Course Instructor: Moritz Schularick (University of Bonn)
Area: Financial Stability and Macroprudential policy
Level: Intermediate

This course will focus on the following topics:

• Financial cycles and the economy;
• Interest rates and returns on capital;
• Financial crisis prediction: tools and accuracy;
• Bank capital and financial stability;
• Debt overhang and recovery from crises;
• Managing credit booms: macroprudential vs. monetary policy

This course is targeted at EBA, SSM, SRB, ESRB, EU officials, financial stability and research department of Central Banks, Ph.D. students, post-doc researchers; assistant professors; private sector economists.

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Course Instructor: Lee C. Buchheit (Cleary Gottlieb Steen & Hamilton LLP); Mitu Gulati (Duke University); Jeromin Zettelmeyer (Peterson Institute of International Economics)
Area: Risk Management
Level: Intermediate

This course will focus on the following topics:

• Sovereign default and restructuring risk;
• How do sovereign borrowers get into trouble?
• The warning signs of sovereign distress.
• Initial maneuvers to escape and evade the crisis.
• The options when the initial maneuvers don’t work — bailout or restructure
• The evolution of sovereign debt restructuring techniques — 1982 to 2017
• The role of the official sector
• Contractual provisions that facilitate, or that retard, sovereign debt workouts
• Sovereign debt restructuring after Greece and Argentina

This course is targeted at EBA, SSM, SRB, ESRB, EU officials, financial stability and legal department experts in Central Banks, Ph.D. students, private sector members, law firms and practitioners.

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The annual conference of the Florence School of Banking and Finance, organised at the European University Institute (EUI) brings together leading economists, lawyers, political scientists and policy makers to critically analyse, review and debate the most salient elements and gaps of Europe’s post-crisis institutional architecture.

Organisers:

Franklin Allen | Brevan Howard Centre Imperial College
Elena Carletti | BAFFI CAREFIN Bocconi University and European University Institute
Mitu Gulati | Duke University

Background:

The crisis has turned Europe’s economic and financial governance into a patchwork of bodies, instruments and rules that are hard to disentangle. Against this background, the purpose of this conference is to critically analyse, review and debate the most salient elements and gaps of Europe’s post-crisis institutional architecture.

More specifically, the conference aims:

• to draw analytical and practical lessons from the crisis management solutions provided by European Union institutions
• to interrogate how courts discussed, challenged and legitimized the EU’s key crisis-led decisions
• to look ahead and boldly ask and discuss what should be the Economic and Monetary Union’s optimal institutional set-up – also in light of a renewed and conceivably more dynamic French-German cooperation moment.

Sessions:

• Session 1: A Look Back: Evaluating European Institutions’ Crisis Management
• Session 2: Disentangling The Crisis And The Courts
• Session 3: The Way Forward: The Eurozone’s Institutional Prospects

MORE INFORMATION AND REGISTRATION

Course Instructors: Emiliano Sabatini, Antonio Schifino (Bank of Italy)
Area: Bank Regulation, Supervision and Resolution
Level: Introductory/Intermediate

This course will focus on the following topics:

• An overview of the solvency ratio: regulatory capital and Pillar I risks.
• The main answers of micro-prudential regulators to the crisis.
• The backstop measures.
• Pillar II and its role under the Single Supervisory Mechanism.
• An overview of the main IFRS accounting standards on financial instruments and their implications from a regulatory perspective.
• The main differences between the accounting and the regulatory frameworks with reference to consolidation.

This course is targeted at EBA, SSM, SRB, ESRB, EU officials, lawyers, political scientists, Ph.D. students, accountants, private sector economists.

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Course Instructors: Christian Brownlees (Universitat Pompeu Fabra), Fabio Canova (FBF and BI Norwegian Business School)
Area: Statistical and Econometric Methods
Level: Intermediate/Advanced

This course will focus on the following topics:

• Estimation and forecasting.
• Models of time varying correlations: estimation and forecasting.
• VaR and Systemic risk: measures and forecasting techniques.

This course is targeted at Financial Stability and Research departments in central banks, Ph.D. and Post-doctoral researchers, Assistant Professors, Research department officers of private banks, EU institutions.

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Course Instructor: Jean Dermine (Insead)
Area: Risk Management
Level: Intermediate

This course will focus on the following topics:

• Probability of Default (PD) calibration and validation
• Loss Given Default (LGD) – What do we know about LGDs?
• Discount rate in LGDs.
• Regulatory updates regarding LGDs.
• Value-at-Risk.

This course is targeted at Financial stability and research department of Central Banks, Ph. D. students, private sector economists, EU officials.

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Course Instructors: Bart Joosen (VU University), Stefano Cappiello (FBF), Jean-Jacques Van Helten (Visiting fellow, RSCAS; formerly Bank of Montreal)
Area: Bank Regulation, Supervision and Resolution
Level: Intermediate/Advanced

This course will focus on the following topics:

• Liquidity Coverage Ratio and Net Stable Funding Ratio’s in the European Capital Requirements Regulation framework
• Definition of High Quality Liquid Assets, the changing definition of safe assets and the forthcoming Simple Transparent and Standardised Securitisations
• Stress testing, survival period and measurement of resilience against liquidity shocks
• Internal Liquidity Adequacy Assessment (ILAAP), Risks not included in LCR
• Relationship with recovery and resolution frameworks, importance of liquidity constraints for the definition of “failing or likely to fail”

This course is targeted at EU Officials (ECB, SSM, SRB, ESRB, EBA, ESM), Senior Policy Officers of Prudential Supervisors/National Central Banks, In-house Legal Counsels, External Lawyers, Treasurers with Banks, Senior Legal Officers, Funding Strategists.

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Course Instructors: Senior staff members from the ESRB Secretariat and the ECB
Area: Financial Stability and Macroprudential policy
Level: Introductory/Intermediate

This course will focus on the following topics:

• Macroprudential policy framework, objectives and instruments
• Implementation challenges (e.g. calibration, cross-border effects, leakages, transmission)
• The use of capital-based instruments (e.g. countercyclical capital buffer, structural buffers, risk weights)
• The use of asset-based instruments, in particular for the real estate sector
• The use of liquidity instruments (e.g. liquidity coverage requirements. net stable funding ratio, loan-to-deposit ratio)
• Macroprudential policy beyond banking

This course is targeted at EBA, SSM, SRB, ESRB, EU officials, financial stability and research department of Central Banks, Ph.D. students, post-doc researchers; assistant professors; private sector economists.

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Course Instructor: Massimiliano Marcellino (Bocconi University and EUI)
Area: Statistical and Econometric Methods
Level: Introductory/Intermediate

This course will focus on the following topics:

• The main macroeconomic drivers of banking performance
• Modelling economic variables using linear regression models
• Using linear regression models for point, interval and density forecasting
• Forecasting in time of crisis: how to detect and handle parameter instability
• Forecasting in an evolving context: introducing dynamics in the linear models
• Forecast evaluation, comparison and combination

This course is targeted at EBA, ESRB, SSM, SRB, EU Institutions, Financial Stability officers, Economics Departments And Forecasting Departments of Central Banks, Ph.D. and Post-doctoral researchers, Research department officers of private banks.

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Course Directors: Stefano Cappiello (FBF), Bart Joosen (VU University, Amsterdam)
Course Instructors: Eleni Angelopoulou (ECB), Stefano Cappiello (FBF), Andrea Federico (Oliver Wyman), Seraina Grünewald (University of Zürich), Bart Joosen (VU University), Emiliano Tornese (DG Fisma, EC), Tobias Tröger (Goethe University, Frankfurt)
Area: Bank Regulation, Supervision and Resolution
Level: Intermediate

Learning objectives:

• Acquire the essentials of the new EU banking resolution regime – its rules and principles, actors and procedures
• Understand and apply the key concepts of bank resolution (e.g. Resolution Tools, Resolution Objectives, Bail-In, No Creditor Worse Off in Liquidation, Minimum Requirements for Own
• Funds and Eligible Liabilities, Total Loss Absorption Capacity)
• Learn how to assess recovery plans in practice
• Learn how to design and implement resolution plans in practice

This course is targeted at policy-makers and experts from European institutions and agencies, National Finance Ministries, National Central Banks, National Resolution Authorities; officials from Foreign Affairs Ministries; Private lawyers and private banking practitioners; PhD researchers and post-doc researchers.

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