FINANCIAL STABILITY CONFERENCE 2015

organisers 2015
agenda 2015
organisers 2015
organiser:
Martin Aehling
Head, Financial Risk and Stability Network
scientific co-organisers:
Prof. Jörg Rocholl
President, European School of Management and Technology
Prof. Marcel Fratzscher
President, German Institute for Economic Research

Prof. Henrik Enderlein
Director, Jacques Delors Institut – Berlin
Dr. Guntram Wolff
Director, Bruegel
agenda 2015

How to design the future EU Financial System? Resolution Framework, Crisis Prevention and Capital Markets Union

High level joint conference with a most topical program in Berlin. The conference has been coordinated and organised by Financial Risk and Stability Network.

  Report 2015 (pdf)
  Program 2015 (pdf)
  Speakers 2015 (pdf)

Agenda:

09:00  Opening
Martin Aehling, Head, Financial Risk and Stability Network

___________________________________________

09:15  Welcome Address
Klaus Feiler, State Secretary, Berlin Senate for Finance

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09:30  Keynote
Ending “too big to fail” – Have we completed the Job?

Dr. Elke König, Chair, Single Resolution Board

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10:15  Panel Discussion I
Resolution Framework and Resolution Board:
Is the Work done?

–   Preparing Resolution and Evaluation of Living Wills: Are we on Track?
–   Resolution Powers: How independent is the Board from Interferences?
–   Implementing credible Resolution Planning: Are Taxpayers out now?
–   Lagging behind: A common legal Bank Insolvency Regime in the EU

Olivier Jaudoin, Director Resolution,
French Prudential Supervisory and Resolution Authority
Dr. Elke König, Chair, Single Resolution Board
Christophe Nijdam, Secretary General, Finance Watch
Fatima Pires, Head of the Financial Regulation Division,
European Central Bank
Emiliano Tornese, Deputy Head, Resolution and Crisis
Management Unit, DG Fisma, European Commission
Moderation: Prof. Jörg Rocholl, President,
ESMT European School of Management and Technology

11:15    Coffee

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11:45  Panel Discussion II
Resolution Tools:
How to make Bail-in operational and effective?

–   Are the Settings and Requirements for Bail-in-able Liabilities sufficient?
–   How to organize Liquidation and Resolution Plan Transparency?
–   Cross-border Banks in the Case of Failure: How to resolve in Practice?
–   How have Banks to adopt and change their Business Structures?

Günter Borgel, Member of the Management Board,
Federal Agency for Financial Market Stabilisation
Dr. Thomas Dohrn, Policy Expert, Resolution Unit,
European Banking Authority
Monica Marcucci, Senior Lawyer, Bank of Italy
Dr. Wilfried Paus, Global Head Risk Analytics & Living Wills,
Deutsche Bank
Dr. Sven Schelo, Partner, Restructuring & Insolvency, Linklaters
Moderation: Prof. Marcel Fratzscher, President,
German Institute for Economic Research – DIW Berlin

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13:00    Lunch

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14:00  Panel Discussion III
Crisis Prevention and Macroprudential Policy:
Mission impossible?

–   What are the various Instruments and how can they work?
–   How will they interact with Monetary and Fiscal Policy?
–   How shall Marcoprudential Policy be organized effectively?
–   What are the Repercussions on the EU Banking Sector?

Prof. Arnoud Boot, University of Amsterdam, and
Co-Director, Amsterdam Center for Law & Economics
Prof. Stijn Claessens, Senior Advisor, International
Finance Division, U.S. Federal Reserve System
Francesco Mazzaferro, Head of the Secretariat,
European Systemic Risk Board
Dr. Rolf Strauch, Member of the Management Board,
European Stability Mechanism
Moderation: Prof. Henrik Enderlein, Director, Jacques Delors
Institut – Berlin, and Professor, Hertie School of Governance

15:15    Coffee

___________________________________________

15:45  Keynote
Macroprudential Policy in Europe:
Ensuring Financial Stability in a Banking and Capital Markets Union

Dr. Vitor Constâncio, Vice-President, European Central Bank

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16:30  Panel Discussion IV
The EU Financial System:
How to better design for sustainable Growth?

–   How to overcome Fragmentation and push Intermediation?
–   Which regulatory and policy Settings are inducing Growth?
–   Can the Capital Market Union be an appropriate Stimulator?
–   What Policy Choices and alternative Options do we have?

Colin Ellis, Chief Credit Officer, Moody’s
Dr. Levin Holle, Director General Financial Markets Policy,
German Federal Ministry of Finance
Liz Meneghello, Head of Capital Markets Union and
CCP Resolution, HM Treasury
Martin Merlin, Director Financial Markets,
DG Fisma, European Commission
Dr. Christian Thimann, Member of the Executive Committee,
AXA Group
Moderation: Nicolas Véron, Senior Fellow, Bruegel

___________________________________________

17:40   Closing
Organiser & Co-Organisers

17:50   Get together

speakers 2015

How to design the future EU Financial System? Resolution Framework, Crisis Prevention and Capital Markets Union

Financial Stability Conference
28 October 2015
9 a.m. – 6 p.m. at ESMT Berlin

Keynote Speakers:

Dr. Vitor Constâncio, Vice President, European Central Bank
Dr. Elke König, Chair, Single Resolution Board

Bios
Dr. Vitor Constâncio

Vítor Constâncio is Vice-President of the European Central Bank since 1 June 2010. He was Governor of the Banco de Portugal from 1985 to 1986 and from February 2000 to May 2010. He graduated in Economics from the Universidade Técnica de Lisboa. Before having been appointed as Governor of the Banco de Portugal, he was Executive Director of the Banco Português de Investimento (1995-2000) and non-executive Director of the Electricidade de Portugal (EDP), the Portuguese national power utility (1998-2000). He was Invited Senior Professor of Economics at the Instituto Superior de Economia e Gestão from 1989 to June 2010, culminating a long academic career.

Dr. Elke König

Elke König had been President of the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) since 2012. After qualifying in Business Administration and obtaining a doctorate, Dr König spent many years working for companies in the financial and insurance sector. From 1980 to 1990, she worked for KPMG Deutsche Treuhandgesellschaft in Cologne auditing and advising insurance undertakings, from 1986 as a holder of a special statutory authority (“Prokuristin”) and from 1988 as a director and partner. From 1990 to 2002, as a member of senior management of the Munich Re Group, Elke König was Head of Accounting before moving to Hannover Rückversicherung AG as Chief Financial Officer. From 2010 to end-2011, Ms König was a member of the International Accounting Standards Board (IASB) in London. Elke König was also a representative of the Supervisory Board of the Single Supervisory Mechanism. She is Chair of the Resolution Steering Group of the Financial Stability Board.

Panel Participants & Speakers:

Prof. Arnoud Boot, University of Amsterdam and Amsterdam Center for Law & Economics
Günter Borgel, Member of the Management Board, Federal Agency for Financial Market Stabilisation
Prof. Stijn Claessens, Senior Advisor, International Finance Division, Board of Governors of the Federal Reserve System
Dr. Thomas Dohrn, Policy Expert, Resolution Unit, European Banking Authority
Colin Ellis, Chief Credit Officer, Moody’s
Klaus Feiler, State Secretary, Berlin Senate for Finance
Dr. Levin Holle, Director General, Financial Markets Policy, German Federal Ministry of Finance
Olivier Jaudoin, Director Resolution, Prudential Supervisory and Resolution Authority (ACPR)
Monica Marcucci, Senior Lawyer at the Legal Department, Bank of Italy
Francesco Mazzaferro, Head of the Secretariat, European Systemic Risk Board
Liz Meneghello, Head of Capital Markets Union and CCP Resolution, HM Treasury
Martin Merlin, Director Financial Markets, DG Fisma, European Commission
Christophe Nijdam, Secretary General, Finance Watch
Dr. Wilfried Paus, Global Head Risk Analytics and Living Wills, Deutsche Bank
Fatima Pires, Head of the Financial Regulation Division, European Central Bank
Dr. Sven Schelo, Partner, Restructuring & Insolvency, Linklaters
Dr. Rolf Strauch, Member of the Management Board, European Stability Mechanism (ESM)
Dr. Christian Thimann, Member of the Executive Committee, AXA Group
Emiliano Tornese, Deputy Head, Resolution and Crisis Management Unit, European Commission DG Fisma

Bios
Prof. Arnoud Boot

Arnoud Boot is professor of Corporate Finance and Financial Markets at the University of Amsterdam and Co-Director of the Amsterdam Center for Law & Economics. He is chairman of the Bank Council of the Dutch Central Bank, and advisor and director of several (financial) corporations.He is also research fellow at the Centre for Economic Policy Research (CEPR) in London and was from 2011-15 a member of the inaugural Advisory Scientific Committee of the European Systemic Risk Board in Frankfurt. Prior to his current positions, he was president of the European Finance Association (2008) and the Financial Intermediation Research Society (2013-14), and a faculty member at the J.L. Kellogg Graduate School of Management at Northwestern University. During 2000-2001 he was a partner in the Finance and Strategy Practice at McKinsey & Co. Arnoud Boot’s research focusses on the economics of banking and corporate finance. His publications have appeared in major academic journals, including the Journal of Finance, the American Economic Review and the Review of Financial Studies.

Günter Borgel

Günter Borgel has been member of the Management Board of the Federal Agency for Financial Market Stabilisation (FMSA) since 1 July 2011. After graduating he started his professional career in the credit department of Dresdner Bank where he worked until 1981. Mr Borgel was appointed as tax consultant in 1985, whilst he was working for Köcke & Partner, an auditing company in Düsseldorf. In 1987 he was appointed as German certified auditor. From 1989 on, he was working in several positions for PricewaterhouseCoopers, at the latest as member of the leadership team for the financial services division. In 2011, he joined the FMSA. Günter Borgel finished his business studies in 1976 at the University of Cologne as a Diplom-Kaufmann.

Prof. Stijn Claessens

Stijn Claessens is Senior Adviser in the International Finance Division at the United States Board of Governors of the Federal Reserve System. Prior to this, he was Assistant Director in the Research Department of the International Monetary Fund from 2007-2014. Mr. Claessens holds a Ph.D. in business economics from the Wharton School, University of Pennsylvania and M.A. from Erasmus University, Rotterdam. He began his career teaching at New York University’s business school, then worked for fourteen years at the World Bank in various positions, including as Senior Advisor in the Financial and Private Sector Vice-Presidency. He taught for three years at the University of Amsterdam, where he remains a Professor of International Finance Policy. Stijn Claessens’ policy and research interests are in finance, including corporate governance, globalization, and business and financial cycles. Over his career, Mr. Claessens has provided policy advice to numerous countries, including on governments’ strategies for external debt restructuring and asset-liability management, and financial sector reform and restructuring. His research has been published in many journals such as the Journal of Financial Economics, Journal of Finance and Quarterly Journal of Economics, and has written and edited several books. Mr. Claessens referees for eminent finance and economics journals, and is an associate editor at journals such as the IMF Economic Review and Journal of Financial Intermediation. His current professional affiliations include Fellow of the Wharton Financial Institutions Center, and Member of the Advisory Board of the Yale Financial Stability Program.

Dr. Thomas Dohrn

Thomas Dohrn is Policy Expert in the Resolution Unit of the European Banking Authority. He joined the EBA as seconded national expert in the Regulation Division (Unit Registration, Recovery and Resolution) in August 2013. In his previous position at the German Ministry of Finance Mr Dohrn was a member of the drafting team of the German legislation on bank resolution and of an FSB working group on bail-in, and he participated in the Council negotiations on the Bank Recovery and Resolution Directive. His work at the EBA includes the preparation of delegated legislation under the BRRD and CRV IV, for example on exclusions from bail in, on the assessment of critical functions and on the identification of systemically important institutions. Thomas Dohrn received his doctorate in law at Munich University and started his career as a lawyer in banking and financing law for an international law firm in 2007.

Colin Ellis

Colin Ellis is Moody’s Chief Credit Officer in EMEA. He is responsible for the quality and consistency of Moody’s credit standards, and the methodologies which underlie them, across all franchises within the region. Colin joined Moody’s in February 2012, initially working in Credit Policy to lead the work of the Macroeconomic Board and author the quarterly Global Macro Outlook. He subsequently worked in the Financial Institutions Group, developing quantitative forward-looking analyses of sectors and institutions, including modelling asset trends and stress testing. Previously Colin has worked at the Bank of England, Daiwa Capital Markets and the BVCA. Colin is a Visiting Research Fellow in the economics department at Birmingham University, and has published on topics ranging from investment and pricing to private equity and data uncertainty. He is also a Fellow of the RSA. Colin holds degrees from York University, the London School of Economics and Political Science, and Middlesex University.

Klaus Feiler

Klaus Feiler has been State Secretary at the Berlin Senate for Finance since February 2012 with a special responsibility for the budget and fiscal policy. A trained economist, Mr. Feiler held positions in academia and the private sector before becoming deputy-spokesman for the Federal Ministry of Finance in 1987. In 1991, he moved to the Ministry of Finance of Brandenburg, initially as the Chief of Staff, then as head of the budget office. From 2002-12, he headed the budget office of the Berlin Senate for Finance, managing a period of successful fiscal consolidation.

Dr. Levin Holle

Levin Holle is the Head of the Financial Markets Policy Department of Germany´s Federal Ministry of Finance. His responsibilities include the formulation of policies and strategies with respect to federal credit institutions, federal debt management, financial markets as well as international financial markets policy. He is also responsible for the supervision of the Financial Market Stabilisation Authority and the Federal Financial Supervisory Authority. Prior to joining the German Finance Ministry Levin Holle worked 15 years for the management consultancy Boston Consulting Group.

Olivier Jaudoin

Olivier Jaudoin is the Director of Resolution at the ACPR, the French Supervisory and Resolution Authority. His directorate assesses the resolvability of French banks and prepares the resolution plans pursuant to the Financial Stability Board Key Attributes and the new relevant European legal texts (Banking Recovery and Resolution Directive, Single Resolution Mechanism Regulation), which have been recently transposed in French law. His directorate has been actively contributing to the implementation of the SRM and Olivier Jaudoin represents the ACPR in the Single Resolution Board.He is also a member of the Resolution Committee of the European Banking Authority and, at the international level, he takes part in the FSB Resolution Steering Group and the Cross-Border Crisis Management group-CBCM. He was the French member of the TLAC Steering Group that monitored the impact study of the TLAC proposals. He held various positions at Banque de France as the Deputy Director for Financial Stability and at the French Supervisory Authority, notably as Deputy Director for Authorisation, Licensing and Regulation in bank and insurance sectors. Previously, he worked at the French Banking Commission as a controller on credit institutions and was responsible for banking studies. He holds a Sciences Po Paris diploma and a Master’s degree in economics.

Monica Marcucci

Monica Marcucci currently serves as a senior lawyer at the legal department of the Banca d’Italia. In this role, she is in charge of counselling and research activities in the fields of financial regulation and insolvency law and participates in study and expert groups at various international institutions (including the EU Commission, the ECB, FSB, World Bank, IMF, Uncitral, Unidroit). Monica Marcucci is admitted as a senior attorney at the Italian Supreme Court, and has an extensive experience in representing the Banca d’Italia in several judicial cases regarding bank crises and restructurings; she is the author of papers and articles on financial regulation and bankruptcy law and has lectured in Law postgraduate and master’s courses at various universities, including at the University of Rome “La Sapienza”. Since 2014 she is adjunct professor of Corporate and Insolvency law at the Catholic University of Rome.

Francesco Mazzaferro

Francesco Mazzaferro has been the Head of the Secretariat of the European Systemic Risk Board (ESRB) since January 2011. Prior to that, he was the Project Manager of the ESRB Preparatory Secretariat, which started work in March 2010. 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 in 1987. He joined the European Commission 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 Francesco Mazzaferro joined the European Monetary Institute – which later became the European Central Bank – in Frankfurt 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. Mazzaferro has been working in the field of European monetary policy for almost 20 years. Currently he is the Head of the ESRB Secretariat.

Liz Meneghello

Liz Meneghello works at HM Treasury, the British Government’s Economic and Finance Ministry, where she heads the unit responsible for HM Treasury’s work on Capital Markets Union and Central Counterparty Recovery and Resolution. She joined HMT in early 2015 on secondment from the Bank of England, where she was Private Secretary to the Executive Director of Prudential Policy. Before that she held various positions in prudential policy and supervision in the UK Prudential Regulation Authority and previously the UK Financial Services Authority, including a secondment to the Federal Reserve Board where she worked in Banking Supervision and Risk.

Martin Merlin

Martin Merlin was, in July 2014, appointed Director of Financial Markets in the Directorate General for Financial Stability, Financial Services and Capital Markets Union of the European Commission. In this position he is responsible for Capital Markets Union, Financial Markets Infrastructure, Securities Markets and Asset Management. The Mission of DG FISMA is to monitor the effectiveness of an ambitious and unprecedented series of reforms to secure financial stability and improve the supervision of financial markets. It aims to take further steps to develop well-regulated, stable and globally competitive financial markets in the interest of businesses and consumers, to improve access to capital for businesses, especially SMEs, and thereby promote growth and job creation. It has just recently launched the EU capital markets union Action Plan. M Merlin joined the Commission in 1997, initially working on insurance and pension funds issues; progressing in 2000 to the position of Assistant to the Director General before joining the Cabinet of Commissioner Charlie McCreevy in 2004. From 2008-2014 in DG Internal Market and Services, he held the position of Head of Unit responsible for Financial Services Policy and Relations with the Council. The unit was responsible, inter alia, for defining and implementing the European Commission’s policy in the area of financial supervision and the response to the global financial crisis.

Christophe Nijdam

Christophe Nijdam is Secretary General of Finance Watch. He began his career in 1979 at Credit Lyonnais (now Crédit Agricole) New York as a financial analyst and corporate banker. In 1983 he joined the headquarters of the CCF (now HSBC France) as co-head of interest rate and currency derivatives, before returning to the US as a capital markets director. In 1989, he became US General Manager for Crédit du Nord (now Société Generale Group) in New York. Returning to France in the early 1990s, he decided to switch to the investor side by becoming a financial analyst. He also joined the team of Le Nouvel Economiste in 1992 as vice chair of the board in charge of financial affairs. He co-founded the independent equity research firm Capitalaction in 1994, where he was managing partner. A lecturer at Sciences-Po Paris from 1998 to 2008, he still teaches in the corporate finance and capital markets Executive Masters’ programme. Immediately prior to deciding to join Finance Watch, Christophe Nijdam was a banking analyst at AlphaValue, where he worked since the firm was founded in 2008. He joined Finance Watch in January 2015.

Dr. Wilfried Paus

Wilfried Paus has been Managing Director and Head of Risk Analytics & Living Wills at Deutsche Bank AG since 2011. He originally started with Deutsche Bank Bremen branch in 1984. After his apprenticeship, he went on to study his favourite subject, pure mathematics, in Bonn and Sydney. Upon completion of his PhD at the University of New South Wales in 1996, Wilfried Paus returned to Deutsche Bank to work in risk methodology development in Frankfurt and London, with specific focus on economic capital and derivatives exposure methodology. Since 2011, he heads the Risk Analytics & Living Wills department within the bank’s Risk function, which focuses on cross-risk methodology, ICAAP and recovery and resolution planning. Wilfried Paus frequently represents the bank in discussions with regulators and industry associations on risk methodology.

Fatima Pires

Fatima Pires is currently the Head of the Financial Regulation Division in the Directorate General of Macroprudential Policy and Financial Stability at the European Central Bank, which is responsible for assessing and developing the ECB policy stance on policies relating to regulatory, supervisory and financial stability arrangements in EU and international fora. She joined the ECB in 2003. Prior to joining the ECB Fatima Pires has worked as an Adviser in the Portuguese Ministry of Planning and subsequently Ministry of Finance from 2001 to 2002 and was a banking supervisor at the Banco de Portugal from 1994 to 2000. She is currently a member of the Policy Development Group of the Basel Committee, the Cross Border Crisis Management Group of the Financial Stability Board and is active in a number of other policy committees in the context of the Eurosystem, the Economic and Financial Committee and the European Commission and European Council working groups. Ms Pires has also represented the ECB in the BCBS and in the FSB. She is co-chairing the FSB’s Re-use and rehypothecation Group. Fatima Pires holds a Masters in Finance from the London Business School, a post-graduate degree in Corporate Finance by the ISCTE Business School and a degree in Economics by the Technical University of Lisbon.

Dr. Sven Schelo

Sven Schelo is a partner at Linklaters in Frankfurt and has specialised experience in restructuring, finance and regulatory matters. As such he has advised on many of the largest European Bank Restructuring situations since 2007. He was a member of an expert commission (ILEG) advising the European Commission on bank restructuring topics and is a member of the curatorium of the Centre for Restructuring at the University of Mannheim (ZIS). Recently he has published a book on bank recovery and resolution.

Dr. Rolf Strauch

Rolf Strauch is responsible for Economics, Policy Strategy and Banking for the European Stability Mechanism (ESM). He joined the European Financial Stability Facility (EFSF), the predecessor of the ESM, at its creation in July 2010. Rolf Strauch is in charge of economic and financial analysis, country monitoring and strategic policy issues of the EFSF and ESM. He represents the EFSF and ESM in European fora and is responsible for relations with credit rating agencies. Prior to this, Mr Strauch worked at the European Central Bank from 2000 to 2010 in the Directorate General Economics on fiscal, monetary and structural policies. He also previously held a position at the Deutsche Bundesbank from 1998 to 2000. Mr Strauch holds a Ph.D. in Economics from the University of Bonn. He is a fellow of the Center for European Integration Studies (ZEI) in Bonn and he also written numerous articles and economic publications.

Dr. Christian Thimann

Christian Thimann is a Member of the Executive Committee of AXA and Member of the Board of Directors of Alliance Bernstein Investment Managers. He is also an External Member of the French Council of Economic Advisors and an Affiliated Professor at the Paris School of Economics. Previously Mr Thimann held senior positions at the European Central Bank, including Director General and Advisor to the President from 2008 to 2013. He also served as an Economist at the International Monetary Fund in Washington. Christian Thimann holds a Bachelor’s degree from Rheinische Friedrich-Wilhelms-Universität Bonn, a Master’s degree from the London School of Economics and Political Science and a PhD from Ludwig-Maximilians Universität München.

Emiliano Tornese

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 has been involved with the preparation and negotiation of the BRRD, and with the preparation, negotiation and launch of the Single Resolution Mechanism. He is now focusing on the implementation of the BRRD and the SRM Regulation, of the international principles concerning CCP Recovery and Resolution, and of the recommendations of the Five Presidents’ Report on a European Deposit Insurance Scheme. Mr. Tornese previously 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 EU’s Ministries of Finance in their regulatory capacity for financial services. Emiliano Tornese holds an LL.M. from Columbia Law School and is admitted to the Bars of New York and Italy. He has practiced law, with a focus on Mergers & Acquisitions and Capital Markets, in New York, London, Paris and Rome.

Moderators
Prof. Henrik Enderlein

Henrik Enderlein is Associate Dean and Professor of Political Economy at the Hertie School of Governance and Director of the Jacques Delors Institut – Berlin. During the academic year 2012-13 he was the Pierre Keller Visiting Professor at Harvard Kennedy School and the Weatherhead Center of International Affairs. He holds degrees from Sciences Po, Paris, and Columbia University, New York. He prepared his PhD in Political Science at the Max Planck Institute for the Study of Societies in Cologne. From 2001-2003, he worked as an economist at the European Central Bank in Frankfurt before taking up a Junior Professorship in Economics at the Free University Berlin. In 2003, Henrik Enderlein was awarded the Max Planck Society’s Otto-Hahn Medal for outstanding achievements by young scientists. He joined the Hertie School of Governance as a member of the founding faculty in 2005. During the academic year 2006-2007, Henrik Enderlein was Fulbright Distinguished Chair at Duke University’s Political Science Department. His research is on economic policy-making, European monetary integration, fiscal federalism, financial markets and financial crises.

Prof. Marcel Fratzscher

Marcel Fratzscher is President of the German Institute for Economic Research (DIW Berlin) and Professor of Macroeconomics and Finance at Humboldt-University Berlin. His prior professional experience includes work as Head of the International Policy Analysis at the European Central Bank, where he worked from 2001 to 2012; the Peterson Institute for International Economics in 2000-01; before and during the Asian financial crisis in 1996-98 at the Ministry of Finance of Indonesia for the Harvard Institute for International Development; and shorter periods at the Asian Development Bank, the World Bank and in various parts of Asia and Africa.

Prof. Jörg Rocholl

Jörg Rocholl, PhD, is president of ESMT European School of Management and Technology in Berlin and member of the economic advisory board of the German Federal Ministry of Finance. He is also research professor at the Ifo Institute in Munich and Duisenberg fellow of the European Central Bank (ECB). Professor Rocholl graduated from the Universität Witten/Herdecke, where he earned a degree in economics (with honors). After completing his PhD at Columbia University in New York, he was named an assistant professor at the University of North Carolina at Chapel Hill. Prof. Rocholl has researched and taught at ESMT since 2007 and was appointed president of ESMT in 2011. Since 2010 he holds the “EY Chair in Governance and Compliance”.

Nicolas Véron

Nicolas Véron is a senior fellow at Bruegel, and a visiting fellow at the Peterson Institute for International Economics in Washington. He was a cofounder of Bruegel starting in 2002. He joined the Peterson Institute in 2009 and divides his time between the US and Europe. Véron has authored or co-authored numerous policy papers issues that include banking supervision and crisis management, financial reporting, the Eurozone policy framework, and economic nationalism. He has testified repeatedly in front of committees of the European Parliament and US Congress. His prior experience includes working for Saint-Gobain and Rothschilds in the early 1990s; economic aide to the Prefect in Lille; corporate adviser to France’s Labour Minister; and chief financial officer of MultiMania/Lycos France. From 2002 to 2009 he also operated an independent Paris-based financial consultancy. Véron is a board member of the derivatives arm of the Depositary Trust and Clearing Corporation. He is also a member of the Scientific Council of AMF, France’s securities regulator, and of the Corporate Disclosure Policy Council of the CFA Institute.

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