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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

Participation free, registration mandatory.

Register here


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.
Sep
7
Mon
DEBTCON4 – 4th Interdisciplinary Sovereign Debt Research and Management Conference @ Vila Salviati
Sep 7 @ 9:00 am – Sep 8 @ 9:00 pm

The European University Institute will be hosting the 4th edition of the Interdisciplinary Sovereign Debt Research and Management Conference, on 7-8 September 2020 in Florence, Italy.

The objective of DebtCon4 is to discuss state-of-the-art interdisciplinary research on sovereign debt and related policy issues, and to foster interaction among academics, senior policymakers, supervisors, industry representatives and other practitioners.

More information
Sep
28
Mon
Panel Data for Banking Sector Analysts @ EUI Premises, Florence
Sep 28 – Sep 30 all-day

Course dates: 4-6 March 2020

Place: EUI Premises, Florence

Course Instructor: Jeffrey Wooldridge (Michigan State University)

Area: Statistical and Econometric Methods

Level: Advanced

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
Oct
7
Wed
Sovereign Debt Restructuring @ EUI Premises, Florence
Oct 7 – Oct 9 all-day

Course dates: 20-22 April 2020

Place: EUI Premises, Florence

Course Instructors: Mitu Gulati (Duke University); Ugo Panizza (Graduate Institute of International and Development Studies); Lee C. Buchheit

Area: Risk Management

Level: Intermediate

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 practitioners

More information and registrations
Oct
26
Mon
Anti-Money Laundering Academy @ EUI Premises, Florence
Oct 26 – Oct 28 all-day

Course dates: 26-28 February 2020

Place: EUI Premises, Florence

Course Instructors: Silvia Allegrezza (University of Luxembourg); Magda Bianco (Bank of Italy); André Corterier (European Central Bank); Anthony Charrie (Oliver Wyman); Nikita Divissenko (EUI); Andrea Federico (Oliver Wyman); Dominik Käfer (Oliver Wyman); Olena Loboiko (European Commission, DG FISMA); Lisa Quest (Oliver Wyman); Eleni Tsingou (Copenhagen Business School); Senior experts from the industry

Area: Risk Management

Level: Intermediate

Target: SSM, EBA, SRB, National Supervisory Authorities, Financial institutions professionals, Lawyers, Ph.D. and Post-doctoral researchers.

More information and registrations
Nov
4
Wed
Monetary Policy Transmission @ EUI Premises, Florence
Nov 4 – Nov 6 all-day

Course dates: 16-18 March 2020

Place: EUI Premises, Florence

Course Instructors:José-Luis Peydró (Universitat Pompeu Fabra, CREI and Barcelona GSE); Carlo Altavilla (European Central Bank)

Area: Financial Stability and Macroprudential policy

Level: Intermediate

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

More information and registrations
Nov
25
Wed
Liquidity, Crisis and Public Policies: A Model-Based Approach @ EUI Premises, Florence
Nov 25 – Nov 27 all-day

Course dates: 15-17 April 2020

Place: EUI Premises, Florence

Course Instructors: Nobuhiro Kiyotaki (Princeton University)

Area: Financial Stability and Macroprudential policy

Level: Advanced

Target: EU Officials (ECB, SSM, SRB, ESRB, EBA, ESM), National Supervisory Authorities, financial stability and research department of Central Banks, Ph.D. students, private sector economists

More information and registrations