On 10 July the Florence School of Banking & Finance will organise a high-level debate with the European Supervisory Heads for the European Banking Authority (EBA) in Budapest, during the annual Away-day of the Board of Supervisors. The day before, on 9th July, Elena Carletti, Scientific Director of the school and Annika Zorn will attend the EBA Management Board Meeting.
The European Banking Authority (EBA), is the EU institution that brings together the banking supervisors and regulators of the EU. http://www.eba.europa.eu/
Greek Crisis Q&A
The Florence School of Banking and Finance invites you to join us for an online discussion of the Greek Crisis. Professors Evi Pappa (EUI), Christos Hadjiemmanuil (University of Piraeus), Thomas Cooley (NYU Stern) and Ramon Marimon (EUI) will be discussing the economic ramifications of the new bailout deal, before taking questions on the past, present and future of the Monetary Union.
The Euro Area Business Cycle Network (EABCN) provides a forum for the better understanding of the Euro area business cycle, linking academic researchers and researchers in central banks and other policy institutions involved in the empirical analysis of the Euro area business cycle.
About this course
The 23rd EABCN training school was a three days course on ‘Term Structure Modeling and the Lower Bound Problem’ taught by Dr Jens Christensen (Federal Reserve Bank of San Francisco). The course covered the most recent literature on how to model the term structure of bond yields including challenges posed by the asymmetric behavior of yields near their lower bound.
Jens Christensen is a senior economist in the Financial Research Section of the Federal Reserve Bank of San Francisco, which he joined in 2006 after receiving his PhD in finance from Copenhagen Business School. He also holds an MSc in economics from the University of Copenhagen. His research interests include credit risk modeling, credit risk management, and interest rate term structure modeling. His research in this area is widely cited and has been published in leading academic journals such as the Economic Journal, the Journal of Business and Economic Statistics, the Journal of Econometrics, the Journal of Financial Econometrics, and the Journal of Money, Credit, and Banking amongst others. Finally, he is a frequent presenter at international conferences on issues related to sovereign bond markets and monetary policy.
The course will cover the most recent literature on how to model the term structure of bond yields including the challenges posed by the asymmetric behavior of yields near their lower bound. Jens Christensen will teach the course. It is primarily aimed at participants in the Euro Area Business Cycle Network but applications will also be considered from doctoral students, post-doctoral researchers and economists working in central banks and government institutions outside of the network, as well as commercial organisations (fees applicable for non-network organisations).
Organiser: Prof. Massimiliano Marcellino – Bocconi University
Speaker: Jens Christensen – Federal Reserve Bank of San Francisco
Brigid Laffan (Director, Robert Schuman Centre for Advanced Studies) and Pierre Schlosser (Ph.D. Research at the EUI) have published a new research report entitled The Rise of a Fiscal Europe? Negotiating Europe’s New Economic Governance.
In the report the authors dissect the key negotiations and decisions made following the Eurozone debt crisis before exploring their long term and profound political implications. The report will be discussed in depth during an Online Seminar.
Brigid Laffan (Director, Robert Schuman Centre for Advanced Studies)
Pierre Schlosser (Ph.D. Research at the EUI)
The Event will be live streamed on this page
What has been the position of Europe’s leading financial centres, its ‘financial capitals’, since the globalisation of the early twentieth century? Financial centres are the nerve centres of international finance, a source of wealth and power. Over the last hundred years, most leading international financial centres have been located in Europe –within a changing international balance of power. This paper considers the development of Europe’s international financial position, from the height of the pre-1914 days, when it was the ‘banker of the world’; to the lows of the late 1940s, when it required American assistance; and to the resurgence of its financial power at the turn of twenty-first century in an increasingly multipolar financial environment. The paper addresses three main issues. First: how to explain the rise, persistence and fall of Europe’s financial capitals? Second: what has been the degree of competition, cooperation and integration of Europe’s financial capitals, at both global and European levels? And third, what can the past tell us about the future of Europe’s financial position in the twenty-first century?
The Schuman Centre honours its first Director, Yves Mény, with its annual lecture to mark the beginning of the academic year and to launch the RSCAS Seminar Series. This second Yves Mény Annual Lecture will be given by Youssef Cassis, Professor of Economic History and Joint Chair RSCAS/History and Civilization Department.
Organise: Brigid Laffan – EUI – Robert Schuman Centre for Advanced Studies and Global Governance Programme
Speaker: Youssef Cassis
The depth of the economic and financial crisis and its long-lasting impact highlight fundamental unresolved issues related to the incompleteness of the Economic and Monetary Union, despite important steps forward made in response to the crisis. In addition, disaffection in the European project is widespread among citizens and it is leading to the rise of populist political forces. The current upswing in growth rates, albeit modest, is likely to trigger complacency in national governments and European institutions with the risk of deepening the divide with citizens still heavily affected by the legacy of the crisis in terms of unemployment, poverty and rising inequalities.
Against this background, the Union is at a crossroad between muddling through and facing with determination the new challenges: restore growth potential, foster a job-rich sustained growth in a stable macroeconomic environment and rebuild the relationship between European institutions and European citizens. The launch by the Commission of a multi-annual European investment plan and the definition of adequate incentives for investment and reforms are positive important steps in this direction, especially in the framework of a growth-friendly fiscal policy. However, the urgency and complexity of the issues at stake call for a more ambitious policy mix involving fiscal, structural, social and monetary policies.
Marco Piantini, adviser for European Affairs to the Italian Prime Minister, recently acted as coordinator of the Italian position on the crisis of the Eurozone and other institutional matters. He is a former adviser to President Napolitano and a staff member at the European Parliament.
Organiser: Brigid Laffan – EUI – Robert Schuman Centre for Advanced Studies and Global Governance Programme
Speaker: Marco Piantini
Registration deadline is 25 September, 2015
Thursday, October 8
13:00–13:10 | Welcome Address
- Ramon Marimon, European University Institute, UPF–Barcelona GSE & CEPR
13:10–14:40 | Long-term sustainability of a monetary and fiscal union (WP1)
- Chair: Jurgen Von Hagen, University of Bonn
- Charlie Brendon, University of Cambridge
- Giancarlo Corsetti, University of Cambridge
- Árpád Ábrahàmand and Ramon Marimon, European University Institute
- Jesus Fernandez-Villaverde, University of Pennnsylvania
15:00–16:30 | Stabilisation policy in currency unions (WP2)
- Chair: Evi Pappa, European University Institute
- Pedro Teles, Universidade Católica Portuguesa & Bank of Portugal
- Morten Ravn, University College London
- Franck Portier, Toulouse School of Economics
- Martin Uribe, Columbia University
16:30–18:00 | Round Table: “What type of Fiscal Union?”
- Moderator: Isabel Correia, Universidade Católica Portuguesa & Bank of Portugal
- Joaquín Almunia, Former Vice President of the European Commission
- José Manuel Campa, Grupo Santander and IESE Business School
- Eilis Ferran, University of Cambridge
- John Hassler, Stockholm University and Swedish Fiscal Policy Council
- Coen Tuelings, University of Cambridge
Friday, October 9
09:00–10:30 | Macroeconomic and financial imbalances and spillovers (WP3)
- Chair: Thomas Hintermaier, University of Bonn
- Radim Bohacek, CERGE
- Christian Hellwig, Toulouse School of Economics
- Joachim Jungherr, IAE-CSIC and Barcelona GSE
- Philip Lane, Trinity College Dublin
11:00–12:00 | Keynote Address
- Herman Van Rompuy, Former President of the European Council
13:30–15:30 | Policy Implementation (WP4)
- Chair: Marek Kapicka, CERGE
- David Levine and Thomas Beukers, European University Institute
- Giorgio Monti, European University Institute
- Chris Bickerton, University of Cambridge
- Kenneth Armstrong, University of Cambridge
16:00–16:20 | ADEMU activities, organisation and dissemination (WP5 & WP6)
- Hugo Rodriguez, IAE–CSIC and Barcelona GSE
16:20–18:20 | Round Table: “Strengthening the EMU in the aftermath of the Greek crisis”
- Moderator: Richard Portes, London Business School, EUI & CEPR
- Sir Charles Bean, LSE and former Deputy Governor of the Bank of England
- Thomas Cooley, New York University – Stern Business School
- Lucrezia Reichlin, London Business School & CEPR
- Frank Smets, European Central Bank
- René Smits, University of Amsterdam
- Zdeněk Tůma, KPMG and former Governor of the Czech National Bank
Professors Claire KILPATRICK and Giorgio MONTI
An intensive workshop on October 22 and 23 2015 with three hour sessions on each of the following four themes.
- Conditions posed to legal change in reaction to the Eurozone crisis at both EU and national level (such as competence constraints, fundamental rights limits)
- Legal aspects of the overall new EMU package (e.g. Macro-economic Imbalance Procedure, Excessive Deficit Procedure, Broad Economic Policy Guidelines)
- Legal aspects of risk-sharing mechanisms (e.g. European Stability Mechanism, prospects for Euro-bonds)
- Legal aspects of banking union (emphasis on: Single Supervisory Mechanism, Single Resolution Mechanism, deposit insurance)
Participants will explore issues of EU legal and institutional design within the specific and dynamic area of EMU and the closely related area of banking union. Sessions on each of the four themes will be moderated by a mixture of invited externals and EUI Faculty. Materials will be circulated by Thursday 1 October to allow time to have thoroughly read and prepared in advance of the intensive seminar. A key goal is to clearly understand and articulate how legal design issues interact with EU economic and monetary policy objectives. To this end each seminar participant will prepare a brief (5 page) policy statement which sets out the legal issues of one of the four issues above in ways comprehensible to non-lawyers. This will be submitted by Tuesday 3 November at midday to Laurence.firstname.lastname@example.org. Feedback will be provided on each seminar participant’s policy statement.
This seminar forms part of an EUI-led project on A Dynamic Economic and Monetary Union involving the Law and Economics Departments and funded by Horizon 2020. Policy statements will be presented by Law Faculty to Economists participating in the project on Friday 11 and Saturday 12 December 2015. Seminar participants are welcome to attend.
Each day of the seminar will be comprised of two sessions: from 9:00 to 12:30 and from 14:00 to 17:00 hours.
Workshop materials (stand by for updates):
The objective of the training seminar is to improve participants’ knowledge of the latest regulatory developments, both at Basel and EU levels, in the area of Market Risk, CVA and Market Infrastructure. The seminar is organised by the EBA jointly with the Florence School of Banking and Finance (European University Institute). Apart from the Regulator’s point of view on these topics, the seminar will also provide the Academic and Industry perspective on CVA and Market Infrastructure regulatory developments.