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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

Nov
27
Mon
Central Banking in Europe Today: Over-Mighty or Under-Powered? @ Villa La Fonte, EUI
Nov 27 @ 4:30 pm – 6:30 pm

Download the paper that followed the speech

RECORDING OF THE EVENT


Agenda

16:30 | Introduction by Vincenzo Grassi, EUI Secretary General and Brigid Laffan, RSCAS EUI

16:50 | Introduction by Andrea Simoncini, UNIFI and Fondazione CR Firenze

17:00 | Lecture by Patrick Honohan “Central Banking in Europe today: Over-mighty or Under-powered”

17:45 | Q&A, moderated by Giorgia Giovannetti, UNIFI and EUI

18:30 | Reception for all participants

 


Abstract

The ECB and other European Central Banks have never looked so powerful. They have driven interest rates below zero and purchased trillions of euros of government and other bonds. They have become more active in bank supervision – a function now also centralised for the euro zone in the ECB. Moreover, a much broader toolkit than used in past decades is being energetically employed. Having tested the limits of their mandates, the ECB and other European Central Banks are now unlikely to return to the light touch policy of the 1990s. However, some puzzles remain:

  • Why is inflation in the euro area – the main statutory objective of the ECB – still below target?
  • Why were these tools not employed earlier in the crisis?
  • Is there more that could be done now, such as “helicopter money”; and if so, should it be used?

This lecture will explain how the crisis has gradually drawn the ECB into policy areas and instruments for which its mandate is less explicit, though no less real. The Frankfurt-based Bank has, in the past ten years, changed more than most central banks. Like other major central banks, it has had to innovate in response to developments in globalization, in commodity price fluctuations and in unusually large fiscal deviations. But in doing so the ECB has been faced with unique challenges of political legitimacy as well as of economic analysis in the multi-country currency union.

 


Speaker

Patrick Honohan
Honorary Professor of Economics at Trinity College Dublin; Nonresident Senior Fellow at the Peterson Institute for International Economics
Former Governor of the Central Bank of Ireland

Patrick Honohan was Governor of the Central Bank of Ireland and a member of the Governing Council of the European Central Bank from September 2009 to November 2015. He is an honorary professor of economics at Trinity College Dublin and a nonresident senior fellow at the Peterson Institute for International Economics, Washington, DC. Previously he spent twelve years on the staff of the World Bank where he was a Senior Advisor on financial sector issues. During the 1990s he was a Research Professor at Ireland’s Economic and Social Research Institute. In the 1980s he was Economic Advisor to the Taoiseach (Irish Prime Minister) Garret FitzGerald. He also spent earlier spells at the Central Bank of Ireland and at the International Monetary Fund. A graduate of University College Dublin, he received his PhD in Economics from the London School of Economics in 1978. He has taught economics at the London School of Economics, at University College Dublin and as a visitor to the University of California San Diego and the Australian National University as well as at Trinity College Dublin. He was elected a member of the Royal Irish Academy in 2002.