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eabh Conversation on the record
The European Monetary Union and the introduction of the Euro in 1999 were unexpected achievements without precedent. At the initial period of the European Monetary Union the Community had high hopes and expectations. What happened to the hopes and objectives of the Treaty of Maastricht? Have some of them come true? Which crucial turning points or decisions in the history of the Union should and could be revised in order to avoid the mistakes of the past?
Let’s talk about it!
The Florence School of Banking and Finance is very happy to announce the signing ceremony with the school’s founding donor Ente Cassa di Risparmio di Firenze. The agreement between Ente CR and the EUI will be signed on 12th February 2016, in Firenze, by the President of the Ente Cassa di Risparmio di Firenze, Umberto Tombari, and the president of the European University Institute (EUI), Joseph H.H.Weiler, launching the opening of the school. Prof Elena Carletti, the Scientific Director of the school, will also attend the signing ceremony.
Articles about the launch of the Florence School of Banking and Finance at the EUI:
«All’Europa serve immaginazione», Corriere Imprese, 15 February 2016.
A Firenze la scuola per dirigenti bancari, ManagerOnline, 15 February 2016.
Nasce la scuola per dirigenti bancari, QuiNews, 14 February 2016.
Nasce a Firenze la Florence School of Banking & Finance, La Discussione, 14 February 2016.
Nasce a Firenze la superscuola per formare i dirigenti bancari, Repubblica Firenze, 13 February 2016.
Alla Badia Fiesolana nasce la scuola delle regole per l’Europa, Corriere Fiorentino, 13 February 2016.
Nasce a Firenze la “Florence School of Banking & Finance”, STAMP Toscana, 12 February 2016.
E’ NATA LA FLORENCE SCHOOL OF BANKING & FINANCE: FORMERÀ I DIRIGENTI PER BANCHE E FINANZA, Firenze Post, 12 February 2016.
Banche, nuova scuola per professionisti, ANSA, 12 February 2016.
Nasce a Firenze la scuola europea di banca e finanza, Toscana 24, 12 February 2016.
Nasce a Firenze la “Florence School of Banking & Finance”, Ente Cassa di Risparmio di Firenze, 12 February 2016.
Nasce la scuola di banca e finanza: ‘’Un respiro internazionale per un nuovo modello di Fondazione’’, gonews.it, 12 February 2016.
Webinar #1 with Enrico Perotti
This webinar will offer a critical approach to capital requirements with a particular emphasis put on risk absorption capacity in the context of the new Capital Requirements Directive (CRD4) and the Financial Stability Board’s Total Loss Absorbing Capacity (TLAC) standard. Two alternative views of capital requirements will be lined out: the buffer view and the incentives view. As part of the webinar, the risk absorption potential of equity, bail-in debt and, Contingent Convertible Debt instruments (CoCos) will be explored.
Watch the recording
Enrico Perotti (Ph.D. MIT) is Professor of International Finance at the University of Amsterdam, Member of the Scientific Committee of the Florence School of Banking and Finance and CEPR).
His advisory work has focused on policy advice on issues of banking, financial reforms and stability to the EC, ECB, IMF, DNB, Bank of England, the World Bank and the UK Treasury.
Webinar #2 with Enrico Perotti
This webinar will address the new regulatory treatment of Contingent Convertible Debt instruments and the development of the underlying CoCo bond markets. The contractual feature of the existing stock of CoCo debt will be analysed along various dimensions. First, in terms of their regulatory effectiveness in absorbing risk. Second, in terms of their impact on risk incentives and thus on their preventive effect. Third, we will look at the empirical evidence on the market response to their issuance. Finally, time allowing we will discuss the recent evolution on the CoCo bond market in terms of issuances and prices.
Enrico Perotti (Ph.D. MIT) is Professor of International Finance at the University of Amsterdam, Member of the Scientific Committee of the Florence School of Banking and Finance and CEPR).
His advisory work has focused on policy advice on issues of banking, financial reforms and stability to the EC, ECB, IMF, DNB, Bank of England, the World Bank and the UK Treasury.
The European University Institute (EUI), the Brevan Howard Centre at Imperial College together with BAFFI CAREFIN at Bocconi University are organising jointly a conference entitled “Filling the Gaps in Governance: The Case of Europe” to be held at the EUI in Florence on Thursday, April 28, 2016
The conference will bring together leading economists, lawyers, political scientists and policy makers to discuss the current economic situation in Europe with particular emphasis on the issue of filling the gaps or incompleteness in the agreements governing economic cooperation in Europe. These agreements, implicit and explicit, range from matters such as the agreements about domestic debt/GDP levels, the “no bailout clause”, the new banking union, the use of a common currency, the agreement to include identical Collective Action Clauses in all Euro area sovereign bonds and so on.
Organisers:
Franklin Allen | Brevan Howard Centre Imperial College
Elena Carletti | BAFFI CAREFIN Bocconi University and European University Institute
Joanna Gray | Birmingham University
Mitu Gulati | Duke University
Previous Conferences
|
The new financial architecture in the Eurozone 23 April 2015 |
Bearing the Losses from Bank and Souvereign Default in the Eurozone 24 April 2014 |
Political, Fiscal and Banking Union in the Eurozone? 25 April 2013 |
Governance for the Eurozone: Integration or Disintegration? 26 April 2012 |
Life in the Eurozone with or without Sovereign Default? 14 April 2011 |
The EUI-nomics workshops provide a forum for discussion among academics and economists in public and private institutions about the current and expected future global economic conditions, with a special focus on the euro area and its member countries. For each country/area there will be short presentations by leading experts followed by general discussion. The workshops will be completed by a policy panel debating on key economic policy issues for the euro area.
As part of this year’s State of the Union conference in Florence, a workshop will discuss the stability of the banking system. The event will be hosted by Professor Richard Portes. He will be joined by the Florence School of Banking and Finance’s director Professor Elena Carletti. The event will conclude with a speech by Ignazio Visco, Governor of the Bank of Italy.
This conference will address the liberalisation of the financial sector that occurred towards the end of the 20th Century, with a particular focus on the 1980s. It will cover different countries and consider the emergence and persistence of a new regulatory paradigm until – or even after – the recent financial crisis.
In most rich countries, various measures have been passed in order to liberalise and “modernise” the financial markets. Each country had its own agenda, but each of them has experienced, to a various extent, a change in regulatory regime. Interest rates paid on deposits have been liberalised, competition has been favoured, traditional barriers between insurance, banking, and
financial market activities, have been removed, as well as exchange controls. Access to domestic markets by foreign financial institutions has been facilitated through reciprocal agreements or through an open door approach attracting foreign investors.
Financial deregulation – or liberalisation – has not yet been thoroughly examined by historians, though, because of the difficulty to access archival material for recent periods. However, such material is becoming increasingly accessible and allows historians to take a new look at the matter, particularly concerning the 1980s.
As major reforms of the financial sector, such as Basel III, are being widely debated today, it is important to take a broader and longer-term view, in order to understand if we are still living under the same regulatory regime as before, or if a truly new paradigm has emerged. We will address the relevance of the notion of “deregulation”, the links between the changes under consideration and globalisation, and the respective influence of market forces and politics in this process. These questions call for an interdisciplinary approach that not only looks at historical and economic aspects, but also addresses legal, conceptual, and political issues.
Organiser: Youssef Cassis
The European University Institute Forum on Brexit with short contributions from Brigid Laffan, Gary Marks and Liesbet Hooghe.
Brigid Laffan is Director of the Robert Schuman Centre for Advanced Studies (RSCAS) at the EUI.
Gary Marks is a research professor in Multilevel Governance at the VU University Amsterdam and Burton Craige Distinguished Professor of Political Science at the University of North Carolina at Chapel Hill. Gary Marks is currently a Visiting Scholar at the RSCAS.
Liesbet Hooghe is the W. R. Kenan Jr. Professor of Political Science at the University of North Carolina at Chapel Hill. She also holds a research professorship in multilevel governance at the VU University Amsterdam. Liesbet Hooghe is currently a Visiting Scholar at the RSCAS.
Watch the Recording of the Conference
Europe has grown out of its crises when reason and solidarity have prevailed, but it has also been devastated by its crises when fear and nationalism have taken the lead. Brexit, in the aftermath of the euro crisis, brings this dichotomy back to the foreground. Since 2010 there have been important advances in the development of the Economic and Monetary Union (EMU) and flexible forms of participation have allowed other EU countries, reluctant to join the euro, to share the basic principles that define the EU and have a common presence in the interdependent global world.
Brexit raises 3 crucial questions:
- Should the EMU be accelerated to become a centre of gravity within the EU, or slowed down to avoid a centrifugal diaspora? If accelerated, how?
- Should an ‘exit’ country be allowed free entry to the single market and other EU public goods without accepting freedom of movement?
- Should the EU remain as it is, or increase its capacity to offer common public services (Banking Union, border security, research funding, environment, etc.), or limit its scope of activity to the EU single and integrated market?
Panelists:
Joaquín Almunia (Former vice-president of the European Commission)
Ramon Marimon (European University Institute and UPF – Barcelona GSE; ADEMU)
Gorgio Monti (European University Institute; ADEMU)
Morten Ravn (University College London; ADEMU)
Moderator:
Annika Zorn (European University Institute, Florence School of Banking & Finance)
The event is jointly organised by the Florence School of Banking & Finance, Pierre Werner Chair and ADEMU Project.