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Calendar

Jul
24
Fri
Discussing the Greek Debt Crisis @ Online Discussion
Jul 24 @ 2:00 pm – 2:45 pm
Discussing the Greek Debt Crisis @ Online Discussion

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. 

Register now

Sep
15
Tue
The Rise of a Fiscal Europe? Negotiating Europe’s New Economic Governance.
Sep 15 @ 11:00 am – 12:00 pm

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   

Brigid Laffan (Director, Robert Schuman Centre for Advanced Studies)    

  

 Pierre02

 Pierre Schlosser (Ph.D. Research at the EUI)

   

 

Read the report

Sep
23
Wed
RSCAS Seminar Launch: The Yves Mény Annual Lecture. Europe’s Financial Capitals Since the Early Twentieth Century @ Conference Room, Villa la Fonte
Sep 23 @ 4:00 pm – 5:30 pm

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

Mar
9
Wed
Capital and Bail in Debt Buffers: Loss Absorption vs Risk Incentives
Mar 9 @ 1:00 pm – 2:00 pm
Capital and Bail in Debt Buffers: Loss Absorption vs Risk Incentives

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.

Mar
16
Wed
Contingent Convertible Debt Instruments (CoCos): regulatory use and market development
Mar 16 @ 1:00 pm – 2:00 pm
Contingent Convertible Debt Instruments (CoCos): regulatory use and market development

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.

 Register here

 

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.

Jul
1
Fri
Online Seminar! After Brexit: what next for the EMU, UK and the EU? @ Online
Jul 1 @ 12:00 pm – 1:00 pm
Online Seminar! After Brexit: what next for the EMU, UK and the EU? @ Online

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:

  1. 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?
  2. Should an ‘exit’ country be allowed free entry to the single market and other EU public goods without accepting freedom of movement?
  3. 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.

Watch the recording

Jan
18
Wed
‘Lost in TLAC’ Online seminar @ FBF Online Platform
Jan 18 @ 1:00 pm – 2:00 pm
'Lost in TLAC' Online seminar @ FBF Online Platform

A key policy consequence drawn from the great financial crisis of 2007 and 2008 has been to compel private sector loss participation in case of a bank’s failure. Not only would such a bail-in of investors in banks spare tax payers but also re-instill market discipline by undoing implicit government guarantees. A crucial precondition for this strategy is that banks exhibit sufficient loss bearing capacity. Regulators both globally and in Europe thus prescribe minimum standards for the amount and quality of loss bearing capital to be held by banks. This online seminar looks at the crucial features of the requirements of the Financial Stability Board’s Total Loss-Absorbing Capacity (TLAC) requirements with a particular view to the Minimum Requirement for own Funds and Eligible Liabilities (MREL) prescriptions in the Bank Recovery and Resolution Directive (BRRD) and highlights some important implementation issues.

Click here to download the slides of the presentation

Speaker: Tobias Tröger (Goethe-Universität Frankfurt)

Tobias Tröger holds since 2011 the Chair of Private Law, Trade and Business Law, Jurisprudence at Goethe-University Frankfurt am Main. His research interests include contract law and contract theory, corporate law (particularly, comparative corporate governance and corporate finance), banking law and the economic analysis of law. He holds a Ph.D.-degree from the Eberhard Karls University of Tübingen, where he received the qualification of post-doctoral lecturer, and an LL.M. from Harvard Law School. Throughout his academic career, he received various scholarships and awards, among others the Award of the Reinhold and Maria Teufel- Foundation for his Ph.D.-Thesis, and the Irving Oberman Memorial Award from Harvard Law School, John M. Olin Center for Law, Economics and Business. Professor Tröger is Program Director Corporate Finance at the Research Center Sustainable Architecture for Finance in Europe (SAFE) in Frankfurt and Chairman of the Board of the European Banking Institute (EBI). He is an advisor to the European Parliament on matters regarding the Single Supervisory Mechanism (SSM). During recent years he taught as a visitor at various universities, inter alia at Stanford Law School and The University of Pennsylvania Law School.

Technical disclaimer

The online seminar will take place on the Adobe Connect platform. 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. In preparation for the event, please access the following link to test your computer and network for compatibility (please note that the “Adobe Connect Add-in” is optional): http://admin.adobeconnect.com/common/help/en/support/meeting_test.htm

If you wish to attend the online seminar through a smartphone or tablet, we strongly suggest installing the free Adobe Connect App, available on the following platforms:

Mar
1
Wed
‘The Future of CoCos’ Online seminar @ FBF Online Platform
Mar 1 @ 1:00 pm – 2:00 pm
'The Future of CoCos' Online seminar @ FBF Online Platform

Watch the recording of the seminar


Contingent Convertible bonds – also known as CoCo bonds – have attracted growing attention over the past years, both from regulators and industry practitioners. CoCos can be seen as a creation of the last financial crisis. They are a hybrid security that takes the form of a debt instrument upon issuance that may be turned into equity or written down altogether when a pre-determined trigger is activated.

In theory, CoCos thus constitute an ideal risk-absorbing instrument. It provides more agility and flexibility to banks in distress while at the same time – through its preventive effects – improving the resilience of the banking system. But under which exact design conditions can they support ‘going concern’ restructuring and market discipline in practice? Moreover, given the current volatile and unpredictable demand for CoCos in the market, is there a risk that CoCos might contribute instead to financial instability? Looking ahead, will the CoCo market reach maturity any time soon?

These are a few of the questions that will be addressed in this interactive online seminar on the future of CoCos with the lead presenter Enrico Perotti (University of Amsterdam) and the commentator Simon Gleeson (Clifford Chance).

Speaker: Enrico Perotti (University of Amsterdam)

Enrico Perotti (PhD in Finance at MIT, 1990) is Professor of International Finance at the University of Amsterdam. His broad research output has appeared in the top journals in economics, finance and law. He has been a frequent guest to the IMF, Federal Reserve Board and ECB Visiting Scholar programs. Since 2009 he acted as senior advisor on banking and financial regulation to the European Commission, Federal Reserve Board, ECB, DNB and the Bank of England. He visited the Bank of England in 2011-12 as Houblon-Normal Fellow and the ECB in 2015 as Wim Duisenberg Fellow.

Commentator: Simon Gleeson (Clifford Chance, London)

Simon Gleeson is Partner at Clifford Chance, specializing banking and financial markets law and regulation, clearing, settlement and derivatives. He is described by all of the major legal directories as one of the world’s leading experts in financial services and banking regulation, capital markets and derivatives. He is the lead legal advisor to the main UK banking and financial services industry bodies regarding Brexit. In addition to his private practice, he chairs the Institute for International Finance’s cross-border resolution committee, has been called to give evidence to UK and EU parliamentary committees, has advised the World Economic Forum on its 2009 Report on The New Global Financial Architecture, and was involved in the establishment of the UK’s Banking Standards Board.

Technical disclaimer

The online seminar will take place on the Adobe Connect platform. 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. In preparation for the event, please access the following link to test your computer and network for compatibility (please note that the “Adobe Connect Add-in” is optional): http://admin.adobeconnect.com/common/help/en/support/meeting_test.htm

If you wish to attend the online seminar through a smartphone or tablet, we strongly suggest installing the free Adobe Connect App, available on the following platforms: