Calendar
Course dates: 8-10 April 2019
Place: EUI Premises, Florence
Course Instructors: Til Schuermann (Oliver Wyman), Mario Quagliariello (EBA), Senior Experts from the public and private sector
Area: Risk Management
Level: Intermediate
Target: 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
Course dates: 23-24 April 2019
Place: EUI Premises, Florence
Course Instructors: Lee Buchheit (Cleary Gottlieb Steen & Hamilton LLP), Mitu Gulati (Duke University), Jeromin Zettelmeyer (Peterson Institute of International Economics)
Area: Risk Management
Level: Intermediate
Target: 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
MORE INFORMATION AND REGISTRATION
Scientific Organisers:
- Franklin Allen, Brevan Howard Centre, Imperial College
- Elena Carletti, Bocconi University, BAFFI CAREFIN and European University Institute
- Mitu Gulati, Duke University
- Jeromin Zettelmeyer, Peterson Institute for International Economics
Europe’s financial infrastructure is experiencing deep challenges from both within and outside. From within, there is a need to deal effectively with sovereign risk in a way that ensures financial stability in both the short and the long run. From the outside, Europe needs to react to the risk of economic and financial fragmentation, ignited by populist and nationalist movements and a new unilateralism on the side of Europe’s traditional ally, the United States. The tensions ignited by this shift have so far been mostly limited to international trade, but they could also affect the payments system.
Against this background, the purpose of this conference will be to gain a better understanding of the internal and external disruptions that may be putting Europe’s financial system under stress and offer a way forward to address these challenges, in a dialogue between senior academics, policy-makers and private practitioners.
Specifically, the conference aims to (1) assess the challenges to Europe’s and the global payment systems in the context of rising US extra-territorial sanctions, (2) debate what steps could mitigate the costs of sovereign debt crises without raising sovereign yields or exacerbating liquidity risk in the short run, (3) ask whether Europe needs a safe asset that helps address challenges from both directions, and how this could be designed.

Download the presentation by Thorsten Koeppl
Download the presentation by Agnieszka Smolenska
Over the past decade, clearinghouses have subsumed the management of counterparty risk for many financial transactions. Regulators and supervisors thus face a new nexus for risk in financial markets, where these institutions have become too important too fail. The European Union set out a comprehensive regulatory framework for Central Counterparties (CCPs) in recent years, in order to improve their ability to face possible financial distress. Reforms adopted in the last months aim to ensure a more consistent and robust supervision of CCPs in EU and non-EU countries to tackle emerging challenges. In this context, the online seminar will offer a primer on the features of CCPs as both insurers and sources of systemic risk.
Speaker
Thorsten Koeppl (Professor, Queen’s University)
Commentator
Agnieszka Smoleńska (Polityka Insight and European University Institute)
Technical disclaimer The online seminar will take place on the Adobe Connect platform. You can access the seminars from personal computers, laptops, tablets and smartphones. You are strongly encouraged to read the technical requirements before registering for the online seminar. 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.
Course dates: 15-17 May 2019
Place: EUI Premises, Florence
Course Instructor: Steven Ongena (University of Zurich)
Area: Statistical and Econometric Methods
Level: Intermediate
Target: Financial stability and research department of Central Banks; Ph.D. students in Economics, Banking or Econometrics; Private sector economists.
Download the presentation by Michel Dacorogna
Despite constituting a key dimension of financial markets, the basic economics of insurance remain poorly understood. This online seminar intends to be a first contribution to fill this gap. In this introductory online seminar Dr. Michel Dacorogna (University of Zürich and Prime Re Solutions) starts by offering a definition of risk and by highlighting the value of risk management from a theoretical point of view. Dr. Dacorogna then discusses the difference between uncertainty and risk as introduced by Frank Knight. On this basis, he briefly recalls the history of insurance and its role in economic development.
Based on risk measures and their various operationalisations, it is possible to define a capital adjusted to risk to guarantee payment of an insurance policy. With a simple example, Dr. Dacorogna then shows how the price of risk is computed and discusses its main components – what he calls the cost of production of an insurance policy. Lastly, he emphasizes the role of portfolio diversification and its limitation illustrated through a modification of the example.
Dr. Dacorogna’s presentation will be followed by comments from Dimitris Zafeiris (EIOPA) as well as by our traditional Questions and Answers session.
Speaker
Michel Dacorogna (University of Zürich and Prime Re Solutions)
Commentator
Dimitris Zafeiris (Head of the Risks and Financial Stability Department, EIOPA)
Technical disclaimer The online seminar will take place on the Adobe Connect platform. You can access the seminars from personal computers, laptops, tablets and smartphones. You are strongly encouraged to read the technical requirements before registering for the online seminar. 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.
Course dates: 20-22 May 2019
Place: EUI Premises, Florence
Course director: Thorsten Koeppl (Queen’s University)
Area: Risk Management
Level: Intermediate
Target: Financial stability and research department of Central Banks; Ph.D. students in Economics, Banking or Econometrics; Private sector economists.
Course dates: 3-5 June 2019
Place: EUI Premises, Florence
Course Instructor: Thierry Foucault (HEC)
Area: Financial Stability and Macroprudential policy
Level: Intermediate
Target: Researchers in central banks, Ph.D. and Post-doctoral researchers, Assistant Professors, Research departments of private banks, EU officials.
Course dates: 17-19 June 2019
Place: EUI Premises, Florence
Course Instructors: Danny Busch (University of Nijmegen), Matteo Gargantini (CONSOB), Martin Scheicher (SSM, ECB)
Area: Regulation, Supervision and Resolution
Level: Intermediate
Target: EU Officials (ECB, SSM, SRB, ESRB, EBA, ESM), economists and risk managers in financial institutions and private banks, lawyers and accountants, Ph.D. students, post-graduate researchers, assistant professors.
Download the slides of the presentation
The Banking Package adopted in spring 2019 by European co-legislating institutions will enter into force this summer. It represents an important step towards the completion of the European post-crisis regulatory reforms. These reforms implement into European Union (EU) law some outstanding elements which had been previously agreed by the Basel Committee on Banking Supervision (BCBS) and the Financial Stability Board (FSB) and are meant to make the financial system more resilient and stable.
In this online seminar, Marie Donnay (Head of Unit in Resolution and Deposit Insurance in DG FISMA), Tommy De Temmerman (Policy Officer in Bank Regulation and Supervision in DG FISMA) and Audrius Pranckevius (Policy Officer in Resolution and Deposit Insurance) will present and discuss the key changes that were brought about to the EU resolution and prudential frameworks by the new Banking Package. With respect to changes to the resolution framework, a particular focus will be put on the implementation in EU law of the international standard on Total Loss-Absorbing Capacity – also called TLAC – and on the amendments to the existing Minimum Requirement for own funds and Eligible Liabilities – also called MREL.
Speakers
Marie Donnay (Head of Unit in Resolution and Deposit Insurance, DG FISMA, European Commission)
Tommy De Temmerman (Policy Officer in Bank Regulation and Supervision, DG FISMA, European Commission)

Audrius Pranckevicius (Policy Officer in Resolution and Deposit Insurance, DG FISMA, European Commission)

Technical disclaimer The online seminar will take place on the Adobe Connect platform. You can access the seminars from personal computers, laptops, tablets and smartphones. You are strongly encouraged to read the technical requirements before registering for the online seminar. 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.