by Sebastiano Laviola (Board Member and Director of Strategy and Policy Coordination, Single Resolution Board)

09.20 – 10.00 | “A Proposal for a temporarily amended version of Precautionary Recapitalisation under the Single Resolution Mechanism Regulation involving the European Stability Mechanism”
Christos Gortsos (Professor of Public Economic Law, National and Kapodistrian University of Athens), Michele Siri (Professor of Commercial Law, University of Genoa), Marco Bodellini (Associate Lecturer in Banking and Financial Law, Queen Mary University of London)
Discussant: Emiliano Tornese (Deputy Head of the Resolution and Crisis Management Unit in the European Commission, DG FISMA)

10.00 – 10.40 | “Deposit guarantee schemes and bank crisis management: legal challenges arising from the actual EU legal framework”
Irene Mecatti (Adjunct Professor of Business and European Banking Law, University of Siena)
Discussant: Seraina Grünewald (Professor of European and Comparative Financial Law, Radboud University Nijmegen)

10.40 – 10.45 | break

10.45 – 11.15 | Keynote Speech by Jan Reinder De Carpentier (Vice Chair of the Single Resolution Board)
Chaired and Moderated by Elena Carletti (Professor of Finance, Bocconi University)

11.15 – 12.40 | Session 2
Chaired by Tobias Tröger (Professor of Private Law, Commercial and Business Law, and Jurisprudence at the Goethe-University Frankfurt am Main)

11.15 – 11.55 | “Removing the regulatory barriers to cross-border banking. Regulatory initiatives to foster banking integration and financial stability in the Banking Union”
Nikos Maragopoulos (Associate Researcher, European Banking Institute)
Discussant: Nicola Costa (Senior Bank Recovery and Resolution Expert, Single Resolution Board)

11.55 – 12.35 | “Banking System in Time of Covid-19: a reverse Analysis on Loss Absorption Capacity, Lending to the Economy and Market Valuation”
Antonio Dicanio (Seconded National Expert, Single Resolution Board), Giuseppe Montesi (Adjunct Professor, School of Economics and Management, University of Siena)
Discussant: Thorsten Beck (Professor of Banking & Finance, CASS Business School)

12.35 – 12.45 | Concluding Remarks
by Boštjan Jazbec (Board Member and Director of Resolution Planning and Decisions, Single Resolution Board)

Online Seminar: Bank Boards and Supervisory Expectations @ Online
Dec 3 @ 1:00 pm – 2:00 pm

Register here

Board members have significant responsibilities in their role. Their ability to challenge effectively and constructively the management is essential. Ensuring sound governance is at the core of banking supervision priorities, although it may be an overlooked feature of post-financial crisis regulatory and supervisory reforms.

Bank supervisors constantly scrutinize and assess the adequacy and effectiveness of checks and balances in banks’ internal governance. The latter is a crucial element of the Supervisory Review and Evaluation Process – SREP in ECB Banking Supervision – that covers the board functioning. Recently, the oversight of bank boards on strategic decisions has been deemed insufficient in some risk areas, such as credit risk, capital planning, and conduct risks (exacerbated in the current pandemic crisis) according to recent ECB’s publication.

In this context, this online debate will:

  • Identify current supervisory expectations towards bank boards in ensuring banks’ good governance and resilience, and explore targeted SSM supervisory measures and SREP requirements to strengthen corporate governance;
  • Reflect on the bank boards’ involvement in challenging the bank’s executives;
  • Discuss the segregation of bank board oversight and management;
  • Consider the implications of COVID-19 on supervisory expectations and bank boards.


Elizabeth McCaul (Supervisory Board member, European Central Bank)
Elizabeth McCaul is a Member of the Supervisory Board of the European Central Bank. Her areas of interest include supervisory strategy, risk, capital, internal governance, and consistency and quality across the SSM. She focuses on prudential implications in dynamic areas such as financial stability, climate change, FinTech and AML. She joined the NY State Banking Department as First Deputy in 1995 and served as NY Superintendent of Banks from 1997-2003. She was elected Chair of the Conference of State Bank Supervisors, served as a Member of the Federal Financial Institutions Examinations Council, on the Joint Forum for Financial Conglomerates, and as an Instructor for Financial Stability Institute at the BIS. Before joining the ECB, she worked for Promontory Financial Group where she founded the New York office and served as the Partner-in-Charge, as CEO and Chair of Europe, and Global Head of Strategy. For the first decade of her career she was an investment banker at Goldman Sachs.    


Lorenzo Bini Smaghi (Chairman, Société Générale)
Lorenzo Bini Smaghi started his career in 1983 as an Economist in the Research Department of the Banca d’Italia. He moved in 1994 to the European Monetary Institute, to head the Policy Division, preparing for the creation of the ECB. In 1998 he was appointed Director General for International Affairs in the Italian Treasury. From June 2005 to December 2011 he was a Member of the Executive Board of the European Central Bank. Over the last 20 years he held the positions of Chairman of Italgas, SNAM and SACE, and member of the Board of Finmeccanica, MTS, the European Investment Bank and Morgan Stanley International. He has been Visiting Scholar at Harvard’s Weatherhead Center for International Affairs and the first Chairman of Fondazione Palazzo Strozzi, a cultural institution in Florence. He has been appointed CEPR Distinguished Fellow, Senior Fellow at LUISS School of European Political Economy in Rome, and President of the Italian Alumni of the University of Chicago. He is a member of the World Economic Forum’s Community of Chairmen, and independent member of the Board of Tages Holding. He holds a Bachelor’s Degree in Economics from the Université Catholique de Louvain (Belgium), a Master’s degree from the University of Southern California and a Ph.D in Economics from the University of Chicago. He is author of several articles and books on international and European monetary and financial issues (available at www.lorenzobinismaghi.com), in particular “Austerity: European Democracies against the Wall” (CEPS, July 2013), “33 false verità sull’Europa” (Il Mulino, April 2014) and “La tentazione di andarsene: fuori dall’Europa c’è un futuro per l’Italia?” (Il Mulino, May 2017).

This online seminar launches the new Challenges for Bank Board Members series, which aims at building a community of professionals from the banking and finance industry interested in deepening their knowledge on bank board’s functioning and learning how to challenge bank management effectively. Seminar speakers will include an international faculty of regulators, supervisors, and academics together with bank and finance professionals.
The Challenges for Bank Board Members series is part of the new FBF Bank Board Academy for Non-Executive Directors.

Technical disclaimer

The online seminar will take place on Zoom. Registered participants will receive the credentials to join the event at 10:00 AM (CET) on 03 December 2020. You can access the seminars from personal computers, laptops, tablets and smartphones. 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.
Online Seminar: Governance of Controls – Lessons from Wirecard for Banks and Boards @ Online
Dec 17 @ 1:00 pm – 2:00 pm

Register here


James Freis (Former CEO, Wirecard)
James H. Freis, Jr. has pursued a career dedicated to promoting the integrity of the global financial markets. From 2014 through 2020 he was Managing Director, Chief Compliance Officer, and Group Anti-Money Laundering Officer for the Deutsche Börse Group in Frankfurt, Germany, responsible for overseeing regulatory requirements and engaging with financial supervisors for Group entities on a global basis for this provider of financial market infrastructures. From 2007 to 2012, Mr. Freis was Director (CEO) of the United States 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). His career as an attorney began at the Federal Reserve Bank of New York, followed by seven years in Basel, Switzerland at the Bank for International Settlements (BIS). Mr Freis is a graduate of Georgetown University, earned his Juris Doctor from Harvard University, and is a Chartered Financial Analyst (CFA) charterholder. Most recently, he was asked to join Wirecard in June 2020 to professionalize the company and oversee its global regulated businesses in a newly created management board role responsible for “Integrity, Legal & Compliance”. Within his first day, he exposed internal fraud, was promoted to CEO, and then initiated a global restructuring.

This second online seminar takes place in the framework of the Challenges for Bank Board Members series, which aims at building a community of professionals from the banking and finance industry interested in deepening their knowledge about bank board’s functioning and learning how to challenge bank management effectively. Seminar speakers will include an international faculty of regulators, supervisors, and academics together with bank and finance professionals. The Challenges for Bank Board Members series is part of the new FBF Bank Board Academy for Non-Executive Directors.

Securitisation: Regulation and Practice online Academy @ Online
Jan 11 – Feb 7 all-day

Course dates: 11 January – 07 February 2021

Estimated time required from participants: 20 hours

Course Director: Bart Joosen (VU University Amsterdam and Recofise)

Course Instructors: Anna Bak (Association for Financial Markets in Europe – AFME); Patrizia Canziani (Financial Advisor); Jean-Jacques Van Helten (European University Institute, Florence School of Banking and Finance); More senior experts from European institutions and agencies as well as practitioners in the private sector to be announced

The FBF team: Christy Petit (Course advisor); Pierre Schlosser (Course advisor); Jan Trevisan (Course designer);

Area: Regulation, Supervision and Resolution

Level: Introductory/Intermediate

Target: Financial Regulators and Supervisors; Members from Central Banks and Institutions (EU, intergovernmental, national goverments); Academic researchers; Personnel in private banks and law firms.

Information and Registration

Managing and Understanding Sovereign Risks @ Format TBC
Apr 26 – Apr 28 all-day

Course dates:26 – 28 April 2021

Venue: Format TBC

Course Instructors: Mitu Gulati (Duke University); Ugo Panizza (Graduate Institute of International and Development Studies); Lee C. Buchheit

Area: Risk Management

Level: Intermediate

Target: EU Officials (ECB, SSM, SRB, ESRB, EBA, ESM), National Supervisory Authorities, financial stability and legal department experts in Central Banks, Ph.D. students, private sector members, law firms and practitioners

More information and registrations
Digital Currencies Academy @ Format TBC
May 25 – May 28 all-day

Course dates: 25-28 May 2021

Venue: Format TBC

Course Instructors: Thorsten Koeppl (Queen’s University – Course director); Katrin Assenmacher (ECB); Christian Catalini (Libra, Facebook); James Chapman (Bank of Canada); Anne Choné (ESMA); Daniel Heller (Fnality International); Jean Pierre Landau (Harvard Kennedy School and SciencesPo); Klaus Löber (ECB); Cyril Monnet (University of Bern); Elisabeth Noble (European Banking Authority); Senior Policy Makers, Academics and Private Sector.

Area: Risk Management

Level: Introductory/Intermediate

Target: EU Officials (ECB, SSM, SRB, ESRB, EBA, ESM), National Supervisory Authorities, Senior Policy Officers of Prudential Supervisors/National Central Banks, Treasurers with Banks, Funding Strategists.

More information and registrations
Liquidity, Crisis and Public Policies: A Model-Based Approach @ EUI Premises, Florence
May 30 – Jun 1 all-day

Course dates: TBC 2021

Venue: Format TBC

Course Instructors: Nobuhiro Kiyotaki (Princeton University)

Area: Financial Stability and Macroprudential policy

Level: Advanced

Target: EU Officials (ECB, SSM, SRB, ESRB, EBA, ESM), National Supervisory Authorities, financial stability and research department of Central Banks, Ph.D. students, private sector economists

More information and registrations