FINANCIAL STABILITY CONFERENCE 2017

The REPORT of the 5th Financial Stability Conference is available as download. Three scientific contributions have been written by early-stage and PhD researchers focussing on topical issues of the 2017 conference. They are enclosed in the conference report and linked here:

organisers 2017
agenda 2017
speakers 2017
motivation
objective
impressions
date - venue
registration
organisers 2017
organiser:
Martin Aehling
Head, Financial Risk and Stability Network
scientific co-organisers:
Prof. Jörg Rocholl
President, ESMT Berlin
Dr. Guntram Wolff
Director, Bruegel
Prof. Henrik Enderlein
Director, Jacques Delors Institut – Berlin
Dr. Franziska Bremus
Dr. Philipp König

DIW Berlin
agenda 2017

EU at Crossroads: How to respond to Misalignments in Bank Regulation and achieve a consistent Financial Framework?

High level conference with a most topical program in Berlin. The conference took a foremost policy-oriented stance to discuss some of the most crucial issues lying ahead. Central questions have been the future prospects for international cooperation on regulation, and how to tackle the challenges for achieving a sustainable financial order in the EU. In this respect, the logic of existing bank regulation, competition policy, the ECB policy as regards financial stability, and the issue of how to deal with non viable banks and NPL were controversial topics that have been discussed in the light of new political constellations.

Downloads:
→  Financial-Stability-Conference-2017_Program
→ 
Financial-Stability-Conference-2017_Speakers
→  Financial-Stability-Conference-2017_REPORT
→  Financial-Stability-Conferences_Feedback

18 October 2017 at ESMT Berlin
8:15 a.m. – 6:15 p.m. followed by a get together

Agenda and speakers:

08:15  Check-in

Program schedule:

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

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09:15  Address
Matthias Kollatz-Ahnen, Senator for Finance, Berlin

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09:30  Panel  I  –  Impulses
Vincenzo La Via, Director General of the Treasury, Italian Ministry of Economy and Finance
Ludger Schuknecht, Chief Economist, German Federal Ministry of Finance

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09:50  Panel  I  –  Discussion
The Changing Bias of international financial Order:
A global and political Perspective

–  Policy Changes and Revisions to Regulation: Where are we heading now?
–  Regulatory Arbitrage and Spillovers: What Implications for financial Stability?
–  Regulatory and monetary Policy Coordination: How to deal with Conflicts?
–  Transformation of the global financial Sector: Time for pivotal Responses!

Denis Beau, Deputy Governor, Banque de France
Rebekah Goshorn Jurata, International Financial Stability and Regulation, U.S. Department of the Treasury
Vincenzo La Via, Director General of the Treasury, Italian Ministry of Economy and Finance
Ludger Schuknecht, Chief Economist, German Federal Ministry of Finance
Xavier Vives, Professor of Economics and Financial Management, IESE Business School
Moderation: Maria Demertzis, Deputy Director, Bruegel

11:00    Coffee

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11:30  Controversy  I
The Logic of financial Regulation and Reality:
Lost in Complexity and Competition Policy?

Andrea Enria, Chairperson, European Banking Authority
José Manuel González-Páramo
, Executive Board Director, BBVA
Beverly Hirtle
, Executive Vice President, Federal Reserve Bank of New York
Sven Schelo, Partner, Linklaters
Moderation: Xavier Vives, Professor of Economics and Financial Management, IESE Business School

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12:30  Lunch

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13:30  Panel  II
Financial Stability in Times of Changing Central Bank Policy:
How to address Trade-offs

–  Price Stability versus Financial Stability: Threat to the Cohesion of the Euro Area?
–  Public and private Debt Sustainability: Are they ruling Central Bank Policy?
–  Moral Hazard and Reforms Backlog: Should Shifts in monetary Policy help?
–  Raising Interest Rates: How to deal with negative Effects on Bank Solvency?

Ignazio Angeloni, Member of the Supervisory Board, European Central Bank
Lorenzo Bini Smaghi, Chairman, Société Générale
Leo Hoffmann-Axthelm
, Research and Advocacy Coordinator, Eurozone Economic Governance, Transparency International
Francesco Mazzaferro, Head of the Secretariat, European Systemic Risk Board
Helmut Siekmann, Professor, Goethe-University Frankfurt, and Director, Institute for Monetary and Financial Stability
Moderation: Jörg Rocholl, President, ESMT Berlin

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14:40  Controversy  II  –  Impulses

Elke König, Chair, Single Resolution Board
Alessandro Penati, President, Quaestio Capital Management

15:00  Controversy  II  –  Discussion
Banks in Distress and precautionary Recapitalisation: Relief without Cleanup?

Elke König, Chair, Single Resolution Board
Alessandro Penati, President, Quaestio Capital Management
Christian Stiefmüller
, Senior Policy Adviser, Finance Watch
Matthias Wargers, Spokesman of the Managing Board, Erste Abwicklungsanstalt
Moderation: Andy Jobst, Adviser to the Managing Director and Chief Financial Officer, World Bank

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15:40    Coffee

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16:10  Keynote
Sectoral regulations and SIFIs interdependencies

Odile Renaud-Basso, Director General of the Treasury, French Ministry for the Economy and Finance

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16:30  Panel  III  –  Impulse

Klaus Regling, Managing Director, European Stability Mechanism

16:40  Panel  III  –  Discussion
Looking forward: How to tackle unfinished Business in a new EU political Constellation?

–  Enhancing Resilience and solving Banking Problems: Will it stay a Fallacy?
–  Shifts in Market Structures and unsolved Bank-State-Nexus: How to address?
–  Ensuring Stability and Protecting Tax Payers: How can we combine both?
–  Risk Distribution and Banking Union: What is a common Agenda to follow?

Levin Holle, Director General Financial Markets Policy, German Federal Ministry of Finance
Philippe Lamberts, Member of the European Parliament, Co-Chair, Group of the Greens/European Free Alliance
Klaus Regling, Managing Director, European Stability Mechanism
Odile Renaud-Basso, Director General of the Treasury, French Ministry for the Economy and Finance
Luigi Federico Signorini, Deputy Governor, Banca d’Italia
Emiliano Tornese
, Acting Head, Resolution and Crisis Management Unit, European Commission, and Visiting Professor, College of Europe in Bruges
Moderation: Alessio Pacces, Professor of Law and Finance, Erasmus School of Law, Erasmus University Rotterdam

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18:10   Closing
Martin Aehling and Jörg Rocholl

18:15   Get together

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Information on our Financial Stability Conference 2016 under following download-links:

⇒  Program
⇒  Speakers
⇒  Report

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_

speakers 2017

EU at Crossroads: How to respond to Misalignments in Bank Regulation and achieve a consistent Financial Framework?

Financial Stability Conference
18 October 2017 at ESMT Berlin
8:15 a.m. – 6:15 p.m. followed by a get together

Speakers, Discussants and Moderators with bios and photos.


Speakers & Discussants:

Ignazio Angeloni, Member of the Supervisory Board, European Central Bank

Denis Beau, Deputy Governor, Banque de France

Lorenzo Bini Smaghi, Chairman, Société Générale

Andrea Enria, Chairperson, European Banking Authority

José Manuel González-Páramo, Executive Board Director, BBVA

Rebekah Goshorn Jurata, Deputy Assistant Secretary, International Financial Stability and Regulation, U.S. Department of the Treasury

Beverly Hirtle, Executive Vice President, Federal Reserve Bank of New York

Leo Hoffmann-Axthelm, Research and Advocacy Coordinator, Eurozone Economic Governance, Transparency International

Levin Holle, Director General Financial Markets Policy, German Federal Ministry of Finance

Elke König, Chair, Single Resolution Board

Matthias Kollatz-Ahnen, Senator for Finance, Berlin

Philippe Lamberts, Member of the European Parliament, Co-Chair, Group of the Greens/European Free Alliance

Vincenzo La Via, Director General of the Treasury, Italian Ministry of Economy and Finance

Francesco Mazzaferro, Head of the Secretariat, European Systemic Risk Board

Alessandro Penati, President, Quaestio Capital Management

Klaus Regling, Managing Director, European Stability Mechanism

Odile Renaud-Basso, Director General of the Treasury, French Ministry for the Economy and Finance

Sven Schelo, Partner, Linklaters

Ludger Schuknecht, Chief Economist, German Federal Ministry of Finance

Helmut Siekmann, Chair for Money, Currency and Central Bank Law, Goethe-University, and Director, Institute for Monetary and Financial Stability

Luigi Federico Signorini, Deputy Governor, Banca d’Italia

Christian Stiefmüller, Senior Policy Adviser, Finance Watch

Emiliano Tornese, Acting Head, Resolution and Crisis Management Unit, European Commission, and Visiting Professor, College of Europe in Bruges

Matthias Wargers, Spokesman of the Managing Board, Erste Abwicklungsanstalt

Moderators:

Maria Demertzis, Deputy Director, Bruegel

Andy Jobst, Adviser to the Managing Director and Chief Financial Officer, World Bank

Alessio Pacces, Professor of Law and Finance, Erasmus School of Law, Erasmus University Rotterdam

Jörg Rocholl, President, ESMT Berlin

Xavier Vives, Professor of Economics and Financial Management, IESE Business School

 

Photos & Bios
Ignazio Angeloni

Ignazio Angeloni has been member of the Supervisory Board of the European Central Bank since March 2014. Since February 2017 he is also a non-voting member of the Single Resolution Board. He started his career in the 1980s and 1990s whereas he held several positions in the Banca d’Italia’s Research Department. In 1995 he was appointed Director of the Monetary and Financial Sector. In 1998 Ignazio Angeloni moved to the ECB as Deputy Director General of Research. In that position he headed several Eurosystem research initiatives, including the Monetary Transmission Network and the Inflation Persistence Network. In 2005 he joined Italy’s Ministry of Economy and Finance as Director for International Financial Affairs. In that role he also acted as G20 Finance Deputy; Deputy Governor for Italy in the World Bank, the European Bank for Reconstruction and Development, the Asian Development Bank and the African Development Bank; President and chairman of the Board of SACE (Italy’s export-credit insurance company); member of the Board of the European Investment Bank and of MTS SpA (screen-based bond market); member of the Working Party 3 of OECD; member of the Bellagio group. In 2008 he moved back to the ECB as Advisor to the Executive Board, then Director General for Macro-Prudential Policy and Financial Stability. In this position he coordinated the ECB negotiation and preparation for the Single Supervisory Mechanism. A former Fellow of Bruegel, Ignazio Angeloni held teaching positions at the University of Pennsylvania, Bocconi and LUISS (Rome). He graduated from Bocconi and holds a PhD in Economics from the University of Pennsylvania.

Denis Beau

Denis Beau is the newly appointed Deputy Governor of the Banque de France. He took over this position beginning August 2017 and has also been appointed by the Governor to represent him as Chairman of the French Prudential Supervision and Resolution Authority. He is a member of the college of the French Financial Markets Authority, of the Supervisory Board of the Caisse des Dépôts, and of the Supervisory Board for the European Central Bank’s Single Supervisory Mechanism. Denis Beau joined Banque de France in 1986. His career path led him to hold management positions in the Financial Markets, Payments and Market Infrastructures and Economics and International Relations departments. He was seconded to the New York Fed and served at the Bank for International Settlements as secretary of the G10 Committee on Payment and Settlement Systems. Denis Beau was then appointed Director General of Financial Stability and Operations and a member of the Executive Committee of the Bank of France and in this capacity he chaired the National Retail Payments Committee and the French Financial Center Robustness Group. He was also a member of the Euro Retail Payments Board, the Committee on the Global Financial System and at the Basel Committee on Banking Supervision co-chair of the Macroprudential Supervision Committee.

Lorenzo Bini Smaghi

Lorenzo Bini Smaghi is Chairman of Societé Générale. He is also Chairman of Italgas and Visiting Scholar at Harvard’s Weatherhead Center for International Affairs and Senior Fellow at LUISS School of European Political Economy and at the Istituto Affari Internazionali in Rome. He is member of the Board of Tages Holding and chairs the Italian Chapter of the Alumni of the University of Chicago. From June 2005 to December 2011 he was a Member of the Executive Board of the European Central Bank. Lorenzo Bini Smaghi started his career in 1983 as an Economist at the Research Department of the Banca d’Italia. In 1994 he moved to the European Monetary Institute, in Frankfurt, to head the Policy Division, to prepare for the creation of the ECB.  In October 1998 he became Director General for International Affairs in the Italian Treasury, acting as G7 and G20 Deputy and Vice President of the Economic and Financial Committee of the EU. He was also Chairman of the WP3 of the OECD. He was Chairman of the Board of Snam, of SACE, and member of the Boards of Finmeccanica, MTS, the European Investment Bank and Morgan Stanley International. He holds a PhD from the University of Chicago. Lorenzo Bini Smaghi is author of several articles and books on international and European monetary and financial issues. He is currently member of the A-List of Commentators for the Financial Times..

Andrea Enria

Andrea Enria is the first Chairperson of the European Banking Authority (EBA). He took up office in March 2011. He represents the EBA and is responsible for preparing the work of the Board of Supervisors and chairs its meetings as well as those of the Management Board. Prior to taking up this role, he was the Head of the Regulation and Supervisory Policy Department at the Bank of Italy. Andrea Enria previously served as Secretary General of the Committee of European Banking Supervisors (the EBA’s predecessor), dealing with technical aspects of EU banking legislation, supervisory convergence and cooperation within the EU. In the past, he also held the position of Head of Financial Supervision Division at the European Central Bank. Before joining the ECB Andrea Enria worked for several years in the Research Department and in the Supervisory Department of the Bank of Italy.

José Manuel González-Páramo

José Manuel González-Páramo is Executive Board Director of Banco Bilbao Vizcaya Argentaria (BBVA). In June 2013 he was appointed Executive Board member of BBVA. As Executive Board Director, he is the Chief Officer, Global Economics, Regulation & Public Affairs, and the Chairman of its International Advisory Board. He is also Chairman of European DataWarehouse. Since December 2016, he is the Europe chair of the TransAtlantic Business Council (TABC), the official business advisory group to the European Commission and U.S. administration on international trade, investment, and regulatory issues. His professional record is a blend of central bank decision-making and private sector responsibilities, academic experience and advisory positions. In 1988 he was appointed Professor of Economics at UCM. In addition, he has taught advanced courses in economic analysis of public policies at the Centro de Estudios Monetarios y Financieros in Madrid and at other research centres. From September 2012 he is a Professor at IESE Business School. Since May 2015 he is Full Member of the Royal Academy of Moral and Political Sciences. From 1985 to 1994 he was an economic adviser to various public and private institutions including the Banco de España, the European Commission, the IMF and the World Bank Group. He has been involved in working groups on economic and financial matters at the Bank for International Settlements and the Organisation for Economic Co-operation and Development. José González-Páramo served as a member of the Executive Board of the European Central Bank (ECB) from 2004 to 2012. He was also a member of the Governing Council of the ECB and a member of the Committee on the Global Financial System of the Bank for International Settlements.

Rebekah Goshorn Jurata

Rebekah Goshorn Jurata is the Deputy Assistant Secretary for International Financial Stability and Regulation at the U.S. Department of Treasury. Prior to joining the Department of Treasury, she served as the Senior Securities Counsel for the U.S. House of Representatives Financial Services Committee. Rebekah Goshorn Jurata was previously Counsel to Commissioner Daniel Gallagher of the U.S. Securities and Exchange Commission, and a Counsel in the Division of Trading and Markets at the Securities and Exchange Commission. Additionally, she was a Senior Associate at an international law firm in Washington D.C. Rebekah Goshorn Jurata graduated from the University of San Diego School of Law. She earned a Masters of International Affairs, with a concentration in international management from the University of California, where she also graduated with a Bachelor of Science in Management Science, Economics, and a Bachelor of Arts in Political Science, International Relations.

Beverly Hirtle

Beverly J. Hirtle is Executive Vice President, Head of the Research and Statistics Group and Director of Research at the Federal Reserve Bank of New York where she oversees a group that provides analytic support for the Bank’s responsibilities relating to monetary policy, banking supervision, payments systems and financial market issues. She is also on the Bank’s Management Committee. Beverly Hirtle worked extensively on issues relating to bank capital adequacy and supervisory stress testing – including work on the Supervisory Capital Assessment Program, the Dodd-Frank Act stress tests, and the Comprehensive Capital Analysis and Review – and on calibration of regulatory capital requirements. Her academic research includes work on stress testing, bank holding company dividend and repurchase activity, disclosure and risk management, the impact of derivatives on bank risk and credit supply, and recent trends in retail banking activity. Beverly Hirtle holds a BA degree from Amherst College and a PhD degree from Massachusetts Institute of Technology.

Leo Hoffmann-Axthelm

Leo Hoffmann-Axthelm is Research and Advocacy Coordinator for Eurozone Economic Governance at Transparency International EU. He joined Transparency International EU in 2015 to coordinate the programme on the transparency and democratic accountability of EU economic governance institutions. Prior, he worked at the European Commission’s Joint Research Centre and in the Director-General’s team at DG Ecfin. Before entering EU affairs, Leo Hoffmann-Axthelm had a short stint as disarmament attaché for the pacific island of Nauru at the UN in New York and co-founded the German branch of the International Campaign to Abolish Nuclear Weapons in Berlin.

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 (banking, insurance, investment, stock markets and securities) 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 Boston Consulting Group, his last position beeing Senior Partner and Managing Director of the Berlin office.

Elke König

Elke König is Chair of the Single Resolution Board, being responsible for the management of the organisation, the work of the Board, the budget, all staff, and the Executive and Plenary sessions of the Board. The General Counsel, the Policy Coordination and International Relations Unit, the Communications office and the Internal Audit function report directly to her. She was President of the German Federal Financial Supervisory Authority from 2012 until 2015. After qualifying in business administration and obtaining a doctorate, Elke König spent many years working for companies in the financial and insurance sector. From 1980 to 1990, she worked for KPMG Deutsche Treuhandgesellschaft, auditing and advising insurance undertakings, from 1986 as a holder of a special statutory authority and from 1988 as a director and partner. From 1990 to 2002, she was a member of the senior management of the Munich Re Group; she then moved to Hannover Rückversicherung as Chief Financial Officer. From 2010 to the end of 2011, Elke König was a member of the International Accounting Standards Board in London. She was also a representative of the Supervisory Board of the Single Supervisory Mechanism. Elke König is Chair of the Resolution Steering Group of the Financial Stability Board.

Matthias Kollatz-Ahnen

Matthias Kollatz-Ahnen has been Senator for Finance of Berlin since December 2014. Prior to this position, he was, inter alia, member of the Executive Board of the European Investment Bank from 2006 to 12 and the Investitionsbank Hessen from 2000 to 2006, respectively. Dr. Kollatz-Ahnen also has experience in the private sector, as he was Senior Advisor on Finance and Regulation at PwC from 2012 to 14. He holds degrees in physics and economics and a doctorate in engineering.

Philippe Lamberts

Philippe Lamberts is a Member of the European Parliament and currently Co-Chair of the Greens/EFA political group with Ska Keller. During this term, he aims to reinforce the Greens both within and outside the EU institutions, and with civil society, and to continue his work on the financial regulation and social justice front. He studied Engineering in applied mathematics, at the Catholic University of Louvain. From 1987 to 2009, he worked at IBM in various business positions. He was elected in June 2009 for a first term in the European Parliament. In May 2014, he was re-elected for a second term and appointed Co-President of the Green group in the European Parliament. His political career within the Belgian green party Ecolo started in 1991, where he served both at the local and federal levels. As of 1999, he became more and more involved with European politics, and more specifically through the European Green Party, of which he has been the Co-President from 2006 to 2012. As Member of the European Parliament, he focuses on economic and financial questions, and has become a specialist on fiscal, banking and macroeconomic issues.

Vincenzo La Via

Vincenzo La ViaVincenzo La Via is Director General of the Italian Treasury. He is the deputy Minister of the Economy and Finance at the G8, G20, and the International Financial and Monetary Committee. He is vice-chairman of the Financial and Economic Committee (EFC) of the European Union, chairman of the Financial Services Committee (FSC) of the European Union, chairman of the Control and Risk-Management Committees of the European Stability Mechanism (ESM) and the European Financial Stability Facility (EFSF). He also chairs in Italy the Advisory and Underwriting Committee for Privatisations, and the SACE Committee. He is member of the board of directors of the Cassa Depositi e Prestiti. He was Managing Director and Chief Financial Officer for the World Bank in Washington from 2005 to 2012, and Chief Financial Officer for Banca Intesa (2000-2005). Vincenzo La Via holds a degree from the University La Sapienza in Rome and a PhD in economics from the University of California, Los Angeles.

Francesco Mazzaferro

Francesco Mazzaferro has been the Head of the Secretariat of the European Systemic Risk Board (ESRB) since January 2011. Following legal studies, he began his career in the field of financial market analysis at the Istituto Bancario San Paolo di Torino (today part of Intesa Sanpaolo) in Turin in 1987. Francesco Mazzaferro joined the European Commission in Brussels in 1992, starting his international career in the Directorate General for Economic and Financial Affairs, where his work focused on the European Currency Unit (ECU) 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 as the Officer of Policy Planning. In 1998, Francesco Mazzaferro became Senior European Relations Officer. From 2000, he worked as Principal in the EU Neighbouring Regions Division, becoming the Head of Division in 2003.

Alessandro Penati

Alessandro Penati is Chairman and Founding Partner of Quaestio Capital Management, an independent Asset Management Company with an institutional client base. In 1998, he founded Epsilon Associati SGR, an asset management firm specialized in long-only European equity and absolute return funds. Alessandro Penati has been Professor of Finance at Università Cattolica del Sacro Cuore in Milan. Previously, he was professor of Financial Economics at The Wharton School, University of Pennsylvania, as well as at Bocconi University, Padua University, and Fame, Geneva. He has been an economist in the Research Department of the International Monetary Fund, and a consultant to the OECD, the International Monetary Fund, the Italian Antitrust, Ministry of the Treasury, and Consob security regulator. He has been on the Editorial Board of the daily newspapers La Repubblica, Corriere della Sera and Sole-24 Ore. Alessandro Penati graduated from Bocconi University, and holds a PhD in Economics from the University of Chicago.

Klaus Regling

Klaus Regling is the current and first Managing Director of the European Stability Mechanism. The Managing Director of the ESM is appointed by the Board of Governors for a renewable term of five years. Klaus Regling is also the CEO of the European Financial Stability Facility (EFSF), a position he has held since the creation of the EFSF in June 2010. He has worked for 40 years as an economist in senior positions in the public and the private sector in Europe, Asia, and the U.S., including a decade with the International Monetary Fund in Washington and Jakarta and a decade with the German Ministry of Finance where he prepared Economic and Monetary Union in Europe. From 2001 to 2008, he was Director General for Economic and Financial Affairs of the European Commission. During 2008-09, he spent a year at the Lee Kuan Yew School of Public Policy in Singapore where he researched financial and monetary integration in Asia. Subsequently, he opened an economic and financial consultancy in Brussels. Previously, Klaus Regling had gained experience in the private sector as Managing Director of the Moore Capital Strategy Group in London and as an economist with the German Bankers’ Association.

Odile Renaud-Basso

Odile Renaud-Basso is the Director General of the Treasury, French Ministry for Economy and Finance, since June 2016. Before resuming this position, she has been Deputy Chief Executive Officer of Caisse des Dépôts, Director of Savings Funds from 2013 to 2016, as well as serving as a Member of the Caisse des Dépôts Management Committees. Odile Renaud-Basso enjoyed a long career in the Treasury administration and in other functions. From 2012 to 2013 she has been acting as Deputy Director of the Office of the Prime Minister. From 2010 to 2012 she served as the Deputy Head of Cabinet of the President of the European Council of the Office of the European Commission President. Prior to that, from 2005 to 2010 Odile Renaud-Basso has been Director at the DG Ecfin of the European Commission. From 2004 to 2005 she was Chief of the International Affairs Division and from 2003 to 2004 Chief of the Financial Regulation Division at the Treasury Department. Furthermore, she served as Deputy Director at the Treasury Department from 2001 to 2003, whereby she was encharged with European and Multilateral Affairs. From 1999 to 2001, Odile Renaud-Basso was Chief of the SME Financing Office as well as Secretary General of the Comite interministeriel de restructuration industrielle (Ciri) at the Treasury Department. From 1996 to 1999, she served as the Secretary General of the Club de Paris and as Chief of the Office in charge of Debt and Credit Insurace at the Treasury Department.

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, the ILEG, advising the European Commission on bank restructuring topics, and he is a member of the curatorium of the Centre for Restructuring at the University of Mannheim.

Ludger Schuknecht

Ludger Schuknecht is Chief Economist and heading the Directorate General Fiscal Policy and International Financial and Monetary Policy at the German Federal Ministry of Finance. In this role he advises the Minister on economic policy issues in the domestic and international sphere. In his previous position as Senior Advisor in the Directorate General Economics of the European Central Bank he contributed to the preparation of monetary policy decision making and the ECB positions in European policy coordination. Before that, Ludger Schuknecht headed the ECB’s fiscal surveillance section, which followed assignments at the World Trade Organisation and at the International Monetary Fund. His recent research focuses on public expenditure policies and reform and the analysis of economic boom-bust episodes. He wrote “Public Spending in the 20th Century: A Global Perspective” together with Vito Tanzi.

Helmut Siekmann

Helmut Siekmann holds the Chair for Money, Currency and Central Bank Law at the Goethe-University in Frankfurt, and serves as Director of the Institute for Monetary and Financial Stability. His research is focused on all aspects of the European System of Central Banks and government finances in Germany. He has also worked extensively on the institutional framework of the EU to secure fiscal stability of the member states, the mechanisms to stabilize financial institutions, and the supervision and control of financial markets. Helmut Siekmann has been full professor of law at the Ruhr-University Bochum from 1993 to 2006. From then until present he works at Goethe-University. He has been visiting professor at Saint Louis University School of Law, Université d’Orléans, Université Paris-Dauphine, Université de Luxembourg, and Donau-Universität Krems. He contributed to numerous legislative projects on the national and supranational level. He worked as counsel to constitutional bodies and represented them in constitutional courts. In 2010, the University Paris-Dauphine awarded him the degree „docteur honoris causa“.

Luigi Federico Signorini

Luigi Federico Signorini has been Deputy Governor of the Banca d’Italia since 2013, and, in this capacity, member of the Bank of Italy Governing Board and of the Board of the Italian insurance authority (Ivass). He is also a member of the Basel Committee, the Board of the European Banking Authority, and other European and international bodies. Luigi Signorini studied economics at the University of Florence and at Harvard. He has worked for the Bank since 1982, when he joined the Research Department. His research interests have included structural policy, business cycles, local development, banking markets. In 1994-96 he was advisor and speechwriter for Prime Minister Dini. In 1996-98 he was responsible for the Bank’s network of regional research staff. From 1997 to 2008 he headed the Economic and Financial Statistics Department and participated in various ECB and EU statistical bodies. In 2008 he moved to financial supervision, as head of Regulation first, then of Banking groups supervision, and finally as managing director for the supervision area. He authored books and articles on local development, the structure of the Italian economy, economic analysis and economic statistics methodology; he wrote also a non-technical book on the Italian economy with Ignazio Visco.

Christian Stiefmüller

Christian Stiefmüller is Senior Policy Adviser at Finance Watch and a senior expert on financial regulation in the EU. His principal research focus is on financial stability, in particular prudential regulation, resolution and financial safety nets. At Finance Watch he is responsible for policy research and analysis of the banking sector. Previously a senior investment banker, Christian Stiefmueller has more than 20 years experience in the financial industry, working at a number of major global banks. Over the years, he has served as an adviser to public and private corporations and financial investors on a wide range of M&A, equity and debt capital markets transactions across a number of industries.

Emiliano Tornese

Emiliano Tornese is Acting 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. He is also Visiting Professor at the College of Europe in Bruges on the Law of Banking Union and Capital Markets Union. Emiliano 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 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. He advised the European Financial Stability Facility and the European Stability Mechanism on the primary markets regulation.

Matthias Wargers

Matthias Wargers is a member of the Managing Board of the Erste Abwicklungsanstalt (EAA) and also serves as the Spokesman of the Board. He was appointed to the Board shortly after the EAA’s inception in spring 2010. Prior to joining the EAA, Matthias Wargers headed the Group Development and Participation unit of the Westdeutsche Landesbank AG (WestLB AG). The trained economist looks back on more than 20 years of experience in banking and participation management. In this context he was responsible of various complex international transactions and projects, i.e. the split-up of the former Westdeutsche Landesbank Girozentrale into the private-law WestLB AG and Landesbank NRW (today’s development bank “NRW.BANK”) and various M&A deals in the Financial and Non-Financial Industry.

Moderators
Maria Demertzis

Maria Demertzis is Deputy Director at Bruegel. She has previously worked at the European Commission and the research department of the Dutch Central Bank. She has also held academic positions at the Harvard Kennedy School of Government in the USA and the University of Strathclyde in the UK, from where she holds a PhD in economics. She has published extensively in international academic journals and contributed regular policy inputs to both the European Commission’s and the Dutch Central Bank’s policy outlets.

Andy Jobst

Andy Jobst is Adviser to the Managing Director and Chief Financial Officer of the World Bank Group. Previously he was responsible for monetary and financial sector policy of the euro area as Senior Economist in the European Department of the International Monetary Fund. Until 2014, he spent almost three years as Chief Economist and Deputy Director (Supervision) of the Bermuda Monetary Authority. During this time he was heavily involved in the International Association of Insurance Supervisors as member of the Financial Stability Committee and served as Vice-Chair of the Financial Stability Data Specialists Subcommittee. Before his appointment at the BMA, Andy Jobst was a mid-career economist at the IMF, where served as one of the main authors of the Global Financial Stability Report and led the stress testing exercises as part of the Financial Sector Assessment Program. He also worked at the Federal Deposit Insurance Corporation, the Deutsche Bundesbank, the European Central Bank, the Bank of England, and Deutsche Bank. Andy Jobst holds a PhD from the London School of Economics and was also educated at Oxford and Cambridge.

Alessio Pacces

Alessio Pacces is Professor of Law and Finance at the Erasmus School of Law, Erasmus University Rotterdam. Before moving to academia, he was senior researcher in the Law and Economics Research Department of the Bank of Italy. Alessio Pacces was visiting scholar at UC Berkeley, Boalt Hall School of Law, and has held a number of visiting appointments, inter alia as Visiting Professor of Law at Columbia Law School. His current research interests are in corporate governance, law and finance, and the economics of financial regulation. He has published several books, chapters and peer-reviewed articles on the economic analysis of corporate law and financial regulation. He has been invited to speak by policy institutions such as the OECD, the European Central Bank, and the European Commission.

Jörg Rocholl

Jörg RochollJörg Rocholl, PhD, is President of ESMT 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. Jörg 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 has held the EY Chair in Governance and Compliance.

Xavier Vives

Xavier Vives is Professor of Economics and Finance at IESE Business School. He holds a PhD in Economics from UC Berkeley. Fellow of the Econometric Society since 1992; of the European Economic Association since 2004; and of the Academia Europaea since 2012. President of the European Association for Research in Industrial Economics 2016-2018. Research Fellow of CESifo and of the Center for Economic Policy Research, where he served as Director of the Industrial Organization Program in 1991-1997. He has taught at INSEAD, Harvard University, Universitat Autònoma de Barcelona, Universitat Pompeu Fabra, the University of California at Berkeley, the University of Pennsylvania, and New York University. His fields of interest are industrial organization and regulation, the economics of information, and banking and financial economics. He has published in the main international journals and is the author of several books, among them Competition and Stability in Banking. He is currently co-editor of the Journal of Economics and Management Strategy and editor of the Journal of Economic Theory. Xavier Vives has been an advisor and consultant on competition and regulation issues for the World Bank, the Inter-American Development Bank, the European Commission, the Federal Reserve Bank of New York, as well as for major international corporations. In 2011-2014 he was Special Advisor to the EU Commissioner for Competition, Mr Joaquín Almunia.

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motivation
BRINGING TOGETHER SCIENTISTS, REGULATORS, POLITICIANS, INDUSTRY EXPERTS AND ORGANISATIONS
Motivation 2017

Making headway for a better and safer financial system has come to a halt. Oblivion of the costs of crisis, manyfold calls for more efficiency in regulation, and recent policy developments all indicate a return to somewhat laxity in the financial reform process and in implementing rules. Obvious signs are that the finalisation of the Basel 3 accord is put on ice, that weak banks are still protected by their governments, and that according to comments in the U.S. and the U.K. we have to suspect a loosening of regulatory standards and supervisory practice. Inconsistencies, complexity and complaints about the burden of regulatory requirements mix with increasingly using regulation as competition policy.

Taking in mind that problems of today have partly been caused by the financial crisis and its aftermath, and that the EU cannot withstand another crisis, this is a hazardous drift away. Looking at non-performing loans, non working business models and the state-bank-nexus, there are potential risks in the financial system, and hence to financial stability. The leeway for monetary policy remains narrow. The ECB cannot stay the actor to cure. New political constellations on the European and international level are setting additional challenges to common post-crisis understandings. And increasing politicisation of established rules in favor of national interests has become a great threat.

The conference therefore takes a foremost policy-oriented stance to discuss some of the most crucial issues lying ahead. Central questions are the future prospects for international cooperation on banking regulation, and how to tackle the challenges for reaching a sustainable financial order in the EU with a resilient banking system. In this regard, the logic of existing bank regulation, the ECB policy as regards financial stability, and the issue of how to deal with non viable banks are some of the controversial topics to be discussed. The conference hereby shall question as well the different interpretations and lacking implementations of regulatory standards, and the unsolved issues of burden sharing and how to protect taxpayers.

The conference brings together regulators, scientists, politicians, industry and organisations. We are convinced that generating an open, public, and critical debate on these subjects is very reasonable and also necessary to build a more safe and resilient financial system which fulfills its vital functions in serving the economy and society as well. In this regard, the conference will give an inspiring opportunity.



The FINANCIAL STABILITY CONFERENCE is an international high-profile joint conference and a public discussion event on the EU financial reforms agenda in the center of Berlin. The program is arranged at a high-class quality level and addresses topical financial regulatory, stability and supervisory issues. The agenda is determined by the organisers.

The conference brings together different involved and interested groups as there are: regulatory and supervisory authorities, political parties and organisations, political and EU institutions, ministries, financial institutions, investors and asset managers, associations, consultancy, research institutions and universities, think tanks as well as from civil and public organisations and initiatives. It is a highly valued platform for a serious and engaged exchange of views and arguments.

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objective
BRINGING TOGETHER SCIENTISTS, REGULATORS, POLITICIANS, INDUSTRY EXPERTS AND ORGANISATIONS
Objective and scientific Evidence 2017

The conference brings together science, regulation, practice, policy, and the interested public. The objective is to exchange and discuss current issues regarding financial stability, banking regulation, and central banks between these groups; this year 2017 the topics of international regulatory cooperation, the logic of current regulation, the policies of central banks, the implementation of rules in the EU and the future of the European financial system against the backdrop of changing political conditions. Each of these topics contains sufficient discussion material and gives rise to a detailed analysis. The relevance of these topics is manifested primarily in the following three developments:

On the one hand, it is clear that important projects in the EU are not being pursued in an adequate way, and rules are not being implemented as required to the necessary extent. This applies, in particular, to the banking union, the stabilisation of the financial sector and the implementation of the BRRD. Italy’s handling of the crisis banks and the somewhat allowing observer role of EU member states suggest that national political will stay a dominant factor. The application and enforcement of adopted rules remain challenging tasks. Moreover, there has been little progress with regard to the state-bank nexus and implicit guarantees for big banks. Overall, in 2016, a shift away from the regulation agenda and a turn to the growth paradigm was noted. The now pretended certainty about financial stability seems disastrous, because major problems remain unresolved and national interests move in the foreground.

The second development originates, above all, from politics, but it also has severe implications for the financial system and financial stability. Brexit, the U.S. elections, and populist movements in the EU are bringing major changes to the financial sector as well as to the international regulatory and supervisory architecture. One example is the lack of agreement in the Basel Committee regarding the conclusion of Basel III. The negotiations have been put on ice. At the same time, surging competition between financial centers and the tendency of softening of regulatory standards are moving into the focus. Regulatory arbitrage and a race to the bottom may prove to be a serious danger with far-reaching negative consequences. A number of statements by politicians make this danger seem realistic. Inconsistencies, which undoubtedly exist, are at the same time taken as entry and argument by the financial sector to engage against unwanted regulatory requirements.

The third development is a tectonic shift in the role and function of central banks. The scientific based consensus on the foundations of monetary policy has reached its limits and outlived itself. This is clearly reflected in the behavior of the European Central Bank (ECB) in recent years as the only credible player in times of crisis. Added to this is the discussion about the extension of the mandate, particularly in the case of stability policy decisions such as asset purchase programs and regarding the use of macroprudential instruments. Central banks are no longer perceived as independent but as politically acting institutions. National one-dimensionality in the perception and explanation of monetary policy contains immense potential for conflict within the European Monetary Union (EMU). The politicization of central banks is also driven by governments and policy, namely as a tool to better achieve their economic policy ideas and promises. At the same time, there is a lack of transparency and control in the face of the de facto extended scope of action by central banks.

These three developments are intertwined, not only in terms of time but probably also of mutual effects and interactions. When the EU places competition policy at the center of the argument about regulatory standards, this reflects the stalemate in international negotiations on new regulatory standards. National interests, failure to consolidate the banking sector, and the missing level playing field within the EU again place the ECB under pressure. The populist movements are partially on the rise because the financial crisis has caused enormous economic losses and financial burdens which have been placed on taxpayers to a large extend. Ongoing low interest rate policy by the ECB again is taken as an argument against the EMU by political groups.

This is indeed a comprehensive discussion agenda for an event and a broad look beyond the horizon. In such times, however, it does not seem appropriate to dedicate to details and technical questions of single regulatory requirements. Rather, we find it more useful to face some more complex contexts and examine some broader correlations in view of the above-described developments. The scientific discussion and analysis of the called up topics, their interdependencies and their impacts are essential when it comes to achieving a staible and resilient financial system that fulfills its crucial functions in serving the economy and society. This also involves a better coordination and cooperation at the relevant political levels in the EMU. Insofar, the focus is set on policy and policy choices, in addition to a focus on regulation – always related to financial stability and the question of how to achieve a sustainable financial system in the EU. This is crucial for the future of the EMU and the EU.

These questions are hardly asked anymore almost ten years after the beginning of the financial crisis. Discussed are rather what inconsistencies and burdens the current supervisory and regulatory regime poses to the financial sector. The questions are more legitimate than ever, however, in view of the cyclical history of regulation and deregulation. It is also relevant in view of the increasing (mis-)use of regulation as competition policy. It goes as well hand in hand with the issue of risk distribution in the euro area and the future roles of the ECB. The narrow fiscal scope, low growth in EU southern countries, government debts and structural reforms are subject of massive conflicting political interests. Whether it is the idea of sovereign bond-backed securities, the upgrading and transformation of the European Stability Mechanism into a European monetary fund, a common European deposit guarantee, an European blueprint for national bad banks or other suggestions: the fundamental political positions and options for action are to be debated seriously and responsibly along every single proposal. Otherwise the EU will not progress on these issues.

For this debate, the conference wants to be a forum, providing a framework for discussion, and thus contributing to the exchange on possible solutions. The discussion of the agenda topics and the drafting of a more developed, possibly future policy framework for the EU-27 with regard to regulation and financial stability appears to be considerably interesting and attractive also from a scientific point of view. The event provides a wide range of suggestions and points of reference for policy-oriented, at the same time scientifically based analysis of causal relations and options for action. It follows on last year’s event, whose topics included the close link between states and banks, the current treatment of sovereign bonds, the resolution of banks in the EU, and other related issues.

This year’s event is scientifically well-founded regarding timeliness and relevance, particularly because it goes beyound specific questions and limited empirical analysis to the discussion of interdependencies and impact factors.

The fact that this might not be common in scientific debates does not mean that no scientific reference can be drawn from the agenda topics. On the contrary: On the one hand there are scientific elaborations on many aspects of the agenda topics. On the other, the somewhat indefinite term ‘political economy’ is a central research field of the economic and political sciences. And political economy includes issues such as ensuring financial stability and setting the framework for the financial sector as well. This does not happen in a neutral space but is embedded in political interrelations, economic developments, and divergent interests. The conference intends to investigate the interdependencies and dependencies that were to be observed against this background.

The policy orientation has a high significance and justification, as described above. Political sciences, especially economics, do not conduct research or teach in a neutral sphere. They are per se political and therefore also relevant for the society. Thus, the debate with policy makers, supervisory experts, practitioners, as well as civil society and interested public appears essential and important. But so far, little overarching discussion and analysis has taken place based on such an event format. I am convinced that this is also most revealing scientifically and therefore worthwhile. This has been reported to me by many scientists who participated in our financial stability conferences of past years. Attraction and interest arise from the different perspectives and standpoints.

There is too little public discussion on how to shape an appropriate financial system and address associated challenges. Events are usually geared to the needs of the financial sector or to expert groups. A critical and controversial debate, which pools and unfolds pointed political aspects and divergent positions, is in my view very sensible and necessary. Here, the political and economic sciences are called upon to contribute more. This gives rise to the motivation to establish a public debate forum with a clear objective which both integrates and addresses the sciences. Last but not least, the aim is to raise public awareness about the need to set the right framework for the financial sector, and, thus, to strengthen social support for financial stability and the adequate regulation of the financial sector.

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impressions
date - venue
BRINGING TOGETHER SCIENTISTS, REGULATORS, POLITICIANS, INDUSTRY EXPERTS AND ORGANISATIONS
The FINANCIAL STABILITY CONFERENCE 2017 took place:

18 October 2017,  8:15 a.m. – 6:15 p.m.  followed by a get together
>  Check-in  8:15 a.m.

at ESMT Berlin
Schlossplatz 1,  10178 Berlin  (center of Berlin “Mitte”)
General information on FRSN Financial Stability Conference:

Pls note:  Participation is restricted upon confirmed registration afore
Pls note:  Registration is only possible by email via conference@frsn.de
Pls note:  Registration deadline one week before, after will be disregarded
Pls note:  On-site registrations are not possible and have to be refused
Pls note:  There is no right of participation, registrations may not be accepted.

Kindly inform you that for checking-in you may be asked to show a valid identity card due to organisational and security reasons.

>  How to get to ESMT Campus

The conference hall “Auditorium Maximum” has a capacity of up to 300 places.

registration
BRINGING TOGETHER SCIENTISTS, REGULATORS, POLITICIANS, INDUSTRY EXPERTS AND ORGANISATIONS
General registration information FINANCIAL STABILITY CONFERENCES:

Admission to the conference and participation as a guest is without charge or fees. But participation is restricted: Registrations have to be confirmed by the organiser. Without confirmation a registration is not valid!  For registration we request your personal details. A registration email without contact details and affiliation or activity will be refused, even if you receive an invitation from one of the organisers.

Registrations only via conference@frsn.de

  • This is the only valid email address for registrations
  • Registrations via any other email are be processed
  • Handling of registrations is done solely by FRSN
  • Registration deadline is generally one week before
  • Registrations after this deadline will be disregarded
  • On-site registrations are not possible and have to be refused

Kindly inform you that for checking-in you may be asked to show a valid identity card due to organisational and security reasons.

FEEDBACK 2017

feedback participants
feedback participants

“The FRSN‘s Financial Stability Conference has become a fixture in the political and academic calendars across Europe – and rightly so. It provides a unique forum for an informed dialogue between policy-makers, regulators, representatives of the financial sector, academics and the public about financial stability, supervision and regulation. The high-cadre list of speakers at the FSC ensures that discussions are relevant and informed.”

Dr. Matthias Kollatz-Ahnen, Senator for Finance, Berlin


“The Financial Stability Conference is a unique opportunity to meet politicians, regulators, practitioners and academics in a truly international environment to discuss the future of regulation and financial stability. It was my second year attending and I´m still very much impressed by the various and deep insights offered into different ways of thinking about financial stability and by the forward-looking and constructive debates that focus on shaping the future financial system. The Financial Stability Conference is a much needed platform for top international experts to share, discuss and develop valuable ideas and concepts.”

Prof. Stefan Janssen, Professor for Corporate Finance and Banking, Jade University of Applied Science


“Thank you for inviting me to the conference. I enjoyed the conference because it gave me the opportunity to listen and interact with many interesting people in one place in one day. I really hope to have a chance to meet you another time. I do not have any specific suggestions. Perhaps a format which is effective is to ask one person to draft and present an executive brief summarizing the different views on a specific issue and taking a stance.”

Prof. Alessandro Penati, President, Quaestio Capital Management


“Thank you for the very stimulating conference, and being such a wonderful host. As always you brought together an impressive line-up of key financial policy makers, and it was nice to connect to the latest debate at EU and international level. If I could make one comment, it would be that the keynote speeches last year, were more stimulating, perhaps even provocative.”

Dr. Alex Lehmann, Visiting Fellow, Bruegel


“Thank you for inviting me for the Financial Stability Conference 2017. It exceeded my expectations, which were already high based on the impressive list of annouced speakers and panelists. I have enjoyed every minute of it. I wish you all the best and I am looking forward to next year’s conference!”

Boudewijn Berger, Head Recovery and Resolution Planning, ABN Amro


“Thank you for organising the conference and for being such a gracious host. I very much enjoyed attending the conference, which provided a great opportunity to both hear the official statements from top policymakers in finance, and engage in more in-depth conversation on the sidelines of the event. I flew to Berlin just for the conference and it was worth it.”

Dr. Peter Knaack, Postdoctoral Research Fellow, Blavatnik School of Government, University of Oxford


“Let me thank you again for the kind words and for putting together and executing a very impressive event. I found the conference very focused, involved all the relevant and interesting people and provided a very good sense of where we stand at this moment.”

Dr. Maria Demertzis, Deputy Director, Brugel


“The conference was excellent with up to date treatments of relevant issues in the current policy debate by participants coming from different backgrounds such as academia, industry and regulators.”

Prof. Xavier Vives, Professor of Economics and Finance, IESE Business School


“The conference has been an optimal venue for discussing the most significant and pressing financial stability concerns. Not only was the meeting an enriching experience in terms of the debate that was generated, but also in relation to the different voices and stakeholders involved. And by this, I am not just referring to panelists or moderators. In fact, the diversity of the audience and the openness regarding the possibility to be part of the event itself reveals the inclusive and transparent approach of the network and is a proof of its commitment towards fostering policy dialogue. On a different note, another aspect that has distinguished the Financial Stability Conference from other events was its dynamism and the fact that it touched upon key topics not just from a theoretical perspective, but from a practical and policy-oriented too. Indeed, the event was a perfect chance to bridge academic and policymaking expertise, two crucial aspects that, unfortunately, are not usually taken into consideration in a comprehensive manner.”

María Cecilia del Barrio Arleo, School of International Studies, University of Trento


“The financial stability conference stands out with its balanced panels composed of experts from different stakeholder groups. It brought valuable insights into regulatory lessons learnt, latest regulatory reforms and ongoing challenges to deal with the trade-off between financial stability and efficiency. The event will certainly spill over into the research community. I recommend it to all researchers who would like to come down from the ivory tower and join forces with politics, industry and NGOs to contribute to a more stable and sustainable financial system. I am looking forward to next year’s conference.”

Prof. Doris Neuberger, Chair of Money and Credit, University of Rostock


“Having attended the Stability Conference in Berlin for the first time this year I just wanted to express my deep appreciation for the whole concept and for the insights it brought me. Having the possibility to attend a conference for free yet still involving such high-level speakers is truly unique and is an experience I hope to repeat again next year.”

Morten Clausen, Policy Officer – Finance, UNI europa


“The Financial Stability Network‘s Annual Conference, now in its fifth year, is a unique event. It brings together senior policymakers, practitioners, academics and civil society representatives for in-depth public discussions on a range of highly topical subjects, eschewing the usual focus on media coverage and industry sponsorship in favour of high-quality discourse and an unusual degree of freedom from political and industry bias.”

Christian Stiefmüller, Senior Policy Adviser, Finance Watch


FUNDING 2017

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premium sponsor:
with kind support:
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FINANCIAL STABILITY CONFERENCE 2017

Sponsors’ Company Profiles

Premium Sponsor:
Linklaters

Linklaters is a leading global law firm with more than 2,600 lawyers who specialise in advising the world’s leading companies, financial institutions and governments on their most challenging transactions and assignments. With 29 offices across 20 countries in the major business and financial centres, Linklaters delivers an outstanding service to clients anywhere in the world in the core areas of corporate/M&A, litigation, capital markets, banking and structured finance. In Germany, the firm operates from Frankfurt, Germany’s key financial centre, key industrial centres of Düsseldorf and Munich and from Berlin, the nation’s capital.

For further information, please visit www.linklaters.com

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