FINANCIAL STABILITY CONFERENCE 2019

The report of the conference is available for download:  FSC 2019 – Report
Summaries of the speeches and discussions separately via the page  ‘posts’
Most of the relating research workshop policy papers via the page  ‘research

Information FINANCIAL STABILITY CONFERENCE:

organisers 2019
cooperations 2019
funding 2019
agenda 2019
speakers 2019
motivation
impressions
date - venue
registration
organisers 2019
organiser:
Financial Risk and Stability Network
co-organisers:
ESMT Berlin
Florence School of Banking and Finance
organising committee:

Martin Aehling, Director, Financial Risk and Stability Network
Prof. Arnoud Boot, Professor of Corporate Finance and Financial Markets, University of Amsterdam
Prof. Elena Carletti, Professor of Finance, Bocconi University
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. Luís Silva Morais, Professor of Law, University of Lisbon, School of Law
Prof. Georg Ringe, Professor of Law and Economics, University of Hamburg
Prof. Jörg Rocholl, President, ESMT Berlin

cooperations 2019
cooperation partners:
Amsterdam Center for Law and Economics
Single Resolution Board
funding 2019
sponsors:
Premium Sponsor
Premium Sponsor
grants and contributions:
Foundation grant
With support from
With support from
With support from
agenda 2019

EU between Regress and Progress: How to cope with National Banking Policies, Single Market Deficiencies and the unsolved Sharing Issue
– Political dynamics and their repercussions on regulatory and institutional settings


 

Inspiring high-profile public conference with a most topical program in Berlin. The organisers took a foremost policy-oriented stance to discuss some of the most crucial issues lying ahead. Central questions were:

  • how current changes in the political landscape impact financial markets integration and resilience,
  • the implications of surging national banking policies on competition, harmonisation and diversity,
  • how to tackle obstacles, legal constraints and policy interferences to bank resolution, and
  • how to achieve common grounds on instruments, frameworks and procedures as regards risk sharing.

Download program-pdf

28 October 2019 at ESMT Berlin

08:15  –  09:00 h  check-in
09:00  –  18:10 h  conference
18:10  –  19:00 h  get together
registration information


Speeches:

Address
Matthias Kollatz, Senator for Finance, Berlin

Opening Speech
Martin Hellwig, Director (em.), Max Planck Institute for Research on Collective Goods

Impulse Speech
Sebastiano Laviola, Board Member, Single Resolution Board


Agenda | Program schedule:


08:15  Check-in  |  Coffee

___________________________________________

09:00  Opening

Martin Aehling, Director, Financial Risk and Stability Network

___________________________________________

09:15  Address

Matthias Kollatz, Senator for Finance, Berlin

___________________________________________

09:30  Opening Speech
Governments, Banks and the Monetary Union

Martin Hellwig, Director (em.), Max Planck Institute for Research on Collective Goods

___________________________________________

10:00  Panel  I  –  Discussion
National Banking Policies and the new EU Political Landscape: Stuck between Reform Ambitions and Disintegration Tendencies

–   Lost in Frustration: The Implications of EP Elections and Brexit on EU financial Integration
–   Lost in Temptations: Promoting ‚Champions‘ and puzzling Calls for ‚pan-european Banks‘
–   Lost in Sheltering: State Interferences and the Protection of national Banking Eco-Systems
–   Uneven Policies: Regulatory Ring-Fencing and the Use of Options and National Discretions

Arnoud Boot, Professor of Corporate Finance and Financial Markets, University of Amsterdam
Karin Dohm, Global Head of Government and Regulatory Affairs and Group Structuring, Deutsche Bank
Giorgio Gobbi, Head of the Financial Stability Directorate, Bank of Italy
Korbinian Ibel
, Director General Microprudential Supervision IV, European Central Bank
Christian Stiefmüller, Senior Adviser, Policy Research and Analysis, Finance Watch
Moderation:  Elena Carletti, Professor of Finance, Bocconi University

___________________________________________

11:15    Coffee

___________________________________________

11:45  Panel  II  –  Discussion
Between Wishful Thinking and Feasibility: How to remove Obstacles to True Competition and a Common Beneficial Single Market

–   Reasonings: Logic and Benefits of an Integrated Financial Market in the EU
–   How did we get here? From the Treaty of Rome to the European Banking Union
–   Taking stock: What are the Remaining Practical Hurdles to Further Integration?
–   Action: What Steps are Needed to achieve a Fully Integrated Financial Market?

Ashok Vir Bhatia, Deputy Chief of the Euro Area Unit, International Monetary Fund
Peter Grasmann, Head of the EU/Euro Area Financial System Unit, European Commission
Karel Lannoo, Chief Executive Officer, CEPS
Aurelio Maccario, Executive Vice President and Head of Group Regulatory Affairs, UniCredit
Michala Marcussen, Group Chief Economist and Head of Economic and Sector Research, Société Générale
Moderation:  Jörg Rocholl, President, ESMT Berlin

___________________________________________

13:00    Lunch

___________________________________________

14:00  Panel  III  –  Impulse

Sebastiano Laviola, Board Member, Director of Strategy and Policy Coordination, Single Resolution Board

14:15  Panel  III  –  Discussion
Making Resolution Work: How to deal with Legal Loopholes, Institutional Implementation Challenges and Impediments to Practice

–   Application Constraints: No-Creditor-Worse-off, Bail-in Cascade and Lawsuits
–   Credibility of Bail-in: Can it be properly applied before Believe fades away?
–   Liquidity in and after Resolution: Provisions for restoring Market Confidence?
–   Challenges as regards the Application of MREL and Impediments to Resolution

Cristina Dias, Parliamentary Research Administrator, European Parliament
Sebastiano Laviola, Board Member, Director of Strategy and Policy Coordination, Single Resolution Board
Sven Schelo, Parnter, Linklaters
Reto Schiltknecht, Head of International Affairs and Policy Issues, Recovery and Resolution Division, FINMA
Carola Schuler, Managing Director, Financial Institutions Group, Moody’s
Moderation:  Luís Silva Morais, Professor of Law, University of Lisbon

___________________________________________

15:30    Coffee

___________________________________________

16:00  Panel  IV  –  Impulses
16:30  Panel  IV  –  Discussion
Risk Sharing in the EU: How to ensure Common Grounds on Adequate Instruments, Institutional Frameworks and Appropriate Procedures

–   What Kind of Institutional Designs create the Right Incentives and Market Discipline to make Risk-Sharing Acceptable and Sustainable?
–   Any Discrepancies between Real and Perceived Redistributive Impact of Risk-Sharing Arrangements?
–   Implicit versus Explicit Risk Sharing: How much Risk-Sharing is already embedded in the Existing Framework?
–   North-South Perceptions: How to find Fair Responses to Burden Sharing and Crisis Management Procedures

Stefano Cappiello, Director General, Banking and Financial System – Legal Affairs, Italian Ministry of Finance
Bertrand Dumont, Deputy Director General of the Treasury, French Ministry for the Economy and Finance
Levin Holle, Director General Financial Markets Policy, German Federal Ministry of Finance
Nicoletta Mascher
, Head of Banking, 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

___________________________________________

18:00   Closing

The organisers

18:10   Get together

___________________________________________

 

Information Financial Stability Conference 2018:

⇒  Financial-Stability-Conference-2018_Program
⇒  Financial-Stability-Conference-2018_REPORT

___________________________________________

speakers 2019

EU between Regress and Progress: How to cope with National Banking Policies, Single Market Deficiencies and the unsolved Sharing Issue

Financial Stability Conference 2019
28 October 2019 at ESMT Berlin
8:15 h – 18:15 h  followed by a get together

Speakers, Discussants and Moderators with bios and photos.


Speakers & Discussants 2019 (alphabetical):

Ashok Vir Bhatia, Deputy Chief of the Euro Area Unit, International Monetary Fund

Arnoud Boot, Professor of Corporate Finance and Financial Markets, University of Amsterdam

Stefano Cappiello, Director General, Banking and Financial System – Legal Affairs, Italian Ministry of Finance

Cristina Dias, Parliamentary Research Administrator, European Parliament

Karin Dohm, Global Head of Government and Regulatory Affairs and Group Structuring, Deutsche Bank

Bertrand Dumont, Deputy Director General of the Treasury, French Ministry for the Economy and Finance

Giorgio Gobbi, Head of the Financial Stability Directorate, Bank of Italy

Peter Grasmann, Head of the EU/Euro Area Financial System Unit, European Commission

Martin F. Hellwig, Director (em.), Max Planck Institute for Research on Collective Goods

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

Korbinian Ibel, Director General Microprudential Supervision IV, European Central Bank

Matthias Kollatz, Senator for Finance, Berlin

Karel Lannoo, Chief Executive Officer, CEPS

Sebastiano Laviola, Board Member, Director of Strategy and Policy Coordination, Single Resolution Board

Aurelio Maccario, Executive Vice President and Head of Group Regulatory Affairs, UniCredit

Michala Marcussen, Group Chief Economist and Head of Economic and Sector Research, Société Générale

Nicoletta Mascher, Head of the Banking Division, European Stability Mechanism

Sven Schelo, Partner, Linklaters LLP

Reto Schiltknecht, Head of International Affairs and Policy Issues, Recovery and Resolution Division, FINMA

Carola Schuler, Managing Director, Financial Institutions Group, Moody’s

Christian Stiefmüller, Senior Adviser, Policy Research and Analysis, Finance Watch

Emiliano Tornese, Deput Head of the Resolution and Crisis Management Unit, European Commission

Moderators:

Elena Carletti, Professor of Finance, Bocconi University

Luís Silva Morais, Professor of Law, University of Lisbon

Jörg Rocholl, President, ESMT Berlin

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


Conference 2019 – Photos & Bios (work in progress):
Ashok Vir Bhatia

Ashok Vir Bhatia is Deputy Chief of the Euro Area Unit at the International Monetary Fund, where he leads the financial sector and monetary policy work. His responsibilities include leading the coverage of banking union issues, including the strengthening of the Single Supervisory Mechanism and Single Resolution Mechanism, reforms of the single banking rulebook and the BRRD, and progress towards common resolution and deposit insurance backstops. In addition, Ashok Bhatia is co-head of the IMF European Department’s analytical working group on financial sector matters. He is a lead author of the IMF’s staff discussion note on ‘A Capital Market Union for Europe’. His previous duties have included serving as mission chief for Luxembourg and for Iceland, deputy mission chief for Ireland during the EU/IMF-supported program, and financial sector economist for the United States during the global financial crisis.

Arnoud Boot

Arnoud Arnoud Boot is professor of Corporate Finance and Financial Markets at the University of Amsterdam and member of the Royal Netherlands Academy of Arts and Sciences. He is chairman of the Bank Council of the Dutch Central Bank, member of the Scientific Council for Government Policy and chairman of the European Finance Association. He is also a research fellow at CEPR in London. Prior to his current positions, he was chairman of the Royal Netherlands Economics Association from 2006 to 2014, member of the Inaugural Advisory Committee of the European Systemic Risk Board, and a faculty member at the J.L. Kellogg Graduate School of Management at Northwestern University in Chicago. During 2000 to 2001 he was a partner in the Finance and Strategy Practice at McKinsey. In addition to his academic activities, Arnoud Boot advises extensively on ownership structure issues, particularly related to the public/private domain. His consultancy activities concern the regulation and strategic positioning of financial institutions, corporate finance, governance and anti-trust issues. For these activities, he has also established the Amsterdam Center for Corporate Finance, a think tank designed to improve the interaction between academia and practice.

Stefano Cappiello

Stefano Cappiello has been the Director General, Directorate Legal Affairs – Banking and Financial System at the Italian Ministry of Economy and Finance since January 2019. Previous positions include Programme Director of the Florence School of Banking and Finance at the European University Institute, Head of Unit at the Single Resolution Board from 2015 to 2018 and at the European Banking Authority from 2011 to 2014, and before senior adviser at the Italian Finance Ministry as well as senior officer at the Bank of Italy. He is qualified as associate professor of business law, and holds an LLM from the University of Chicago and a PhD from the University of Viterbo. He published widely on corporate, banking and financial law.

Cristina Dias

Cristina Sofia Dias has been working with the Economic Governance Support Unit (EGOV) of the European Parliament on economic governance and scrutiny of the Banking Union as Parliamentary Research Administrator since September 2018. EGOV assists members of Parliament in scrutinising Banking Union, drafting research notes ahead of hearings and on topical issues related to banking supervision and resolution. Prior, she held various positions in the Portuguese securities regulator CMVM, namely in the International Affairs and Regulatory Policy Department and as Secretary General. Cristina Dias was Chief of Staff for the Minister and Secretary of State in the Finance Ministry of Portugal from 2012 to 2015. Before, she was Financial Attaché in charge of financial services in the Portuguese Permanent Representation in Brussels from 2007 to 2012. Cristina Dias holds a masters in Law and a post graduation in financial markets, and is a trained lawyer, teacher and lecturer in the areas of commercial law and financial markets.

Karin Dohm

Karin Dohm heads the Government & Regulatory Affairs and Group Structuring department of Deutsche Bank. In that capacity she globally drives DB’s regulatory strategy and engagement with key regulators, politicians and other external stakeholders. She also leads the oversight and control over the implementation of key regulatory initiatives as well as the continuous reconfiguration of the Group addressing Deutsche Bank’s legal entity structure for operating and service entities as well as its booking model. Before taking on this role she was the CFO for the Global Transaction Banking business and previously Chief Accounting Officer of DB Group. Before joining Deutsche Bank in 2011, Karin Dohm was a Partner at Deloitte. In addition, Karin represents Deutsche Bank in a number of outside industry related bodies, such as the Board of the European Financial Reporting Advisory Group, the Association of German Banks and the European Banking Federation.

Bertrand Dumont

Bertrand Dumont has been Deputy Director General of the Treasury of the French Ministry for the Economy and Finance since September 2018. Before, in 2017 and 2018, he was deputy chief of staff to the Minister of the Economy and Finance. From 2015 to 2017, he held the position of Director of Prudential Management at HSBC France. In 2010, he joined the Cabinet of the Vice-President of the European Commission in charge of Internal Market and Services in Brussels, as advisor responsible for financial services and then chief of staff. In 2007, Bertrand Dumont was appointed Counselor for International and European Affairs in the Office of the Minister of the Economy, Industry and Employment. Previously, he was appointed advisor and substitute director for France at the International Monetary Fund in Washington. In 2002, he was posted to the French Debt Management Office where he held the position of Head of Treasury Management. Bertrand Dumont started his career in 2001 at the Ministry of Economy and Finance, at the Treasury, as deputy to the Secretary General of the Paris Club.

Giorgio Gobbi

Giorgio Gobbi has been Head of the Financial Stability Directorate at the Bank of Italy since January 2014. He represents the Bank of Italy in the Advisory Technical Committee of the ESRB and in the Financial Stability Committee of the ESCB. In December 2018 he was appointed Expert Member on the European Investment Bank’s Board of Directors. Giorgio Gobbi is the author of numerous articles on banking and finance, including in The Journal of Finance, The Review of Finance and The Journal of Banking and Finance. He also taught short courses and delivered lectures on financial intermediation at several Italian universities. Giorgio Gobbi started his career at the Bank of Italy in 1990, and was assigned to the monetary and financial sector of the Economic Research Department until 2007. From 2007 to 2013 he headed the Financial Structure and Intermediaries Division within the Structural Economic Analysis Department. In July 2013 he was appointed Deputy Head of the Financial Stability Unit.

Peter Grasmann

Peter Grasmann has been working in the European Commission‘s DG Fisma as Head of the unit EU/EA Financial System since November 2014. He joined the Commission in 1991, where he first worked on financial integration and capital movements, later on forecasting for the EU economy and subsequently on candidate and potential candidate countries. After a year of secondment to the International Civilian Office in Kosovo he returned to Brussels to the Commission as Head of unit on Financial Markets and Infrastructure within DG Ecfin. Previously he was a lecturer at Munich University and CalTech and later worked at Hypo-Bank and with Merrill Lynch as analyst and financial consultant. Peter Grasmann studied economics and statistics at Munich University and University of California at Berkeley.

Martin F. Hellwig

Martin F. Hellwig is director emeritus at the Max Planck Institute for Research on Collective Goods in Bonn. He has published extensively in many areas of economics and finance, in particular the economics of information and incentives, public economic theory, financial markets and financial institutions. His 1990s publications on systemic risk and financial regulation were the first to expose some of the mechanisms that would be detrimental in the crisis of 2007–2009. His book The Bankers’ New Clothes: What’s Wrong with Banking and What to Do About It, co-authored with Anat Admati from Stanford, was published by Princeton University Press in 2013. He is a former President of the European Economic Association and the German Economic Association, a Fellow of the Econometric Society and the Society for the Advancement of Economic Theory, and an Honorary Foreign Member of the American Economic Association and the American Academy of Arts and Sciences. He has also been active in policy work, including positions as president of the German Monopolkommission and as the first Chair of the Advisory Scientific Committee of the European Systemic Risk Board.

Levin Holle

Levin Holle is Director General of the Financial Markets Policy Department of Germany’s Federal Ministry of Finance. His responsibilities include the formulation of policies and strategies with respect to federal credit institutions, federal debt management, financial markets as well as anti-money laundering and international financial markets policy. He is also responsible for the supervision of the Federal Financial Supervisory Authority and the Financial Market Stabilisation Authority. Additionally, he is supervisory board member of Deutsche Bahn AG. Prior to joining the Federal Ministry of Finance Levin Holle worked 15 years for the Boston Consulting Group, his last position being Senior Partner and Managing Director of the Berlin office.

Korbinian Ibel

Korbinian Ibel has been serving the European Central Bank as Director General of Micro-Prudential Supervision IV since February 2014. Previously, he worked as a consultant at Accenture from 1997 to 2000, followed by a position as principal at Boston Consulting Group from 2001 to 2007. From 2008 to 2014 Korbinian Ibel worked at Commerzbank in various positions including as Head of Asset Liability Management, COO Central and Eastern Europe, COO Private Customers, as well as Divisional Board Member, Group Risk Controlling and Capital Management. Korbinian lbel received his Master and PhD in Economics from the Universities of Munich, Rotterdam and Frankfurt.

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 2012 and the Investitionsbank Hessen from 2000 to 2006, respectively. Matthias Kollatz also has experience in the private sector, as he was Senior Advisor on Finance and Regulation at PwC from 2012 to 2014. He holds degrees in physics and economics and a doctorate in engineering.

Karel Lannoo

Karel Lannoo has been Chief Executive of CEPS since 2000, and manages a staff of 70 people. He is an Independent Director of BME Bolsas y Mercados Españolas, the listed company that manages the Spanish securities markets and is a member of foundation boards and advisory councils. He has published several books on capital markets, MiFID, and the financial crisis, one of which is ‘The Great Financial Plumbing, From Northern Rock to Banking Union’ in 2015. He is also the author of many op-eds and articles published by CEPS or in international newspapers and reviews. Karel Lannoo is a regular speaker in hearings for national and international institutions and at international conferences and executive learning courses. Before joining CEPS, he worked for Students’ Cultural Centre in Leuven, did an internship at the European Commission, was employed by an Italian agro-food company and a professional association, and was also active as a freelance journalist.

Sebastiano Laviola

Sebastiano Laviola joined the SRB in May 2019 as a Board Member, taking charge of resolution strategy and cooperation. This covers a range of cross-cutting issues relating to the core resolution activities (policies, standards, methodologies, financial stability) as well as the interplay with National Resolution Authorities (NRAs), the ECB, the European Commission and the EBA. In that capacity, he chairs the Committee on Cooperation between the SRB and the NRAs. Sebastiano Laviola was previously a Central Director of Banca d’Italia, where he served since 1986. He spent most of his career in the Banking and Financial Supervision Department, dealing with analytical issues and coordinating policy on international regulation. He has been a continuous member, and chair, of international supervisory committees and working groups. In 2012, he was seconded to the Permanent Representation of Italy to the EU as Financial Services Attaché, where he negotiated financial services and Banking Union legislation.

Aurelio Maccario

Aurelio Maccario has been Executive Vice President and Head of Group Regulatory Affairs at UniCredit since 2015. In this capacity, he defines the Group regulatory strategy and manages relations with the European Central Bank, the Single Resolution Board, the Bank of Italy and other competent authorities. He is also a member of the Executive Management Committee. He is a member of the Supervisory Board of Zagrebačka Banka, Croatia, and of the Supervisory Board of Bank Austria. Aurelio Maccario joined UniCredit in 2002 as an economist in the research department of Corporate and Investment Banking. In 2010, he became Head of Group Strategic Planning. In 2013, he moved to the Group Risk Management, with responsibility for Pillar 2 related activities and the monitoring of the consolidated credit risk profile.

Michala Marcussen

Michala Marcussen assumed the role of Société Générale’s Group Chief Economist in September 2017 and leads a team of over 30 economists and sector engineer’s in her role as Head of Economic and Sector Research in the Risk Division. She is a member of Société Générale’s Group Management Committee and has been with the Group since 1994. She began her career with Den Danske Bank in 1986 and has worked in Copenhagen, Brussels, London and Paris. With over 30 years of experience in the financial industry, Michala Marcussen is a frequent commentator in the economic debate and has done extensive work on European integration, the long-term economic outlook, fair value of interest rates and pension savings. She is also Vice President of the SUERF Council of Management.

Nicoletta Mascher

Nicoletta Mascher is Head of the Banking Division of the European Stability Mechanism. She previously held managerial positions in the Single Supervisory Mechanism at the European Central Bank and at the Bank of Italy. At the ECB she was Head of Section and Joint Supervisory Team Coordinator overseeing several large banks in Germany, Spain and the Netherlands. At the Bank of Italy she worked as banking supervisor and on-site inspector on a range of financial institutions and led a regional division. Prior to this, Nicoletta Mascher worked in the asset management and insurance sector specialising in fixed income instruments and derivatives. She is a graduate of Bocconi University, and is a chartered accountant and auditor.

Sven Schelo

Sven Schelo is a partner at Linklaters LLP 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.

Reto Schiltknecht

Reto Schiltknecht joined FINMA in 2010, and actually is the Deputy Head of FINMA‘s Recovery and Resolution division where he is responsible for international affairs and policy issues. Before the inception of this division, Reto Schiltknecht was the Head of the Solvency and Capital group within FINMA‘s banking division. He represents FINMA in the Resolution Steering Group and in the Cross-Border Crisis Management Group of the Financial Stability Board. His work includes introducing and implementing the Swiss „too-big-to-fail“ legislation, developing it further and assuming responsibility for policy and regulatory matters. In the context of international affairs, he is also responsible for crisis preparedness of systemically important banks including the responsibility for the Crisis Management Groups of the Swiss G-SIBs. He is also a lecturer at the University of St. Gallen. Before joining FINMA, Reto Schiltknecht held positions in the private sector. He began his career as a lawyer in the legal division of Bank Julius Baer and as an attorney with his own law firm.

Carola Schuler

Carola Schuler is a Managing Director in the Europe, Middle East and Africa banking team, based in Frankfurt. In this capacity, she is responsible for Moody’s analytical teams that rate banks primarily in the Eurozone and Central and Eastern Europe as well as non-bank financial companies across Europe and emerging markets in Middle East and Africa. She has extensive experience in credit analysis and managing credit professionals. Prior to joining Moody’s in 2008, Carola Schuler was a Director at the credit risk management division of Deutsche Bank where she worked in a number of different analytical and managerial functions in Germany and abroad, covering corporate finance, leveraged finance, financial institutions and sovereign risk across Europe, including time spent in Brussels.

Christian Stiefmüller

Christian Stiefmüller is Senior Adviser for Policy Research and Analysis at Finance Watch. He is a senior expert on financial regulation, and his principal research interest at Finance Watch is on financial stability, in particular prudential regulation, resolution and financial safety nets. He also regularly works as an expert with international organisations, such as the World Bank and the IMF. Previously a senior investment banker, Christian Stiefmueller has more than twenty years’ first-hand 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 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.

Moderators
Elena Carletti

Elena Carletti is Professor of Finance at Bocconi University and Scientific Director of the Florence School of Banking and Finance at the European University Institute (EUI). Previously she was Professor of Economics at the EUI, holding a joint chair in the Economics Department and the Robert Schuman Centre for Advanced Studies. She is a member of Board of Directors of Unicredit SpA and of the Advisory Scientific Committee of the European Systemic Risk Board. Furthermore, she is Research Fellow at CEPR, Fellow of the Finance Theory Group, CESifo, IGIER and the Wharton Financial Institutions Center. Among other appointments, she has worked as consultant for the OECD and the World Bank, has served in the review panel of the Irish Central Bank and of the Riskbank and has been a board member of the Financial Intermediation Research Society and of the Fondazione della Cassa di Risparmio di La Spezia. Her main research areas are Financial Intermediation, Financial Crises and Regulation, Competition Policy, Corporate Governance and Sovereign Debt.

Luís Silva Morais

Luís Silva Morais is Full Professor at the University of Lisbon Law School (FDL) and holds the Jean Monnet Chair on EU Economic Regulation. He is Vice President of ECSA Portugal, and also Founder and Chairman of the Research Centre on Regulation and Supervision of the Financial Sector (CIRSF), a project based on scientific cooperation with the Bank of Portugal, the Portuguese Supervisory Authority of Insurance and Pension Funds, and the Portuguese Securities Commission. Further, Luís Morais is Vice President of the Institute of Cooperation of FDL, and a non-government advisor at the International Competition Network. Luís Morais is Founding Partner of Luís Silva Morais – Sérgio Gonçalves do Cabo, a boutique law firm with head office in Lisbon. In addition, he is Vice Chair of the Appeal Panel of the Single Resolution Board since May 2018, and President of the Supervisory Council of the Portuguese Supervisory Authority of Insurance and Pension Funds as from October 2018. Luís Morais has been Vice President of the Special Privatization Unit of the Portuguese Ministry of Finance, Member of the Executive Board of the Portuguese Supervisory Authority of Insurance and Pension Funds, and Chief of Cabinet of the Secretary of State of Treasury and Finance in the XIII Portuguese Constitutional Government.

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. From 2010 until mid-2019 he 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 2019

The surge and solidification of populist tendencies challenge the Europen Union at different levels. The results of the elections to the European Parliament, the political stalemate in the United Kingdom and the propagation of national thinking ample demonstrate that the EU is at a turning point with the risk of disintegration. This relates to the Single Market, competition and banking policies in member states. In case of Brexit, the rivalry between financial centers will accelerate with the prospect of lowering regulatory standards in the UK. In the EU an extended use of options and national discretions by national authorities can be observed. And as regards national banking systems we experience a strong protective policy by finance ministries, especially as regards big banks.

At EU level, the efforts in progressing reforms and solving the unfinished Banking Union are facing even more headwinds. In addition, financial markets integration and legal harmonisation in the EU are essential worksites where a lot remains to be done. At the same time, legacy issues, bad assets as well as the problem with unhealthy zombie banks still exist. In contrast, the room for manoeuvre for monetary and fiscal policies to counteract emerging crisis risks is very limited. Moreover, ECB policies as well as the question on risk sharing in the EU remain points of severe contention between member states, and prospects to advance are seemingly poor. This is in particular worrying as we currently observe signs of weakening economies due to open trade conflicts.

Against this backdrop, the organisers take a foremost policy-oriented stance to discuss some of the most crucial issues lying ahead. Central questions will be how current changes in the political landscape impact financial markets integration and resilience, what implications have surging national banking policies on competition, harmonisation and diversity, how to tackle obstacles, legal constraints and policy interferences to bank resolution, and how to achieve common grounds on instruments, frameworks and procedures as regards risk sharing.

The conference brings together regulators, scientists, politicians, industry experts and organisations in an open debate format. We are convinced that generating a 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 will give 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 Berlin. The program is arranged at a high-class quality level and addresses topical regulatory, financial stability and institutional frameworks issues. The conference is foremost policy-oriented. 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 debate and engaged exchange of views and arguments.

impressions
date - venue
BRINGING TOGETHER SCIENTISTS, REGULATORS, POLITICIANS, INDUSTRY EXPERTS AND ORGANISATIONS
The FINANCIAL STABILITY CONFERENCE 2019 takes place:

28 October 2019,  9:00 h – 18:10 h  followed by a get together
>  Doors open/check-in  8:15 h

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 only by email to conference@financial-stability.org
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 and photos will be taken. The organiser reserves the right to publish photos and documentation of the conference in print, online, and audiovisual formats. By registering you consent that you may appear in the online 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 380 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 your personal details are requested. A registration email without contact details and affiliation or activity cannot be accepted, even if you receive an invitation from the organisers.

Registrations only to conference@financial-stability.org

  • 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 Tuesday, 22 October 2019
  • Registrations after this deadline will be disregarded
  • Note that on-site registrations are not possible

The Finanical Stability Conference is a public event. Press will be invited and photos will be taken. The organiser reserves the right to publish photos and documentation of the conference in print, online and audiovisual formats. By registering you consent that you may appear in the online 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 2019

sponsor logos
sponsor profiles
sponsor logos
premium sponsors:
with kind support:
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
feedback participants

“Back in Lisbon, this is simply to re-state the (great) pleasure I have had in participating actively in this year’s Financial Stability Network Conference and for the honour of modestly contributing as co-organizer. Furthermore, you are to be congratulated for the excellent and high level content of the discussions and the excellent organization (and perfect hospitality). I echo here Nicolas’ words on the extreme importance of a Conference of this calibre held in Berlin every year. So, in a nutshell, do count with me for coming organizations.”

Luís Morais, Professor of Law, University of Lisbon


“I thought the days proceedings were simply excellent and so thought provoking. I congratulate the scientific team and especially Martin Aehling for his organisation of the conference. The panels were so well connected in their themes and the dialogue between the participants was so insightful. The combination of policy makers, politicians, regulators, civil society and academics gave rise to a very lively high level debate. It is truly a most go event!”

Dalvinder Singh, Professor of Law, University of Warwick


“Even if with some delay, I wanted to thank you for having let us collaborate with you on the organization of this year’s conference. I found the event most interesting and very well organized and structured. Congratulations! I hope there will be other occasions in the future.”

Elena Carletti, Professor of Finance, Bocconi University


“As a feedback to the conference, I have only (very) positive things to say about the whole event. The line-up of speakers was excellent, as were the selection of topics touched upon in each panel. The structure of each panel was very well-though, with a kick-off main intervention followed by short interventions by several speakers. I will be more than happy to publicise or help you publicise future initiatives of the Financial Risk and Stability Network.”

Lúcio Tomé Feteira, Associate Professor, Nova University Lisbon


“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


Menu