Calendar
Course dates: 24-26 June 2019
Place: EUI Premises, Florence
Course Instructor: Ralph Koijen (University of Chicago, Booth School of Business)
Area: Financial Stability and Macroprudential policy
Level: Intermediate
Target: EIOPA, SSM, SRB, ESRB, EU officials, financial stability and research department officers in Central Banks, Ph.D. students, post-doc researchers, assistant professors; private sector economists, professionals in the insurance sector
Download the slides of the presentation
The Banking Package adopted in spring 2019 by European co-legislating institutions will enter into force this summer. It represents an important step towards the completion of the European post-crisis regulatory reforms. These reforms implement into European Union (EU) law some outstanding elements which had been previously agreed by the Basel Committee on Banking Supervision (BCBS) and the Financial Stability Board (FSB) and are meant to make the financial system more resilient and stable.
In this online seminar, Marie Donnay (Head of Unit in Resolution and Deposit Insurance in DG FISMA), Tommy De Temmerman (Policy Officer in Bank Regulation and Supervision in DG FISMA) and Audrius Pranckevius (Policy Officer in Resolution and Deposit Insurance) will present and discuss the key changes that were brought about to the EU resolution and prudential frameworks by the new Banking Package. With respect to changes to the resolution framework, a particular focus will be put on the implementation in EU law of the international standard on Total Loss-Absorbing Capacity – also called TLAC – and on the amendments to the existing Minimum Requirement for own funds and Eligible Liabilities – also called MREL.
Speakers
Marie Donnay (Head of Unit in Resolution and Deposit Insurance, DG FISMA, European Commission)
Marie Donnay is Head of Unit in Resolution and Deposit Insurance in DG FISMA at the European Commission. Her unit is in charge of (among others) the resolution frameworks for Banks, Insurance and CCPs, as well as deposit insurance/ insurance guarantee schemes at national level and in the Banking Union (EDIS). The unit is closely involved in the debates on the completion of the Banking Union. Before joining DG FISMA, Marie held different positions in DG ECFIN (European Commission). Previously, she worked at the ECB, IMF and KULeuven. Marie studied economics at the KULeuven, FUNDP (Namur), Rotterdam University and Universita di Bologna.
Tommy De Temmerman (Policy Officer in Bank Regulation and Supervision, DG FISMA, European Commission)
Tommy De Temmerman is a policy officer in Bank Regulation and Supervision in DG FISMA at the European Commission, where he was responsible for the coordination of the negotiations on the prudential aspects of the Banking Package. Before joining the Commission, he was Bank Recovery and Resolution Expert at the Single Resolution Board. Prior to this, he held various positions in the Treasury and Financial Markets department of Belfius Bank and at Bank of New York Mellon. Tommy also teaches European Financial Integration at the Solvay Brussels School of Economics and Management. He studied economics and finance at the Université Libre de Bruxelles and College of Europe.
Audrius Pranckevicius (Policy Officer in Resolution and Deposit Insurance, DG FISMA, European Commission)
Audrius Pranckevicius is a policy officer in Resolution and Deposit Insurance in DG FISMA at the European Commission. He works on policy development in the area of bank resolution since 2013 and was responsible for coordination of the negotiations on the resolution aspects of the Banking Package. Prior to his current role, Audrius has worked in other areas of financial regulation in DG FISMA. Before joining the European Commission in 2005, he worked in financial analysis for several blue chip companies in Canada. He studied economics and finance at Vytautas Magnus University and Brandeis University.
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.
Participation to this event is upon invitation only
This two-days Chatham House executive seminar on the New World of Financial Stability will (1) take stock of the state of the art in the regulation and supervision of banks and other nonbank actors in Europe; (2) assess the market impact of and developments in the Single Market for banking and finance; (3) discuss risks and opportunities stemming from new technologies and business models and (4) critically review current oversight gaps and risks and explore possible remedies.
In line with last year’s approach, this Florence School of Banking and Finance (FBF) executive seminar will look both at banking and non-banking entities.
The executive seminar will be held in the context of the Florence School of Banking and Finance’s 4th Advisory Council and Scientific Committee Meeting.
Scientific organisers:
- Stefano Cappiello (FBF and Italian Treasury)
- Elena Carletti (FBF and Bocconi University)
- Pierre Schlosser (FBF)
- Emiliano Tornese (FBF and European Commission)
- Tobias Troeger (Frankfurt University)
Digitalization has changed everything in our lives: how we communicate, organize, interact, move, and trade. Increasingly, it is also changing how we pay, and potentially how we count, transfer and store value. In short, digitalization is changing money—certainly in its role as a medium of exchange and maybe as a store of value and unit of account as well.
Despite electronic money (e-money) first appeared more than twenty years ago, their exchanges represent today still a small fraction of total financial movements. This is now changing fast, as mobile technology and the internet are joining forces to produce a silent revolution in payments. New forms of money are emerging while digital networks and platforms have the potential to transform and disrupt financial intermediation more broadly.
In this online seminar, Jean-Pierre Landau (Harvard Kennedy School and SciencesPo) will discuss the future of money, in light of these evolutions. His presentation will also examine how digitalization will (1) increase the potential for currency competition (2) change the architecture of domestic and international monetary systems and (3) may affect the respective role of public and private money. Dr. Landau will make a strong case for central banks to consider issuing their own digital currencies (CBDCs) as a way to protect the role of public money in a digitalized environment.
The presentation will be closed by a live Q&A session with the audience.
Speaker
Jean-Pierre Landau (Harvard Kennedy School and SciencesPo)
Jean-Pierre Landau is currently a Senior Research Fellow at the Harvard Kennedy School and Associate Professor of Economics at SciencesPo (Paris). He has worked in the French Government for most of his career. He served as Deputy Governor of the Banque de France (2006-2011), Executive Director of the International Monetary Fund (IMF) and the World Bank (Washington) as well as Undersecretary at the Ministry of Finance. He has been Visiting Lecturer at Princeton University (Woodrow Wilson School) and Visiting professor at SAIS (John Hopkins – Washington DC). He also was Dean of the School of Public Affairs at SciencesPo in 2014-2015.
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.
As is well established, financial institutions can create or amplify systemic risk. In this online seminar, Dimitris Zafeiris (Head of the Risks and Financial Stability Department at the European Insurance and Occupational Pensions Authority – EIOPA) and Francesco Mazzaferro (Head of the Secretariat at the European Systemic Risk Board – ESRB) will guide us through the sources of systemic risk in insurance and will spell out that two types of systemic risk can be distinguished.
The first type of systemic risk is contagion (both direct and indirect). The second type is the systematic withdrawal or failure of insurance services, which could lead to a systemic disruption. Zafeiris and Mazzaferro will thus argue that a macroprudential approach should address systemic risk and supplement the microprudential supervisory framework for insurers (Solvency II).
This online seminar will also highlight that the lack of harmonisation in the field of recovery and resolution of insurers makes cross-border cooperation and coordination more difficult. For the orderly resolution of insurers, a harmonised and comprehensive recovery and resolution framework is essential to better protecting policyholders as well as maintaining financial stability. Finally, Zafeiris and Mazzaferro will argue that European policyholders should be adequately and – to a minimum – evenly protected in the event of insurance failures. This could be achieved by harmonising the national insurance guarantee schemes in the EU.
Speakers
Francesco Mazzaferro (Head of the Secretariat of the European Systemic Risk Board – 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.
Dimitris Zafeiris (Head of the Risks and Financial Stability Department, EIOPA)
Dimitris Zafeiris is Head of the Risks and Financial Stability Department at the European Insurance and Occupational Pensions Authority (EIOPA). He is responsible for EIOPA’s activities in the areas of financial stability, crisis management and studies and statistics.Before joining EIOPA, Dimitris ran the risk management unit in a commercial bank where he was responsible for the management of projects such as the implementation of Basel II and external asset quality reviews. Prior to this, Dimitris held roles as investment director, portfolio manager and analyst in a number of firms in the asset management industry. Dimitris holds a Master of Science in Finance and a Bachelor of Science in Economics.
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.
Technology is the most powerful lever banks have for addressing challenges and delivering future opportunities. Four key emerging technologies have the potential to transform banks and the industry ecosystem. These are data analytics, cloud, artificial intelligence and distributed ledgers.
This presentation outlines the key market challenges that banks are facing; an overview of the emerging technologies that have the potential to transform banks and the industry; the impact this will have on the business model and operating model of banks; the impact on the industry ecosystem including regulators; and key considerations for banks and regulators to prepare for these impacts.
The presentation will be based on the joint AFME-PwC report ‘Technology and Innovation in Europe’s Capital Markets’.
Speakers
Shabdeep Mann
Shabdeep is a Director in PwC’s Technology Consulting practice. He leads the Banking & Capital Markets Data & Analytics capability in the UK. He has extensive experience of data transformation and technology enabled transformation having delivered strategies and complex programmes at major financial services institutions.
Tom Fish
Tom is a Director in PwC’s Technology Consulting practice. Tom has led multiple Risk and Finance data and regulatory programmes and has extensive experience of Risk technology in Banking & Capital Markets. He has extensive experience of the regulatory landscape and regulatory expectations, having worked with regulators in the UK and Europe.
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.Course dates: 23-25 September 2019
Place: EUI Premises, Florence
Course Instructor: Enrique G. Mendoza (University of Pennsylvania)
Area: Financial Stability and Macroprudential policy
Level: Intermediate/Advanced
Target: Financial stability and research department of Central Banks, Ph.D. students, research department of private banks, EU officials.
Download the slides by Andrew Metrick
What lessons should policymakers learn from our experience in the global financial crisis? In this online seminar, Professor Andrew Metrick (Janet L. Yellen Professor of Finance and Management at the Yale School of Management and the Director of the Yale Program on Financial Stability) will discuss the results so far from a major research project at Yale University to synthesize those lessons and make the results available to future crisis-fighters.
Yale’s “The New Bagehot Project” was launched in 2017 to expand knowledge on the “wartime” policies, designed to fight crises in progress. In fact, during the Global Financial Crisis, nations around the world had attempted hundreds of crisis interventions, only a fraction of which had been studied by researchers. Going back further in time, most research on past crises focused on macroeconomic issues, with much less attention paid to the mechanics of crisis-fighting tools. The project aims to expand the crisis-fighting playbook through detailed case studies of specific interventions, synthesizing these case studies into best practices, and then presenting this synthesis across a variety of media.
The presentation will be followed by a comment by Professor Loriana Pelizzon (SAFE Goethe University Frankfurt and Ca’ Foscari University of Venice) and closed by a Q&A session with the audience.
Speaker
Andrew Metrick
Andrew Metrick is the Janet L. Yellen Professor of Finance and Management at the Yale School of Management (SOM) and the Director of the Yale Program on Financial Stability. He earned a Ph.D. in economics from Harvard in 1994, and a B.A. in economics and mathematics from Yale in 1989. Prior to joining the Yale faculty in 2008, he held positions in the finance department at Wharton and the economics department at Harvard. In academic year 2009-10, he was on leave at the Council of Economic Advisers in Washington. Upon returning to Yale, he served as the Deputy Dean of SOM from 2010 to 2016. Professor Metrick’s current research and teaching is focused on financial stability, including the regulation of systemic risk, the activities of complex financial institutions, and the causes and consequences of the financial crisis of 2007-9. His past work has been in financial intermediation more generally, with a focus on investment management and corporate governance.
Commentator
Loriana Pelizzon
Loriana Pelizzon is the Program Director of the Research Centre SAFE Systemic Risk Lab and SAFE Full Professor at Goethe University Frankfurt, Chair of Law and Finance. She is also part-time Full Professor of Economics at the Ca’ Foscari University of Venice and Research Affiliate at MIT Sloan. She was recently Visiting Associate Professor at MIT Sloan and NYU Stern. Her research interests are on risk measurement and management, asset allocation and household portfolios, hedge funds, financial institutions, systemic risk and financial crisis. Loriana is a member of the ESRB Advisory Board, a member of an expert panel on banking supervision for the European Parliament and an external expert for the EU commission on digital currency and blockchain technology. Furthermore, she has been involved in NBER and FDIC projects as well as in EU, Europlace, Eurofidai and Inquire Europe projects.
Her publications include: “Sovereign Credit Risk, Liquidity and ECB Intervention: Deux ex Machina?, (Journal of Financial Economics) with M. Subrahmanyam, J. Uno and D. Tomio, “Mutual Excitation in Eurozone Sovereign CDS” (Journal of Econometrics) with Y. Ait-Sahalia and R. Laeven and “Econometric Measures of Systemic Risk in Finance and Insurance sectors” (Journal of Financial Economics), with M. Billio, M. Getmansky and A. Lo.
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.Course dates: 9-11 October 2019
Place: EUI Premises, Florence
Course Instructors:Robert McDonald (Kellogg School of Management, Northwestern University), Fabrizio Planta (European Securities and Markets Authority)
Area: Risk Management
Level: Intermediate
Target: EBA, SSM, SRB, ESRB, EU officials, financial stability and research department of Central Banks, Ph.D. students, private sector economists.
