FINANCIAL STABILITY CONFERENCE 2018

“Let me thank you and sincerely congratulate you on the quality of the conference you organized. Not only the speakers were extremely qualified but also the subjects were very well chosen. It is not common, in recent times, to have the opportunity to have frank, open and informed discussions on critical European subjects.” .Elisa Ferreira, Vice Governor, Banco de Portugal

   The report of the conference is available for download:  FSC-2018 Report
   Summaries of speeches and discussions separately on this site via ‘posts’

Information FINANCIAL STABILITY CONFERENCE:

organisers 2018
agenda 2018
date - venue
registration
organisers 2018
organiser:
FRS Financial Risk and Stability gGmbH
co-organiser/host:
ESMT Berlin
organising committee:

Martin Aehling, Director, FRS Financial Risk and Stability gGmbH
Prof. Arnoud Boot, Professor of Corporate Finance and Financial Markets, University of Amsterdam
Prof. Stefan Janssen, Professor for Corporate Finance and Banking, Jade University of Applied Sciences
Prof. Bart Joosen, Professor of Financial Law, VU University Amsterdam
Prof. Doris Neuberger, Professor of Economics, Money and Credit, Rostock University
Prof. Georg Ringe, Professor of Law and Economics, University of Hamburg
Prof. Jörg Rocholl, President, ESMT Berlin

funding 2018
sponsors:
Premium Sponsor
Premium Sponsor
supporting grant:
Supporting Foundation
agenda 2018

From Risk Reduction to Risk Sharing: How to Align Opposing Policy Concepts and Shape a Balanced Financial Architecture in the EU
– Disentangling ambiguous policies, national dynamics and regulatory biases

High level public 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 inter alia how to align opposing policy concepts of risk reduction and risk sharing, lessens from first experiences with resolution, safe asset concepts as well as visions about a future financial architecture, rather than repairing the existing one.

31 October 2018 at ESMT Berlin
8:15 a.m. – 6:15 p.m. followed by a get together
Keynotes:
Dennis Kelleher, President of Better Markets, Washington D.C. The most prominent proponent of main street against wall street gave deep insights on what’s going on in the United States as regards financial regulation under the Trump administration.
Danièle Nouy, Chair of the Supervisory Board of the European Central Bank, and chief supervisor of the European banks, shared relevant thoughts towards the end of her term after a long-standing career in central banks.
Impulses:
Elisa Ferreira, Vice Governor of the Bank of Portugal and Member of the Supervisory Board of the Single Supervisory Mechanism, former MEP in charge of crucial financial regulation dossiers of the ECON Committee. Jörg Kukies, State Secretary for Financial Markets Policy and European Policy at the Federal Ministry of Finance, and former co-chief executive officer at Goldman Sachs. Thorsten Pötzsch, Chief Executive Director of the Resolution Directorate at the Federal Financial Supervisory Authority, helding before leadership positions at the Federal Ministry of Justice, the Federal Chancellery and the Federal Ministry of Finance. Odile Renaud-Basso, Director General of the Treasury at the French Ministry for the Economy and Finance, helding before positions inter alia as Director of the EC’s DG Ecfin, Deputy Chief of Staff to the President of the European Council, and Deputy Chief of Staff to France’s Prime Minister. Rolf Strauch, Member of the Management Board of the European Stability Mechanism and the EFSF, representing the institutions in European fora and negotiating with member states.
Agenda:

08:15  Check-in

Program schedule:

09:00  Opening

Martin Aehling, Director, Financial Risk and Stability Network

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09:15  Address

Matthias Kollatz, Senator for Finance, Berlin

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09:30  Keynote – Out-of-the-Box
State of Financial Reform: A View from the United States

Dennis Kelleher, President and CEO, Better Markets

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10:05  Keynote – State of Play
Risk Reduction and Risk Sharing – Two Sides of the Same Coin

Danièle Nouy, Chair of the Supervisory Board, European Central Bank

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10:40    Coffee

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11:10  Panel  I  –  Discussion
Fragmentation, Interconnectedness and Systemic Risk: Opposing Perceptions or Interaction in a supposedly Single Market?

–   Sifis Interdependencies, Contagion Channels and Markets: What do we know?
–   Concentration Risks, home Biases and uniform Approaches: How to address?
–   Structural Changes and systemic Effects over Time: How to controll for Risks?
–   Advancing Market Integration: Useful Tool to stabilise the Monetary Union?
–   Crisis Prevention instead of Crisis Mitigation: How effective are current Settings?

José Manuel Campa, Global Head of Regulatory Affairs, Banco Santander
Lorenzo Codogno, Visiting Professor, London School of Economics, and Founder, Chief Economist, LC Macro Advisors
Saskia de Vries-van Ewijk, Head of Department International Financial Architecture, De Nederlandsche Bank
Daniel Hardy, Chief of the Debt and Capital Market Instruments Division, International Monetary Fund
Steffen Kern, Chief Economist and Head of Risk Analysis, European Securities and Markets Authority
Moderation:  Georg Ringe, Professor of Law and Economics, University of Hamburg

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12:20  Lunch

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13:20  Panel  II  –  Discussion
Safe Assets Concepts and Market Discipline in the Euro Area: Fiction or Vision for Curing Banks States Circular Dependencies?

–   Imbalances and the intrinsic Fragility of the Euro Area: How should ESBies help?
–   Rationale and fiscal Jeopardies: Consequences of Sovereign Insolvency Thinkings
–   South versus North Perspectives: Impasse for Sovereign Bonds Risk Weightings?
–   Interim Solutions: How to give southern Member States a Way out of Constraints

Lee Buchheit, Partner, Cleary Gottlieb
Dietmar Hornung, Associate Managing Director, Moody’s
Reza Moghadam, Vice Chairman for Sovereigns and the Official Institutions, Morgan Stanley
Thierry Philipponnat, Director, Institut Friedland
Leopold von Thadden
, Principal Economist, Monetary Policy Strategy, European Central Bank
Moderation:  Jörg Rocholl, President, ESMT Berlin

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14:30  Controversy  –  Keynote Impulse

Thorsten Pötzsch, Chief Executive Director of the Resolution Directorate, Federal Financial Supervisory Authority

14:45  Controversy  –  Discussion
Credibility of the Resolution Regime and Preference of Creditors: First Experiences with Decision Making, Liability and Bail-in

–   Liquidity in Resolution, Markets Reactions and Risk Sharing: Lacking smart Solutions?
–   No Creditor worse off-Stipulation: Gateway for undermining the Resolution Process?
–   Decision Making and Transparency of Resolution Cases: More Confusion than Clarity?
–   Application: Stakeholders, Law Suits and Stability Impact of contentious Environments
–   Credibility of Bail-in: Will it be ever properly applied by European Resolution Authorities?

Giuseppe Boccuzzi, Executive Director, Interbank Deposit Protection Fund
Samy Harraz
, Head of Policy Coordination and International Relations, Single Resolution Board
Thorsten Pötzsch, Chief Executive Director of the Resolution Directorate, Federal Financial Supervisory Authority
Sven Schelo
, Partner, Linklaters
Tobias Tröger, Chair of Private Law, Trade and Business Law, Jurisprudence, Goethe University Frankfurt
Moderation:  Bart Joosen, Professor of Financial Law, VU University Amsterdam

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15:50    Coffee

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16:20  Panel  III  –  Keynote Impulses

Elisa Ferreira, Vice Governor, Bank of Portugal
Odile Renaud-Basso
, Director General of the Treasury, French Ministry for the Economy and Finance
Jörg Kukies
, State Secretary, German Federal Ministry of Finance
Rolf Strauch
, Member of the Management Board, European Stability Mechanism

16:50  Panel  III  –  Discussion
From Repair to Vision: Conceptions for a common beneficial financial Architecture and institutional Framework in the EU

–   Accountability and democratic Responsibility of Institutions: How to organise better?
–   From Fiction to Vision: How to tackle national Filter Bubbles and Stakeholder Interests?
–   ESM, Rainy Day Fund, EDIS and Bad Banks: How to come to common Understandings?
–   Diversity, Resilience and true Competition: How to re-balance the EU financial Sector?
–   The hazardous Dynamics of regulatory Policies: How to handle Symptoms of Rollbacks?

Elisa Ferreira, Vice Governor, Bank of Portugal
Jörg Kukies
, State Secretary, German Federal Ministry of Finance
Odile Renaud-Basso
, Director General of the Treasury, French Ministry for the Economy and Finance
Rolf Strauch, Member of the Management Board, European Stability Mechanism
Emiliano Tornese
, Deputy Head, Resolution and Crisis Management Unit, European Commission
Moderation:  Nicolas Véron, Senior Fellow, Bruegel and Peterson Institute for International Economics

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18:10   Closing

Martin Aehling and Jörg Rocholl

18:15   Get together

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Information Financial Stability Conference 2017 under following download-links:

⇒  Financial-Stability-Conference-2017_Program
⇒  Financial-Stability-Conference-2017_Speakers
⇒  Financial-Stability-Conference-2017_REPORT
⇒  Financial-Stability-Conferences_Feedback

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speakers 2018

From Risk Reduction to Risk Sharing: How to align opposing Policy Concepts and shape a balanced financial Architecture in the EU

Financial Stability Conference 2018
31 October 2018 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 2018:

Giuseppe Boccuzzi, Executive Director, Italian Interbank Deposit Protection Fund

Lee Buchheit, Partner, Cleary Gottlieb

José Manuel Campa, Global Head of Regulatory Affairs, Banco Santander

Lorenzo Codogno, Visiting Professor, London School of Economics, and Founder, Chief Economist, LC Macro Advisors

Saskia de Vries-van Ewijk, Head of Department International Financial Architecture, De Nederlansche Bank

Elisa Ferreira, Vice Governor, Bank of Portugal

Daniel Hardy, Chief of the Debt and Capital Market Instruments Division, International Monetary Fund

Samy Harraz, Head of Policy Coordination and International Relations, Single Resolution Board

Dietmar Hornung, Associate Managing Director, Moody’s

Dennis Kelleher, President and CEO, Better Markets

Steffen Kern, Chief Economist and Head of Risk Analysis, European Securities and Markets Authority

Matthias Kollatz, Senator for Finance, Berlin

Jörg Kukies, State Secretary, German Federal Ministry of Finance

Reza Moghadam, Vice Chairman for Sovereigns and the Official Institutions, Morgan Stanley

Danièle Nouy, Chair of the Supervisory Board, European Central Bank

Thierry Philipponnat, Director, Institut Friedland

Thorsten Pötzsch, Chief Executive Director of the Resolution Directorate, Federal Financial Supervisory Authority

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

Sven Schelo, Partner, Linklaters

Rolf Strauch, Member of the Management Board and Chief Economist, European Stability Mechanism

Emiliano Tornese, Deput Head Resolution and Crisis Management, European Commission

Tobias Tröger, Chair of Private Law, Trade and Business Law, Jurisprudence, Goethe University Frankfurt

Leopold von Thadden, Principal Economist, Monetary Policy Strategy Division, European Central Bank


Moderators:

Bart Joosen, Professor of Financial Law, VU University Amsterdam

Georg Ringe, Professor of Law and Economics, University of Hamburg

Jörg Rocholl, President, ESMT Berlin

Nicolas Véron, Senior Fellow, Bruegel and Peterson Institute for International Economics


Conference 2018 – Speakers’ and Moderators’ Photos & Bios:
Giuseppe Boccuzzi

Giuseppe Boccuzzi is Director General of the Interbank Deposit Protection Fund (FITD) of Italy. In this capacity, and FITD  being a member of the International Association of Deposit Insurers (IADI), he was elected in 2015 Chair of the European Regional Committee of IADI, and in May 2018 was elected Vice Chairperson of the IADI. Giuseppe Boccuzzi looks back at a long career at the Bank of Italy where he led the External Relations and General Affairs Department within the Banking and Financial Supervisory Area. He coordinated a working group for the implementation of Basel II in Italian legislation. Giuseppe Boccuzzi participated in the work of the European Commission for the preparation of the Directive on deposit guarantee schemes and the Directive on the reorganization and winding-up of credit institutions. He was also appointed to the Financial Stability Forum’s Task Force on dealing with weak banks. Prior, he was the Bank of Italy’s representative to the Basel Committee on Banking Supervision from 2006 to 2008. Giuseppe Boccuzzi is an Associate Professor in Law and Economics, and lectures on banking and insolvency law. He has written numerous publications in the field of banking regulation, banking crisis management and bankruptcy law.

Lee Buchheit

Lee Buchheit is a senior partner in the Sovereign Practice Group at Cleary Gottlieb Steen & Hamilton LLP, based in New York.  He has previously served in the Washington, London and Hong Kong offices of the firm. Lee Buchheit regularly advises sovereign borrowers on their debt management activities. Over the last 35 years, he has worked on the debt restructurings of more than 24 countries including Mexico, the Philippines, Russia, Iraq, Greece and Argentina.

José Manuel Campa

José Manuel Campa is the Global Head of Regulatory Affairs at Banco Santander. He joined the Group in 2014. Prior to that he was Professor of Finance and Economics at IESE Business School. Between 2009 and 2011 he served as Secretary of State for the Economy in the Ministry of Economy and Finances of Spain. He was a member of the Financial Stability Board, the board of the European Financial Stability Facility, the Economic and Financial Committee and alternate governor in multilateral financial institutions. He has served in the Expert Group, chair by Mr. Erkki Liikanen, evaluating policy recommendations on structural reforms for the European Banking industry. José Manuel Campa has also taught at the Stern School of Business of New York University and at Columbia University. He has been Research Associate at the National Bureau of Economic Research and Research Fellow at the Center for Economic Policy Research.

Lorenzo Codogno

Lorenzo Codogno is Founder and Chief Economist of LC Macro Advisors, and Visiting Professor in Practice at the European Institute of the London School of Economics. Prior, he was Chief Economist and Director General at the Treasury Department of the Italian Ministry of Economy and Finance from 2006 to 2015 in charge of the economic analysis and planning directorate. Throughout this period, he was also head of the Italian delegation at the Economic Policy Committee of the European Union, which he chaired from January 2010 to December 2011. At the OECD, he headed the Italian delegation at the Economic Policy Committee, the Economic and Development Review Committee and the Working Party 1, which he chaired from 2013 to 2015. He joined the Ministry from Bank of America, where he was managing director, senior economist, and co-head of European Economics based in London over the previous eleven years. Before that, he worked in the research department of Unicredit.

Saskia de Vries-van Ewijk

Saskia de Vries-van Ewijk is currently Head of the International Financial Architecture department at the Financial Stability division of De Nederlandsche Bank. Her department works on a range of analytical and institutional topics, such as macroprudential policy regarding banks and beyond banking, and is responsible for the participation in international fora, such as the FSB, IMF, BIS and ESRB. Previously, she worked in supervision policy. She has spent one year at the European Commission in Brussels, working on financial sector regulation, and a year at the European Central Bank in Frankfurt, working on the Single Supervisory Mechanism. Her research concerns the banking industry after the crisis. It relates to banks’ choice of business model, their growth strategy, the way bank supervision is organized, and cross-border banking in the euro area. Saskia’s empirical research papers tackle these topics with a focus on financial stability.

Elisa Ferreira

Elisa Ferreira is Vice Governor of Banco de Portugal since September 2017, and Member of the Supervisory Board of the Single Supervisory Mechanism since 2016. She joined Banco de Portugal in June 2016 as a Member of the Board. Prior to that, Elisa Ferreira was a Member of the European Parliament for 12 years. In that quality, she was a Member of the Economic and Monetary Affairs Committee; coordinator of the Socialists and Democrats Parliamentary Group for Economic and Financial Affairs; Member of the first and second Special Parliamentary Committees on Tax Rulings; Member of the Working Group on Financial Assistance to the Euro zone countries; Member of the Special Committee on the policy challenges and budgetary resources for a sustainable European Union, and Member of the Special Committee on the Economic, Financial and Social crises. She was also the Rapporteur of the European Parliament’s position on various legislative proposals related to the financial system as well as on several economic, budgetary and tax policy matters. Previously, Elisa Ferreira was a Member of the Portuguese Parliament; Minister for Planning in the 14th Constitutional Government; and Minister for the Environment in the 13th Constitutional Government. She is also a Senior lecturer at the Faculty of Economics of the Porto University.

Daniel Hardy

Daniel Hardy is currently Chief of the Debt and Capital Market Instruments Division of the International Monetary Fund. During his career he has worked on macroeconomic and financial sector surveillance, Fund-supported programs, and technical assistance regarding financial sector policies and debt management in a wide range of industrialized, emerging market, and developing countries. Recently he led the Fund’s Financial Sector Assessment Program for the euro area, which assessed the stability of the financial system, examined the framework and practice of prudential oversight, reviewed the bank resolution regime, and addressed issues in systemic liquidity management. He has undertaken research on such topics as cross-border policy coordination, credit market behavior, and stress testing. Daniel Hardy studied at the Universities of Oxford and Princeton.

Samy Harraz

Samy Harraz was appointed Head of Policy Coordination and International Relations at the Single Resolution Board in September 2015. He manages setting policy surrounding the new resolution regime and coordinates his agency’s liaison with relevant stakeholders in Europe and beyond. Prior to joining the Single Resolution Board Samy Harraz worked at the Frankfurt-based Financial Market Stabilisation Agency (the German resolution authority) and before that as an investment banker, corporate strategist and chief country officer in London, Geneva, Frankfurt and Athens.

Dietmar Hornung

Dietmar Hornung is Associate Managing Director of Moody’s in Frankfurt and leads the Sovereign Risk Group’s European team, covering the European countries and supranationals. Prior to his appointment as team leader, he was Moody’s lead analyst on a number of European sovereign credits, including Germany, France, Italy, Ireland, Russia, EU, EFSF and ESM. Before joining Moody’s in 2007, Dietmar Hornung was Head of Emerging Market Research for DekaBank in Frankfurt, and he is a Certified EFFAS Financial Analyst.

Dennis Kelleher

Dennis Kelleher is the President and CEO of Better Markets, a Washington DC-based independent, nonpartisan, nonprofit organisation promoting the economic security, opportunity and prosperity of the American people. It advocates for the public interest in financial reform, the markets and the economy, including in more than 225 rulemakings and 30 legal cases. Dennis Kelleher’s leadership requires operating in the legislative, executive and judicial branches simultaneously while developing and driving communications strategies to support those policy efforts. Shortly after Better Markets was founded, a New York Times profile referred to him as “one of the most powerful lobbyists on financial reform.” With many years of experience in the public, private, government, political, charitable and non-profit sectors, he is widely quoted, frequently on television and often testifies. He previously worked for eight years in senior staff positions in the United States Senate and was a partner with the international law firm Skadden, Arps, Slate, Meagher & Flom, where he had an extensive and broad-ranging U.S. and European practice.

Steffen Kern

Steffen Kern has been Chief Economist and Head of Risk Analysis at the European Securities and Markets Authority ESMA. Appointed in 2012, he leads ESMA’s analytical work on financial stability, market integrity, and investor protection in securities and derivatives markets, the institutional investor industry as well as the financial market infrastructure of the EU. He also oversees the authority’s statistical and data operations. Steffen Kern is a member of the advisory committee to the European Systemic Risk Board (ESRB), chairs the ESMA Standing Committee on Economic and Market Analysis, co-chairs the ESRB’s Expert Group on Shadow Banking, and serves on various FSB and IOSCO committees. At international level, he is a member of the Council on Global Financial and Monetary System Reform of the World Economic Forum. Before joining the EU’s public service, he had worked for Deutsche Bank, including positions as Director for International Financial Market Policy, as Senior Economist at Deutsche Bank Research, and at the Group Board offices. Steffen Kern is a Professor at the University of Mainz, teaching international financial market development, risk and regulation.

Matthias Kollatz

Matthias Kollatz 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.

Jörg Kukies

Jörg Kukies has been State Secretary for Financial Markets Policy and European Policy at the Federal Ministry of Finance since April 2018. Before assuming this position, he was Co-Chief Executive Officer of Goldman Sachs AG and Managing Director of the Frankfurt branch of Goldman Sachs International. Jörg Kukies joined Goldman Sachs in 2000 as a summer associate in the equities division and rejoined the firm as an associate in 2001. He was involved in structuring and executing derivatives transactions with clients in the banking, insurance and asset management industries. He was named managing director in 2006 and partner in 2010 of Goldman Sachs. Jörg Kukies earned a Maitrise en Sciences Economiques from the Université Paris 1 Panthéon Sorbonne, an MPA from the John F. Kennedy School of Government at Harvard University and a PhD in Finance from The University of Chicago in 2001.

Reza Moghadam

Reza Moghadam is Vice Chairman for Sovereigns and the Official Institutions at Morgan Stanley. He joined the firm in 2014 from the International Monetary Fund (IMF) where he served for 22 years, including in the role as Director of the European Department, responsible for interacting with European policy makers and institutions during the Eurozone crisis. Prior to heading the IMF’s European Department, he was Director of Strategy, Policy, and Review Department for three years, and Head of the Managing Director’s office also for three years, serving both Rodrigo de Rato and Dominique Strauss-Kahn. Reza Moghadam previously worked in both the European and the Asia-Pacific Departments of the International Monetary Fund. Her earned a bachelor’s degree in mathematics at Oxford University, a master’s degree in economics at the London School of Economics, and a PhD in economics at the University of Warwick.

Danièle Nouy

Danièle Nouy is the Chair of the Supervisory Board of the European Central Bank. She joined the ECB in January 2014 as Chair of the Supervisory Board of the Single Supervisory Mechanism, following a 40-year career in banking supervision. She began her working life as a supervisor at the Banque de France. During the early years of her career Danièle Nouy was posted to the United States as the Banque de France representative in New York returning to spend time as a policy expert in the Foreign Department. She returned to her supervisory roots to head the research department and policy group in 1987 and was appointed director of financial supervision in 1990. In 1993 Danièle Nouy became the French member of the Basel Committee on Banking Supervision. She then served as Deputy Secretary General of the Basel Committee from 1996 to 1998. She was appointed Secretary General of the Basel Committee in 1998, a position which she held until 2003. Returning to France, Danièle Nouy became the head of the French supervisory authority, which she held for the next ten years: first as Secretary General of the Commission Bancaire and, following its merger with the insurance supervisor, as Secretary General of the Autorité de Contrôle Prudentiel et de Résolution. Danièle Nouy authored numerous papers on international and European financial supervision and regulation.

Thierry Philipponnat

Thierry Philipponnat is an economist and the director of Institut Friedland. From 1985 to 2006, he worked as a banker and a financial markets professional in London and Paris. In 2004, he became a member of the Executive Committees of Euronext and of the London Financial Futures and options Exchange. Since 2006, Thierry Philipponnat has been working in the field of research and advocacy on economic, financial and societal issues. During that period, he founded Finance Watch in Brussels, which he directed until 2014 as Secretary General, and was the Chair of the French Sustainable Investment Forum from 2015 until 2017. Thierry Philipponnat is the author of several books and numerous articles and essays dealing with economics, finance, financial regulation, sustainable investment and corporate social responsibility. He is also a member of the Board of the French Financial Markets Authority, and a member of the Sanctions Committee and of the Scientific Committee of the Prudential Supervision and Resolution Authority ACPR.

Thorsten Pötzsch

Thorsten Pötzsch is the Chief Executive Director of the Resolution Directorate at the Federal Financial Supervisory Authority (BaFin). He is also responsible for the activities of the German National Resolution Authority and the ‘Prevention of money laundering’ and ‘Authorisation requirement and enforcement relating to unauthorised business’ departments. Prior to joining the Executive Board of BaFin, Thorsten Pötzsch held various leadership positions at the Federal Ministry of Justice, the Federal Chancellery and the Federal Ministry of Finance, where he was latterly responsible for financial markets regulation and national and international financial markets. He has been responsible for conceiving, drafting, and leading the legislative process for the German Securities Acquisition and Takeover Act. During the financial crisis, he was a key player in facilitating the adoption of a package of measures in Germany to stabilise financial markets and institutions. Thorsten Pötzsch holds a doctorate degree in law from Ludwig-Maximilians University in Munich and served as a lecturer at the University of Surrey (UK). He is also a member of the Editorial Board of the Journal of Banking Law and Banking.

Odile Renaud-Basso

Odile Renaud-Basso has been General Director of the Treasury at the French Ministry for the Economy and Finance since June 2016. An Auditor at the National Court of Accounts from 1990 to 1994, she joined the Treasury Department before being appointed in 2005 as Director of the European Commission’s DG Ecfin. Odile Renaud-Basso became Deputy Chief of Staff to the President of the European Council in 2010; and she served as Deputy Chief of Staff to France’s Prime Minister in 2012, before becoming the Deputy Director General of the Caisse des Dépôts, Special Director for Savings Funds, in 2013. She is a Sciences-Po Paris and ENA graduate.

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.

Rolf Strauch

Rolf Strauch is Chief Economist and Management Board Member of the European Stability Mechanism and the EFSF, which he joined in 2010. He is responsible for economic and financial analysis and policies, strategic orientation, and the country monitoring work that the ESM and EFSF undertake. He represents the ESM and EFSF in European fora, negotiates with Member States, and handles relations with credit rating agencies. Prior to this, Rolf Strauch worked at the European Central Bank from 2000 to 2010 in the Directorate General Economics on fiscal, monetary, and structural policies. He also served previously as an economist at the Deutsche Bundesbank and as a researcher at both the University of Mannheim and the University of Bonn.

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 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. And he advised the European Financial Stability Facility and the European Stability Mechanism on the primary markets regulation.

Tobias Tröger

Tobias Tröger has held the Chair of Private Law, Trade and Business Law, Jurisprudence at Goethe-University Frankfurt am Main since 2011. His research interests include contract law and contract theory, corporate law (particularly, comparative corporate governance and corporate finance), banking law and the economic analysis of law. He holds a PhD from the Eberhard Karls University of Tübingen, and an LL.M. from Harvard Law School. Throughout his academic career, he obtained various scholarships and prizes, among others the Award of the Reinhold and Maria Teufel- Foundation for his PhD-thesis, and the Irving Oberman Memorial Award from Harvard Law School, John M. Olin Center for Law, Economics and Business. In 2017 he received a grant from the German Research Foundation to establish a center for advanced studies on “The Foundations of Law and Finance” in Frankfurt. Tobias Tröger is Program Director Corporate Finance and Corporate Governance at the Research Center Sustainable Architecture for Finance in Europe (SAFE) and Chairman of the Board of the European Banking Institute. He is an advisor to the European Parliament on matters regarding the Single Supervisory Mechanism responsible for the euroarea’s largest banks. During recent years, he taught as a visitor at various universities, inter alia at Stanford Law School and the University of Pennsylvania Law School.

Leopold von Thadden

Leopold von Thadden is a Principal Economist in the Monetary Policy Strategy Division of the European Central Bank. He started his career at the Deutsche Bundesbank and moved to the ECB in 2003. He was a member of the drafting team of the European Systemic Risk Board (ESRB) High-level Task Force on Safe Assets. His research interests include dynamic general equilibrium models, monetary economics and the analysis of monetary and fiscal policy challenges specific to monetary unions, with various publications in leading academic journals. Prior to his current position at the ECB Leopold von Thadden was a Visiting Professor in Macroeconomics at the Johannes Gutenberg University Mainz.

Moderators
Bart Joosen

Bart P.M. Joosen is professor of Financial Law at the VU University Amsterdam. He is also President of the Academic Board of the European Banking Institute. He has expertise on financial services supervision with a focus on micro-prudential supervision of banks, insurance companies and investment firms and payment services – including in-depth Basel I-IV and Solvency II knowledge. He has published widely in these areas in national and international law journals. In addition to working in academic positions, he is also active as a private practitioner serving clients working in the financial industry in a non-contentious practice. He holds a position as president of the supervisory board of Santander Consumer Finance Benelux and is furthermore active in a number of other positions.

Georg Ringe

Georg Ringe is Director of the Institute of Law & Economics at the University of Hamburg. Also, he is a visiting professor at the University of Oxford, Faculty of Law, and an associate member of the Oxford-Man Institute of Quantitative Finance. Between 2012-17, he was as well Professor at Copenhagen Business School. He has been a visiting professor at numerous institutions in North America and Asia, including Columbia University. Georg Ringe is a Research Member of the European Corporate Governance Institute (ECGI) and a Fellow of the European Banking Institute (EBI). His research focuses on European and global issues of corporate and financial law. He is an editor of the Journal of Financial Regulation, which has been published by Oxford University Press since 2015. In terms of policy work, he has been advising both the European Commission and the European Parliament on policy issues of european corporate law. His current research interests are in the general area of financial regulation, monetary union, comparative corporate governance, capital and financial markets, and insolvency law.

Jörg Rocholl

Jörg RochollJörg Rocholl is the President of ESMT Berlin and a member of the economic advisory board of the German Federal Ministry of Finance. He is also the chairman of the scientific advisory board of the Research Database and Service Center (FDSZ) of the Bundesbank, the vice chairman of the economic advisory board of Deutsche Welle, a member of the scientific advisory board of DIW Berlin, a research professor at the ifo Institute in Munich, Duisenberg Fellow of the European Central Bank, and a research member of the European Corporate Governance Institute. Professor Rocholl graduated from the Witten/Herdecke University, 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. Jörg 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.

Nicolas Véron

Nicolas Véron cofounded Bruegel in Brussels in 2002-05, joined the Peterson Institute for International Economics (Washington DC) in 2009, and is currently employed on equal terms by both organizations as a Senior Fellow. His research is primarily about financial systems and financial services policies. He frequently briefs senior economic policy officials in Europe, the United States and Asia, and has testified at parliamentary hearings in the US Senate, European Parliament, and in several European member states,. He has been a financial policy expert for the European Commission, European Court of Auditors, European Parliament, International Monetary Fund and World Bank, as well as non-profits including the CFA Institute and Transparency International. He is also an independent board member of the global derivatives trade repository arm of DTCC, a financial infrastructure company that operates on a non-profit basis. A graduate of France’s Ecole Polytechnique and Ecole des Mines, his earlier experience includes senior positions in the French government and private sector in the 1990s and early 2000s.end

motivation
BRINGING TOGETHER SCIENTISTS, REGULATORS, POLITICIANS, INDUSTRY EXPERTS AND ORGANISATIONS
Motivation 2018

Looking at the shape and disposition of the EU today there are striking concerns and issues on its future. To a large extent they are rooted in the negative impacts and consequences of the financial crisis, still ten years after. What in particular became blunt evident with the collapse of Lehman Brothers is the centrality of the financial system in all respects. This is why its purpose has to go beyond profits – comprising economic, societal and distributional aims at national levels but also in a monetary union. Such ambitions cannot come from the industry itself, they stay a pressing task of policy making.

But this is at risk of getting lost in the muddle of prevailing national interests and populism. The crucial question of who bears the risks and the burden has become a dominant point of contention in the political controversies about the design and architecture of the EU financial system, including unsolved legacy problems and bad assets in the banking sector. Socialising such problems and stabilising banks with
public funds shall never be a notion and means of reaching financial stability.

Indeed, a different mindset is needed to draw on lessons learnt and break the onerous fatigue of political disputes. Therefore, the conference took a foremost policy-oriented, forward-looking stance to discuss most crucial issues lying ahead. Central questions have been inter alia how to align opposing policy concepts of risk reduction and risk sharing, lessens from first experiences with resolution, safe asset concepts in the EMU as well as visions about a future financial architecture, rather than repairing the existing one.

The conference brings together regulators, scientists, politicians, industry experts and organisations. We are convinced that generating an open and critical debate is very reasonable and also necessary to build a sustainable, diverse and resilient financial system which fulfills its vital functions in serving the economy and society as well. In this regard, the conference gave inspiring insights.



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.

impressions
date - venue
BRINGING TOGETHER SCIENTISTS, REGULATORS, POLITICIANS, INDUSTRY EXPERTS AND ORGANISATIONS
The FINANCIAL STABILITY CONFERENCE 2018 takes place:

31 October 2018,  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 is 22 October, 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.

The Finanical Stability Conference is a public event, press will be invited. Photos will be taken. The organiser reserves the right to publish photographic and audio documentation of this event in print, online, and audiovisual formats. By registering for the event you consent to appear in the documentation and report.

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 not processed
  • Handling of registrations is done solely by FRS
  • Registration deadline is Monday, 22 October 2018
  • Registrations after this deadline will be disregarded
  • On-site registrations are not possible and have to be refused

The Finanical Stability Conference is a public event, press will be invited. Photos will be taken. The organiser reserves the right to publish photographic and audio documentation of this event in print, online, and audiovisual formats. By registering for the event you consent to appear in the documentation and report.

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

We would appreciate if you could support our non-profit organisation with a donation. If you find our activities senseful and relevant please contact us via info@frsn.de and we will send you the bank account details. Donation receipts can be given to donors from Germany.

FUNDING 2018

sponsor profiles
sponsor logos
premium sponsors:
with kind support:
Supporting Foundation
Main Support by
sponsor profiles

FINANCIAL STABILITY CONFERENCE 2018

Sponsors’ Company Profiles
Premium Sponsor:
Linklaters

Linklaters is a leading global law firm with more than 2,700 lawyers who specialise in advising the world’s leading companies, financial institutions and governments on their most challenging transactions and assignments. With 30 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, Hamburg and Munich and from Berlin, the nation’s capital.

For further information, please visit www.linklaters.com


Premium Sponsor:
Moody’s

Moody’s is an essential component of the global capital markets, providing credit ratings, research, tools and analysis that contribute to transparent and integrated financial markets. Moody’s Corporation is the parent company of Moody’s Investors Service, which provides credit ratings and research covering debt instruments and securities, and Moody’s Analytics, which offers leading-edge software, advisory services and research for credit and economic analysis and financial risk management. Both organisations are supported by Moody’s Shared Services.

For further information, please visit  www.moodys.com

FEEDBACK

feedback participants

“I wanted to congratulate you on a tremendously successful event. I found the entire conference informative, thought-provoking and filled with insights. The program, speakers and panelists were fantastic, each with an interesting perspective. I am at a loss to come up with anything that is not positive. I have tried hard, but I do not even have constructive criticism. I thought the conference had the right mix of practitioners, elected officials, regulators and academics, and the topics were timely, consequential and appropriately varied. Having the private sector like Morgan Stanley and Banco Santander with high level regulators, policy makers and accomplished academics provided a balance of very informed views that provided the attendees with multiple viewpoints.”

Dennis Kelleher, President and CEO, Better Markets


“The Financial Stability Conference is now firmly established as the reference event for informed discussions of European financial services policy in Berlin. I can’t think of another international gathering that achieves a better mix of the key actors and observers of Europe’s banking union, capital markets union, and related policy developments.”

Nicolas Véron, Senior Fellow, Bruegel and Peterson Institute for International Economics


“I would like to thank you enormously for the fantastic opportunity which the participation in the Financial Stability workshop has been. I have enjoyed it immensely and echo the praise you have received.”

Agnieszka Smoleńska, PhD Researcher, European University Institute


“Let me thank you and sincerely congratulate you on the quality of the conference you organized. Not only the speakers were extremely qualified but also the subjects were very well chosen. It is not common, in recent times, to have the opportunity to have frank, open and informed discussions on critical European subjects.”

Elisa Ferreira, Vice Governor, Banco de Portugal


“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, Senator for Finance of 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 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


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