Course dates : 11 – 29 October 2021
Registration deadline: 29 September 2021
Safeguarding the stability of the financial system requires more than a sound and thorough supervision of single financial institutions. The Global Financial Crisis has revealed that the mere reliance on microprudential policy tools could lead to looming systemic risks being missed or ignored. The general recognition of this gap in surveillance led to the accelerated development and implementation, throughout the world, of macroprudential policies.
Against this background, this course will first introduce the key objectives and instruments of macroprudential policy in the European context. It will then engage in more details with the implementation and use of selected macroprudential instruments (e.g. the countercyclical capital buffer, systemic risk buffers, instruments for the real estate sector, liquidity instruments). Based on their expertise in the field, the course instructors will lastly expose participants to the lessons learned from the implementation of macroprudential policies and will ask how to apply certain tools in the non-banking financial sector.
- Gain an overview of the type, scope and use of macroprudential instruments and related requirements
- Become familiar with the institutional framework, objectives and instruments of macroprudential policy in the European Union
- Learn to apply certain macro-pru instruments in real-life cases
- Understand calibration dilemmas
- Become exposed to lessons learned of macroprudential policy
- Draw conclusions from past experiences for the non-bank financial sector
Meet the instructors
Tuomas A. Peltonen is Deputy Head of the European Systemic Risk Board Secretariat. Prior to that he was with the European Central Bank since 2004. Tuomas has worked in various positions in the Financial Stability Surveillance Division in the Directorate General Macroprudential Policy and Financial Stability, in the Directorate General Market Operations and in Directorate General International and European Relations. Tuomas received his BSc and MSc (Econ) degrees from University of Turku in 1998 and 1999. Before completing a PhD (Econ) degree at the European University Institute in 2005, Tuomas worked with the Bank of Finland. His research interests include macroprudential policy and systemic risk analysis.
Thorsten Beck 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.
Pierre Schlosser is the Scientific Coordinator of the Florence School of Banking and Finance, an executive education and policy debate programme for financial stability professionals which forms part of the Robert Schuman Centre at the European University Institute. Pierre holds a Ph.D in political and social sciences (European University Institute, Florence, 2016), a postgraduate master degree in EU economic studies (College of Europe, Bruges, 2008) and a master’s degree in economic governance (Sciences Po Paris, 2007). His main research interests encompass fiscal surveillance, financial stability and banking regulation, supervision and resolution. Previously, Pierre worked for 5 years for EURELECTRIC, the Brussels-based European energy industry association. Prior to that, he worked as a stagiaire in the European Commission’s DG ECFIN. He is the author of Europe’s New Fiscal Union (Palgrave Macmillan, 2019).
Eugenia Ralli is a PhD Researcher at the Department of Law of the European University Institute (EUI), under the supervision of Prof. Hans-W. Micklitz, and a Greek lawyer. Her PhD research focuses on shadow banking and the role of law in its creation and growth at EU level. Broadly, her research interests lie in the fields of EU banking, financial and financial criminal law and more broadly in the intersection between law and economy. During her PhD studies, she was a a Legal Trainee at the European Systemic Risk Board (ESRB) Secretariat in Frankfurt and a Visiting PhD Researcher at the Department of Law of the London School of Economics and Political Science (LSE). Before joining the EUI, she worked as a Lawyer in Greece and as a Legal Trainee at the Cabinet of the Judge Lars Bay Larsen at the Court of Justice of the European Union (CJEU) in Luxembourg. she received a Bachelor Degree in Law from the Aristotle University of Thessaloniki, in Greece, an LL.M. in German Law from the Ludwig-Maximilian-University of Munich (LMU) and an LL.M. in European Economic and Financial Criminal Law from the University of Luxembourg. A short paper based on her thesis on the relationship between mutual recognition and fundamental rights in the case of the European Arrest Warrant (EAW) was awarded the Young Lawyers Award by the European Law Institute (ELI).
Natalie Kessler is a 4th year PhD candidate in economics at the European University Institute (EUI). In her thesis, she focuses on various issues in financial economics with an overall focus on financial stability enhancing regulations. Working mainly theoretical, she explores both micro- and macro-economic issues. Her main research interests are unconventional monetary policy, financial market structure and bank competition, over-the-counter trading, and banks’ optimal capital allocations. Before coming to the EUI, she completed the Master in Advanced Economics and Finance at the Copenhagen Business School.
Format and ActivitiesDuration
The materials in this online Academy require approximately 16-17 hours to be completed. The exact duration for participants depends on previous experience and time devoted to each activity, including optional.Calendar
During your progression in the course, you will progress in the materials at your own pace. The platform is open 24/7. The only set moments in time are:
- Deadlines for submitting the exercises (to be communicated)
- Four mandatory live classes (draft schedule):
- 1st live class: Monday, 11 October, 13:00-14:15 CET
- 2nd live class: Thursday, 21 October, 13:00-16:00 CET
- 3rd live class: Thursday, 28 October, 13:00-14:00 CET
- 4th live class: Friday, 29 October, 13:00-14:15 CET
Over the course of the three course weeks, you will engage in: Video lectures, both recorded and live, providing you with the theoretical background knowledge on the topics of the course. A series of exercises, aimed at applying your knowledge on a set of real-life problems, including:
- a case-study on capital-based instruments, an exercise on real-estate related instruments, an exercise on issues related to cross-border capital flows;
- Live Q&A sessions, in which you will have the chance to discuss in real time with the course faculty, the other course participants, and the teaching associates;
- A live roundtable discussion, discussing the topics of the course with a panel of experts;
- A keynote lecture by Professor Richard Portes on the macroprudential lessons from the Covid-19 crisis for the non-bank financial sector.
- Objectives, concepts & actors of macroprudential policy
- Capital-based macroprudential instruments
- Macroprudential instruments for real estate
- Impact of macroprudential policies
- Liquidity instruments and systemic liquidity
- Cross-Border spill-overs of macroprudential policy
- The non-banking financial sectors and macroprudential policy beyond banking
- Macroprudential stance
- Lessons from the COVID-19 crisis for macroprudential policy
1100€ – Public Authorities (e.g. National Competent Authorities, Central Banks and European Institutions).
1200€ – Private Sector.
800€ – Academics (Full-time Professors, full-time PhD Students and full-time Research Associates). Please submit a certificate attesting your status of Professor, PhD Student or Research Associate to firstname.lastname@example.org 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.
FEE WAIVERSA few fee waivers are available to outstanding candidates applying from, and resident in, low-income and lower-middle-income economies (as set by the World Bank) in the Americas, Africa and Asia.
The deadline for applying for a fee waiver is 22 September 2021.
To apply for a scholarship, send your CV and a cover letter to the course secretariat at email@example.com
- 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 firstname.lastname@example.org
Macroprudential Policy Implementation 2021
Send download link to: