Calendar
As is well established, financial institutions can create or amplify systemic risk. In this online seminar, Dimitris Zafeiris (Head of the Risks and Financial Stability Department at the European Insurance and Occupational Pensions Authority – EIOPA) and Francesco Mazzaferro (Head of the Secretariat at the European Systemic Risk Board – ESRB) will guide us through the sources of systemic risk in insurance and will spell out that two types of systemic risk can be distinguished.
The first type of systemic risk is contagion (both direct and indirect). The second type is the systematic withdrawal or failure of insurance services, which could lead to a systemic disruption. Zafeiris and Mazzaferro will thus argue that a macroprudential approach should address systemic risk and supplement the microprudential supervisory framework for insurers (Solvency II).
This online seminar will also highlight that the lack of harmonisation in the field of recovery and resolution of insurers makes cross-border cooperation and coordination more difficult. For the orderly resolution of insurers, a harmonised and comprehensive recovery and resolution framework is essential to better protecting policyholders as well as maintaining financial stability. Finally, Zafeiris and Mazzaferro will argue that European policyholders should be adequately and – to a minimum – evenly protected in the event of insurance failures. This could be achieved by harmonising the national insurance guarantee schemes in the EU.
Speakers
Francesco Mazzaferro (Head of the Secretariat of the European Systemic Risk Board – ESRB)
Francesco Mazzaferro has been the Head of the Secretariat of the European Systemic Risk Board (ESRB) since January 2011. He began his career in financial research in the Research Department of the Istituto Bancario San Paolo di Torino (today part of Intesa Sanpaolo) in Turin, Italy, in 1987. Francesco joined the European Commission in Brussels, Belgium, in 1992, starting his international career in the Directorate General for Economic and Financial Affairs, where his work focused on the European Currency Unit and preparations for the introduction of the single currency. In 1995 he joined the European Monetary Institute – which later became the European Central Bank – in Frankfurt am Main, Germany, as the Officer of Policy Planning. In 1998 he became the Senior European Relations Officer in the European Relations Division. From 2000 he worked as Principal in the EU Neighbouring Regions Division, becoming the Head of Division in 2003.
Dimitris Zafeiris (Head of the Risks and Financial Stability Department, EIOPA)
Dimitris Zafeiris is Head of the Risks and Financial Stability Department at the European Insurance and Occupational Pensions Authority (EIOPA). He is responsible for EIOPA’s activities in the areas of financial stability, crisis management and studies and statistics.Before joining EIOPA, Dimitris ran the risk management unit in a commercial bank where he was responsible for the management of projects such as the implementation of Basel II and external asset quality reviews. Prior to this, Dimitris held roles as investment director, portfolio manager and analyst in a number of firms in the asset management industry. Dimitris holds a Master of Science in Finance and a Bachelor of Science in Economics.
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.
Technology is the most powerful lever banks have for addressing challenges and delivering future opportunities. Four key emerging technologies have the potential to transform banks and the industry ecosystem. These are data analytics, cloud, artificial intelligence and distributed ledgers.
This presentation outlines the key market challenges that banks are facing; an overview of the emerging technologies that have the potential to transform banks and the industry; the impact this will have on the business model and operating model of banks; the impact on the industry ecosystem including regulators; and key considerations for banks and regulators to prepare for these impacts.
The presentation will be based on the joint AFME-PwC report ‘Technology and Innovation in Europe’s Capital Markets’.
Speakers
Shabdeep Mann
Shabdeep is a Director in PwC’s Technology Consulting practice. He leads the Banking & Capital Markets Data & Analytics capability in the UK. He has extensive experience of data transformation and technology enabled transformation having delivered strategies and complex programmes at major financial services institutions.
Tom Fish
Tom is a Director in PwC’s Technology Consulting practice. Tom has led multiple Risk and Finance data and regulatory programmes and has extensive experience of Risk technology in Banking & Capital Markets. He has extensive experience of the regulatory landscape and regulatory expectations, having worked with regulators in the UK and Europe.
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: 23-25 September 2019
Place: EUI Premises, Florence
Course Instructor: Enrique G. Mendoza (University of Pennsylvania)
Area: Financial Stability and Macroprudential policy
Level: Intermediate/Advanced
Target: Financial stability and research department of Central Banks, Ph.D. students, research department of private banks, EU officials.
Download the slides by Andrew Metrick
What lessons should policymakers learn from our experience in the global financial crisis? In this online seminar, Professor Andrew Metrick (Janet L. Yellen Professor of Finance and Management at the Yale School of Management and the Director of the Yale Program on Financial Stability) will discuss the results so far from a major research project at Yale University to synthesize those lessons and make the results available to future crisis-fighters.
Yale’s “The New Bagehot Project” was launched in 2017 to expand knowledge on the “wartime” policies, designed to fight crises in progress. In fact, during the Global Financial Crisis, nations around the world had attempted hundreds of crisis interventions, only a fraction of which had been studied by researchers. Going back further in time, most research on past crises focused on macroeconomic issues, with much less attention paid to the mechanics of crisis-fighting tools. The project aims to expand the crisis-fighting playbook through detailed case studies of specific interventions, synthesizing these case studies into best practices, and then presenting this synthesis across a variety of media.
The presentation will be followed by a comment by Professor Loriana Pelizzon (SAFE Goethe University Frankfurt and Ca’ Foscari University of Venice) and closed by a Q&A session with the audience.
Speaker
Andrew Metrick
Andrew Metrick is the Janet L. Yellen Professor of Finance and Management at the Yale School of Management (SOM) and the Director of the Yale Program on Financial Stability. He earned a Ph.D. in economics from Harvard in 1994, and a B.A. in economics and mathematics from Yale in 1989. Prior to joining the Yale faculty in 2008, he held positions in the finance department at Wharton and the economics department at Harvard. In academic year 2009-10, he was on leave at the Council of Economic Advisers in Washington. Upon returning to Yale, he served as the Deputy Dean of SOM from 2010 to 2016. Professor Metrick’s current research and teaching is focused on financial stability, including the regulation of systemic risk, the activities of complex financial institutions, and the causes and consequences of the financial crisis of 2007-9. His past work has been in financial intermediation more generally, with a focus on investment management and corporate governance.
Commentator
Loriana Pelizzon
Loriana Pelizzon is the Program Director of the Research Centre SAFE Systemic Risk Lab and SAFE Full Professor at Goethe University Frankfurt, Chair of Law and Finance. She is also part-time Full Professor of Economics at the Ca’ Foscari University of Venice and Research Affiliate at MIT Sloan. She was recently Visiting Associate Professor at MIT Sloan and NYU Stern. Her research interests are on risk measurement and management, asset allocation and household portfolios, hedge funds, financial institutions, systemic risk and financial crisis. Loriana is a member of the ESRB Advisory Board, a member of an expert panel on banking supervision for the European Parliament and an external expert for the EU commission on digital currency and blockchain technology. Furthermore, she has been involved in NBER and FDIC projects as well as in EU, Europlace, Eurofidai and Inquire Europe projects.
Her publications include: “Sovereign Credit Risk, Liquidity and ECB Intervention: Deux ex Machina?, (Journal of Financial Economics) with M. Subrahmanyam, J. Uno and D. Tomio, “Mutual Excitation in Eurozone Sovereign CDS” (Journal of Econometrics) with Y. Ait-Sahalia and R. Laeven and “Econometric Measures of Systemic Risk in Finance and Insurance sectors” (Journal of Financial Economics), with M. Billio, M. Getmansky and A. Lo.
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: 9-11 October 2019
Place: EUI Premises, Florence
Course Instructors:Robert McDonald (Kellogg School of Management, Northwestern University), Fabrizio Planta (European Securities and Markets Authority)
Area: Risk Management
Level: Intermediate
Target: EBA, SSM, SRB, ESRB, EU officials, financial stability and research department of Central Banks, Ph.D. students, private sector economists.
Artificial intelligence (AI) is rapidly changing how the financial system is operated, taking over core functions because of cost savings and operational efficiencies. AI will assist both risk managers and microprudential authorities. By the same token AI has also the potential to destabilise the financial system, creating new tail risks and amplifying existing ones due to procyclicality, endogenous complexity, optimisation against the system and the need to trust the AI engine.
In this online seminar, Professor Jón Daníelsson, Director of the Systemic Risk Centre at the London School of Economics, will discuss this topic on the basis of the most recent results of his research, published in a paper in June 2019. The presentation will be followed by the intervention of a discussant and a Q&A session with the public.
Speaker
Jón Daníelsson
Jón Daníelsson is director of the ESRC funded Systemic Risk Centre at the London School of Economics. He received his PhD in economics, where his dissertation focussed on stochastic volatility. His research interests include systemic risk, financial risk forecasting and financial regulations. Jón has written two books, Financial Risk Forecasting and Global Financial Systems: Stability and Risk and published a number of articles in leading academic journals.
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 co-organised with Oliver Wyman.
Course dates: 28-30 October 2019
Place: EUI Premises, Florence
Course Instructors: Stefano Battiston (University of Zurich), Andrea Federico (Oliver Wyman), Christopher Johnstone (Oliver Wyman), Ilya Khaykin (Oliver Wyman), Alban Pyanet (Oliver Wman), Practicioners in the public and private sector
Area: Risk Management
Level: Introductory/Intermediate
Target: EU officials, EBA, ESRB, SRB, National Supervisory Authorities, Financial stability and research departments of central banks, Financial institutions professionals, Lawyers, Ph.D. and Post-doctoral researchers.
Course dates: 4-6 November 2019
Place: EUI Premises, Florence
Course Instructors: Christos Gortsos (National and Kapodistrian University of Athens), Seraina Grünewald (University of Zürich), Charles Cannone (EBA), Guillaume Adamczyk (SRB)
Area: Regulation, Supervision and Resolution
Level: Intermediate
Target: EBA, SSM, SRB, ESRB, EU officials, financial stability and research department of Central Banks, Ph.D. students, private sector economists.
Download the slides by Patrick Honohan
Download the slides by Maria Ana Barata
Drawing on his newly released monograph Currency, Credit and Crisis: Central Banking in Ireland and Europe (Cambridge University Press, May 2019), Patrick Honohan, former Governor of the Central Bank of Ireland, will re-examine the role of the ECB in managing the euro area crisis, pointing to some analytical flaws and missed opportunities both at the level of monetary policy, and, beyond that, in regard to national bank resolution and fiscal adjustment.
The presentation will be followed by comments by George Papaconstantinou, former Finance Minister and Minister of Environment and Energy of Greece and part-time professor at the European University Institute’s School of Transnational Governance and by Maria Ana Barata, 4th year PhD Researcher at the European University Institute. The online seminar will be closed by a Q&A session with the public.
Speaker
Patrick Honohan
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.
Commentators
George Papaconstantinou
Professor Papaconstantinou has served government at the highest level, as cabinet minister, member of parliament and MEP. As Greece’s Finance Minister and subsequently Minister of Environment and Energy, he guided implementation of an ambitious and wide-ranging governance reform programme relating to budget and revenue processes, market liberalisation, as well as to publicly owned corporations and the divestment of state assets. Currently he is Professor at the European University Institute’s School of Transnational Governance. In the earlier part of his career, he was a senior economist at the OECD, subsequently served in a policy advisory capacity for the Greek government, was a Board member of the largest telecoms company in Greece, taught at the Athens University of Economics and Business and consulted for the European Commission and international think-tanks. Since leaving public office, his work has focused on economic and financial policy-related analysis and governance issues. He has recently published ‘Game Over: The Inside Story of the Greek Crisis’.Maria Ana Barata
Maria Ana Barata studied Law in Faculdade de Direito de Lisboa in Lisbon, Portugal. She is currently a 4th year PhD researcher in the Law Department at the European University Institute in Florence (EUI), Italy. In her research, Maria has been focusing on EU Resolution Law and on the interaction between financial stability and banking competition. While working as an editor at the European Journal of Legal Studies she reviewed articles in Law & Economics, EU Financial Law and Competition Law. At the EUI, Maria is also the co-coordinator of the EU Financial and Monetary Law Working Group and she is an active member of the Engaged Academics Working Group.
Before being at the EUI, Maria worked as a lawyer for three years at Linklaters LLP in Lisbon, Portugal where she also prepared her admission to the bar.