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Calendar

Oct
30
Mon
Regulation of Shadow Banks @ University of Amsterdam
Oct 30 – Oct 31 all-day
Regulation of Shadow Banks @ University of Amsterdam | Amsterdam | Noord-Holland | Netherlands

Course Instructors: Enrico Perotti, Bart Joosen and Roger Laeven (University of Amsterdam); Iman van Lelyveld (Free University of Amsterdam and DNB)
Area: Financial Stability and Regulation
Level: Intermediate

This course will focus on the following topics:

  • Financial and prudential aspects, with some attention to its legal underpinnings.
  • Shadow banking understood as a financial segment that expands and contracts credit outside the regulatory perimeter.
  • Key elements of shadow banking regulation as well as emerging issues related to their relevance for macro-prudential policy.
  • European (as well as some US) legislation on insurance companies, money mutual funds and central clearing platforms for derivatives.
  • Review of typical shadow banking funding and lending strategies such as secured credit and security lending.

This course is targeted at Financial Stability officers, Research department officers, Ph.D. and Post-doctoral researchers, Assistant Professors, Research department of private banks, EBA, SSM, SRB, ESRB, EU officials. Participants are expected to have a degree in Social Sciences and to have a general command of EU financial regulation.

Click here for further information and registration

Nov
10
Fri
Online Seminar – The Future of the Banking Union @ FBF Online Platform
Nov 10 @ 1:00 pm – 2:15 pm
DOWNLOAD THE SLIDES OF THE PRESENTATION

 

Participation free – registration mandatory

This online seminar aims at giving a better understanding of the way the Banking Union is evolving and the ways it should develop in the coming year to be better equipped to cope with future risks. As presented in the recently published European Commission Communication on “Completing the Banking Union”, the seminar will therefore describe and discuss the measures to be adopted to complete the Banking Union and to make the European banking sector more resilient. After a brief introduction on the broader context in which the recent Commission Communication was conceived, speakers will then focus on the three main aspects addressed by the Commission Communication, namely:
  • The new ideas put forward by the Communication to set up a European Deposit Insurance Scheme (EDIS) in relation to the system proposed with the legislative proposal of 2015;
  • Non-Performing Loans (NPLs) in the European banking sector and the measures announced by the Communication to tackle such issue;
  • The characteristics of Sovereign-Bonds Backed Securities (SBBSs) and their potential usefulness in contributing to the diversification of financial institutions’ portfolios of sovereign bonds.
The presentations will be followed by an interactive Questions and Answers session.
 

Speakers

Mario Nava (Director, Financial System Surveillance and Crisis Management, DG FISMA, European Commission)

Mario Nava holds a first degree in economics from Bocconi University (1989), an MA from the Université Catholique de Louvain, Belgium (1992) and a PhD in Public Finance from the London School of Economics (1996). As of May 2016, he is Director of the ‘Financial system surveillance and crisis management’ directorate in the Financial Stability, Financial Services and Capital Markets Union DG (formerly the Internal Markets and Services DG) of the European Commission. He was previously Director of the ‘Regulation and prudential supervision of financial institutions’ directorate. Prior to that, from April 2011, he held the position of Acting Director. From November 2009 until September 2013, he was Head of the ‘Banking and Financial Conglomerates’ unit. Previously, he the Head of the ‘Financial Markets Infrastructure’ Unit. a member of the Group of Policy Advisers of the EU Commission President, Prof. Romano Prodi, and a member of the Cabinet of the Competition Commissioner, Prof. Mario Monti (2000-2001). Alongside his work at the Commission he is active in research and teaching.

       Giulia Bertezzolo (Policy officer, DG FISMA, European Commission)

Giulia Bertezzolo currently works as policy officer working on banking resolution and crisis management at the Directorate General for Financial Stability, Financial Services and Capital Markets Union and had previously worked on banking regulation and supervision. Among other tasks, Ms Bertezzolo led the work streams on the completion of Banking Union, on additional capital requirements (Pillar 2) and on proportionality of banking regulation. She also represented the Commission in European and international fora. She joined the European Commission in 2011, after having worked in Rome and Verona as attorney specialized in EU and administrative law and as a lecturer at the University of Trento School of Law. She holds a law degree and a PhD in EU and Comparative Administrative Law from the University of Trento, and in 2008 concluded a post-doctoral program on financial regulation at the Jean Monnet Centre of the New York University and she was awarded the best-PhD thesis prize by Istituto di ricerche sulla Pubblica amministrazione (IRPA). She published many essays and articles on EU and international law issues, including on banking regulation and supervision.

       Markus Aspegren (Economist, DG FISMA, European Commission)

Markus Aspegren is an Economist at the European Commission, Directorate General for Financial Stability, Financial Services and Capital Markets Union. He currently works on financial stability issues where he, among other tasks, focuses on the coordination of the Commission’s efforts to tackle non-performing loans. He joined the European Commission in 2012, after having served as Portfolio Manager at BNP Paribas Corporate & Investment Banking, as well as Risk and Solvency Manager in the CFO-office of BNP Paribas Fortis. Prior to this he was an Economist and Policy Advisor at the Ministry of Enterprise in Stockholm, Sweden. He holds an MBA from the Vlerick Business School in Belgium and a Master of Science in Macroeconomics from the Stockholm School of Economics.

       Davide Lombardo (Senior Economist, DG FISMA, European Commission)

Davide Lombardo is a senior economist with the EU/Euro Area Financial Sector Unit of the Directorate General for Financial Stability, Financial Services and Capital Markets Union at the European Commission. Currently he is in particular co-leading a work stream on the regulatory treatment of so-called Sovereign Bond-Backed Securities (SBBS). He joined the European Commission in 2016, after working for 15 years at the International Monetary Fund, including on several IMF Programs. He holds a Ph.D. degree in economics from Stanford (2001), with specialization in finance and international economics.

       

Scientific Advisor

Emiliano Tornese, Deputy Head, Resolution and Crisis Management, 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.

Nov
22
Wed
The Law, Economics and Practice of EU Banking Resolution @ European University Institute
Nov 22 – Nov 25 all-day
The Law, Economics and Practice of EU Banking Resolution @ European University Institute | San Domenico, Fiesole | Toscana | Italy

Joint Autumn School of the Florence School of Banking & Finance and the School of Transnational Governance

Course Director: Bart Joosen (VU University, Amsterdam)
Instructors: Boudewijn Berger (ABN AMRO); Stefano Cappiello (SRB); Bart Joosen (VU University, Amsterdam); Andrea Resti (Bocconi University); Emiliano Tornese (DG Fisma, EC); Tobias Tröger (Goethe University, Frankfurt)
Area: Bank Regulation, Supervision and Resolution
Level: Introductory/Intermediate

The joint FBF-STG Autumn School seeks to intensify and strengthen knowledge on the part of public authorities, practitioners and academics as well as foster an in-depth dialogue on the merits and challenges in the implementation of the new EU resolution framework.

The learning objectives of this course are to:

  • 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 CreditorWorse 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 (European Commission, European Central Bank/Single Supervisory Mechanism, European Systemic Risk Board, Single Resolution Board, European Banking Authority, European Stability Mechanism); policy-makers and experts from National Finance Ministries, National Central Banks, National Resolution Authorities and officials from Foreign Affairs Ministries; private lawyers and private banking practitioners; Ph.D. researchers and post-doc researchers.

Click here for further information

Jan
25
Thu
Online Seminar – Venezuela’s ‘Hunger’ Bonds @ FBF Online Platform
Jan 25 @ 1:00 pm – 2:00 pm


Download the slides of the presentation


An age-old question in international finance and law, dating back at least to the days of the Czar is: what happens when a country leadership chooses to favor the interests of foreign bondholders over those of its local population, using despotic means? Does the local population, after the leadership has been removed, have to continue paying these “odious” debts? Today, the question is being posed to the international community, front and center, in the context of the Venezuelan debt crisis, where an anti-democratic leadership continues to favor the interests of foreign bondholders over a deprived local population.

Those questions as well as the relevance of such a debate in a European context – where debt restructuring is regularly popping up and off the policy agenda – were be answered in this online seminar by sovereign debt scholars, Mitu Gulati (Duke University) and Jeromin Zettelmeyer (Peterson Institute for International Economics) who will also bring contrasting perspectives from international law and economics.


 

Speaker

Mitu Gulati (Professor of Law at Duke University)

Mitu Gulati is a Professor of Law at Duke Law School, Duke University. Previously, he taught at Georgetown University Law Center, and at the UCLA School of Law, and visited among others the University of Chicago, Duke University Law School, and the University of Virginia School of Law. Prior to joining academia, he held positions in law firms in New York, Boston and Newark. His main expertise lies in the field of sovereign bond contracts; current research interests include the historic evolution of concepts of sovereign immunity and the role that law can play as a symbol. He has authored articles, among others in the Journal of Legal Studies, the Review of Finance and Law and Social Inquiry, as well as books and book chapters.

 

 

Discussant

Jeromin Zettelmeyer (Senior Fellow at the Peterson Institute of International Economics)

Jeromin Zettelmeyer is a Senior fellow at the Peterson Institute for International Economics. Previously, he served as director-general for economic policy at the German Federal Ministry for Economic Affairs and Energy, where he was responsible for economic analysis and forecasting, the microeconomic policy framework, and a key policy initiative to boost private and public investment. He also represented Germany at the OECD Economic Policy Committee and served as a founding cochair of the OECD’s Global Forum on Productivity. Before joining the German government, he was director of research and deputy chief economist at the EBRD; nonresident fellow at PIIE; earlier, a staff member of the IMF. His current research and policy interests include Europe’s currency union, Greece’s debt problem, the social impact of macroeconomic adjustment and reform, and the causes and consequences of the global productivity slowdown.

 


 

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.

Feb
12
Mon
Financial Stability and Regulation: Basic Concepts and Applications @ EUI Premises, Florence
Feb 12 – Feb 13 all-day
Financial Stability and Regulation: Basic Concepts and Applications @ EUI Premises, Florence | Toscana | Italy

Course Instructor: Gianni De Nicolò (FBF and International Monetary Fund)
Area: Financial Stability and Macroprudential policy
Level: Introductory/Intermediate

This course will focus on the following topics:

  • Key measures of bank risk
  • Individual and aggregate financial soundness indicators of banking system market, credit, and liquidity risks;
  • Design and interpretation of stress tests and their role in managing and mitigating risk exposures;
  • The bank regulatory framework with respect to capital and liquidity;
  • Public intervention and role of central banks

This course is targeted at EBA, SSM, SRB, ESRB, EU officials, financial stability and research department of Central Banks, Ph.D. students, accountants, private sector economists, law firms and practitioners.

Click here for further information and registration

Feb
15
Thu
Online Seminar – A French-German Vision on Euro Area Reform @ FBF Online Platform
Feb 15 @ 1:00 pm – 2:00 pm


Download the slides of the presentation

Market discipline and risk sharing should be viewed as complementary pillars of the euro area financial architecture, rather than as substitutes. Achieving this complementarity, however, is not easy. It calls for stabilisation and insurance mechanisms that are both effective and cannot give rise to permanent transfers. And it requires a reformed institutional framework.

Against this background, the seminar presented and discuss the recent Euro Area reform proposal formulated in a CEPR Policy Insight by a group of independent French and German economists with differing views and political sensitivities but a shared conviction that the current deadlock must be overcome.

The proposal asserts that a reform of the euro area is needed for three reasons: first, to reduce the continued vulnerability of the euro area to financial instability; second, to provide governments with incentives for reform; third – and perhaps most importantly – to remove a continuing source of division between euro area members and of resentment of European institutions, which has contributed to the rise of anti-euro populism and which could eventually threaten the European project itself.


 

Speakers

Jean Pisani-Ferry (EUI, Bruegel, Hertie School of Governance and Sciences Po)

Jean Pisani-Ferry is a professor of economics with Sciences Po Paris and the Hertie School of Governance in Berlin, and he holds the Tommaso Padoa-Schioppa chair of the European University Institute in Florence. In the first half of 2017, Pisani-Ferry contributed to Emmanuel Macron’s presidential bid as the Director of programme and ideas of his campaign. Beforehand, he served from 2013 to end-2016 as Commissioner-General of France Stratégie. Previously, he was Founding Director of Bruegel, Executive President of the French PM’s Council of Economic Analysis, Senior Economic Adviser to the French Minister of Finance, Director of CEPII, and Economic Adviser with the European Commission. He taught at University Paris-Dauphine, École Polytechnique, École Centrale and the Free University of Brussels. His publications include numerous books and articles on economic policy and European policy issues. He has also been an active contributor to public debates with regular columns in the international media.

 

 

Henrik Enderlein (Hertie School of Governance and Jacques Delors Institute Berlin)

Henrik Enderlein is Director of the Jacques Delors Institut – Berlin and Professor of Political Economy at the Hertie School of Governance. He is also a Visiting Fellow at the EUI’s Robert Schuman Centre for Advanced Studies. He previously worked as economist at the European Central Bank and was Junior Professorship in Economics at the Free University Berlin. Since 2013, he is a member of the independent German fiscal council. His awards include the Max Planck Society’s Otto-Hahn Medal for outstanding achievements by young scientists, a Fulbright Distinguished Chair at Duke University’s Political Science Department in 2006-2007, and the Pierre Keller Visiting Professorship at Harvard Kennedy School in 2012-2013. His widely published research is focused on the political economy of economic policy-making, with a special focus on the Euro, the ECB, the EU-Budget, European integration, fiscal federalism, and sovereign defaults.

 

 

 

Jeromin Zettelmeyer (Peterson Institute for International Economics)

Jeromin Zettelmeyer is a Senior fellow at the Peterson Institute for International Economics. Previously, he served as director-general for economic policy at the German Federal Ministry for Economic Affairs and Energy, where he was responsible for economic analysis and forecasting, the microeconomic policy framework, and a key policy initiative to boost private and public investment. He also represented Germany at the OECD Economic Policy Committee and served as a founding cochair of the OECD’s Global Forum on Productivity. Before joining the German government, he was director of research and deputy chief economist at the EBRD; nonresident fellow at PIIE; earlier, a staff member of the IMF. His current research and policy interests include Europe’s currency union, Greece’s debt problem, the social impact of macroeconomic adjustment and reform, and the causes and consequences of the global productivity slowdown.

 


 

This online seminar is organised in cooperation with the Tommaso Padoa-Schioppa Chair in European Economic and Monetary Integration at the 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.

Feb
26
Mon
The Essentials of EU Banking Regulation @ EUI Premises, Florence
Feb 26 – Feb 28 all-day
The Essentials of EU Banking Regulation @ EUI Premises, Florence | Toscana | Italy

Course Instructors: Christos Gortsos (National and Kapodistrian University of Athens and EUI – Fernand Braudel Senior Fellow), Seraina Grünewald (University of Zurich), Kristian Kjeldsen (Single Resolution Board)
Area: Bank Regulation, Supervision and Resolution
Level: Introductory/Intermediate

This course will focus on the following topics:

  • Banking resolution as an element of the ‘bank safety net’
  • Recovery planning – resolution planning
  • Minimum requirement of eligible liabilities (MREL) – differences with the total loss absorbing capacity (TLAC)
  • Early intervention
  • The international regulatory framework: Key attributes of effective resolution (Financial Stability Board)
  • The EU regulatory framework: BRRD and Single Resolution Mechanism Regulation (SRMR)
  • The Single Resolution Board: institutional aspects
  • Resolution tools (including bail-in)
  • Conditions for resolution (including the ‘failing or likely to fail’ criterion)
  • Precautionary recapitalization
  • State aid and Single Resolution Fund (SRF) aid
  • Government financial stabilization tools (GFST)
  • Equivalence of third country resolution frameworks

This course is targeted at 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, and assistant professors.

Click here for further information and registration

Mar
19
Mon
Financial Frictions and Macroprudential Policies @ EUI Premises, Florence
Mar 19 – Mar 21 all-day
Financial Frictions and Macroprudential Policies @ EUI Premises, Florence | Fiesole | Toscana | Italy

Course Instructor: Nobuhiro Kiyotaki (Princeton University)
Area: Financial Stability and Macroprudential policy
Level: Advanced

This course will focus on the following topics:

  • Rationale for macroprudential policy;
  • DSGE models with a financial sector;
  • Interactions between the real and the financial sectors;
  • Financial accelerator, booms and busts.

This course is targeted at EBA, SSM, SRB, ESRB, EU officials, financial stability and research department of Central Banks, Ph.D. students, private sector economists.

Click here for further information and registration

Apr
5
Thu
Understanding the Common European framework for Supervisory Review and Evaluation Process (SREP) @ EUI Premises, Florence
Apr 5 – Apr 6 all-day
Understanding the Common European framework for Supervisory Review and Evaluation Process (SREP) @ EUI Premises, Florence | Fiesole | Toscana | Italy

Course Instructors: Slavka Eley, Oleg Shmeljov (European Banking Authority)
Area: Bank Regulation, Supervision and Resolution
Level: Intermediate

This course will focus on the following topics:

  • Business model Analysis;
  • Internal governance;
  • Assessing risks to capital;
  • Liquidity and funding;
  • SREP capital adequacy assessment;
  • SREP liquidity adequacy assessment;
  • Supervisory and early intervention measures

This course is targeted at SSM, SRB, ESRB, EU officials, economists and risk managers in financial institutions and private banks, lawyers and accountants, Ph.D. students, post-graduate researchers, assistant professors.

Click here for further information and registration

Apr
17
Tue
Online Seminar – Risk Reduction in the Banking Union: NPLs and Sovereign Debt Concentration @ FBF Online Platform
Apr 17 @ 1:00 pm – 2:00 pm


Download the presentation here

‘Risk reduction’ is a key condition to complete the Banking Union. Risk-reduction is understood to refer to two main issues: the treatment of Non-Performing Loans (NPLs) and the concentration of sovereign exposure.

In this online seminar, Daniel Gros and Willem Pieter De Groen (CEPS) will first argue that the stock of NPLs is by now well-known and should no longer be considered a ‘risk’. The only question that remains is whether banks are willing to recognise the losses, today or later. Also, there is little evidence that banks with high NPL ratios lend less. Low capital ratios constitute a more important determinant of lending.

Gros and De Groen will then claim that the concentration of sovereign exposures (on the domestic sovereign) should be looked at in the context of the overall balance sheet of the banks. They will show that banks with different business models in the three major euro area countries (DE, FR and IT) seem to follow very different incentives. On the one hand the countries with more dominant investment banks show less concentration because they rely more on market financing, which would become more expensive if the asset side of their balances shows excessive concentration. On the other hand countries with more retail oriented banks, the yield differential on peripheral government bonds, might be less of an issue at first sight, but becomes more important in the medium to long term when they have to issue bonds to fulfill the MREL requirements.


 

Speakers

Daniel Gros (Director, CEPS – Centre for European Policy Studies)

Daniel Gros is the Director of the think tank Centre for European Policy Studies (CEPS), which he joined first in 1986-1988 and then again in 1990. He has worked International Monetary Fund from 1983 to 1986, and served as economic advisor to the Directorate General II of the European Commission from 1988–1990, co-authoring the study targeted to design the Euro, the European Parliament from 1998-2005, as well as several government members, including the Prime minister and the Finance minister of France. He has also taught at the College of Europe in Natolin and numerous other universities throughout Europe. His current research primarily focuses on EU economic policy, specifically on the impact of the euro on capital and labour markets, as well as on the international role of the euro, especially in Central and Eastern Europe. He also monitors the transition towards market economies and the process of enlargement of the European Union towards the east.

 

 

Willem Pieter De Groen (Research Fellow and Head of Financial Markets and Institutions Unit, CEPS – Centre for European Policy Studies)

Willem Pieter De Groen is a Research Fellow at the Center for European Policy Studies (CEPS), heading the Financial Markets and Institutions Unit, and is an associate researcher at the International Research Centre on Cooperative Finance (IRCCF) of HEC Montréal, contributing to research on financial systems. He has authored and co-authored studies and coordinated projects on EU and Near East financial institutions regulation, diversity in bank ownership and business models, retail financial services and financial instruments. Moreover, he also works on small and medium-sized enterprises obstacles to growth and access to finance as well as collaborative economy and taxation.

 

 


 

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.