logo-euiFlorence School of Banking & Finance

First edition: 22 November – 10 December

Early bird fee deadline: 10 October 2021

Registration deadline: 08 November 2021

 

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  • Course description

    This online Academy by the Florence School of Banking and Finance will give the opportunity to rethink the basis for cooperation within cross-border banking and its impacts on financial stability, while understanding the institutions, law, economics and culture behind cross-border supervisory cooperation.

    Throughout three weeks, the FBF Cross-Border Banking Supervisory Cooperation Academy will focus on the existing mechanisms of cross-border supervisory cooperation, including in moments of banking system fragility where resolution and insolvency paths are brought to the fore. By identifying the gaps in the current European framework for cross-border supervisory cooperation and ways to fill these gaps, but also explore different cooperation models and mechanisms outside Europe, this Academy aims to develop realistic and critical attitudes towards the potential and the limits of cross-border banking supervisory cooperation, experience exchange between bankers and regulators and participants from different regions of the world.

    This online Academy has been designed for mid and high-level officials from central banks, regulatory authorities, ministries of finance, interested young professional and academics, mid-level and senior bank staff who are already familiar with banking and regulatory/supervisory tools, and wish to deeply understand the challenges of cross-border cooperation within national, EU and International institutions. In addition to providing topical content and practical tools, this online Academy will be a platform to stimulate exchange and debate between public officials, academics and private practitioners.

    The materials in this course require 22-24 hours to be completed. The exact duration for participants depends on previous experience and time devoted to each activity, including optional.

  • Learning Objectives

    • Understand the rationale for supervisory cooperation within cross-border banking and its impacts on financial stability
    • Comprehend the institutions, law, economics and culture behind cross-border banking supervisory cooperation
    • Go through the different modalities and mechanisms of cross-border cooperation, including case-studies
    • Analyse cross-border cooperation during banking system fragility/instability periods, under resolution and insolvency scenarios
    • Examine the rules underpinning the European supervisory architecture and its impact on third countries
    • Identify gaps in the framework for cross-border supervisory cooperation and ways to fill these gaps
    • Understand how cross-border banks adjust to changes in supervisory architecture, and what they expect from cross-border supervisory cooperation
    • Develop realistic and critical attitudes towards effectiveness of cross-border supervisory cooperation
    • Exchanges with bankers, supervisors and participants from different regions of the world
    • Assess the future challenges for enhanced banking supervisory cooperation and financial stability
  • Modules

    Week 1

    1. The rationale for cross-border supervisory cooperation – impact on financial stability
    2. Cross-border supervisory cooperation – institutions, law, economics and culture
    3. Modalities and mechanisms for cross-border supervisory cooperation
    4. Geographic case-studies of cross-border supervisory cooperation
    5. Week 2

    6. Cross-border supervisory cooperation in Europe and cooperation within the euro area/Banking Union
    7. Cross-border cooperation in resolution and insolvency
    8. Impact of European architecture on third countries
    9. The view from the Bankers
    10. Week 3

    11. Failure of a major cross-border bank (Simulation)
    12. Future challenges for enhanced supervisory cooperation and financial stability

    Structure and activities:

    This academy is structured around a set of materials that you can access at your own pace (including video lectures and interviews), practical activities, and live classes for joint work and discussions with course participants, instructors and high-profile guest speakers.

    Practical activities

    • Quizzes, testing the understanding of the theoretical foundations in the course
    • Pre-class assignments, analyses to prepare the discussions in the live classes
    • Simulation, applying on a realistic scenario the concepts and practices outlined in the course modules
    Live classes
    • Monday 22 November, 2.00-3.00 PM CET – Kick-off Session
    • Friday 26 November, 2.00-3.30 PM CET – Live Class 1 **TBC**
    • Thursday 2 December, 2.00-3.30 PM CET – Live Class 2
    • Monday 6 December, 1.00-4.00 PM CET – Live Class 3
    • Friday 10 December, 2.00-3.00 PM CET – Live Class 4 **TBC**
    Participation in the live classes is a mandatory course requirement.
  • Academy Directors

    Ignazio Angeloni (HKS and SAFE) is a research fellow with the Mossavar-Rahmani Center for Business and Government at the Harvard Kennedy School and a senior policy fellow with the Leibniz Institute for Financial Research SAFE at the Goethe University Frankfurt. Prior to that he was a member of the supervisory board of the European Central Bank (ECB) and head of the Financial Stability and Macroprudential Policy department of the ECB. In this capacity he coordinated the preparation for establishing the single supervisory mechanism in the ECB. In his earlier career, he held positions at Italy’s Ministry of Finance, the Bank of Italy and the International Monetary Fund. He holds an undergraduate degree from Bocconi and a Ph.D. in economics from the University of Pennsylvania. He has published extensively in the areas of economics, finance, banking and European integration.

    Maria Ana Barata (EUI, FBF) is a Research Associate at the Florence School of Banking and Finance, part of the Robert Schuman Centre at the European University Institute (EUI), in Florence, Italy, since January 2020. Maria defended her Ph.D. thesis in June 2021 at the EUI Law Department on ‘“Between a Rock and a Hard Place. The Tensions between Banking Competition and Financial Stability within EU Resolution Law.”, and the key findings are available here. Before her PhD, she completed her Law degree at Faculdade de Direito de Lisboa in Portugal (2013) and a LLM in Comparative, European and International Laws at the EUI (2017). Between 2013 and 2016 Maria worked as a corporate lawyer for three years at Linklaters LLP in Lisbon, where she also prepared her admission to the bar. Her research interests include, among others, Financial Stability, Banking Law, Bank Resolution Law, and State Aid.

    Thorsten Beck (EUI, FBF) is currently professor of banking and finance at The Business School (formerly Cass) in London. He is also a research fellow of the Centre for Economic Policy Research (CEPR) and the CESifo. He was professor of economics from 2008 to 2014 at Tilburg University and the founding chair of the European Banking Center there from 2008 to 2013. Previously he worked many years in the research department of the World Bank and has also worked as consultant for – among others – the European Central Bank, the Bank of England, the BIS, the IMF, the European Commission, and the German Development Corporation. He is also a member of the Advisory Scientific Council of the European Systemic Risk Board (ESRB) and is co-editor of the Journal of Banking and Finance. His research, academic publications and operational work have focused on two major questions: What is the relationship between finance and economic development? What policies are needed to build a sound and effective financial system? Recently, he has concentrated on access to financial services, including SME finance, as well as on the design of regulatory and bank resolution frameworks. In addition to numerous academic publications in leading economics and finance journals, he has co-authored several policy reports on access to finance, financial systems in Africa and cross-border banking. His country experience, both in operational and research work, includes Albania, Bangladesh, Bolivia, Brazil, China, Colombia, Egypt, Malaysia, Mexico, Peru, Russia and several countries in Sub-Saharan Africa. In addition to presentation at numerous academic conferences, including several keynote addresses, he is invited regularly to policy panels across Europe. He holds a PhD from the University of Virginia and an MA from the University of Tübingen in Germany.

    Christy-Ann Petit (Dublin City University/Brexit Institute) is a Research Associate at the Florence School of Banking and Finance, part of the Robert Schuman Centre at the European University Institute (EUI). Christy recently defended her Ph.D. thesis at the EUI Law Department on ‘An integrated system for banking supervision in the Banking Union’, and previously graduated from the Ecole normale supérieure in law, economics, and management in France (2014), and, in European Law from the College of Europe (2015). During her postgraduate studies, she was an intern at the European Central Bank (Single Supervisory Mechanism) and at the Court of Justice of the European Union (General Court). Her research interests cover European prudential supervision and regulation, monetary policy and central banking in comparative perspectives, and the law of the Economic and Monetary Union. Her latest publications analyse ECB’s accountability and independence (Maastricht Journal of Comparative and European Law, 2019) and the SSM and ECB decision-making governance (Edward Elgar, 2019).

  • Academy Instructors

    Andrea Federico is a Partner at Oliver Wyman. He joined the firm in London in 1998 and throughout his career has worked across a number of European jurisdictions and beyond. He is currently based in Rome and advises financial services firms, authorities and governments on some of their most pressing strategic and operational challenges. Andrea is co-director of the FBF-Oliver Wyman Climate Risks and Anti-Money Laundering Academies.

    Catarina Dinis da Gama (Senior Supervisor in DG-Systemic & International Banks, ECB) joined the ECB in 2014, when she was integrated in the supervisory team of a G-SIB French Banking Group. Currently she is a supervisory team member of a G-SIB Spanish Banking Group where, among other responsibilities, she coordinates the cooperation with the different competent authorities responsible for its supervision around the world. She is also a member of the ECB’s College Working Group, responsible to provide guidance to supervisory teams on College of Supervisors related tasks. Catarina’s main technical competencies are in the areas of Banking internal governance and risk management practices as well as credit risk management. Before joining the ECB, Catarina worked in the Prudential Supervision Department of Banco de Portugal for 10 years and in a major Portuguese Banking Group for 9 years. She has a Master degree in Business Administration and Management.

    Eva Hüpkes (Head of Regulatory and Supervisory Policies, FSB) oversees the FSB Secretariat support on regulatory and supervisory policy cooperation and resolution, covering a broad range of issues including addressing regulatory and supervisory issues associated with technological innovation. Since she joined the FSB in 2009 she has contributed substantially to the development of the FSB/G20 post-crisis policy reforms, in particular the framework for addressing threats to financial stability posed by systemically important financial institutions and global standards for resolution. Prior to joining the FSB, she served as Head of Regulation at the Swiss Financial Market Supervisory Authority (FINMA) where she, for over a decade, helped design and draft a broad range of legislative and regulatory reforms. During 1997-1999 she worked at the International Monetary Fund where she supported the Fund’s response to the Asian financial crisis. Eva Hüpkes is a member of the New York Bar and holds degrees in law and international relations from the University of Geneva, the Graduate Institute of International Studies, Geneva, and Georgetown University, the University of Passau, Germany, and a PhD in law from the University of Berne.

    Mr Boštjan Jazbec became a Board Member of the SRB in March 2018 and is the Director of Resolution Planning and Decisions. He is responsible for the banks under the direct remit of the SRB in 6 EU Member States and for 2 GSIBs as well as for a number of resolution teams involved in resolution planning. He is also Chair of the Cross-Border Crisis Management (CBCM) Group for banks at the Financial Stability Board (FSB). He worked as a short-term consultant for the European Bank for Reconstruction and Development (EBRD) and the World Bank in Washington, DC. In July 2003, he was appointed to the Board of the Bank of Slovenia and continued in this post until 2008. After 2008, he worked as a Senior Advisor of the International Monetary Fund (IMF) at the Central Bank of Kosovo and the Central Bank of Suriname. In July 2013 he was appointed Governor of the Bank of Slovenia and the Member of the Governing Council of the ECB. In September 2016 he became a Member of the Bank for International Settlements’ (BIS) Central Bank Governance Group. He completed his PhD studies in Economics at the Institute for Advanced Studies in Vienna and the Faculty of Economics, University of Ljubljana.

    Stéphane Kerjean (Head of Section Accountability & Cooperation, ECB Banking Supervision) joined the ECB legal services in 2001 after several years in private practice. He has been actively involved in the preparations for the establishment of the SSM. Prior to joining the SSM Secretariat in 2020 to deal with accountability and supervisory cooperation, he was in charge of matters related to the supervision of less significant institutions and of the ECB fintech team. Stéphane was seconded for a couple of years at the Federal Reserve Board in Washington D.C. He holds a diploma of the Institute of Political Studies of Paris (Sciences Po), a postgraduate degree in European business law from the University Paris V René Descartes and was admitted to the Brussels bar.

    Michel Kohn (Lead Supervisor, ECB) has joined the ECB in 2014 and is currently Lead Supervisor in the Secretariat of the Single Supervisory Mechanism (SSM), supporting the development of the ECB’s relations with non-EU banking supervisors and the negotiation of Memoranda of Understanding (MoUs). Before joining the ECB, he worked in different functions of financial supervision at the Commission de Surveillance du Secteur Financier (CSSF). Michel holds a Master in Financial Economics

    Gyöngyi Lóránth is a Professor of Finance at the University of Vienna. She joined the university in 2009 after her employment at the Judge Business School, University of Cambridge. She previously held a postdoctoral position at the London Business School. She received her PhD in Economics from Universitat Autónoma de Barcelona (1999) and from Université Libre de Bruxelles (2003). Loranth’s research interests focus on financial intermediation, corporate finance and corporate governance. Her research has been published in leading academic journals such as the Review of Financial Studies, Review of Finance, Management Science and Journal of Financial Intermediation among others. She has taught several courses in Corporate Finance at the Judge Business School, Manchester Business School, Central European University, Humboldt University, Pompeu Fabra University and ESADE Business School as well as tailor-made executive courses for banks.

    Samuel McPhilemy (Lead Supervisor, ECB) joined the ECB in 2019 and is currently Lead Supervisor in the Supervisory Policies Division in DG-Horizontal Line Supervision. Samuel’s work focuses on cross-border integration in the Single Supervisory Mechanism, macroprudential policy and the ECB’s policies for exercising options and discretions under EU law. Samuel began his central banking career at the Bank of England. His holds a PhD in Political Science and International Studies

    Martin Oehmke is a Professor of Finance at the London School of Economics and a research fellow at CEPR. Previously, he was the Roger F. Murray Associate Professor of Finance at Columbia Business School and a Faculty Research Fellow in the NBER’s corporate finance program. Martin received his PhD in Economics from Princeton in 2009. His main research interests are financial intermediation and corporate finance theory. Martin is the author of numerous articles in leading journals in finance and economics. He is a member of the Advisory Scientific Committee of the European Systemic Risk Board, is an associate editor at the Journal of Finance, and serves on the editorial board of the Review of Economic Studies. He is the current president of the Finance Theory Group, a past winner of the Brattle Distinguished Paper Award, and the recipient of an ERC Starting Grant.

    Chryssa Papathanassiou (Team Lead – Legal Counsel, ECB) has worked in various functions during the last 23 years at the ECB’s legal department, the oversight of market infrastructures, and banking supervision. Currently, Chryssa leads the team on supervisory cooperation, and her expertise extends to banking supervision and fundamental rights. Chryssa is a lawyer, a member of the Athens and New York Bars, holds a Ph.D. from the Law School of the University of Konstanz, and an LL.M from Yale Law School where she was a Friedrich-Naumann and a Fulbright Scholar respectively. Prior to joining the ECB, Chryssa had worked at the legal department of one of the largest German banks

    John Roche (Senior Secretariat Official, ECB) joined the ECB in 2016, he is currently Senior Secretariat Official of the Supervisory Board, where he supports Supervisory Board decision-making and supervisory cooperation between the ECB and other authorities. Before joining the ECB, John worked at the Bank of England and in private sector consulting. He has an MSc in Development Economics.

    Davide Stroppa (Equivalence Team Leader, EBA) has joined the EBA in 2015 and is currently Equivalence Team Leader, leading the EBA work related to the assessment of equivalence of non-EU countries (regulatory and supervisory framework) and non-EU authorities (confidentiality provisions). He is also involved in the EBA work on third country cooperation, and he is the Chair of the EBA Task Force on Crowdfunding. Earlier at EBA, he worked on the analysis of recovery plans, and also regularly attended Supervisory Colleges. Before joining ‎the EBA, he had worked for a large European bank, first as an economist and then in various functions in the Finance and Risk Management Departments. Davide holds a degree and a doctorate in Economics from Università Cattolica in Milan.

    Emiliano Tornese is Deputy Head of the Resolution and Crisis Management Unit in the European Commission’s DG for Financial Stability, Financial Services and Capital Markets Union. In that capacity, he is involved in the negotiations on the completion of the Banking Union, EDIS and ESM backstop. He has been involved with the preparation and negotiation of the BRRD and TLAC implementation, and with the preparation, negotiation and launch of the Single Resolution Mechanism. Emiliano Tornese is also part-time Professor at the Florence School of Banking and Finance, based at the European University Institute. Previously, he worked for the European Commission’s Securities Markets Unit and, during his tenure, was responsible for the establishment of the European Securities and Markets Authority and for matters related to its Corporate Finance Standing Committee. As Secretary of the European Securities Committee, he coordinated the European Union’s Ministries of Finance in their regulatory capacity for financial services. He drafted and negotiated the review of the primary and secondary markets regulation and the regulation of benchmarks. And he advised the European Financial Stability Facility on the primary markets regulation.

    Tobias Tröger holds since 2011 the Chair of Private Law, Trade and Business Law, Jurisprudence at Goethe-University Frankfurt am Main. He is Program Director Corporate Finance at the Research Center Sustainable Architecture for Finance in Europe (SAFE) in Frankfurt and Chairman of the Board of the European Banking Institute (EBI). His research interests include contract law and contract theory, corporate law (particularly, comparative corporate governance and corporate finance), banking law and the economic analysis of law. He holds a Ph.D.-degree from the Eberhard Karls University of Tübingen and an LL.M. from Harvard Law School. Throughout his academic career, he received various scholarships and awards, among others the Award of the Reinhold and Maria Teufel- Foundation for his Ph.D.-Thesis, and the Irving Oberman Memorial Award from Harvard Law School. He is an advisor to the European Parliament on matters regarding the Single Supervisory Mechanism (SSM).

    Neeltje van Horen is Senior Research Advisor at the Bank of England and Professor of Financial Economics at the University of Amsterdam. She is also a Research Fellow of the CEPR. Prior to joining the Bank of England Neeltje worked at De Nederlandsche Bank and the World Bank. She has held visiting scholar positions at the IMF, EBRD and Chicago Fed. Her research focuses on macro-financial linkages, global banking, small-business finance and household finance.

  • Guest Speakers

    John Berrigan is the Director General in DG FISMA (Directorate-General for Financial Stability, Financial Services and Capital Markets Union) of the European Commission. In this context, John represents the European Commission on the Economic and Financial Committee and the Financial Services Committee, which report to EU Finance Ministers. He also represents the Commission on the Financial Stability Board, which reports to G20 Finance Ministers. He attends the European Systemic Risk Board and is a permanent observer on the Single Resolution Board. John has been a Commission official since the mid-1980s and has spent most of that time working on financial-sector issues – first in DG ECFIN (where he contributed to macro-financial analysis in general and more specifically to financial-sector aspects of the assistance programmes for Member States) and now in DG FISMA. He worked on preparations for the introduction of the euro in 1999 and was secretary of the so-called Giovannini Group, which produced reports, inter alia, on issues related to euro-denominated debt issues and post-trading in EU securities markets in the early 2000s. In the mid-1990s, he worked for several years with the International Monetary Fund. John has a masters degree in economics from University College Dublin. He is married with two children.

    Nicolas Véron cofounded Bruegel in Brussels in 2002-05, joined the Peterson Institute for International Economics in Washington DC in 2009, and is currently employed on equal terms by both organizations as a Senior Fellow. His research is primarily about financial systems and financial services policies, with a main geographical focus on Europe. A graduate of France’s Ecole Polytechnique and Ecole des Mines, his earlier experience includes senior positions in the French government and private sector in the 1990s and early 2000s. He is also an independent board member of the global derivatives trade repository arm of DTCC, a financial infrastructure company that operates on a non-profit basis. In September 2012, Bloomberg Markets included Véron in its yearly global “50 Most Influential” list with reference to his early advocacy of European banking union.

    Jukka Vesala is Head of Group Credit Risk Control in Nordea. He holds a doctoral degree in economics and has published research articles in refereed economic journals. Before joining Nordea he had a position of Director General (DG3) and manager of Comprehensive Assessments in the ECB Banking Supervision, contributing to the start of the SSM centralised supervision. Before that he was Deputy Director General of the Finnish Financial Supervision Authority in charge of the prudential supervision of banks and insurance firms. In the early part of his career, he worked in the ECB and Bank of Finland. He has also served for instance in the EBA Management Board and the EIB Audit Committee. He is a keen reader of historical novels and enjoys very much all kinds of skiing.

    Boris Vujčić holds a PhD in Economics from the University of Zagreb. He has also received diplomas in Economics from the Montpellier University (France) and was a pre-doctoral PhD Fulbright student at the Michigan State University. He joined the Croatian National Bank in 1996, and was Director of the Research Department before becoming Deputy Governor in 2000, a position to which he was re-appointed in 2006. In July 2012, Mr Vujčić became Governor of the Croatian National Bank for a six-year term of office and was re-appointed for another six-year term of office in July 2018. Mr Vujčić has been a Deputy Chief Negotiator in Republic of Croatia’s negotiations with the European Union 2005-2012. He was also a member of the Global Development Network (GDN) Board in the same period, 2005-2012, and a member of the Steering Committee of the ESRB in the period between 2016-2019. He has been a Chairman of the Steering Committee of the Vienna Initiative 2.0 since 2016, a member of the General Council of the ECB and a member of the General Board of the ESRB since 2013. Mr Vujčić won recognitions as the best governor in Central and Eastern Europe by Emerging Markets magazine in 2018, as well as the best world governor by The Banker (Financial Times) in 2019, and in 2021 he was rewarded with the Lamfalussy Award for lifetime achievement in the field of finance. Mr Vujčić’s fields of expertise are macro and monetary economics, international finance and labor economics.

  • Teaching Associate

    Dr. Mikaella Yiatrou is a researcher working on inclusive finance. Her PhD thesis synthesized drivers and impediments of behaviour from cognitive psychology, behavioural finance, social psychology, motivational theory, and ecological psychology to create a schema of heuristics, biases, framing effects and norms that could be used in informing financial regulation directed to retail investors in light of the CMU. Dr Yiatrou holds a Ph.D. in Financial Regulation from the European University Institute, an LLM in International Banking Law and Finance from the University of Edinburgh, an LLM in Comparative European and International Law from the EUI, and an LLB from the University of Southampton. She has published in the field of banking resolution, specifically on the credibility of the resolution regime, and the regime’s applicability at the national level. Dr. Yiatrou is a qualified lawyer and is currently working for EASO at the Administrative Court for International Protection.

  • Fees

    Early bird fees apply until 10 October

    1.100€ EARLY BIRD fee – Public Authorities (Standard fee 1.250€) – e.g. National Competent Authorities, Central Banks and European Institutions.

    1.200€ EARLY BIRD fee – Private Sector (Standard fee 1.350€)

    850€ EARLY BIRD fee – Full-Time Professors, PhD Students, Research Associates (Standard fee 950€)

    Please submit a certificate attesting your status of Professor, PhD Student or Research Associate to fbf@eui.eu before registering. FBF secretariat will provide you with a code to register. *Seats for academics are limited and assigned by the FBF secretariat on a case-by-case basis.

    Please note that the payment must be settled two weeks before the start of the course.


    CANCELLATION POLICY

    • In case a course is cancelled, registered participants will receive the full refund.
    • In case a course is moved to another date, registered participants may request a voucher to attend another FBF course.
    • Registered participants who have not yet paid the registration fee can cancel their participation until one month before the start of the course.
    • The registration fee is non-refundable, however it will be possible to transfer registration to another person or request a voucher for another FBF course up to 20 days before the start date of the course.

    For more details, please contact fbf@eui.eu