Course dates: 18-29 September 2020
Course 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.More information
The G20 central clearing obligation for OTC derivative markets has been implemented in the aftermath of the financial crisis to address risk contagion across the financial system. This assumes that central clearing counterparties (CCPs) have the capacity to manage this risk concentration in stressed circumstances. But what if these critical nodes were reaching their own limits? The purpose of this on-line seminar is to provide state-of-the-art insights on the mechanics, tools and policy questions that relate to the recovery and resolution of CCPs. The on-line seminar will focus on the role and importance of CCPs for financial markets by illustrating the type and magnitude of events that could lead to a resolution situation. It will also highlight the continuum between supervision and resolution but also the tension between the respective standards for CCPs and banks. Finally resolution triggers will be presented and the notion of public interest discussed. For each element, a balanced mix of regulatory and industry perspectives will be presented, thereby offering a view on the current debates in this field.
ChairProf. Thorsten V. Koeppl (Queen’s University) Thorsten V. Koeppl is a Professor and RBC Fellow in the Department of Economics at Queen’s University. He is currently also the Scholar in Financial Services and Monetary Policy at the CD Howe Institute one of Canada’s most influential policy think tanks. Prof. Koeppl advises the Bank of Canada on Central Bank Digital Currency and in the past has served as an adviser to several other policy institutions in matters of financial market organization, regulation and intervention in the past. Prof. Koeppl has degrees in management and in economics from the Universities of Eichstaett/Ingolstadt and Basle, and received his Ph.D. in economics from the University of Minnesota in 2002. His main research interests are in the areas of macroeconomics (in particular monetary economics), financial market infrastructure and blockchain economics. He has published on these topics in top economics journals such as Review of Economic Studies, Journal of Economic Theory, Review of Financial Studies and the Journal of Financial Economics among several others.
SpeakersProf. Ron Berndsen (Tilburg University and LCH) Professor Berndsen is an independent director of LCH and chairs the LCH Risk Committees. He is also attached to the Tilburg School of Economics and Management at Tilburg University as full professor of Financial Market Infrastructures and Systemic Risk. He is also the editor-in-chief of the Journal of Financial Market Infrastructures and a member of the Advisory Council of the SWIFT Institute. He has been active in the field of payments and market infrastructures for over 15 years. Previously, Ron was Head of the Oversight Department and Head of the Market Infrastructures Policy Department at De Nederlandsche Bank. Ron also served as a member on the Market Infrastructure Board at the European Central Bank and as member of the Committee on Payments and Market Infrastructures at the Bank of International Settlements. He also co-chaired the FSB Group on Cross-Border Crisis Management for Financial Market Infrastructures and was a member of the oversight committees of CLS, EuroCCP, Euroclear, LCH, SWIFT and TARGET2. He was awarded a doctorate of Tilburg University in 1992 for his PhD thesis in Economics and Artificial Intelligence. Dr. Marc Peters (European Commission) Since April 2016, Marc Peters serves as an Official in the Resolution and Crisis Management Unit of the European Commission’s DG for Financial Stability, Financial Services and Capital Markets Union. Marc benefits from more than 15 years of experience in the supervision and policy-making area for financial institutions gained at the Belgian Banking, Finance and Insurance Commission and at the National Bank of Belgium. He holds an Executive Master of Finance and a MSc in Management from the Solvay Brussels School of Economics and Management (Université Libre de Bruxelles – ULB). He is a research fellow at the Centre Emile Bernheim, ULB’s research Institute in Management Sciences.
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Course dates: 12 October – 02 November 2020
Place: EUI Premises, Florence
Course Instructors: Anthony Charrie, Dominik Kaefer, Sean Kennedy, Lisa Quest, Jayant P Raman, Daniel Tannebaum (Oliver Wyman); Michael Levi (Cardiff University); Caroline Gardner, Endija Springe (European Banking Authority); Olena Loboiko (DG FISMA); Eleni Tsingou (Copenhagen Business School)
Area: Risk Management
Target: SSM, EBA, SRB, National Supervisory Authorities, Financial institutions professionals, Lawyers, Ph.D. and Post-doctoral researchers.More information and registrations
As a result of COVID-19, Non-Performing Loans (NPLs) are on the rise in Europe and globally. The Covid-19 pandemic has indeed halted the already fragile European economy. As the latest global financial crisis confirmed it – higher levels of NPLs slowed down economic recovery and deepened recession. In this context, containing and possibly reducing NPL levels is proving to be a major challenge, both for market participants and for policy-makers. The too timid economic recovery indicators combined with the weak macroeconomic context and structural issues will no doubt put NPLs high on the policy agenda.
Against this background the purpose of this online debate is to review the lessons learned from the previous financial crisis, explore the suite of possible solutions and discuss how to better prepare for handling new NPL surges in the future.
Chair and ModeratorElena 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.
SpeakersNicoletta Mascher (European Stability Mechanism) Nicoletta Mascher is Head of Division within the Chief Economist’s department of the European Stability Mechanism (ESM), which she joined in October 2018. She is responsible for monitoring financial sector conditions and regulatory developments in the euro area. In the execution of the ESM post-programme activities, she is country team coordinator for Ireland. Prior to this, Ms Mascher worked at the European Central Bank as Joint Supervisory Team Coordinator. She previously served as supervisor, on-site inspector and director at Banca d’Italia; she also worked as financial analyst in the asset management industry, specialising in fixed income and derivatives. Ms Mascher is a graduate of Luigi Bocconi University of Milan, where she received a Master’s degree in economics. Charles-Antoine Dozin (Morgan Stanley) Charles-Antoine Dozin is Executive Director, Capital Markets and Bank Solutions at Morgan Stanley. Nicolas Véron (Peterson Institute for International Economics and Bruegel) Nicolas Véron is a Senior fellow at the Peterson Institute for International Economics since October 2009 and is a senior fellow at Bruegel, the Brussels-based economic policy think tank he helped cofound in 2002–2004. A French citizen and graduate of Ecole Polytechnique and Ecole Nationale Superieure des Mines de Paris, he has held various positions in the public and private sectors, including as corporate adviser to France’s labor minister (1997–2000), as chief financial officer of the publicly listed internet company MultiMania / Lycos France (2000–2002), and as an independent financial services consultant. Since July 2013 he has been a board member of the derivatives arm of the Depository Trust and Clearing. His research is mostly about financial systems and financial reform around the world, including global financial regulatory initiatives and current developments in the European Union. He has published on accounting standards, audit firm governance, banking supervision, cross-border financial crisis management, economic nationalism, financing of high-growth firms, industrial policy, internationalization of large companies, oversight of inward investment in the European Union, and rating agencies. In September 2012, Bloomberg Markets included Véron in its second annual 50 Most Influential list, with reference to his early advocacy of European banking union.
Course dates: 02-20 November 2020
Course Directors: Seraina Grünewald (Radboud University Nijmegen); Emiliano Tornese (European Commission); Tobias Tröger (Goethe University, Frankfurt)
Guest Speaker: Sebastiano Laviola (Single Resolution Board)
Course Instructors: Colm Brady, Paul Disveld (ECB Banking Supervision); Mario Delgado Alfaro (Ernst & Young), Anna Gardella (European Banking Authority), Lidja Schiavo (European Banking Authority), Katerina Theodossiou (Bank of Greece), More experts from private and public sector tba.
Area: Regulation, Supervision and Resolution
Target: EU Officials (ECB, SSM, SRB, ESRB, EBA, ESM), National Supervisory Authorities, financial stability and research department of Central Banks, Ph.D. students, financial institutions in the private sector, law firms.More information
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Course dates: 02-06 November 2020
Course Instructors:José-Luis Peydró (Universitat Pompeu Fabra, CREI and Barcelona GSE); Carlo Altavilla (European Central Bank)
Area: Financial Stability and Macroprudential policy
Target: EU Officials (ECB, SSM, SRB, ESRB, EBA, ESM), National Supervisory Authorities, Financial stability and research department of Central Banks, Ph.D. students, research department of private banks
Call for papers closedDeadline for submissions was 1 September 2020
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 27 November 2020 at the premises of the Single Resolution Board in Brussels [or 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 seeing you in November 2020!
Download Bank resolution in times of COVID-19 Brochure
Go to event website
Course co-organised with Oliver Wyman.
Course dates: 03-05 March 2021
Venue: Format TBC
Course Instructors: Jos Delbeke (European University Institute – School of Transnational Governance); Andrea Federico, Ilya Khaykin, Alban Planet (Oliver Wyman); Anne Platou(Bank ASA); Peter Vis (Rud Pedersen Public Affairs); More tba
Area: Risk Management
Target: EU officials, EBA, ESRB, SRB, National Supervisory Authorities, Financial stability and research departments of central banks, Financial institutions professionals, Lawyers, Ph.D. and Post-doctoral researchers.
Course dates: 27-29 May 2020
Venue: Format TBC
Course Instructors:Christian Brownlees (Universitat Pompeu Fabra and Barcelona Graduate School of Economics); Iman van Lelyveld (VU University and DNB)
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.More information and registrations
Course dates: 12-14 April 2021
Venue: Format TBC
Course Instructors: Emran Islam and Klaus Loeber (European Central Bank)
Area: Risk Management
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 practitionersMore information here