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Online debate: Restraining Dividends (and other Pay-Outs)

June 24, 2020 @ 12:30 pm – 1:30 pm Europe/Rome Timezone
Jan Trevisan
+39 055 4685 802

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Co-organised with:




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.

Download ESRB Report


Elena 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.



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.

Technical disclaimer

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.