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Mar
9
Mon
POSTPONED: Lecture by Lorenzo Bini Smaghi: ‘Creating a True Capital Market Union’ @ Palazzo Incontri
Mar 9 @ 4:00 pm – 7:00 pm

 

EVENT POSTPONED
The event is postponed to a date to be communicated, in accordance with the disposition by the Italian government to contain the spread of the COVID-19 virus
(Decreto Presidenza del Consiglio dei Ministri del 4 marzo 2020, Art 1.1.a)

 

 

The Florence School of Banking and Finance, Fondazione CESIFIN Alberto Predieri and Fondazione CR Firenze are organising a high-level lecture by Lorenzo Bini Smaghi, President of Société Générale.
 

There is a broad consensus among policy makers, academics and market practitioners that the Eurozone requires a deep and liquid capital market to foster economic integration, to absorb shocks and to support growth. However, there is little understanding of what needs to be done to achieve such a goal.

A comparison with the US experience shows that there are some necessary conditions that need to be met for a true capital market to be created. Dr. Bini Smaghi will mention the following five:

  1. the complementarity with full banking union;
  2. the creation of a safe asset;
  3. the support of public schemes for lending, in particular to SMEs;
  4. a regulatory environment that allows for market-making;
  5. a unified supervisory framework.

Unless the member states are willing to adopt concrete steps in these areas, the CMU will not be created. This is the reason why the European Commission has to be clear and outspoken in presenting policy makers with clear and bold proposals.

 

(italian version)

Verso la creazione di una vera Unione dei mercati dei capitali

 Esiste un largo consenso tra decisori politici, accademici e operatori nel mercato, in merito alla necessità di un mercato dei capitali nell’Eurozona, integrato e liquido, che possa promuovere l’integrazione economica, assorbire gli shock e favorire la crescita. Ciò nonostante, non esiste una visione condivisa in merito alla modalità in cui questo obbiettivo può essere raggiunto. Un’analisi della situazione negli Stati Uniti dimostra quali sono le condizioni necessarie per la creazione di un vero mercato dei capitali. Nel corso della lezione, Lorenzo Bini Smaghi ne menzionerà cinque: i) la complementarietà con una piena unione bancaria; ii) la creazione di un ‘safe asset’; iii) il supporto a schemi pubblici di prestito, in particolare alle PMI; iv) un ecosistema regolamentario che renda possibile la costruzione di mercati; v) una struttura unificata di supervisione. A meno che gli Stati membri non vogliano agire concretamente in queste aree, l’Unione dei mercati dei capitali non potrà essere creata. Questa è la ragione per la quale la Commissione Europea dev’essere diretta nel presentare trasparenti e audaci proposte ai decisori politici.

 
 

Speaker

Lorenzo Bini Smaghi

Chairman of Société Générale

He started his career in 1983 as an Economist in the Research Department of the Banca d’Italia. He moved in 1994 to the European Monetary Institute, to head the Policy Division, preparing for the creation of the ECB. In 1998 he was appointed Director General for International Affairs in the Italian Treasury. From June 2005 to December 2011 he was a Member of the Executive Board of the European Central Bank.

Over the last 20 years he held the positions of Chairman of Italgas, SNAM and SACE, and member of the Board of Finmeccanica, MTS, the European Investment Bank and Morgan Stanley International. He has been Visiting Scholar at Harvard’s Weatherhead Center for International Affairs and the first Chairman of Fondazione Palazzo Strozzi, a cultural institution in Florence.

He has been appointed CEPR Distinguished Fellow, Senior Fellow at LUISS School of European Political Economy in Rome, and President of the Italian Alumni of the University of Chicago. He is a member of the World Economic Forum’s Community of Chairmen, and independent member of the Board of Tages Holding. He holds a Bachelor’s Degree in Economics from the Université Catholique de Louvain (Belgium), a Master’s degree from the University of Southern California and a Ph.D in Economics from the University of Chicago.

He is author of several articles and books on international and European monetary and financial issues (available at www.lorenzobinismaghi.com), in particular “Austerity: European Democracies against the Wall” (CEPS, July 2013), “33 false verità sull’Europa” (Il Mulino, April 2014) and “La tentazione di andarsene: fuori dall’Europa c’è un futuro per l’Italia?” (Il Mulino, May 2017).

 

Programme

 
  • 16:00 Registration and welcome coffee
  • 16:35 Opening remarks
    • Ginevra Cerrina Feroni (Professor, Law Department, University of Florence; Vice-President, Fondazione CESIFIN Alberto Predieri)
    • Pierre Schlosser (Scientific Coordinator, Florence School of Banking and Finance)
  •  16:55 Lecture Lorenzo Bini Smaghi (President, Société Générale)
  • 17:35 Discussion, followed by questions and answers
    • Moderated by Ferdinando Giugliano (Bloomberg)
      • Lorenzo Stanghellini (Professor of Business Law, University of Florence)
      • Giacomo Calzolari (Professor, Economics Department, European University Institute)
  • 18:50 Closing remarks
    • Renaud Dehousse (President, European University Institute)
    • Luigi Salvadori (President, Fondazione CR Firenze)
  • 19:10 Cocktail for all participants
 

The event will be in italian, with simultaneous translation in English. / L’evento si terrà in italiano, con traduzione simultanea in inglese.

  Download the programme  
 

EVENT CO-ORGANISED WITH

Fondazione CESIFIN Alberto Predieri

Fondazione CR Firenze

Mar
12
Thu
Online Seminar – Valuation in Resolution @ Online
Mar 12 @ 1:00 pm – 2:00 pm

Presentation by the SRB

Presentation by the EBA


In this online seminar Boštjan Jazbec and Jose Carlos Molina Franquelo (Single Resolution Board) will provide an update on valuation in resolution, including a description about how Europe’s Single Resolution Board plans to embed valuation preparedness into resolution planning activities and the proposed approach regarding improvement of the Management Information System (MIS) for valuation. The seminar will also feature comments by Anna Gardella (European Banking Authority).

The presentation will comprise two blocks:

  • The first block will focus on the Single Resolution Board’s (SRB) framework for valuation. The SRB has worked to provide clear expectations regarding the principles and methodologies for valuation in resolution and it expectations regarding the results of the valuation. The Framework for Valuation aims at reducing uncertainty for both the independent valuers and the SRB, providing indications that are necessary for achieving the valuation’s goals, subsequently enhancing comparability and consistency of valuations across future resolution cases.
  • A second block will focus on topics related improvement of MIS for valuation. Within the context of resolution, the capacity of banks’ management information systems to provide accurate and timely information is crucial for the reliability and robustness of valuations. Therefore, the data availability is a fundamental prerequisite for the work in valuation. The purpose is to provide a general description on how the SRB plans to embed the preparation for valuation in resolution planning and crisis preparedness. It should be highlighted that the SRB and the EBA have been collaborating closely in their respective works on a standardised data set for valuation in resolution. Main differences between the SRB Data Sets and the EBA Data Dictionaries will be explained.

 

Speakers

Boštjan Jazbec , Member of the Board and Director of Resolution Planning and Decisions, Single Resolution Board

Boštjan Jazbec became Board Member of the SRB in March 2018 and is responsible for the banks under the direct remit of the SRB in 6 EU Member States, for 2 GSIBs, and for several resolution teams involved in resolution planning. He is also Chairman of the Cross-border Crisis Management Group for banks at the Financial Stability Board. From 2003 to 2008 he was Board Member of the Bank of Slovenia. After 2008, he worked as a Senior Advisor of the International Monetary Fund (IMF) at the Central Bank of Kosovo and the Central Bank of Suriname. In July 2013 he was appointed Governor of the Bank of Slovenia and the Member of the Governing Council of the ECB. From 2016 to 2018 he was a Member of the Bank for International Settlements’ (BIS) Central Bank Governance Group. He holds a PhD in Economics from the Institute for Advanced Studies in Vienna and the University of Ljubljana.

   

Jose Carlos Molina Franquelo, Head of Unit Resolution Planning, Single Resolution Board

Jose Carlos Molina joined the SRB in January 2016. He is responsible for the coordination of a unit in charge of the resolution planning activities for a set of institutions including one of the largest European G-SIBs.
He also leads an expert group on valuation and co-chairs another one on Solvent Wind Down (SWD) topics at the SRB. Previously he worked at the Task force for the establishment of the Single Resolution Board (since 2014) and DGCOMP at the European Commission.
He has previous experience as supervisor at Bank of Spain, where he worked as on-site inspector since 2005. He holds a law degree, a business administration degree and an MBA from the Instituto de Empresa.
.

           

Commentator

Anna Gardella, Senior Expert at the European Banking Authority

Anna Gardella is a Senior Expert at the European Banking Authority. She is project manager on a wide range of regulatory issues, with special expertise in resolution matters and market access, and is responsible for the drafting of RTS, ITS and Guidelines. One of her last projects is the EBA Valuation Handbook for purposes of resolution. She has been a member of the FSB Work Streams on cross-border resolution, on bail-in execution and on IBOR reform. She represents the EBA in a wide range of matters, including in resolution colleges and Crisis Management Groups of G-SIBs, in mediation cases settling disagreements between resolution authorities, as well as between supervisory authorities. She was a member of the EBA Crisis management team during the 2015 Greek crisis where capital controls were imposed.

       
 

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.
Mar
26
Thu
Online lecture – Financial Stability in Times of Epidemics @ FBF Online platform
Mar 26 @ 1:00 pm – 2:00 pm

The coronavirus epidemic will not wipe us out, but it can be anticipated that it will have a major impact on our habits, world trade and the virtual economy. In the end it might make us all wiser, but probably also poorer for a while.

Key questions are whether financial panic will strike, and through which channels systematic risk may impact our economies. Any answer must be placed within an informed view of current circumstances, as the shock is hitting us in a phase of economic stagnation, accompanied by excess savings and inflated asset prices.

Against this background, this online lecture will first introduce a view of our current phase financial stagnation and its potential vulnerabilities, with special attention to bank and shadow bank related risks. Next we will introduce a speculative view on the likely effects of the virus crisis on asset prices, inflation and financial stability.

This lecture will be the first of a series of FBF online events that will discuss the economic and financial impact of the COVID-19 epidemic and will review Europe’s economic policy response to the virus.

 

Speaker

Enrico Perotti, Professor of International Finance at the University of Amsterdam

Enrico Perotti (PhD Finance, MIT 1990) is Professor of International Finance at the University of Amsterdam. His research in banking and corporate finance, organization theory, political economy, legal and financial history has appeared in the top economics and finance journals. He was the 2011 Houblon Normal Fellow in financial stability at the Bank of England and 2015 Wim Duisenberg Fellow at the ECB. He is Fellow of the European Economic Association and Research Fellow at CEPR and Tinbergen Institute. He has held visiting appointments at MIT, Harvard, Oxford, Columbia Business School, London Business School, LSE and the IMF. He acted as consultant to the EC, IMF, FSB, World Bank and DNB.

 

 


 

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.
Mar
31
Tue
Online seminar – Bank-Fintech collaboration and outsourcing arrangements: The case for a mentorship regime @ Online
Mar 31 @ 1:00 pm – 2:00 pm

Presentation by Georg Ringe and Luca Enriques

Comment by Anna Maria Nowak


Fintech firms, once seen as the “disruptors”, threatening to displace the traditional banking world, are now increasingly seen as attractive partners for established financial institutions. Such partnership agreements come in different forms and contexts, mostly with the goal of outsourcing key banking functions and of facilitating market entry for new market players while overcoming relatively tough regulatory hurdles.

Yet such arrangements, while generally to be welcomed, pose a number of regulatory problems, in particular concerning the effective supervision of fintechs that operate outside of the direct limelight of regulatory authorities. Questions of enforcement and effective supervision emerge, which may ultimately result in problems for market stability and systemic risk. Regulatory sandboxes are one attempt to address these problems but may fail to do so and are not always available.

Against this backdrop, Luca Enriques (University of Oxford); Georg Ringe (University of Hamburg) make the case for a “mentorship regime”, which provides for a reliable regulatory framework for partnership agreements between fintech firms and established banks. This would allow for a de facto “private sandbox”, where experienced firms could mentor new startups and relieve them of a convoluted regulatory process. At the same time, a state-backed mentorship plan would clear up responsibilities, supervision competences, and liability questions and thus overcome problems of arbitrage and abuse. Ultimately, a mentorship regime may show the way to a new and more reliable future system of banking that puts the well-established contractual practice of outsourcing banking services on a more reliable basis.

The presentation will be followed by a commentary by Anna Maria Nowak (European University Institute).

 

Speakers

Luca Enriques, Professor of Corporate Law at the University of Oxford

Luca Enriques is the Professor of Corporate Law at the University of Oxford, Faculty of Law, a Research Fellow at the European Corporate Governance Institute and a Fellow Academic Member of the European Banking Institute. He has published widely in the fields of comparative corporate law, securities regulation and banking law, including as a coauthor of Principles of Financial Regulation and The Anatomy of Corporate Law, and has held visiting positions, among others, at Columbia Law School, Harvard Law School, Sydney Law School and the University of Cambridge. He was a commissioner at Consob, the Italian securities market authority from 2007 to 2012.

   

 

Georg Ringe, Director of the Institute of Law & Economics at the University of Hamburg

Professor Georg Ringe is Director of the Institute of Law & Economics at the University of Hamburg and Visiting Professor at the University of Oxford, Faculty of Law. His research focuses on questions of corporate law, capital markets, and financial regulation, from an interdisciplinary and comparative perspective. He is a Research Member with the European Corporate Governance Institute, Brussels, Fellow at the European Banking Institute, Frankfurt, and co-editor of the Journal of Financial Regulation. As Visiting Professor, he regularly teaches at leading academic institutions in North America, Europe, and Asia.

 

     

Commentator

Anna Maria Nowak, PhD researcher in the Department of Law, EUI

Anna Maria Nowak is a 4th year Ph.D. researcher at the Law Department of the European University Institute, studying Fintech regulation. She holds an M.A. in Law from Nicolaus Copernicus University in Torun, Poland, where she wrote her master thesis on the regulation of crowdfunding. In her doctoral research Anna focuses on corporate governance and corporate sustainability in Fintech, showing how both can be incorporated into organizational structures and business models of Fintech corporations. The arguments of her thesis are built upon an ethnographic study conducted within the Fintech industry in the years 2016-2019. Prior commencing her Ph.D., Anna worked at international law firms in Warsaw, and at one of the largest banks in Poland. More recently, she also worked at a Fintech company, in a Legal and Regulatory department.

 

   
 

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
3
Fri
Online seminar – State Aid in the context of COVID-19 @ FBF Online Platform
Apr 3 @ 1:00 pm – 2:00 pm

[NEW] Amendment to the Temporary Framework

Presentation by Ramona Ianus


On 19 March, the European Commission adopted a Temporary Framework to enable Member States to use the full flexibility foreseen under State aid rules to support the economy in the context of the COVID-19 outbreak.

In this online seminar, Ramona Ianus (DG Competition, European Commission) will illustrate the main characteristics of the Temporary Framework, which enables Member States to ensure that sufficient liquidity remains available to businesses of all types and to preserve the continuity of economic activity during and after the COVID-19 outbreak.

Thus, direct grants, selective tax advantages, public guarantees or public loans can be granted to companies that face difficulties because of the COVID-19 outbreak. In addition, banks and other financial institutions have a key role to play in dealing with the effects of the COVID-19 outbreak, by maintaining the flow of credit to the economy. Therefore, the Commission inserted the necessary safeguards in the Temporary Framework to ensure that the support is reaching the undertakings and does not stay with the banks.

 

Speaker

Ramona Ianus, DG Competition – European Commission

Ramona Ianus joined the European Commission and DG Competition in 2007, where she scrutinised investment projects in the solar, semiconductor and car sectors and dealt with the 2009 temporary framework cases. She was also involved in the state aid modernization package and was responsible for the preparation of the regional aid rules for 2014-2020. In 2016, Ramona went to Bucharest to be the legal adviser of the Deputy Prime Minister, Costin Borc, Minister of Economy. She now works in DG Competition in the state aid coordination unit being responsible, among other, for the COVID-19 Temporary Framework and international aspects of state aid. Ramona is a lawyer and graduated from the University of Bucharest in Romania and from Pantheon Sorbonne Paris I University. She holds a master of European law from the College of Europe (Bruges).

 

 


 

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
10
Fri
Online debate – A Fiscal Response to COVID-19: What are the Options? @ FBF Online platform
Apr 10 @ 1:00 pm – 2:15 pm

Presentation by Clemens Fuest

Presentation by Jean Pisani-Ferry


EU Member States are putting place a series of extraordinary and unprecedented fiscal measures to support their economies and to combat the ravaging effects of COVID-19.

  • Will those fiscal measures be sufficient and effective?
  • What coordination instruments are available at the European level?
  • Which new EU financial assistance instruments can be considered? What would be their design, size and deployment time?

This online debate, part of the FBF Online Series on the Coronavirus crisis, will critically engage with those key questions, and will close off with a Q&A session with seminar participants.

The event will be chaired and moderated by Elena Carletti (Bocconi University and Florence School of Banking and Finance, 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 and Scientific Director of the Florence School of Banking and Finance at the European University Institute. She is also 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

Vítor Constâncio (Lisbon School of Economics and Management)

Vítor Constâncio was Vice-President of the European Central Bank from 1 June 2010 to May 2018. In the Portuguese Government, he was Secretary of State for the Budget and Planning in 1974 -76 and Finance Minister in 1977-78. At the central bank of Portugal, he was Director of the Economics Department, Deputy Governor and then from 2000 to 2010, Governor of the Banco de Portugal and consequently, member of the European Central Bank Governing Council. He was Assistant Professor at the Lisbon School of Economics and Management (ISEG), University of Lisbon, from 1968 to 1973 and later, coordinator Professor of the Master´s degree on Monetary Policy from 1989 to June 2010. He is now President of the School Board at ISEG and Professor at the Master’s Degree in Banking and Financial Regulation at the School of Economics, University of Navarra, Madrid, and member of the respective Advisory Board.

 

Clemens Fuest (ifo Institute, University of Munich)

Clemens Fuest is President of the ifo Institute, Professor for Economics and Public Finance at the Ludwig Maximilian University of Munich, Director of the Center for Economic Studies (CES) and Executive Director of CESifo GmbH. He has been a member of the Academic Advisory Board of the German Federal Ministry of Finance since 2003. He is a member of the European Academy of Sciences and Arts and of the German National Academy of Science and Engineering and a Board Member of the International Institute for Public Finance. Before being appointed ifo President, he was President of the Centre for European Economic Research and Professor of Eco-nomics at the University of Mannheim, and earlier taught at the University of Oxford, Bocconi University, and the University of Cologne. His research areas are economic and fiscal policy, taxation and European integration.

 

Jean Pisani-Ferry (European University Institute and SciencesPo)

Jean Pisani-Ferry holds the Tommaso Padoa Schioppa chair of the European University Institute and is a Senior Fellow at Bruegel, Brussels. He teaches economics at Sciences Po Paris. In the first half of 2017, he contributed to Emmanuel Macron’s presidential bid as the Director of Programme and Ideas of his campaign. Previously, he served as Commissioner-General of France Stratégie, was the Founding Director of Bruegel, Executive President of the French PM’s Council of Economic Analysis, Senior Economic Adviser to the French Minister of Finance, Director of CEPII and Economic Adviser with the European Commission. He taught at University Paris-Dauphine, École Polytechnique, École Centrale and the Free University of Brussels. His publications include numerous books and articles on economic policy and European policy issues. He has also been an active contributor to public debates with regular columns in the international media.

 

Guido Tabellini (Bocconi University)

Guido Tabellini is the Intesa Sanpaolo Chair in Political Economics at Università Bocconi. He was Rector of Università Bocconi from 2008 to 2012. He has a PhD in Economics from UCLA. Before returning to Europe, he taught at Stanford University and UCLA. He is a foreign honorary member of the American Academy of Arts and Sciences, a fellow of the Econometric Society, a foreign honorary fellow of the American Economic Association, and a recipient of the Yrjo Jahnsson award from the European Economic Association, of which he was President. He is Second Vice-President of the Econometric Society. He belongs to several international research networks and he is a research fellow of CEPR in London, a distinguished fellow of CES in Munich, and a research fellow of the Canadian Institute for Advanced Research. He has done research in political economics and public choice, macroeconomics, and international 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.
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.