An initiative of the EUI Pierre Werner Chair, jointly organised with the Florence School of Banking and Finance and the Tommaso Padoa-Schioppa Chair. Marco Buti (Head of Cabinet of the Commissioner for the Economy, European Commission) Luis Garicano (Member of the European Parliament and Professor of Economics and Innovation, IE Business School – on leave), Ramon Marimon (Pierre Werner Chair) Jean Pisani-Ferry (Tommaso Padoa-Schioppa Chair) discuss the most relevant European needs and organisational forms, that a recovery plan or recovery fund should convey, in the light of the European Parliament initiatives and the – soon to be known – European Commission Recovery Plan.

Gilles Mourre (DG ECFIN, European Commission), Roel Beetsma (University of Amsterdam) and Grégory Claeys (Bruegel) discuss the rationale and potential limitations of SURE, a new European Union instrument for temporary ‘Support to mitigate Unemployment Risks in an Emergency’, recently proposed by the Commission, in an online debate moderated by Elena Carletti (Bocconi University and Florence School of Banking and Finance, European University Institute).

In this joint EUI-Oliver Wyman Forum online debate, Christian Ossig (Association of German Banks), José María Roldán (Spanish Banking Association), Frédéric Visnovsky (Banque de France and ACPR) assess the impact of the wide-spread lockdowns that followed the outbreak of COVID-19 on real economies, particularly on Small and Medium-Sized Enterprises (SMEs) which struggle to bridge their profit shorfalls. The debate is introduced by James Bryan (Oliver Wyman) and moderated by Elena Carletti (Bocconi University and FBF).

Vitor Constâncio (Lisbon School of Economics and Management); Clemens Fuest (ifo Institute, University of Munich); Jean Pisani-Ferry (European University Institute and SciencesPo) and Guido Tabellini (Bocconi University) discuss the extraordinary and unprecedented fiscal measures to support their economies and to combat the ravaging effects of COVID-19, in an online debate moderated by Elena Carletti (Bocconi University and Florence School of Banking and Finance, European University Institute).

Ramona Ianus (DG Competition, European Commission) illustrates the main characteristics of the Temporary Framework for State Aid in the context of COVID-19, which enables EU Member States to ensure that sufficient liquidity remains available to businesses of all types and to preserve the continuity of economic activity during and after the virus outbreak.

Luca Enriques (University of Oxford) and Georg Ringe (University of Hamburg) make the case for a “mentorship regime”, which provides for a reliable regulatory framework for partnership agreements between fintech firms and established banks. This may show the way to a new and more reliable future system of banking that puts the well-established contractual practice of outsourcing banking services on a more reliable basis. The presentation is followed by comments by Anna Maria Nowak (EUI).

Christos Gortsos (National and Kapodistrian University of Athens) and Vítor Constâncio (former Vice-President of the European Central Bank) discuss the provision of central bank credit in the form of Emergency Liquidity Assistance (ELA) to solvent credit institutions, higlighting the role of the different actors in the process, the specific conditions of this provision, an when and how ELA provision can interfere with the objectives and tasks for the Eurosystem.

Bart Joosen (VU University Amsterdam and Recofise), Simon Broxham (Duver Consulting) and Richard Hopkin (AFME) discuss securitisation in Europe, starting from the history and the current regulatory scenario, to the securitisation market, recent trends and future evolutions.

Peter Alldridge (Drapers’ Professor of Law at Queen Mary University of London) reflects on the significance of three steps which, in hindsight, were decisive in the growth of the anti-money laundering industry. Nikita Divissenko (EUI) higlights the impact of AML practices on business operations and financial regulation.

Daniel Gros (Director of CEPS) argues that, despite the low or negative interest rates, the effective cost of public debt higher than these rates would suggest. Then, he analyses the ECB’s sovereign bond purchase program, illustrating how monetary and fiscal policy mingle in this scenario.

Christian Winkler (ESMA – European Securities and Markets Authority), provides an overview of the framework used by ESMA for fund stress simulations, outlining the different building blocks of a stress simulation framework, along with a menu of options that can be selected by stress testers.

Patrick Honohan (Trinity College Dublin and Peterson Institute for International Economics), George Papaconstantinou (School of Transnational Governance, EUI) and Maria Ana Barata (Department of Law, EUI) look back critically at the role of the ECB in managing the euro area crisis, pointing out to the key learnings that could shape the future of central banking.

Jón Daníelsson, Director of the Systemic Risk Centre at the London School of Economics, discusses the changes brought by Artificial intelligence on the financial sector and the roles of risk managers and microprudential authorities, highlighting its benefits in terms of cost saving and efficiency increase, as well as its drawbacks in terms of the emergence of new disruptive risks.

Andrew Metrick (Yale School of Management) and Loriana Pelizzon (SAFE Goethe University Frankfurt and Ca’ Foscari University of Venice) discuss the latest research efforts undertaken in academia to identify the methodologies and tools that will be used to contrast future financial crises.

Shabdeep Mann and Tom Fish (PwC) and outline the emerging technologies that have the potential to transform banks and the industry; the impact this will have on the business model and operating model of banks; the impact on the industry ecosystem including regulators; and key considerations for banks and regulators to prepare for these impacts.

Dimitris Zafeiris (Head of the Risks and Financial Stability Department at the European Insurance and Occupational Pensions Authority – EIOPA) and Francesco Mazzaferro (Head of the Secretariat at the European Systemic Risk Board – ESRB) discuss systemic risk in insurance markets, its implications for financial stability, and the necessary changes in regulation.

Jean-Pierre Landau (Harvard Kennedy School and SciencesPo) discusses the future of money, in light of the techological innovations, assessing the increase the potential for currency competition, the changes the architecture of domestic and international monetary systems and the respective roles of public and private money.

Marie Donnay (Head of Unit in Resolution and Deposit Insurance in DG FISMA), Tommy De Temmerman (Policy Officer in Bank Regulation and Supervision in DG FISMA) and Audrius Pranckevius (Policy Officer in Resolution and Deposit Insurance) present and discuss the key changes that were brought about to the EU resolution and prudential frameworks by the Banking Package adopted in spring 2019 by European co-legislating institutions.

Michel Dacorogna (University of Zürich and Prime Re Solutions) and Dimitris Zafeiris (Head of the Risks and Financial Stability Department, EIOPA) discuss the economical principles behind risk management and risk pricing in insurance, as well as their regulatory implications.

Thorsten Koeppl (Professor, Queen’s University) (Rotterdam School of Management, Erasmus University) and Agnieszka Smoleńska (Polityka Insight and European University Institute) (European University Institute) present the regulatory framework for Central Counterparties (CCPs), highlighting their features as both insurers and sources of systemic risk.

Dirk Schoenmaker (Rotterdam School of Management, Erasmus University) and Kinanya Pijl (European University Institute) discuss how finance can be a means to achieve social goals, towards a world that is sustainable for all. The seminar is moderated by Jean-Michel Glachant (Florence School of Regulation, EUI).

Mario Quagliariello (Director of the Economic Analysis and Statistics Department, European Banking Authority) and Klaus Düllmann (Head of SSM Risk Analysis Division, European Central Bank) present the rationale and objectives of stress testing, highlighting its features and governance, and assessing the lessons learned from the most recent EU stress testing exercises.

Dominique Laboureix (Member, Single Resolution Board) presented the relationship between the resolution framework and bank liquidity, then Michael Hesketh (Banking Expert, European Stability Mechanism) sketched the current framework for public sources of liquidity, in a seminar moderated by Patrick Honohan (former Governor of the Central Bank of Ireland).

Cinzia Alcidi (Senior Research Fellow and Head of Economic Policy Unit at CEPS) and Daniel Gros (Director, CEPS) discussed what constitutes state-of-the-art debt sustainability analysis, highlighting the different approaches by the IMF and the European Commission and discussing examples from the Italian and Greek cases.

Wilson Ervin (Vice Chairman, Credit Suisse NY), Patrick Honohan (Honorary Professor of Economics at TCD, Nonresident Senior Fellow at the Peterson Institute for International Economics) and Stefano Cappiello (Deputy Director, FBF) explore the regulatory solutions to bank failures and systemic crises, discussing the ‘to do’ list and the relationship between bail-in and the Banking Union.

Ugo Bassi (Director of Financial Markets in the European Commission’s DG FISMA) and Juri Mara (Financial Economist Officer, European Commission, DG FISMA) presented the recent Sustainable Finance Action Plan issued by the European Commission. The financial system is being reformed to address the lessons of the financial crisis, and in this context it can be part of the solution towards a greener and more sustainable economy.

Peter Grasmann (Head of Unit, Economic Analysis of Financial Markets and Financial Stability – DG FISMA, European Commission) and Davide Lombardo (Senior Economist, EU/Euro Area Financial Sector Unit – DG FISMA, European Commission) present the broad contours of the draft legislation regulating SBBS, and discuss the trade-offs faced when drafting it and the rationale underpinning the various choices.

Jean Dermine (Professor of Banking and Finance, INSEAD) analyses how digital technologies are disrupting the world of banking, discussing peer-to-peer (P2P) lending and the case of Lending Club. Giacomo Calzolari (Professor of Economics, University of Bologna) discusses the future prospects for FinTech and its implications for regulators.

Rolf Strauch (Chief Economist and Member of the Management Board, European Stability Mechanism) provides his insights on the creation of the European Monetary Fund and the competences of the ESM, discussing the opportunities to further integrate the monetary union. Marcello Messori (Professor of Economics, LUISS Guido Carli University), provides his views and comments on the argument.

Daniel Gros (Director, CEPS) and Willem Pieter De Groen (Research Fellow and Head of Financial Markets and Institutions Unit, CEPS ) engage with two prominent risk-reduction challenges: the treatment of Non-Performing Loans (NPLs) and the concentration of sovereign exposure.

Jean Pisani-Ferry (EUI, Bruegel, Hertie School of Governance and Sciences Po), Henrik Enderlein (Hertie School of Governance and Jacques Delors Institute Berlin) and Jeromin Zettelmeyer (Peterson Institute for International Economics) discuss a proposal for Euro Area reform formulated by a group of independent French and German economists.

Mitu Gulati (Professor of Law at Duke University) and Jeromin Zettelmeyer (Senior Fellow at the Peterson Institute of International Economics) discussed debt restructuring in the framework of the Venezuelan crisis, where an anti-democratic leadership continues to favor the interests of foreign bondholders over a deprived local population.

Mario Nava (Director, Financial System Surveillance and Crisis) alongside colleagues from DG FISMA Giulia Bertezzolo (Policy officer), Markus Aspegren (Economist) and Davide Lombardo (Senior Economist) discussed the measures to be adopted to finalise the Banking Union, as presented in the recently published communication on “Completing the Banking Union”.

Mauro Grande (Member of the SRB) explained in details the process of preparing resolution plans, addressing the historical evolution, horizontal issues and key elements. In the Q&A session that followed, Sophie Steins Bisshop (SRB Directorate A) discussed with participants triggers for resolution, resolution tools used for the Banco Popular case and the own nature of critical functions.

Wilson Ervin (Vice Chairman at Credit Suisse) described the development of ‘bail-in’ as a schematic to address the ‘too big to fail’ problem, comparing it to alternative techniques as well as to the regulatory frameworks in the United States and in the European Union. The presentation is complemented by a commentary by Patrick Honohan, former Governor of the Central Bank of Ireland, currently an honorary professor of economics at Trinity College Dublin and a nonresident senior fellow at the Peterson Institute for International Economics.

Christos Gortsos (National and Kapodistrian University of Athens) outlines the conditions for the resolution of credit institutions under recent EU Law; then, jointly with Seraina Grünewald (Assistant Professor for Financial Market Law at the Institute of Law of the University of Zurich), they highlight how the rules were applied and what were their outcomes in the recent cases of Spanish and Italian banks.

International finance expert Enrico Perotti (Professor of International Finance at University of Amsterdam) assesses the evolution and the future prospectives for Contingent Convertible (CoCo) bonds. The presentation is followed by and a commentary by Simon Gleeson (Partner at Clifford Chance London), a legal expert and practitioner in financial services and banking regulation.

Tobias Tröger (Chair of Private Law, Trade and Business Law and Jurisprudence, Goethe-University Frankfurt am Main) addresses the Financial Stability Board’s Total Loss-Absorbing Capacity (TLAC) requirements, with a particular look at the EBA’s Minimum Requirement for Own Funds and Eligible Liabilities (MREL) prescriptions in the Bank Recovery and Resolution Directive.

Joaquín Almunia (Former vice-president of the European Commission), Ramon Marimon (European University Institute and UPF – Barcelona GSE), Gorgio Monti (European University Institute; ADEMU) and Morten Ravn (University College London; ADEMU) discuss Brexit and its implications, among others, on the EMU and the single market.

Enrico Perotti (Professor of International Finance at University of Amsterdam) addresses the new regulatory treatment of Contingent Convertible Debt instruments and the development of the underlying CoCo bond markets, analysing along various dimensions of the contractual feature of the existing stock of debt.

Organised in the framework of the ADEMU project and moderated by Ramon Marimon (ADEMU Scientific Coordinator), this seminar discusses the euro crisis with Thomas F. Cooley (Stern School of Business, NYU), Giancarlo Corsetti (Cambridge University), Lucrezia Reichlin (London Business School), René Smits (University of Amsterdam) and ADEMU-EUI Working Group members.

This seminar offers a critical approach to capital requirements with a particular emphasis put on risk absorption capacity in the context of the new Capital Requirements Directive (CRD4) and the Financial Stability Board’s Total Loss Absorbing Capacity (TLAC) standard. Presentation by Enrico Perotti (Professor of International Finance at University of Amsterdam).

Brigid Laffan (Director, Robert Schuman Centre for Advanced Studies) and Pierre Schlosser (Scientific Coordinator, FBF) discuss a research report entitled The Rise of a Fiscal Europe? Negotiating Europe’s New Economic Governance, dissecting the key negotiations and decisions made following the Eurozone debt crisis and exploring their long term and profound political implications.

Evi Pappa (Professor of Macroeconomic, EUI), Christos Hadjiemmanuil (Professor of International and European Monetary and Financial Institutions, University of Piraeus), Thomas Cooley (Professor of Economics, NYU Stern) and Ramon Marimon (Professor of Economics and Pierre Werner Chair, EUI) discuss the Greek crisis, particularly the economic ramifications of the latest bailout deal.