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’

Financial Stability Conference   |   31 October 2018   |   Berlin

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  |  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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