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

Presentation by Thorsten Beck

Presentation by Edouard Fernandez-Bollo

Presentation by Til Schuermann


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Moderator

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


Speakers

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







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





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

Technical disclaimer

The online seminar will take place on Zoom. You can access the seminars from personal computers, laptops, tablets and smartphones. To ensure an optimal experience in terms of connection speed and video quality, we suggest to attend the seminar via a device connected to a stable network connection, avoiding if possible shared wi-fi or mobile connections.
Jun
4
Thu
Online Debate: Credit Ratings and the COVID-19 crisis @ Online
Jun 4 @ 1:00 pm – 2:15 pm

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

Presentation by Richard Portes

 

 


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Moderator

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

Speakers

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

 

 

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

 

 


Discussants

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

 

Richard Portes (London Business School)
Richard Portes, Professor of Economics at London Business School, is Founder and Honorary President of the Centre for Economic Policy Research (CEPR), inaugural holder of the Tommaso Padoa-Schioppa Chair at the European University Institute, and Co-Chair of the Board of Economic Policy. He is an elected Fellow of the Econometric Society and of the British Academy. He is Vice-Chair of the Advisory Scientific Committee of the European Systemic Risk Board (and Co-Chair of the ESRB’s Joint Expert Group on Shadow Banking), of the Steering Committee of the Euro50 Group, and of the Bellagio Group on the International Economy. He is an Academic Director of the AQR Asset Management Institute at LBS. Professor Portes was a Rhodes Scholar and a Fellow of Balliol College, Oxford (of which he is now an Honorary Fellow) and has also taught at Princeton and Birkbeck College (University of London). He has been Distinguished Global Visiting Professor at the Haas Business School, University of California, Berkeley, and Joel Stern Visiting Professor of International Finance at Columbia Business School. He holds three honorary doctorates.

 


 

Technical disclaimer

The online seminar will take place on Zoom. Registered participants will receive the credentials to join the event at 10:00 AM (CET) on 4 June 2020. You can access the seminars from personal computers, laptops, tablets and smartphones. To ensure an optimal experience in terms of connection speed and video quality, we suggest to attend the seminar via a device connected to a stable network connection, avoiding if possible shared wi-fi or mobile connections.
Jun
10
Wed
Online debate: ECB Policies in COVID-19 Times @ Online
Jun 10 @ 1:00 pm – 2:15 pm

Speech by Isabel Schnabel

Download the slides


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


Moderator

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

   

Speakers

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



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


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




 

Technical disclaimer

The online seminar will take place on the Adobe Connect platform. You can access the seminars from personal computers, laptops, tablets and smartphones. You are strongly encouraged to read the technical requirements before registering for the online seminar. To ensure an optimal experience in terms of connection speed and video quality, we suggest to attend the seminar via a device connected to a stable network connection, avoiding if possible shared wi-fi or mobile connections.
Jun
18
Thu
Online debate: The French-German COVID-19 Recovery Plan @ Online
Jun 18 @ 12:00 pm – 1:00 pm

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

Press release: text of the agreement


Moderator

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

   

Speakers

Jörg Kukies State Secretary, German Ministry of Finance








Odile Renaud-Basso Director General of the French Treasury









 

Technical disclaimer

The online seminar will take place on Adobe Connect. You can access the seminars from personal computers, laptops, tablets and smartphones. To ensure an optimal experience in terms of connection speed and video quality, we suggest to attend the seminar via a device connected to a stable network connection, avoiding if possible shared wi-fi or mobile connections.

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

Watch the debate

 

 

Co-organised with:

 

 


 

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

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

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

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

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

Download ESRB Report


Chair

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

 

Speaker

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


Commentators

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




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

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





Technical disclaimer

The online seminar will take place on Zoom. Registered participants will receive the credentials to join the event at 10:00 AM (CET) on 24 June 2020. You can access the seminars from personal computers, laptops, tablets and smartphones. To ensure an optimal experience in terms of connection speed and video quality, we suggest to attend the seminar via a device connected to a stable network connection, avoiding if possible shared wi-fi or mobile connections.

Jul
2
Thu
Online debate: Assessing the Preliminary Impact of COVID-19 on the EU Banking Sector @ Online
Jul 2 @ 1:00 pm – 2:15 pm

Presentation by Mario Quagliariello

Presentation by Véronique Ormezzano

Presentation by Til Schuermann

Presentation by Nicholas Véron

In this online debate, Mario Quagliariello (European Banking Authority) will provide selected findings on the state of health of the EU banking sector during the first phase of the crisis and will review what preliminary assessments tell us about banks’ resilience (e.g. asset quality, capital & liquidity buffers, operational continuity). The online debate will also discuss merits and limits of different diagnostic tools – such as stress testing – but also data needs and methodological challenges. It will conclude by engaging with lessons learnt for risk assessment.
Following Mario Quagliariello’s initial remarks, Véronique Ormezzano (BNP Paribas), Til Schuermann (Oliver Wyman) and Nicolas Véron (PIIE and Bruegel) will be sharing their perspectives on the current state of the banking sector and the challenges ahead.
The debate will be chaired by Elena Carletti (Bocconi University and Florence School of Banking and Finance, EUI) and is part of a COVID-19 online event series organised by the Florence School of Banking and Finance to discuss Europe’s economic policy response to the pandemic.


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.

   

Speaker

Mario Quagliariello Director, Economic Analysis and Statistics, European Banking Authority
Mario Quagliariello is the Director of the Economic Analysis and Statistics Department at the European Banking Authority. The Department is in charge of the analysis of risks in the EU banking sector and stress testing. The Department also holds responsibility for the statistical tasks carried out by the EBA and runs the impact assessments of regulatory measures. He previously served as Head of the Risk Analysis Unit at the EBA and as a Senior Economist at Banca d’Italia. Mario has published articles in international journals and edited the volume Stress Testing the Banking System: Methodologies and Applications, published by the Cambridge University Press. For Riskbooks, he co-edited the volume Basel III and Beyond and edited Europe’s New Supervisory Toolkit: Data, Benchmarking and Stress Testing for Banks and their Regulators. He holds a BA in economics with honours from the University “La Sapienza” in Rome and a Ph.D. in economics from the University of York.



Commentators

Véronique Ormezzano, Head of Group Prudential Affairs for BNP Paribas
Véronique Ormezzano is Head of Group Prudential Affairs for BNP Paribas since November 2015. In this role, she is responsible for the definition of BNP Paribas groupwide responses to new prudential regulations, in close liaison with regulatory experts in the various business lines and functions. She is also in charge of orchestrating the group’ relationships with regulatory authorities, industry associations and relevant peers, leveraging the various teams within Group Public Affairs, as well as business lines, functions and territories, and in close liaison with top management. She has been appointed Alternate Chair of AFME Prudential Regulatory Board in September 2016, she is a member of EBF Banking Supervision Committee and is actively participating to various industry groups and conferences. Since June 2017, she also serves as a member of the Board of Directors of BNP Paribas UK Ltd. She was previously, since 2009, Global Head of Official Institutions Coverage at BNP Paribas. In this role, she created and led a team of Senior Bankers dedicated to Sovereigns, Central Banks, Sovereign Wealth Funds, Supranationals, delivering the whole range of financial services across geographies and business lines: Primary and Secondary Debt Capital Markets, Hedging instruments, Reserve Management, Implementation of monetary policy, Asset Allocation, Alternative Investments in Real Estate and Infrastructure, Securities Services, Corporate Finance and Advisory. She joined Paribas in 1994 after several years as a management consultant in the Finance Division of Andersen Consulting (now Accenture), and held various responsibilities in the bank, as Head of economic Capital and RAROC project in the Risk Department (1994-1998), as Head of Loan Portfolio Management in Corporate and Investment Banking (1998-2006), and as Head of Financial Information and Investor Relation in the Group’s Finance Division (2006-2009)


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


Nicolas Véron Senior Fellow, 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.



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 02 July 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.
Jul
21
Tue
Online debate: Consolidation in the EU Banking Sector @ Online
Jul 21 @ 1:00 pm – 2:00 pm

Presentation by Edouard Fernandez-Bollo


The consolidation of the banking sector(s) in the European Union is an ongoing development. Consolidation may entail different benefits, in boosting banks’ profitability through economies of scale and cost-efficiency, and in addressing overcapacity. At the macro level it may foster private risk-sharing (such as in the Banking Union). However, consolidation might also be in tension with preserving the stability of the financial system (e.g. resolvability) or with ensuring a level playing field among market players. Lastly, at the bank level, consolidation might also undermine sound risk management.

Against this background, the European Central Bank’s supervisory arm has recently elaborated on three key prudential aspects to consolidation transactions in a draft guide: the setting of capital requirements and guidance, the treatment of badwill, and the use of internal models by the newly consolidated entities.

This online debate, the last FBF online debate of our COVID-19 online debate series before the summer break, will discuss opportunities and risks in the consolidation (incl. cross-border) of the European banking sector. It will review the merit of defining supervisory expectations on consolidation, will ask if and how consolidation could contribute to address immediate challenges of the sector such as low profitability and non-performing loans and will debate the need for transparency in encouraging sustainable consolidation projects.


Chair and 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.

   

Speaker

Edouard Fernandez-Bollo, Member of the Supervisory Board of the European Central Bank
After post-graduate studies at the Ecole Normale Supérieure de Saint-Cloud, Section Humanities and Social sciences, and an experience in different branches of French civil service, Edouard Fernandez-Bollo joined the Banque de France in 1988. He has occupied different posts related to Banking Regulation and Licensing, European harmonization and Banking Resolution issues. As of 2000 he was in charge of the legal secretariat of the Commission bancaire, the French supervisory authority and of its antimoney laundering policy unit. In 2004 he became its General Counsel and in 2008 deputy General Secretary. He has been chairing the Basle Committee Expert group on AML-CFT (antimoney landering and combating the financing of terrorism) issues since 2007. From 2010 to 2013 he was deputy General Secretary of the new Autorité de contrôle prudentiel, the integrated French prudential supervisorand from January 2014 to August 2019, he was Secretary General of the Autorité de contrôle prudentiel et de resolution, Member of the European Banking Authority and of the Basel Committee on Banking Supervision. Edouard Fernandez-Bollo is currently serving a five-year mandate as Member of the Supervisory Board of the European Central Bank.

Diego De Giorgi, Independent Director, Unicredit; former Global Head of Global Investment Banking, Bank of America Merril Lynch







Andreas Dombret, Columbia University, former Member of the Board of Deutsche Bundesbank








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 21 July 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.
Jul
28
Tue
Online seminar: The EU Recovery Package and What’s Next @ Online
Jul 28 @ 1:00 pm – 2:00 pm

Download the presentation by Jean-Pierre Vidal

In an unprecedented effort to deal with the effects of the global pandemic crisis, the European Council adopted a historic and extraordinary package for the European recovery earlier this week. The EU recovery plan builds on the 2021-2027 Multiannual Financial Framework (MFF) and is reinforced by a specific recovery effort called Next Generation EU (NGEU).

As part of our COVID-19 online events series, this FBF online seminar will discuss with Jean-Pierre Vidal (Chief Economic Advisor of the President of the European Council Charles Michel) the content and features of this ambitious package. The seminar will also explore how the adopted measures may mitigate the current economic slowdown, including the opportunity to accelerate the green and digital transitions.


Chair

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

   

Speaker

Jean-Pierre Vidal, (Chief Economic Advisor of Charles Michel, President of the European Council)
Jean-Pierre Vidal is Chief Economic Advisor to Charles Michel, President of the European Council. Until December 2019 he headed the Policy and Strategy Division in the Economics Department of the European Investment Bank. He was Counsellor to the Executive Board of the European Central Bank from September 2016 to June 2019. He previously was Chief Economic Advisor to European Council President Donald Tusk, and a member of the cabinet of the first permanent President of the European Council, Herman Van Rompuy. He held several positions at the European Central Bank: Head of the ECB Representative Office in Brussels (2011-2012), Deputy Head of the Monetary Policy Strategy Division (2007-2011), and Head of the Fiscal Analysis Section (2004-2007). Before joining the ECB as economist in 2000, he worked as senior researcher at the ‘Centre National de la Recherche Scientifique’ (CNRS). Jean-Pierre holds an MBA from ESSEC business school (‘Ecole Supérieure des Sciences Economiques et Commerciales’) and a Ph.D. in economics from the University of Cambridge.




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 28 July 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.
Sep
2
Wed
FINTECH – Innovation, Finance and Regulation @ Online
Sep 2 – Sep 18 all-day
Qualitative

Course dates: 02 – 18 September 2020

Place: Online

Course Director: Philipp Paech (London School of Economics); Senior experts from the public sector

Instructors: Klaus Löber (European Central Bank), Elisabeth Noble (European Banking Authority); Senior experts and interviewees from the public and private sector tba

Area: Regulation, Supervision and Resolution

Level: Introductory/Intermediate

Target: EU Officials (ECB, SSM, SRB, ESRB, EBA, ESM), National Supervisory Authorities, Economists and Risk Managers in financial institutions and private banks, Lawyers and Accountants, Ph.D. Students, Post-Graduate Researchers, Assistant Professors.

More information and registrations
Sep
7
Mon
DEBTCON4 – 4th Interdisciplinary Sovereign Debt Research and Management Conference
Sep 7 @ 9:00 am – Sep 18 @ 9:00 pm

The residential edition of the 4th Interdisciplinary Sovereign Debt Research and Management Conference has been postponed to 2021.

Save the Date! The first-ever Distributed Sovereign Debt Research and Management Conference will take place online between 7 and 18 September 2020. More details will be available soon.

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