This online debate held by the European University Institute’s Florence School of Banking and Finance introduced and discussed the unprecedented French-German proposal of a grants-based Recovery Plan funded by a European Union borrowing capacity entrusted to the European Commission.
The online seminar will take place on Adobe Connect. You can access the seminars from personal computers, laptops, tablets and smartphones. 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.
Watch the debate
The European University Institute’s Florence School of Banking and Finance in cooperation with the Leibniz Institute for Financial Research SAFE (Goethe University, Francfort) and the Centre for Economic Policy Research (CEPR) will introduce and discuss the rationale, merit and scope of the ESRB Recommendation on the restriction of pay-outs during the COVID-19 pandemic.
Francesco Mazzaferro (Head of the Secretariat of the European Systemic Risk Board (ESRB)) will present the report and the ESRB Recommendation to achieve a uniform approach to restraints on pay-outs across the European Union and across different segments of the financial sector. This ESRB recommendation comes in support of previous initiatives from the European Central Bank, the European Banking Authority, the European Insurance and Occupational Pensions Authority and national authorities to insist on the need for banks, insurance companies to refrain from paying dividends and variable compensation and buying back shares until at least 1 January 2021 – and possibly longer in case of necessity.
The debate will explore the merits in terms of macro-prudential arguments and impact of a wide-ranging restrictions on pay-outs across the different segments of the financial system.
The debate will be chaired by Elena Carletti (Bocconi University, Florence School of Banking and Finance and CEPR), moderated by Jan-Pieter Krahnen (Goethe University, Leibniz Institute for Financial Research SAFE and CEPR) and will feature Viral V. Acharya (New York University, Stern School of Business and CEPR) and Sylvie Mathérat (Independent member of the EU commission High Level Forum on Capital Market Union) as commentators.
This debate is part of a COVID-19 online event series organised by the Florence School of Banking and Finance to discuss Europe’s economic policy response to the pandemic.
Francesco Mazzaferro (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.
Viral V. Acharya (New York University Stern School of Business) Viral V. Acharya is the C.V. Starr Professor of Economics in the Department of Finance at New York University Stern School of Business (NYU-Stern) and an Academic Advisor to the Federal Reserve Banks of New York and Philadelphia. Viral was a Deputy Governor at the Reserve Bank of India (RBI) during 23rd January 2017 to 23rd July 2019 in charge of Monetary Policy, Financial Markets, Financial Stability, and Research. His speeches while at the RBI will release in the end of July 2020 in the form of a book titled “Quest for Restoring Financial Stability in India” (SAGE Publications India), with a new introductory chapter “Fiscal Dominance: A Theory of Everything in India”.
Jan-Pieter Krahnen (Goethe University, Leibniz Institute for Financial Research SAFE and CEPR) Jan Pieter Krahnen Krahnen is a Professor of Finance at Goethe University’s House of Finance. He is a Director of the Center for Financial Studies (CFS) and the Leibniz Institute SAFE. His current research interests focus on the implications of the 2007-2010 financial turmoil for banking, systemic risk, and financial market regulation. His publications appeared, among others, in the Review of Economic Studies, the Journal of Financial Intermediation, the Journal of Banking and Finance, and Experimental Economics. Krahnen is a CEPR research fellow, and was President of the European Finance Association in 2011. Krahnen has been involved in policy advisory on issues of financial market regulation, most recently as a member of the High Level Expert Group on Structural Reforms of the EU Banking Sector (“Liikanen Commission”), implemented by EU Commissioner Michel Barnier. From 2008 until 2012 he was a member of the Issing-Commission, advising the German government on the G-20 meetings. Until recently, he was also a member of the Group of Economic Advisors (GEA) at the European Securities and Markets Agency (ESMA), Paris. Also, he is a member of the Academic Advisory Board of Germany’s Federal Ministry of Finance.
Sylvie Mathérat (Independent member of the EU commission High Level Forum on Capital Market Union) Sylvie Mathérat is an independent member of the EU commission High Level Forum on Capital Market Union since November 2019. Previously she was a Board Member at DB USA Corp. and DWS Group GmbH & Co. KGaA, a member of Deutsche Bank’s Management Board since 2015 and the bank’s Chief Regulatory Officer in charge of Regulation, Compliance and Anti-Financial Crime. She joined Deutsche Bank in 2014 as Global Head of Government & Regulatory Affairs. Previously she was Deputy Director General at Banque de France, responsible for regulation and financial stability issues, payment and settlement infrastructures, banking services, and the Target 2 Securities project. She previously held various positions at the Banking Supervisory Authority and in the private sector. She studied public law and finance at the Institut d’Etudes Politique de Paris, France, and holds a master degree in law and political sciences. She was awarded the Legion d’Honneur in 2014.
The online seminar will take place on Zoom. Registered participants will receive the credentials to join the event at 10:00 AM (CET) on 24 June 2020. You can access the seminars from personal computers, laptops, tablets and smartphones. 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 this online debate, Mario Quagliariello (European Banking Authority) will provide selected findings on the state of health of the EU banking sector during the first phase of the crisis and will review what preliminary assessments tell us about banks’ resilience (e.g. asset quality, capital & liquidity buffers, operational continuity). The online debate will also discuss merits and limits of different diagnostic tools – such as stress testing – but also data needs and methodological challenges. It will conclude by engaging with lessons learnt for risk assessment.
Following Mario Quagliariello’s initial remarks, Véronique Ormezzano (BNP Paribas), Til Schuermann (Oliver Wyman) and Nicolas Véron (PIIE and Bruegel) will be sharing their perspectives on the current state of the banking sector and the challenges ahead.
The debate will be chaired by Elena Carletti (Bocconi University and Florence School of Banking and Finance, EUI) and is part of a COVID-19 online event series organised by the Florence School of Banking and Finance to discuss Europe’s economic policy response to the pandemic.
Mario Quagliariello Director, Economic Analysis and Statistics, European Banking Authority Mario Quagliariello is the Director of the Economic Analysis and Statistics Department at the European Banking Authority. The Department is in charge of the analysis of risks in the EU banking sector and stress testing. The Department also holds responsibility for the statistical tasks carried out by the EBA and runs the impact assessments of regulatory measures. He previously served as Head of the Risk Analysis Unit at the EBA and as a Senior Economist at Banca d’Italia. Mario has published articles in international journals and edited the volume Stress Testing the Banking System: Methodologies and Applications, published by the Cambridge University Press. For Riskbooks, he co-edited the volume Basel III and Beyond and edited Europe’s New Supervisory Toolkit: Data, Benchmarking and Stress Testing for Banks and their Regulators. He holds a BA in economics with honours from the University “La Sapienza” in Rome and a Ph.D. in economics from the University of York.
Véronique Ormezzano, Head of Group Prudential Affairs for BNP Paribas
Véronique Ormezzano is Head of Group Prudential Affairs for BNP Paribas since November 2015. In this role, she is responsible for the definition of BNP Paribas groupwide responses to new prudential regulations, in close liaison with regulatory experts in the various business lines and functions. She is also in charge of orchestrating the group’ relationships with regulatory authorities, industry associations and relevant peers, leveraging the various teams within Group Public Affairs, as well as business lines, functions and territories, and in close liaison with top management. She has been appointed Alternate Chair of AFME Prudential Regulatory Board in September 2016, she is a member of EBF Banking Supervision Committee and is actively participating to various industry groups and conferences. Since June 2017, she also serves as a member of the Board of Directors of BNP Paribas UK Ltd. She was previously, since 2009, Global Head of Official Institutions Coverage at BNP Paribas. In this role, she created and led a team of Senior Bankers dedicated to Sovereigns, Central Banks, Sovereign Wealth Funds, Supranationals, delivering the whole range of financial services across geographies and business lines: Primary and Secondary Debt Capital Markets, Hedging instruments, Reserve Management, Implementation of monetary policy, Asset Allocation, Alternative Investments in Real Estate and Infrastructure, Securities Services, Corporate Finance and Advisory. She joined Paribas in 1994 after several years as a management consultant in the Finance Division of Andersen Consulting (now Accenture), and held various responsibilities in the bank, as Head of economic Capital and RAROC project in the Risk Department (1994-1998), as Head of Loan Portfolio Management in Corporate and Investment Banking (1998-2006), and as Head of Financial Information and Investor Relation in the Group’s Finance Division (2006-2009)
Til Schuermann, Partner and Co-Head of Oliver Wyman’s Risk & Public Policy practice in the Americas.
Til Schuermann advises private and public sector clients on stress testing, capital planning, enterprise-wide risk management, model risk management and corporate governance including board oversight. He participated in the stress testing of the Spanish (2012) and Slovenian (2013) banking systems, and the European Central Bank’s Comprehensive Assessment in 2014. In 2016 Til conducted an assessment of the Bank of England’s stress testing program for the IMF, and recently supported the UN in a global project of estimating the impact of climate risk on banks. Til also is a member of the Federal Reserve Bank of New York’s Financial Advisory Roundtable. Until March 2011, Til was a Senior Vice President at the Federal Reserve Bank of New York where he held numerous positions, including head of Financial Intermediation in Research and head of Credit Risk in Bank Supervision. In Spring 2009, he played a leadership role in the design and execution of the Supervisory Capital Assessment Program (SCAP – bank stress test), and the subsequent Comprehensive Capital Analysis and Review (CCAR) programs. He has numerous publications in both academic and practitioner journals, is on the FRM exam committee for GARP, a member of the advisory board of the NYU Courant Institute Mathematical Finance program, and has taught at Columbia University and at the Wharton School where he is a Research Fellow. Til received a Ph.D. in Economics from the University of Pennsylvania.
Nicolas Véron Senior Fellow, Peterson Institute for International Economics and Bruegel Nicolas Véron is a Senior fellow at the Peterson Institute for International Economics since October 2009 and is a senior fellow at Bruegel, the Brussels-based economic policy think tank he helped cofound in 2002–2004. A French citizen and graduate of Ecole Polytechnique and Ecole Nationale Superieure des Mines de Paris, he has held various positions in the public and private sectors, including as corporate adviser to France’s labor minister (1997–2000), as chief financial officer of the publicly listed internet company MultiMania / Lycos France (2000–2002), and as an independent financial services consultant. Since July 2013 he has been a board member of the derivatives arm of the Depository Trust and Clearing. His research is mostly about financial systems and financial reform around the world, including global financial regulatory initiatives and current developments in the European Union. He has published on accounting standards, audit firm governance, banking supervision, cross-border financial crisis management, economic nationalism, financing of high-growth firms, industrial policy, internationalization of large companies, oversight of inward investment in the European Union, and rating agencies. In September 2012, Bloomberg Markets included Véron in its second annual 50 Most Influential list, with reference to his early advocacy of European banking union.
Technical disclaimerThe online seminar will take place on Zoom. Registered participants will receive the credentials to join the event at 10:00 AM (CET) on 02 July 2020. You can access the seminars from personal computers, laptops, tablets and smartphones. 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.
The consolidation of the banking sector(s) in the European Union is an ongoing development. Consolidation may entail different benefits, in boosting banks’ profitability through economies of scale and cost-efficiency, and in addressing overcapacity. At the macro level it may foster private risk-sharing (such as in the Banking Union). However, consolidation might also be in tension with preserving the stability of the financial system (e.g. resolvability) or with ensuring a level playing field among market players. Lastly, at the bank level, consolidation might also undermine sound risk management.
Against this background, the European Central Bank’s supervisory arm has recently elaborated on three key prudential aspects to consolidation transactions in a draft guide: the setting of capital requirements and guidance, the treatment of badwill, and the use of internal models by the newly consolidated entities.
This online debate, the last FBF online debate of our COVID-19 online debate series before the summer break, will discuss opportunities and risks in the consolidation (incl. cross-border) of the European banking sector. It will review the merit of defining supervisory expectations on consolidation, will ask if and how consolidation could contribute to address immediate challenges of the sector such as low profitability and non-performing loans and will debate the need for transparency in encouraging sustainable consolidation projects.
Chair and Moderator
Edouard Fernandez-Bollo, Member of the Supervisory Board of the European Central Bank After post-graduate studies at the Ecole Normale Supérieure de Saint-Cloud, Section Humanities and Social sciences, and an experience in different branches of French civil service, Edouard Fernandez-Bollo joined the Banque de France in 1988. He has occupied different posts related to Banking Regulation and Licensing, European harmonization and Banking Resolution issues. As of 2000 he was in charge of the legal secretariat of the Commission bancaire, the French supervisory authority and of its antimoney laundering policy unit. In 2004 he became its General Counsel and in 2008 deputy General Secretary. He has been chairing the Basle Committee Expert group on AML-CFT (antimoney landering and combating the financing of terrorism) issues since 2007. From 2010 to 2013 he was deputy General Secretary of the new Autorité de contrôle prudentiel, the integrated French prudential supervisorand from January 2014 to August 2019, he was Secretary General of the Autorité de contrôle prudentiel et de resolution, Member of the European Banking Authority and of the Basel Committee on Banking Supervision. Edouard Fernandez-Bollo is currently serving a five-year mandate as Member of the Supervisory Board of the European Central Bank.
Technical disclaimerThe online seminar will take place on Zoom. Registered participants will receive the credentials to join the event at 10:00 AM (CET) on 21 July 2020. You can access the seminars from personal computers, laptops, tablets and smartphones. 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 an unprecedented effort to deal with the effects of the global pandemic crisis, the European Council adopted a historic and extraordinary package for the European recovery earlier this week. The EU recovery plan builds on the 2021-2027 Multiannual Financial Framework (MFF) and is reinforced by a specific recovery effort called Next Generation EU (NGEU).
As part of our COVID-19 online events series, this FBF online seminar will discuss with Jean-Pierre Vidal (Chief Economic Advisor of the President of the European Council Charles Michel) the content and features of this ambitious package. The seminar will also explore how the adopted measures may mitigate the current economic slowdown, including the opportunity to accelerate the green and digital transitions.
Jean-Pierre Vidal, (Chief Economic Advisor of Charles Michel, President of the European Council) Jean-Pierre Vidal is Chief Economic Advisor to Charles Michel, President of the European Council. Until December 2019 he headed the Policy and Strategy Division in the Economics Department of the European Investment Bank. He was Counsellor to the Executive Board of the European Central Bank from September 2016 to June 2019. He previously was Chief Economic Advisor to European Council President Donald Tusk, and a member of the cabinet of the first permanent President of the European Council, Herman Van Rompuy. He held several positions at the European Central Bank: Head of the ECB Representative Office in Brussels (2011-2012), Deputy Head of the Monetary Policy Strategy Division (2007-2011), and Head of the Fiscal Analysis Section (2004-2007). Before joining the ECB as economist in 2000, he worked as senior researcher at the ‘Centre National de la Recherche Scientifique’ (CNRS). Jean-Pierre holds an MBA from ESSEC business school (‘Ecole Supérieure des Sciences Economiques et Commerciales’) and a Ph.D. in economics from the University of Cambridge.
Technical disclaimerThe online seminar will take place on Zoom. Registered participants will receive the credentials to join the event at 10:00 AM (CET) on 28 July 2020. You can access the seminars from personal computers, laptops, tablets and smartphones. 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: 02 – 18 September 2020
Course Director: Philipp Paech (London School of Economics); Senior experts from the public sector
Instructors: Klaus Löber (European Central Bank), Elisabeth Noble (European Banking Authority); Senior experts and interviewees from the public and private sector tba
Area: Regulation, Supervision and Resolution
Target: EU Officials (ECB, SSM, SRB, ESRB, EBA, ESM), National Supervisory Authorities, Economists and Risk Managers in financial institutions and private banks, Lawyers and Accountants, Ph.D. Students, Post-Graduate Researchers, Assistant Professors.More information and registrations
Sovereign Debt in the European Union
Tuesday, 8 September 2020, 15.00-18.00 CEST
Webinar part of Distributed Interdisciplinary Sovereign Debt Research and Management Conference — D-DebtCon
The COVID-19 pandemic is causing havoc in an already fragile global economy. While its full impact in terms of capital flows and debt levels is yet unknown, unprecedented government interventions to minimize the economic impact have spiked public debt to levels unseen in the last 50 years. According to the IMF projections1 for 2020 public debt relative to GDP will increase by over 13% in the Euro Area and worldwide.
At the same time, new trends are emerging in sovereign debt markets. A number of European sovereigns have announced plans to issue green bonds in 2020, as well as other new debt instruments such as social bonds, sustainability bonds and sustainability-linked bonds. New market developments, in particular after the COVID-19 outbreak, have included floating-rate notes and index-linked bonds.
During the euro area crisis of a decade ago the EU sovereign debt markets suffered damage as never before, while the policy response involved the creation of new instruments and institutions. Today, as a response to the huge shock caused by the COVID-19 outbreak, EU leaders have agreed on a historic package for European recovery, ‘Next Generation EU’. Within this recovery package, the European Commission was mandated to raise €750bn of funds on the markets during the next two years.
Against this background, the research papers to be presented will address a number of facets of EU sovereign debt markets: their maturity structure and cost, the pace of debt crises, and the characteristics of the bank-sovereigns doom-loop. The policy panel to follow will explore the future challenges of sovereign debt in the EU, by focusing on debt sustainability at the national level, common EU borrowing and safe assets.
1IMF Fiscal Monitor, April 2020 regarding General Government Gross Debt in percent of GDP, available at https://www.imf.org/en/Publications/FM/Issues/2020/04/06/fiscal-monitor-april-2020More information
The Coronavirus pandemic has wrought havoc on households, businesses and the economy. Like all organisations, insurance companies and pension fund providers had to rapidly adapt and take steps to maintain business continuity and services to customers, whilst also ensuring the safety of employees. Given the scale of the pandemic, supervisors and regulators reacted swiftly to put in place measures to reduce the burden on insurance companies and pension funds so that they could concentrate on their essential operations. Risk-based capital buffers built-up with Solvency II helped insurers to withstand the initial severe market shocks experienced with the Covid-19 crisis. However, a high level of uncertainty on the magnitude of economic disruption and further dissemination of the virus threatening health of European citizens increases downside risks looking ahead. Some six months in to the crisis, there are already some early lessons to draw. From a supervisory perspective, this means reviewing the measures that were put in place and how the regulatory frameworks to set up to ensure the stability of the sectors fared in withstanding the shock. However there are also broader lessons to consider, for example how to close protection gaps and the case for pandemic insurance; what the accelerated take up of digital technology by consumers means for business models and communication; and, most importantly, the role of the insurance and pensions in underpinning Europe’s recovery. The crisis may be far from over, but it is not too early to starting thinking about the post-pandemic world.
ModeratorElena Carletti (Bocconi University and Florence School of Banking and Finance, European University Institute) Elena Carletti is Professor of Finance at Bocconi University. She is also at the Florence School of Banking and Finance at the European University Institute, is a member of Board of Directors of Unicredit SpA and a member of the Advisory Scientific Committee of the European Systemic Risk Board (ESRB). Furthermore, she is research professor at the Bundesbank, a member of the Expert Panel on banking supervision for the European Parliament, a member of the Scientific Committee “Paolo Baffi Lecture” at the Bank of Italy, a member of Bruegel Scientific Committee, Research Fellow at CEPR, Fellow of the Finance Theory Group, CESifo, IGIER, and Wharton Financial Institutions Center. She is the author of numerous articles on Financial Intermediation, Financial Crises and Regulation, Competition Policy, Corporate Governance and Sovereign Debt.
SpeakerGabriel Bernardino , (Chairman of the European Insurance and Occupational Pensions Authority – EIOPA) Gabriel Bernardino is Chairman of the European Insurance and Occupational Pensions Authority (EIOPA). He is responsible for the strategic direction of EIOPA and represents the Authority at the Council of the European Union, the European Commission and the European Parliament. Mr. Bernardino prepares the work of EIOPA’s Board of Supervisors and also chairs the meetings of the Board of Supervisors and the Management Board. Mr. Bernardino is the first Chairperson of EIOPA. He was elected by the Board of Supervisors of EIOPA on 10 January, 2011. His nomination followed a pre-selection of the European Commission and was confirmed by the European Parliament after a public hearing held on 1 February, 2011. Mr. Bernardino assumed his responsibilities on 1 March, 2011 for a first five-year term. On 16 December 2015 the European Parliament confirmed the re-appointment of Mr Bernardino for a second five-year term, which started on 1 March 2016. Prior to his current role, Mr. Bernardino was the Director General of the Directorate for Development and Institutional Relations at the Instituto de Seguros de Portugal (ISP). He has served in several positions of increasing responsibility since he joined the ISP in 1989 and represented EIOPA’s preceding organisation, CEIOPS, as Chairman between October 2009 and December 2010.
CommentatorsRoel Beetsma (University of Amsterdam) Roel Beetsma is the MN Professor of Pension Economics at the University of Amsterdam. He is also Vice-Dean of the Faculty of Economics and Business and Chairman of the Department of Economics and Econometrics. He holds a Ph.D from CentER, Tilburg University. Prior visiting positions include the University of California at Berkeley, the University of British Columbia, and DELTA (Paris). Beetsma is a research fellow of the Centre for Economic Policy Research in London, CESifo in Munich, the Tinbergen Institute and the Network for Quantitative and General Economics. He is also an International Research Fellow of the Kiel Institute of World Economics.
Giuseppe Corvino (Associate professor of financial markets and institutions, Bocconi University) Mr. Corvino served as Chairman, board member or advisor to global asset managers and investment banks, top tier Italian insurance companies and pension funds, consulting firms, IT companies and family offices. In order to better understand the business model of the modern investment industry, in April 2017 he received a two years academic leave of absence from Bocconi University and served as a full-time Managing Director at BlackRock Investment Management (UK) LTD, becoming a member of the Italian Executive Committee and head of the Financial Institutions Group and the Institutional Client Business for Italy. Throughout his career, Mr. Corvino cooperated with several Regulatory and Market authorities. Inter alia, he has been Member of the EIOPA Occupational Pensions Stakeholder Group, participant in the International Decade for Natural Disaster Reduction of the United Nations project and referee for the ESMA Working Paper Series.
Technical disclaimerThe online seminar will take place on Zoom. Registered participants will receive the credentials to join the event at 10:00 AM (CET) on 16 September 2020. You can access the seminars from personal computers, laptops, tablets and smartphones. 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: 18-29 September 2020
Course Instructor: Jeffrey Wooldridge (Michigan State University)
Area: Statistical and Econometric Methods
Target: EU Officials (ECB, SSM, SRB, ESRB, EBA, ESM), National Supervisory Authorities, Financial Stability officers, Economics Departments And Forecasting Departments of Central Banks, Ph.D. and Post-doctoral researchers, Research department officers of private banks.More information
The G20 central clearing obligation for OTC derivative markets has been implemented in the aftermath of the financial crisis to address risk contagion across the financial system. This assumes that central clearing counterparties (CCPs) have the capacity to manage this risk concentration in stressed circumstances. But what if these critical nodes were reaching their own limits? The purpose of this on-line seminar is to provide state-of-the-art insights on the mechanics, tools and policy questions that relate to the recovery and resolution of CCPs. The on-line seminar will focus on the role and importance of CCPs for financial markets by illustrating the type and magnitude of events that could lead to a resolution situation. It will also highlight the continuum between supervision and resolution but also the tension between the respective standards for CCPs and banks. Finally resolution triggers will be presented and the notion of public interest discussed. For each element, a balanced mix of regulatory and industry perspectives will be presented, thereby offering a view on the current debates in this field.