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Apr
15
Wed
Online debate: Europe’s Banking System- Fast Forward Six Months @ FBF Online Platform
Apr 15 @ 1:30 pm – 2:45 pm

Oliver Wyman Report: Responding to COVID-19


Jointly organised with Oliver Wyman Forum


This joint EUI-Oliver Wyman Forum online debate will take stock of the early evidence of the macro-economic impact of the crisis and of the fiscal measures being taken to protect our societies and economies from the COVID-19 virus. It will also discuss the unparalleled challenges that will follow for Europe’s banking system. The online debate will ask – in a forward-looking way:

  • What can we infer from the latest macro-economic scenarii?
  • How are European economies likely to look like in 6 months from now, also given the latest fiscal measures undertaken?
  • Which policies are needed to prevent market fragmentation and ring-fencing?

Moderator

Elena Carletti (Bocconi University and Florence School of Banking and Finance, European University Institute)

Elena Carletti is Professor of Finance at Bocconi University. She is also at the 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). Furthermore, she is research professor at the Bundesbank, a member of the Expert Panel on banking supervision for the European Parliament, a member of the Scientific Committee “Paolo Baffi Lecture” at the Bank of Italy, a member of Bruegel Scientific Committee, Research Fellow at CEPR, Fellow of the Finance Theory Group, CESifo, IGIER, and Wharton Financial Institutions Center. She is the author of numerous articles on Financial Intermediation, Financial Crises and Regulation, Competition Policy, Corporate Governance and Sovereign Debt.

 


Speakers

Andrea Federico (Oliver Wyman)

Andrea Federico is a partner at Oliver Wyman – a leading international management consulting firm that combines deep industry knowledge and expertise to create breakthroughs for firms and authorities on their toughest issues. He regularly advises central banks, supervisors and multilateral and development banks across EMEA. His work includes regulatory and financial sector reform, asset quality review and stress testing, crisis handling and simulation, governance arrangements for public authorities and firms. Andrea cooperates regularly with the Florence School of Banking and Finance and he is co-director of the AML and Climate Academies.

 

 

Michala Marcussen (Société Générale)

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.

 

Erik Nielsen (Unicredit)

Erik Fossing Nielsen is Group Chief Economist and Global Head of CIB Research at Unicredit. In these roles, Erik is responsible for forming and communicating the independent research views on macroeconomic and policy issues, markets and asset allocation, under the UniCredit banner. Prior to joining UniCredit in September 2011, he worked for fifteen years as an economist at Goldman Sachs in New York and London, where his most recent role was Chief European Economist overseeing the European and CEE economics teams. Before joining Goldman he spent ten years in Washington DC working as an economist for the IMF and World Bank in various capacities, including as country economist for Russia and Turkey, and as a debt expert working on sovereign debt workouts around the world. Erik is one of the most frequently quoted economists in the financial media, and appears regularly as guest host and commentator on Bloomberg TV, CNBC, CNN and other channels.

 

Jörg Zeuner (Union Investment)

Jörg Zeuner joined Union Investment’s portfolio management as Chief Economist in June 2019, leading its new department Research and Investment Strategy. Prior to that, Jörg was Chief Economist at KfW Bankengruppe and head of the Economics Department. From 2008 to 2012, he was Chief Economist of the VP Banking Group in Liechtenstein, leading the bank’s Investment Research before heading the entire Investment Services Centre. During this time, Jörg was chairman of the investment committee. Since 2009, he has been lecturer for Macroeconomics and International Finance at universities in Bochum, Frankfurt, Konstanz and St. Gallen. From 1999 to 2008, Jörg worked in various economist positions at the International Monetary Fund (IMF) in Washington. Jörg received his Master’s degree in economics from the University of Glasgow and returned to Würzburg, Germany, for his PhD, which he received there in 1999. Alongside his graduate studies, he held various economist positions in Ethiopia, Germany and South Korea.


 

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.
Apr
29
Wed
Online debate – SME Financing in the COVID-19 Context @ FBF Online Platform
Apr 29 @ 1:00 pm – 2:15 pm

Responding to COVID-19 (Report by Oliver Wyman)

The COVID-19 Pandemic Navigator (Report by Oliver Wyman)


Jointly organised with Oliver Wyman Forum

The wide-spread lockdowns that followed the outbreak of COVID-19 are having a substantial impact on real economies and in particular on Small and Medium-Sized Enterprises (SMEs) which struggle to bridge their profit shorfalls.

In this context, this online debate will:

  • reflect on SME profit shortfalls and their need for liquidity.
  • share the emerging challenges for banks in financing SMEs.
  • debate how to best deploy the funds and guarantees being made available to promote long term economic growth, ensure job preservation and keep banks safe and sound.

This online debate follows our last joint online debate on ‘Europe’s Banking System: Fast Forward Six Months‘ in which a number of crucial themes emerged – such as the need for a European Pandemic fund, continued SME lending and debt sustainability – as being core to the recovery.

 


Moderator

Elena Carletti (Bocconi University and Florence School of Banking and Finance, European University Institute)

Elena Carletti is Professor of Finance at Bocconi University. She is also at the 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). Furthermore, she is research professor at the Bundesbank, a member of the Expert Panel on banking supervision for the European Parliament, a member of the Scientific Committee “Paolo Baffi Lecture” at the Bank of Italy, a member of Bruegel Scientific Committee, Research Fellow at CEPR, Fellow of the Finance Theory Group, CESifo, IGIER, and Wharton Financial Institutions Center. She is the author of numerous articles on Financial Intermediation, Financial Crises and Regulation, Competition Policy, Corporate Governance and Sovereign Debt.

 

 


Introduction by

James Bryan (Oliver Wyman)

James Bryan is a Partner in the Retail and Business Banking Practice at Oliver Wyman, leading its EMEA Retail and SME Credit Platform. His client experience includes working across all elements of the credit process including origination, portfolio management and collections across multiple asset classes. His recent focus has been working with clients to identify how to use new data sources, digital processes and machine learning techniques to improve credit decision making. Specifically, on collections and recoveries James has led over a dozen projects on collections and recoveries across Europe. In relation to conduct risk he has supported clients ensure they align to applicable codes of conduct in collections and worked in the UK on the development of conduct risk framework across both credit and non-credit products. James holds an MA in Mathematics from Cambridge University, and the Part III Certificate of Advanced Study in Mathematics.

 


Speakers

Christian Ossig (Association of German Banks)

 

Chief Executive, Member of the Board of Directors of the Bundesverbandes deutscher Banken e. V. (Association of German Banks)

 

 

 

José María Roldán (Spanish Banking Association)

José María Roldán is Chairman and CEO of the Spanish Banking Association (AEB) since April 2014, after 13 years as Director-General at the Banking Regulation and Financial Stability department of the Bank of Spain and member of its Executive Board. From May 2015 to June 2019, he was also Vice-President to the European Banking Federation (EBF). During his tenure in office as Director-General he was part of the Basel Committee on Banking Supervision (BCBS), and chaired both, the Standards Implementation Group (SIG) of the BCBS and the Joint Forum during the tenure of the BCBS. He founded and was the first Chairman of the Committee of European Banking Supervisors (CEBS); the forerunner of the European Banking Authority (EBA), after being President of the Financial Action Task Force on Money Laundering (FATF) and chaired the extinct Banking Advisory Committee (BAC) of the EU. Mr. Roldán joined the Bank of Spain as Senior Economist of the Research Department in 1989, but in 1994 he takes up a post at the European Monetary Institute (the forerunner of the European Central Bank) in Frankfurt.

Frédéric Visnovsky (Banque de France)

 

Frédéric Visnovsky is the National Credit Mediator at the Banque de France, the Central Bank of the French Republic, and Deputy Secretary General of the Autorité de contrôle prudentiel et de résolution – ACPR.

 

 

 


 

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.

May
7
Thu
Online debate: COVID19 – Which Road to Economic Recovery? @ Online
May 7 @ 1:00 pm – 2:00 pm

Participation free, registration mandatory

Register here


Jointly organised with CEPR – Center for Economic and Policy Research

 

This joint CEPR-FBF online debate will discuss how to best foster the recovery of Europe’s economies, heavily affected by the coronavirus outbreak. It is well understood that new risk-sharing instruments will need to be designed fast – both at the European and at the national level – if the spectre of a sustained recession is to be dispelled. Those instruments will however require careful engineering in order to ensure that the incentives and conditions that underpin their design are credible.

The online debate will discuss selected emergency assistance mechanisms which have been recently proposed both in academia and in policy circles to provide effective, swift and sustainable support to the actors of the real economy. A special emphasis will be put on equity-based solutions.

 


Moderator

Elena Carletti (Bocconi University and Florence School of Banking and Finance, European University Institute)

Elena Carletti is Professor of Finance at Bocconi University. She is also at the 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). Furthermore, she is research professor at the Bundesbank, a member of the Expert Panel on banking supervision for the European Parliament, a member of the Scientific Committee “Paolo Baffi Lecture” at the Bank of Italy, a member of Bruegel Scientific Committee, Research Fellow at CEPR, Fellow of the Finance Theory Group, CESifo, IGIER, and Wharton Financial Institutions Center. She is the author of numerous articles on Financial Intermediation, Financial Crises and Regulation, Competition Policy, Corporate Governance and Sovereign Debt.

 

 


Speakers

Arnoud Boot (University of Amsterdam)

Arnoud Boot is professor of Corporate Finance and Financial Markets at the University of Amsterdam and fellow of the Royal Netherlands Academy of Arts and Sciences (KNAW). He is chairman of the European Finance Association (EFA) and research fellow at the Center for Economic Policy Research (CEPR) in London. Professor Boot is also a member of the Financial Economists Roundtable and serves as council member of the Dutch Scientific Council for Government Policy (WRR). Previously he served on the Inaugural Advisory Committee of the European Systemic Risk Board (ESRB), was on the faculty of the Kellogg Graduate School of Management at Northwestern University in Chicago, and was a partner in the Finance and Strategy Practice at McKinsey & Co. He also was chairman of the Bank Council of the Dutch Central Bank (DNB) and crown member of the Social Economic Council (SER). In addition to his academic activities, professor Boot advises extensively on ownership structure issues, particularly related to the public/private domain.

 

Beatrice Weder di Mauro (CEPR)

Beatrice Weder di Mauro is Professor of International Economics at the Graduate Institute of Geneva and Distinguished Fellow at the INSEAD Emerging Markets Institute, Singapore. Since July 2018, she is serving as President of the Centre for Economic Policy Research (CEPR). From 2001 to 2018 , she held the Chair of International Macroeconomics at the University of Mainz, Germany, and from 2004 to 2012 she served on the German Council of Economic Experts. She was Assistant Professor at the University of Basel and Economist at the International Monetary Fund. She held visiting positions at Harvard University, the National Bureau of Economic Research and the United Nations University in Tokyo. She has served as consultant to governments, international organizations and central banks (European Commission, International Monetary Fund, World Bank, European Central Bank, Deutsche Bundesbank, OECD, among others). She is an independent director on the board of Bombardier, UBS and Bosch. She is a senior fellow at the Asian Bureau of Finance and Economics Research (ABFER), the International Advisory Board of Bocconi and a member of the Bellagio Group.

 

+ Additional speaker TBA


 

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.
May
15
Fri
Online debate: Rationale and Limitations of ‘SURE’ @ Online
May 15 @ 2:00 pm – 3:00 pm

Watch the session here:

Download the presentation by Gilles Mourre

Press release (15 May) COVID-19: Council reaches political agreement on SURE


Jointly organised with Bruegel

 

This online debate will discuss the rationale and potential limitations of SURE, a new European Union instrument for temporary ‘Support to mitigate Unemployment Risks in an Emergency’, recently proposed by the Commission.

SURE is expected to provide temporary support of up to 100 billion euros in loans to Member States requesting financial assistance. The objective of the instrument is to ensure that Member States can easily and cheaply finance their partial unemployment/short-term work schemes that have been heavily used during the lockdowns.

Under which conditions will Member States have access to the instrument and which types of partial unemployment measures will be eligible under SURE? How will SURE loans be evaluated ex ante and ex post? Is the instrument effective in its design and sufficient in its reach? Lastly, SURE has been portrayed as an expression of EU solidarity, yet how generous is SURE in reality?

Speakers of this online debate will engage with those questions in turn. The debate will end with a questions and answers session with participants.

 


Moderator

Elena Carletti (Bocconi University and Florence School of Banking and Finance, European University Institute)

Elena Carletti is Professor of Finance at Bocconi University. She is also at the 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). Furthermore, she is research professor at the Bundesbank, a member of the Expert Panel on banking supervision for the European Parliament, a member of the Scientific Committee “Paolo Baffi Lecture” at the Bank of Italy, a member of Bruegel Scientific Committee, Research Fellow at CEPR, Fellow of the Finance Theory Group, CESifo, IGIER, and Wharton Financial Institutions Center. She is the author of numerous articles on Financial Intermediation, Financial Crises and Regulation, Competition Policy, Corporate Governance and Sovereign Debt.

 

 


Speakers

Roel Beetsma (University of Amsterdam)

Roel Beetsma is the MN Professor of Pension Economics at the University of Amsterdam. He is also Vice-Dean of the Faculty of Economics and Business and Chairman of the Department of Economics and Econometrics. He holds a Ph.D from CentER, Tilburg University. Prior visiting positions include the University of California at Berkeley, the University of British Columbia, and DELTA (Paris). Beetsma is a research fellow of the Centre for Economic Policy Research in London, CESifo in Munich, the Tinbergen Institute and the Network for Quantitative and General Economics. He is also an International Research Fellow of the Kiel Institute of World Economics.

 

 

Grégory Claeys (Bruegel)

Grégory Claeys, a French and Spanish citizen, joined Bruegel as a research fellow in February 2014, before being appointed senior fellow in April 2020. Grégory’s research interests include international macroeconomics and finance, central banking and European governance. From 2006 to 2009 Grégory worked as a macroeconomist in the Economic Research Department of the French bank Crédit Agricole. Prior to joining Bruegel he also conducted research in several capacities, including as a visiting researcher in the Financial Research Department of the Central Bank of Chile in Santiago, and in the Economic Department of the French Embassy in Chicago. Grégory is also an Associate Professor at the Conservatoire National des Arts et Métiers in Paris where he is teaching macroeconomics in the Master of Finance. He previously taught undergraduate macroeconomics at Sciences Po in Paris. He holds a PhD in Economics from the European University Institute (Florence), an MSc in economics from Paris X University and an MSc in management from HEC (Paris).

 

Gilles Mourre (DG ECFIN, European Commission)

Gilles Mourre is the Head of Unit “Fiscal Policy and Surveillance” in the Directorate General for Economic and Financial Affairs (DG ECFIN) of the European Commission (as of 2015). Beforehand, he was heading the Tax Policy and Revenue Management Unit in ECFIN (starting in 2011). During his 22-year career as a civil servant and economist, he covered various issues, including fiscal policy, taxation, labour market, inflation, economic growth, and population ageing. He worked at the European Central Bank (ECB) in Frankfurt and at the French Treasury. He is a graduate from the French School of Economics and Statistics (ENSAE), Sciences Po-Paris and the Paris School of Economics (PSE) and holds a PhD in Economics and Management from the Free University of Brussels (ULB), to which he is affiliated. His main areas of research are labour market economics and public finance, on which he published a number of working papers and academic articles.

 


 

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 15 May 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.

May
20
Wed
Online debate: Which (feasible) new Reconstruction Instrument(s) does Europe need? @ Online
May 20 @ 1:00 pm – 2:15 pm


 

 

 


 

To confront the COVID-19 crisis at the European level, the ECB has taken the lead with its Pandemic Emergency Purchase Programme (PEPP), to which other instruments have been added: EIB guarantees, the EC proposal for Support to mitigate Unemployment Risks in an Emergency (SURE) and, last week, the ESM’s new Precautionary Covid Line (PCL).
Nevertheless, there is widespread agreement – backed by the 17 April European Parliament resolution and 8 May Eurogroup statement – on the need to step-up the European response with a Recovery Fund and/or a well-structured Recovery Plan. The online seminar will focus on which are the most relevant European needs, and organisational forms, that a such plan should convey, in the light of the European Parliament initiatives and the – soon to be known – European Commission Recovery Plan.

 


Moderator

Elena Carletti, Bocconi University and Florence School of Banking and Finance, European University Institute

Elena Carletti is Professor of Finance at Bocconi University. She is also at the 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). Furthermore, she is research professor at the Bundesbank, a member of the Expert Panel on banking supervision for the European Parliament, a member of the Scientific Committee “Paolo Baffi Lecture” at the Bank of Italy, a member of Bruegel Scientific Committee, Research Fellow at CEPR, Fellow of the Finance Theory Group, CESifo, IGIER, and Wharton Financial Institutions Center. She is the author of numerous articles on Financial Intermediation, Financial Crises and Regulation, Competition Policy, Corporate Governance and Sovereign Debt.

 

 


Speakers

Marco Buti, Head of Cabinet of the European Commissioner for the Economy

Marco Buti is the Head of Cabinet of the Commissioner for the Economy, Paolo Gentiloni. He has been Director-General for Economic and Financial Affairs at the European Commission, after a 6-month period as acting Director-General. After studies at the Universities of Florence and Oxford, Mr Buti joined the European Commission in 1987. He held various posts as an economist in DG ECFIN and the Commissioner’s cabinet (private office) before taking up a post as an economic adviser to the Commission President in 2002-03. In 2003 he returned to DG ECFIN as Director for the Directorate for economies of the Member States, and in September 2006 was appointed Deputy Director-General. Mr Buti has been a visiting professor at the Université Libre de Bruxelles, the University of Florence and the European University Institute, and has published extensively on Economic and Monetary Union, macroeconomic policies, welfare state reforms, and European unemployment.

 

Luis Garicano, Member of the European Parliament and Professor of Economics and Innovation, IE Business School (on leave)

Luis Garicano is a Member of the European Parliament, where he is Vice-president of the Renew Group in charge of economics and of digitization. He is also VP of the Alliance of Liberals and Democrats for Europe. He has been a full professor of Economics and Strategy at LSE and The University of Chicago, and a visiting professor at, among others, MIT and LBS. He is currently on leave from IE Business School.

 

 

 

Ramon Marimon, Pierre Werner Chair, EUI

Prof. Marimon is a Professor in the Economics Department of the European University Institute and previously was the Director of the Max Weber Postdoctoral Programme. He is a member of the Expert Group on Knowledge and Growth of the European Commission, co-founder of Universitat Pompeu Fabra as Dean and Chair of Economics and Business (1990-1991), and was Secretary of State for Science and Technology in the Spanish Ministry of Science and Technology (2000-2002). Prof. Marimon is first director of the Centre de Recerca en Economia Internacional and of the Centre de Referència en Economia Analítica. President of the Spanish Economic Association, Research fellow of the NBER and the CEPR, member of the Council of the European Economic Association, and Chairman of the European Commission “High Level Panel for the mid-term evaluation of the effectiveness of the New Instruments of the Framework Programme Six” (2003-2004).

 

Jean Pisani-Ferry, Tommaso Padoa-Schioppa Chair, EUI

Jean Pisani-Ferry is a professor of economics with Sciences Po Paris and the Hertie School of Governance in Berlin, and he holds the Tommaso Padoa Schioppa chair of the European University Institute in Florence. In the first half of 2017, Pisani-Ferry contributed to Emmanuel Macron’s presidential bid as the Director of programme and ideas of his campaign. Beforehand, he served from 2013 to end-2016 as Commissioner-General of France Stratégie, the ideas lab of the French government. Prior to this appointment, he was from 2005 to 2013 the Founding Director of Bruegel, the Brussels-based economic think tank that he had contributed to create. Before creating Bruegel, he was Executive President of the French PM’s Council of Economic Analysis (2001-2002), Senior Economic Adviser to the French Minister of Finance (1997-2000), Director of CEPII, the French institute for international economics (1992-1997), and Economic Adviser with the European Commission (1989-92).

 


 

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 20 May 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.

May
28
Thu
Online Debate: SSM supervisory measures in the context of the COVID-19 pandemic @ Online
May 28 @ 1:00 pm – 2:15 pm
The banking sector is at the crossroads to mitigate the adverse economic effects of the current COVID-19 pandemic. While banks were in turmoil during the last financial crisis, this time they may prove instrumental in coping with the COVID-economic aftermath by sustaining their intermediary role in the real economy. In the euro area, the European Central Bank (ECB) adopted measures in its supervisory competence to ensure banks fulfil their lending role to households and businesses. The ECB adopted supervisory measures on temporary capital and operational relief, with the relaxation of some buffers e.g. allowing banks to go below the Pillar 2 Guidance (P2G), the Capital Conservation Buffer (CCB) and the liquidity coverage ratio (LCR) or adapting the composition of capital for Pillar 2 Requirements (P2R). The ECB also introduced flexibility regarding the treatment of non-performing loans (NPLs), as well as recommended the adoption of transitional IFRS 9 rules, amongst others. Against this background, this online seminar will dive into those supervisory measures and discuss the implications of temporary measures for supervisors and banks.  

Presentation by Thorsten Beck

Presentation by Edouard Fernandez-Bollo

Presentation by Til Schuermann


Watch the recording

 

Moderator

Elena Carletti, Bocconi University and Florence School of Banking and Finance, European University Institute
Elena Carletti is Professor of Finance at Bocconi University. She is also at the 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). Furthermore, she is research professor at the Bundesbank, a member of the Expert Panel on banking supervision for the European Parliament, a member of the Scientific Committee “Paolo Baffi Lecture” at the Bank of Italy, a member of Bruegel Scientific Committee, Research Fellow at CEPR, Fellow of the Finance Theory Group, CESifo, IGIER, and Wharton Financial Institutions Center. She is the author of numerous articles on Financial Intermediation, Financial Crises and Regulation, Competition Policy, Corporate Governance and Sovereign Debt.


Speakers

Edouard Fernandez-Bollo,ECB Supervisory Board
Member of the Supervisory Board at the European Central Bank







Thorsten Beck, Cass Business School
Thorsten Beck joined the Faculty of Finance in September 2013 as professor of banking and finance. Since 2008 he has been professor of economics at Tilburg University in the Netherlands and was the founding chair of the European Banking Center from 2008 to 2013. He is also a research fellow of the Centre for Economic Policy Research (CEPR). Previously he worked in the research department of the World Bank and has also worked as consultant for – among others – the IMF, the European Commission, and the German Development Corporation.





Til Schuermann, Partner and Co-Head of Oliver Wyman’s Risk & Public Policy practice in the Americas.
Til Schuermann advises private and public sector clients on stress testing, capital planning, enterprise-wide risk management, model risk management and corporate governance including board oversight. He participated in the stress testing of the Spanish (2012) and Slovenian (2013) banking systems, and the European Central Bank’s Comprehensive Assessment in 2014. In 2016 Til conducted an assessment of the Bank of England’s stress testing program for the IMF, and recently supported the UN in a global project of estimating the impact of climate risk on banks. Til also is a member of the Federal Reserve Bank of New York’s Financial Advisory Roundtable. Until March 2011, Til was a Senior Vice President at the Federal Reserve Bank of New York where he held numerous positions, including head of Financial Intermediation in Research and head of Credit Risk in Bank Supervision. In Spring 2009, he played a leadership role in the design and execution of the Supervisory Capital Assessment Program (SCAP – bank stress test), and the subsequent Comprehensive Capital Analysis and Review (CCAR) programs. He has numerous publications in both academic and practitioner journals, is on the FRM exam committee for GARP, a member of the advisory board of the NYU Courant Institute Mathematical Finance program, and has taught at Columbia University and at the Wharton School where he is a Research Fellow. Til received a Ph.D. in Economics from the University of Pennsylvania.
 

Technical disclaimer

The online seminar will take place on Zoom. 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.
Jun
4
Thu
Online Debate: Credit Ratings and the COVID-19 crisis @ Online
Jun 4 @ 1:00 pm – 2:15 pm

In crisis times opinions expressed by Credit Rating Agencies (CRAs), and more specifically their downgrades, tend to provoke shockwaves across the financial system. Downgrades may indeed have a severe impact on sovereigns, banks or on market-based finance players, not least because they may trigger automatic responses both by public actors (e.g. exclusion from collateral frameworks) and by private actors (e.g. divestments or fire sales, exclusions from indexes or ETFs). As is well-known, CRAs also tended to act late and to over-correct, thereby adding to pro-cyclicality. It can therefore be feared that the soundness of financial actors during the COVID-19 crisis will partly hinge on CRA opinions too. However, the influence of CRAs’ opinions on public actors’ credit worthiness assessment may be slowly vanishing, as the recent decision of the European Central Bank to accept junk bonds among eligible collaterals seems to imply. Against this background this online seminar will take stock of the current regulation and supervision of Credit Rating Agencies in the European Union and will assess the impact of recent or future downgrades on issuers and markets. Lastly, it will explore lessons learned from the supervision of CRAs during the past euro crisis for the current COVID-19 crisis.
Reference: Issues note on liquidity in the corporate bond and commercial paper markets, the procyclical impact of downgrades and implications for asset managers and insurers Read it here  

Presentation by Richard Portes

 

 


Watch the debate

 


Moderator

Elena Carletti (Bocconi University and Florence School of Banking and Finance, European University Institute)
Elena Carletti is Professor of Finance at Bocconi University. She is also at the 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). Furthermore, she is research professor at the Bundesbank, a member of the Expert Panel on banking supervision for the European Parliament, a member of the Scientific Committee “Paolo Baffi Lecture” at the Bank of Italy, a member of Bruegel Scientific Committee, Research Fellow at CEPR, Fellow of the Finance Theory Group, CESifo, IGIER, and Wharton Financial Institutions Center. She is the author of numerous articles on Financial Intermediation, Financial Crises and Regulation, Competition Policy, Corporate Governance and Sovereign Debt.    

Speakers

Stephen Hynes (Policy Officer, Rating, Indices and Securitisation Department, ESMA)
Stephen Hynes is a Policy Officer within the Credit Rating Agencies (CRA) Unit at the European Securities and Markets Authority (ESMA). Within the CRA Unit he acts as Rapporteur for ESMA’s CRA Network. At ESMA he has also contributed to a number of workstreams on Sustainable Finance and has been a member of the European Commission’s Technical Expert Group developing a usability guide for the EU Green Bond Standard. Before joining ESMA, he worked at the Central Bank of Ireland in the Markets Supervision and Markets Policy Divisions.

 

 

Gwénaël Pover (Senior Supervision Officer, Rating, Indices and Securitisation Department, ESMA)
Gwénaël Pover is a Senior Supervision Officer within the Credit Rating Agencies (CRA) Unit at the European Securities and Markets Authority (ESMA). Within the CRA Unit, he coordinates the supervision of the large CRAs registered by ESMA. At ESMA he has also worked on the supervision of trade repositories and the implementation of several pieces of European legislation including the Benchmarks Regulation and the review of the European System of Financial Supervision. Before joining ESMA, he worked at the Dutch Authority for the Financial Markets (AFM) within the Securities Offerings & Takeover Bids Department. He holds a master’s degree in International and European Law from Tilburg University and an Executive MBA from IE Business School

 

 


Discussants

Colin Ellis (Moody’s)
Colin Ellis is Moody’s Chief Credit Officer in EMEA, and a Managing Director in the Credit Strategy team. He is also the ‘Head of UK’ for MIS, responsible for the running of Moody’s UK operations. In his CCO role, Colin is responsible for identifying and analyzing the broad macro and credit trends, and leading and coordinating Moody’s ratings approach, across franchises in the region. He is also a member of Moody’s Macroeconomic Board, which sets the global forecasts that underpin Moody’s universe of ratings. Colin joined Moody’s in February 2012, initially leading the work of the Macroeconomic Board and authoring the quarterly Global Macro Outlook. He subsequently worked in the Financial Institutions Group, developing quantitative forward-looking analyses, including modelling asset trends and stress testing. Previously Colin has worked at the Bank of England, Daiwa Capital Markets and the BVCA. Colin is a Visiting Research Fellow in the economics department at Birmingham University, and has published on topics ranging from investment and pricing to private equity and data uncertainty. He is also a Fellow of the RSA. Colin holds degrees from York University, the London School of Economics and Political Science, and Middlesex University. He is based in London.

 

Richard Portes (London Business School)
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-Chair of the Board of Economic Policy. He is an elected Fellow of the Econometric Society and of the British Academy. He is Vice-Chair of the Advisory Scientific Committee of 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 is an Academic Director of the AQR Asset Management Institute at LBS. Professor Portes was a Rhodes Scholar and a Fellow of Balliol College, Oxford (of which he is now an Honorary Fellow) and has also taught at Princeton and Birkbeck College (University of London). He has been Distinguished Global Visiting Professor at the Haas Business School, University of California, Berkeley, and Joel Stern Visiting Professor of International Finance at Columbia Business School. He holds three honorary doctorates.

 


 

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 4 June 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.
Jun
10
Wed
Online debate: ECB Policies in COVID-19 Times @ Online
Jun 10 @ 1:00 pm – 2:15 pm

Speech by Isabel Schnabel

Download the slides


On 10 June 2020 (13.00-14.15) the European University Institute’s Florence School of Banking and Finance will host an online seminar on ‘ECB Policies in COVID-19 times’ with Isabel Schnabel, Member of the European Central Bank’s Executive Board, Jean-Pierre Mustier (President, European Banking Federation and CEO, Unicredit) and Patrick Honohan (Honorary Professor, Trinity College Dublin and Non-Resident Fellow, Peterson Institute for International Economics).
In her introductory remarks, Ms Schnabel will review the ECB’s policy response to the COVID-19 pandemic explaining the economic rationale for the ECB’s crisis-related monetary policy measures – including the Pandemic Emergency Purchase Programme (PEPP), targeted and non-targeted liquidity operations, as well as recent changes to the ECB’s collateral framework. Furthermore, Ms Schnabel will look beyond the immediate crisis response to the medium-term economic impact of the pandemic, including the economic outlook, the situation of the financial sector and the future of European integration.
Ms Schnabel’s initial intervention will be followed by a panel discussion with Jean-Pierre Mustier and Patrick Honohan moderated by Elena Carletti (Bocconi University and European University Institute).


Moderator

Elena Carletti (Bocconi University and Florence School of Banking and Finance, European University Institute)
Elena Carletti is Professor of Finance at Bocconi University. She is also at the 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). Furthermore, she is research professor at the Bundesbank, a member of the Expert Panel on banking supervision for the European Parliament, a member of the Scientific Committee “Paolo Baffi Lecture” at the Bank of Italy, a member of Bruegel Scientific Committee, Research Fellow at CEPR, Fellow of the Finance Theory Group, CESifo, IGIER, and Wharton Financial Institutions Center. She is the author of numerous articles on Financial Intermediation, Financial Crises and Regulation, Competition Policy, Corporate Governance and Sovereign Debt.

   

Speakers

Isabel Schnabel Member of the ECB’s Executive Board
Isabel Schnabel is a member of the Executive Board of the European Central Bank (ECB) where she is responsible for Market Operations, Research and Statistics. Before joining the ECB, she was Professor of Financial Economics at the University of Bonn (currently on leave) and spokesperson of the Cluster of Excellence ECONtribute: Markets & Public Policy. From 2014 to 2019 she served as a member of the German Council of Economic Experts, and in 2019 she was Co-Chair of the Franco-German Council of Economic Experts. Her research focuses on financial stability, banking regulation, international capital flows and economic history.



Jean-Pierre Mustier President of the European Banking Federation, CEO Unicredit
Jean Pierre Mustier began his career at Société Générale, where he remained from 1987 until 2009, working primarily within the Corporate & Investment Banking division. He held numerous positions in various markets and financing activities, in Europe, but also in Asia and the US.Jean Pierre was appointed head of Société Générale’s Corporate & Investment Banking Division in 2003, and was also a member of the bank’s Executive Committee. In September 2008, he took over the responsibility for Asset Management, Private Banking and Securities Services.After leaving Société Générale at the end of 2009 he has advised many financial institutions and completed large amounts of fundraising for various social enterprises and non-profit institutions, also as trustee.
In early 2011 he joined UniCredit as Deputy General Manager in charge of the Corporate & Investment Banking (CIB) Division. He was a member of the UniCredit Executive Management Committee. Upon stepping down from his executive role at UniCredit at the end of December 2014, he joined the bank’s international advisory board. In January 2015, Jean Pierre became a London based partner of Tikehau Capital, an investment management group, with specific focus and responsibility for Tikehau’s international expansion. On 30th June 2016 he was co-opted as member of the board of directors of UniCredit S.p.A., being thereafter appointed as Group Chief Executive Officer and General Manager effective 12th July 2016. On 1st July 2019, Jean Pierre became President of the European Banking Federation (EBF).


Patrick Honohan Honorary Professor of Economics at Trinity College Dublin; Nonresident Senior Fellow at the Peterson Institute for International Economics, formerly Governor of the Central Bank of Ireland
Patrick Honohan was Governor of the Central Bank of Ireland from 2009-2015, and has returned to Trinity College Dublin, where he was appointed Professor in 2007. He is also a Nonresident Senior Fellow at the Peterson Institute for International Economics. Previously he was a Senior Adviser in the World Bank working on issues of financial policy reform. During the 1980s he was Economic Adviser to the Taoiseach (Irish Prime Minister) and spent several years at the Economic and Social Research Institute, Dublin. A graduate of University College Dublin and of the London School of Economics, from which he received his PhD in 1978, Dr. Honohan has published widely on issues ranging from exchange rate regimes and purchasing-power parity, to migration, cost-benefit analysis and statistical methodology.




 

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.
Jun
18
Thu
Online debate: The French-German COVID-19 Recovery Plan @ Online
Jun 18 @ 12:00 pm – 1:00 pm

This online debate held by the European University Institute’s Florence School of Banking and Finance introduced and discussed the unprecedented French-German proposal of a grants-based Recovery Plan funded by a European Union borrowing capacity entrusted to the European Commission.

Press release: text of the agreement


Moderator

Elena Carletti (Bocconi University and Florence School of Banking and Finance, European University Institute)
Elena Carletti is Professor of Finance at Bocconi University. She is also at the 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). Furthermore, she is research professor at the Bundesbank, a member of the Expert Panel on banking supervision for the European Parliament, a member of the Scientific Committee “Paolo Baffi Lecture” at the Bank of Italy, a member of Bruegel Scientific Committee, Research Fellow at CEPR, Fellow of the Finance Theory Group, CESifo, IGIER, and Wharton Financial Institutions Center. She is the author of numerous articles on Financial Intermediation, Financial Crises and Regulation, Competition Policy, Corporate Governance and Sovereign Debt.

   

Speakers

Jörg Kukies State Secretary, German Ministry of Finance








Odile Renaud-Basso Director General of the French Treasury









 

Technical disclaimer

The online seminar will take place on Adobe Connect. 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.

Jun
24
Wed
Online debate: Restraining Dividends (and other Pay-Outs) @ Online
Jun 24 @ 12:30 pm – 1:30 pm

Watch the debate

 

 

Co-organised with:

 

 


 

The European University Institute’s Florence School of Banking and Finance in cooperation with the Leibniz Institute for Financial Research SAFE (Goethe University, Francfort) and the Centre for Economic Policy Research (CEPR) will introduce and discuss the rationale, merit and scope of the ESRB Recommendation on the restriction of pay-outs during the COVID-19 pandemic.

Francesco Mazzaferro (Head of the Secretariat of the European Systemic Risk Board (ESRB)) will present the report and the ESRB Recommendation to achieve a uniform approach to restraints on pay-outs across the European Union and across different segments of the financial sector. This ESRB recommendation comes in support of previous initiatives from the European Central Bank, the European Banking Authority, the European Insurance and Occupational Pensions Authority and national authorities to insist on the need for banks, insurance companies to refrain from paying dividends and variable compensation and buying back shares until at least 1 January 2021 – and possibly longer in case of necessity.

The debate will explore the merits in terms of macro-prudential arguments and impact of a wide-ranging restrictions on pay-outs across the different segments of the financial system.

The debate will be chaired by Elena Carletti (Bocconi University, Florence School of Banking and Finance and CEPR), moderated by Jan-Pieter Krahnen (Goethe University, Leibniz Institute for Financial Research SAFE and CEPR) and will feature Viral V. Acharya (New York University, Stern School of Business and CEPR) and Sylvie Mathérat (Independent member of the EU commission High Level Forum on Capital Market Union) as commentators.

This debate is part of a COVID-19 online event series organised by the Florence School of Banking and Finance to discuss Europe’s economic policy response to the pandemic.

Download ESRB Report


Chair

Elena Carletti (Bocconi University and Florence School of Banking and Finance, European University Institute)
Elena Carletti is Professor of Finance at Bocconi University. She is also at the 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). Furthermore, she is research professor at the Bundesbank, a member of the Expert Panel on banking supervision for the European Parliament, a member of the Scientific Committee “Paolo Baffi Lecture” at the Bank of Italy, a member of Bruegel Scientific Committee, Research Fellow at CEPR, Fellow of the Finance Theory Group, CESifo, IGIER, and Wharton Financial Institutions Center. She is the author of numerous articles on Financial Intermediation, Financial Crises and Regulation, Competition Policy, Corporate Governance and Sovereign Debt.

 

Speaker

Francesco Mazzaferro (ESRB)
Francesco Mazzaferro has been the Head of the Secretariat of the European Systemic Risk Board (ESRB) since January 2011. He began his career in financial research in the Research Department of the Istituto Bancario San Paolo di Torino (today part of Intesa Sanpaolo) in Turin, Italy, in 1987. Francesco joined the European Commission in Brussels, Belgium, in 1992, starting his international career in the Directorate General for Economic and Financial Affairs, where his work focused on the European Currency Unit and preparations for the introduction of the single currency. In 1995 he joined the European Monetary Institute – which later became the European Central Bank – in Frankfurt am Main, Germany, as the Officer of Policy Planning. In 1998 he became the Senior European Relations Officer in the European Relations Division. From 2000 he worked as Principal in the EU Neighbouring Regions Division, becoming the Head of Division in 2003.


Commentators

Viral V. Acharya (New York University Stern School of Business)
Viral V. Acharya is the C.V. Starr Professor of Economics in the Department of Finance at New York University Stern School of Business (NYU-Stern) and an Academic Advisor to the Federal Reserve Banks of New York and Philadelphia. Viral was a Deputy Governor at the Reserve Bank of India (RBI) during 23rd January 2017 to 23rd July 2019 in charge of Monetary Policy, Financial Markets, Financial Stability, and Research. His speeches while at the RBI will release in the end of July 2020 in the form of a book titled “Quest for Restoring Financial Stability in India” (SAGE Publications India), with a new introductory chapter “Fiscal Dominance: A Theory of Everything in India”.




Jan-Pieter Krahnen (Goethe University, Leibniz Institute for Financial Research SAFE and CEPR)
Jan Pieter Krahnen Krahnen is a Professor of Finance at Goethe University’s House of Finance. He is a Director of the Center for Financial Studies (CFS) and the Leibniz Institute SAFE. His current research interests focus on the implications of the 2007-2010 financial turmoil for banking, systemic risk, and financial market regulation. His publications appeared, among others, in the Review of Economic Studies, the Journal of Financial Intermediation, the Journal of Banking and Finance, and Experimental Economics. Krahnen is a CEPR research fellow, and was President of the European Finance Association in 2011. Krahnen has been involved in policy advisory on issues of financial market regulation, most recently as a member of the High Level Expert Group on Structural Reforms of the EU Banking Sector (“Liikanen Commission”), implemented by EU Commissioner Michel Barnier. From 2008 until 2012 he was a member of the Issing-Commission, advising the German government on the G-20 meetings. Until recently, he was also a member of the Group of Economic Advisors (GEA) at the European Securities and Markets Agency (ESMA), Paris. Also, he is a member of the Academic Advisory Board of Germany’s Federal Ministry of Finance.

Sylvie Mathérat (Independent member of the EU commission High Level Forum on Capital Market Union)
Sylvie Mathérat is an independent member of the EU commission High Level Forum on Capital Market Union since November 2019. Previously she was a Board Member at DB USA Corp. and DWS Group GmbH & Co. KGaA, a member of Deutsche Bank’s Management Board since 2015 and the bank’s Chief Regulatory Officer in charge of Regulation, Compliance and Anti-Financial Crime. She joined Deutsche Bank in 2014 as Global Head of Government & Regulatory Affairs. Previously she was Deputy Director General at Banque de France, responsible for regulation and financial stability issues, payment and settlement infrastructures, banking services, and the Target 2 Securities project. She previously held various positions at the Banking Supervisory Authority and in the private sector. She studied public law and finance at the Institut d’Etudes Politique de Paris, France, and holds a master degree in law and political sciences. She was awarded the Legion d’Honneur in 2014.





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 24 June 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.