Course dates: 14 June – 02 July 2021
Course Directors: Veerle Colaert (KU Leuven University); Matteo Gargantini (University of Utrecht)
Guest Instructors: Federico della Negra (European Central Bank); Eugenia Macchiavello (University of Genova); Diego Valiante (University of Bologna)
Interview Partners: Francesco Costantino (Regulatory Consulting), Christiane Hölz (DSW/Better Finance), Rainer Riess (FESE)
Area: Regulation, Supervision and Resolution
Target: EU Officials (ECB, SSM, SRB, ESRB, EBA, ESMA, ESM), National Supervisory Authorities, economists and risk managers in financial institutions and private banks, lawyers and accountants, Ph.D. students, post-graduate researchers, assistant professors.
Women in Finance series
GENDER DIFFERENCES IN FINANCIAL LITERACY
Lecture by Annamaria Lusardi, The George Washington University, CEPR, NBER and Netspar 29 June 2021 – 13:00 CEST
Watch the recording of the event
“Our data, collected over many years, show that women are less financially literate than men. It is unclear whether this gap reflects a lack of knowledge or, rather, a lack of confidence. We show that women tend to disproportionately respond “do not know” to questions measuring financial knowledge, but when this response option is unavailable, they often choose the correct answer. We estimate that about one-third of the financial literacy gender gap can be explained by women’s lower confidence levels. These estimates matter; both financial knowledge and confidence can be linked to stock market participation.” For more information about Prof. Lusardi’s work, you can visit her webpage
SpeakerAnnamaria Lusardi is University Professor of Economics and Accountancy at the George Washington University School of Business (GWSB). Moreover, she is the founder and academic director of GWSB’s Global Financial Literacy Excellence Center. Previously, she was the Joel Z. and Susan Hyatt Professor of Economics at Dartmouth College, where she taught for twenty years.
– T. Bucher-Koenen, R. Alessie, A. Lusardi, M. van Rooij, Fearless Woman: Financial Literacy and Stock Market Participation, Working Paper, Global Financial Literacy Excellence Center, March 2021: link
– C. Barrett, P. Jenkins, Lack of confidence is impeding women’s financial literacy, study finds, Financial Times, March 2021: link
– L. Bottazzi, A.Lusardi, Stereotypes in Financial Literacy: Evidence from PISA , NBER Working Paper No. 28065, November 2020: link
ChairElena Carletti is Professor of Finance at Bocconi University. She is also founding director of the Florence School of Banking and Finance Florence School of Banking and Finance at the European University Institute, is a member of Board of Directors of Unicredit SpA and a member of the Advisory Scientific Committee of the European Systemic Risk Board (ESRB).
Charles Goodhart | London School of Economics
Manoj Pradhan | Talking Heads Macro
Chair and Moderator:
Thorsten Beck | Florence School of Banking and Finance
The rise of China and global demography created a ‘sweet spot’ that has dictated the path of inflation, interest rates, and inequality over the last three decades. However, we are at a point of inflexion, accelerated by the COVID-19 pandemic. As that sweet spot turns sour, the multi-decade trends that demography brought about are set for a dramatic reversal.
Charles Goodhart & Manoj Pradhan‘s new book, The Great Demographic Reversal: Ageing Societies, Waning Inequality, and an Inflation Revival, (2020), discusses the implications of this at length. Many of their conclusions are controversial. Neither financial markets nor policymakers are prepared for a significant rise in inflation and wages, or a rise in nominal interest rates. Our other predictions are more benign – productivity will rise and labour will reclaim a greater share of national output, reducing the inequality that has led to so much social and political upheaval. Of one thing we are sure: the future will be nothing like the past.
Charles Goodhart was appointed to the Norman Sosnow Chair of Banking and Finance at the London School of Economics (LSE) in 1985, until his retirement in 2002 when he became Emeritus Professor of Banking and Finance. He was elected a Fellow of the British Academy in 1990, and awarded the CBE in 1997, for services to monetary economics. During 1986, he helped to found the Financial Markets Group at LSE. For the previous 17 years he served as a monetary economist at the Bank of England, becoming a Chief Adviser in 1980. Following his advice on overcoming the financial crisis in Hong Kong in 1983, he subsequently served on the HK Exchange Fund Advisory Committee until 1997. Later in 1997 he was appointed for three years, until May 2000, one of the four independent outside members of the newly-formed Bank of England Monetary Policy Committee. He became an economic consultant to Morgan Stanley in 2009, until he resigned, at the age of 80, in 2016. It was during this period that he began work on the subject matter of his recent book, The Great Demographic Reversal (Palgrave Macmillan), with his colleague there, Manoj Pradhan. He was written widely on matters relating to monetary policy, especially central banking, and macro-economics. Charles is the author of Goodhart’s Law “that any observed statistical regularity will tend to collapse once pressure is placed upon it for control purposes.”
Manoj Pradhan is the founder of Talking Heads Macroeconomics, an independent research firm and co-author of the bestseller “The Great Demographic Reversal”. Manoj was most recently Managing Director at Morgan Stanley where he led the Global Economics team. He joined Morgan Stanley in 2005 after serving on the faculty of George Washington University and the State University of New York. Manoj works on thematic global macroeconomics, with a focus on emerging markets. He has a PhD in economics from George Washington University and a Masters in Finance from the London Business School.
Course dates: 06 September – 01 October 2021
Course Director: Philipp Paech (London School of Economics)
Instructors: Peter Kerstens (European Commission, DG FISMA); Klaus Löber (European Securities and Markets Authority); Elisabeth Noble (European Banking Authority)
Area: Regulation, Supervision and Resolution
Target: EU Officials (ECB, SSM, SRB, ESRB, EBA, ESM), National Supervisory Authorities, Economists and Risk Managers in financial institutions and private banks, Lawyers and Accountants, Ph.D. Students, Post-Graduate Researchers, Assistant Professors.
Watch the event live!
Register here The third event of the #FBFDiscuss! series will develop around the motion: “Should the Stability and Growth Pact’s 3% deficit rule be abandoned?” The Stability and Growth Pact (SGP) aims to ensure that Member States pursue sound public finances, while coordinating their fiscal policies. Given their crucial role in avoiding potential spillovers between countries, SGP rules constantly cause controversies and hit the headlines. In the present times of economic downturn, during which the EU activated general escape clauses, different voices in policy and academic circles have questioned the maintenance of a deficit requirement within the SGP framework. Is the current Covid-19 setting the time to rethink the EU fiscal framework, in particular the consequences of not complying with the 3% GDP Treaty reference value? How will greater fiscal flexibility impact the economic recovery?
ProponentJean Pisani-Ferry (Tommaso Padoa Schioppa Chair at the European University Institute) Prof. Jean Pisani-Ferry holds the Tommaso Padoa Schioppa Chair of the European University Institute. He is a Senior Fellow at Bruegel, the European think tank, and a Non-Resident Senior Fellow at the Peterson Institute (Washington DC). He is also a Professor of Economics with Sciences Po (Paris).
OpponentVolker Wieland (Endowed Chair for Monetary Economics at the Institute for Monetary and Financial Stability), Prof. Volker Wieland, Ph.D. holds the Endowed Chair of Monetary Economics at the Institute for Monetary and Financial Stability since March 2012. Since June 2012, he serves as Managing Director of the IMFS. Previously, he was Professor of Monetary Theory and Policy at Goethe University Frankfurt (2000-2012) and a Founding Professor of the IMFS. From 2003 until 2009 Wieland was Director of the Center for Financial Studies.
ModeratorMaria Ana Barata (EUI, FBF) is a Research Associate at the Florence School of Banking and Finance, part of the Robert Schuman Centre at the European University Institute (EUI), in Florence, Italy, since January 2020. Maria defended her Ph.D. thesis in June 2021 at the EUI Law Department on ‘“Between a Rock and a Hard Place. The Tensions between Banking Competition and Financial Stability within EU Resolution Law.”, and the key findings are available here. Before her PhD, she completed her Law degree at Faculdade de Direito de Lisboa in Portugal (2013) and a LLM in Comparative, European and International Laws from the EUI (2017). Between 2013 and 2016 Maria worked as a corporate lawyer for three years at Linklaters LLP in Lisbon, where she also prepared her admission to the bar. Her research interests cover Financial Stability, Banking Law, Bank Resolution Law, and State Aid.
- H. Badinger H. Reuter, ‘The case for fiscal rules’, Economic Modelling, Vol. 60, pp. 334-343, jan. 2017, link
- L. Feld, C. Schmidt, I. Schnabel, V. Wieland, ‘Refocusing the European fiscal framework’, VoxEU post, Sept. 2018, link
- German Council of Economic Experts, ‘Gemeinsam gestärkt aus der Krise hervorgehen’, Annual Report 2020/2021, Chapter 3, pp 175-186 Translated in English at this link
- P. Martin, J. Pisani-Ferry, X. Ragot, ‘A new template for the European fiscal framework’, VoxEU post, May 2021, link
Course dates: 17 September – 08 October 2021
Instructor: Jeffrey Wooldridge (Michigan State University)
Area: Statistical and Econometric Methods
Target: EU Officials (ECB, SSM, SRB, ESRB, EBA, ESM), National Supervisory Authorities, Financial Stability officers, Economics Departments And Forecasting Departments of Central Banks, Ph.D. and Post-doctoral researchers, Research department officers of private banks.
Course dates: 01 – 03 October 2021
Sitting on Boards: Better Quality and Better Governance
Residential* training, fees apply*Format subject to changes, depending on the circumstances.
Course dates: 11 – 29 October 2021
Course Director: Tuomas Peltonen (European Systemic Risk Board)
Core Faculty: Thorsten Beck (EUI, FBF); Marco Lo Duca (ECB); Barbara Jarmulska (ECB); Katarzyna Budnik (ECB); Clemens Bonner (DNB)
Guest Instructors: Stephen G. Cecchetti (ESRB ASC); Stephan Fahr (ECB); Christoph Fricke (ESRB); Christoffer Kok (ECB); Etienne Lepers (OECD); Olaf Weeken (ESRB)
Advisors: Thorsten Beck (EUI, FBF); Pierre Schlosser (EUI, FBF)
Teaching Associates: Evgenia Ralli (EUI, FBF); Natalie Kessler (EUI, FBF)
Keynote lecture: Richard Portes (ESRB/ASC)
Area: Financial Stability and Macroprudential policy
Target: Macroprudential authorities from emerging market economies, EU officials, financial stability and research department of Central Banks; students, post-doc researchers; assistant professors; private sector economists and lawyers
Course dates: 25 October – 14 November 2021
Course Director: Bart Joosen (VU University Amsterdam and Recofise)
Course Instructors: Anna Bak (AFME); Patrizia Canziani (Structured Finance Professional); Giovanni Inglisa (EIB); Mira Lamriben (EBA); Pablo Sinausia Rodriguez (EBA); Jean Jacques van Helten (EUI,FBF)
Teaching Associate: Vasiliki Yiatrou (EUI)
Area: Regulation, Supervision and Resolution
Target: Financial Regulators and Supervisors; Members from Central Banks and Institutions (EU, intergovernmental, national goverments); Academic researchers; Personnel in private banks and law firms.