Calendar
After two years of existence, it is time to focus on what happened in practice for the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM), i.e. in the core of the Banking Union, in Member States and beyond the EU. The workshop gathers as broad a range of perspectives as possible with a variety of countries (ins and outs, including non-participating Member States and third countries, crisis and non-crisis countries), levels (national, supra- and international), and backgrounds (academic and supervisory practice).
A good range of the most important issues will be discussed, namely: to what extent does the regulatory framework under the Single Rulebook assist or hinder centralized decision-making? Have the Joint Supervisory Teams (JST) proven to be a tool to have both a sufficiently high information basis on the local level of the banks supervised and robust enough a membership to avoid capture? Has the split of supervisory competences in the SSM created problems or can it be seen as a sensible scheme?
But also, if the purpose of the SRM, as part of the Banking Union project, is to centralize resolution decision-making, to what extent does discretion remain within the national authorities? To what extent should all classes of retail financial services be exempted from bail-in? To what extent does Minimum Requirement for own funds and Eligible Liabilities (MREL) under the BRRD framework and the Total Loss Absorbing Capacity (TLAC) standard developed by the Financial Stability Board (FSB) give raise to a one size fits all approach to resolution?
Stefaan De Rynck (DG FISMA, European Commission) will present a paper on the state of banking union, covering the issues of supervision, resolution and deposit guarantees. The paper reviews competing explanations for the emergence of banking union on the EU agenda. It also discusses the first indications on the effectiveness of banking union, both for a more centralized EU banking policy and for breaking the nexus between national banks and their sovereigns in the context of Euro Area crisis management.
Mr. De Rynck is an EU official who worked with Commissioner Michel Barnier on the creation of the single supervisory mechanism and the new resolution regime for EU banks. He is currently Head of Unit in DG FISMA for free movement of capital and enforcement of financial regulation. He teaches at the Collegio Carlo Alberto (University of Turin) and the College of Europe (Bruges), and has a PhD from the EUI, and has recently published in JEPP on the creation of the banking union. Currently he is drafting a chapter on banking union for a Routledge Handbook on EU Public Policy.
Discussants:
- Manuela Moschella (Associate Professor in International Political Economy, Scuola Normale Superiore, Florence)
- Christy Petit (Law Department, European University Institute)
The session will be chaired and moderated by Pierre Schlosser, Florence School of Banking and Finance
- Manuela Moschella (Associate Professor in International Political Economy, Scuola Normale Superiore, Florence)
- Deirdre Curtin (EUI, Law Department)
Course instructor: Bart Joosen (University of Amsterdam)
Area: Supervision and Resolution
Level: Intermediate
This training course will:
- bring a close reading of the LCR Regulation and analyses the various topics concerning liquidity inflows and outflows
- explore the dependencies of the LCR Regulation with the legislative framework for covered bonds, securitisation and deposit guarantee schemes
- analyse, in a separate close reading session, the EBA Guidelines on ICAAP and ILAAP information collected for SREP purposes
- address the forthcoming NFSR rules as well as the interaction of those rules with the LCR framework
The course is targeted, among others, at EU Officials (ECB, SSM, SRB, ESRB, EBA, ESM), Senior Policy Officers aand Legal officers of Prudential Supervisors/National Central Banks. It is expected that the course participants have a degree in Law or Social Sciences, and prior knowledge of European capital and liquidity regulation.
The global financial crisis and the European fiscal crisis raised a set of cardinal questions concerning the organization of an economic integrated area. The bank resolution rules introduced by the Bank Recovery and Resolution Directive and the Single Resolution Mechanism Regulation have created a whole new area of law in the EU but touch on many areas of substantive law, including insolvency law and competition law – some already harmonized at European level, others only partially. This area of law is to further extended for institutions other than banks, such as insurance companies and central counterparties. In this PhD-workshop economists and legal scholars shall jointly discuss the current challenges related to the emergence of this new area of law by looking at its boundaries. The organizers are interested in all topics which fall under the umbrella of the broad workshop topic.
With this focus, the seminar is addressed to PhD-students of law, economics and related disciplines, who will present current research-projects that relate to recent or future European legal developments and challenges in the field of resolution law or the European Banking Union in the broader context.
Two topical keynotes from experts in the field will complement the workshop.
Application Procedure:
Early stage researchers (Ph.D.-students or Post-docs) which are interested in participating in the workshop shall submit a full paper or an extended abstract related to the workshop topic via email to Agnieszka Smoleńska (agnieszka.smolenska@EUI.eu) or Lynette Janssen (l.g.a.janssen@law.leidenuniv.nl) no later than December 31, 2016. The decision of including papers for presentation at the workshop will be communicated by January 15, 2017.
The European University Institute will cover hosting expenses for presenters. Travel costs are not covered.
Course Instructor: Enrique G. Mendoza (University of Pennsylvania)
Area: Financial Stability and Regulation
Level: Intermediate/Advanced
Deadline for registrations: 14 February 2017
This course will focus on the following topics:
- A primer on financial markets modeling in open economy models and fundamentals of macro models of financial crises
- Stylized facts of credit booms and Sudden Stops
- Collateral constraints and the case for Macroprudential policy
- Quantifying the effectiveness of optimal v. simple financial policy rules in Sudden Stop models
- Time-inconsistency in the conduct of macropudential policy
- The interaction between monetary and financial policies (Tinbergen’s rule and the need for coordination)
This course is targeted at financial stability and research departments of Central Banks, Ph.D. students, research departments of private banks, and EU Officials (e.g. ECB, SSM, SRB). Participants are expected to have a degree in Economics and to be proficient in mathematics, statistics and macro-modeling.
Course Instructor: Gianni De Nicolò (International Monetary Fund and FBF)
Area: Risk Management
Level: Intermediate
Deadline for registrations: 7 March 2017
This course will focus on the following topics:
- Value at Risk (VAR) and market based measures of systemic risk
- Measures of systemic importance (COVAR, Network analysis)
- Identification of Systemically Important Financial Institutions (SIFIs)
- Contagion and network externalities
This course is targeted at financial stability and research department of Central Banks, Ph.D. students, private sector economists, EU officials. Participants are expected to hold a BA (or equivalent) in Economics and to have a basic understanding of statistics and econometrics.
Course Instructor: Steven Ongena (University of Zurich)
Area: Financial Stability and Regulation
Level: Intermediate/Advanced
Deadline for registrations: 29 March 2017
This course will focus on the following topics:
- Current research methodologies used in empirical banking, with a special emphasis on inter-temporal and cross-sectional methods (e.g. matching)
- Techniques: Heteroskedastic Modelling, Duration Analysis and Applications, Matching, Difference-in-Difference, Event Studies and Applications, Elements of an Identification Strategy
This course is targeted at Financial stability and research department of Central Banks, Ph.D. students in Economics, Banking or Econometrics, and economists in the private sector. Participants are expected to have a degree in Economics and to be proficient in mathematics, statistics and modelling (an intermediate level in micro and macroeconomics, as well as in applied econometrics, is required to follow this course).
The EUI-Nomics workshops provide a forum for discussion among academics and economists in public and private institutions about the current and expected future global economic conditions, with a special focus on the euro area and its member countries. For each country/area there will be short presentations by leading experts followed by general discussion. The workshops will be completed by a policy panel debating on key economic policy issues for the euro area.
The workshop is organised by Massimiliano Marcellino, Bocconi University and EUI.
The 2017 event will feature roundtables discussing the following topics:
- France, Germany, Spain
- The Italian Economic Perspectives
- Global Conditions
- Euro Area Macroeconomic Outlook: Alternative Views?
- EU and the UK after Brexit
Course Instructors: Fabio Canova (BI), Wouter den Haan (LSE), Junior Maih (Norges Bank)
Area: Statistical and Econometric Methods
Level: Intermediate/Advanced
Deadline for registrations: 17 May 2017
This course will focus on the following topics:
- Piecewise linear solution. Maximum Likelyhood and Bayesian estimation
- Solution and simulation of regime-switching DSGE models; exogenous and endogenous switching; occasionally-binding constraints
- Numerical integration: splines, fixed point and time iteration
- Projection techniques for models with occasionally binding constraints
This course is targeted at financial stability officers, research department officers, Ph.D. students, and research department officers of private banks. Participants are expected to have a degree in Economics and to be proficient in mathematics, statistics and modelling.