FINANCIAL STABILITY CONFERENCES

“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 PIIE

OVERVIEW

Since 2012 FRSN has been organising events, in 2013 the first international conference on the Single Resolution Mechanism. The 7th Financial Stability Conference (FSC) was held 28 October 2019 in Berlin. 26 international speakers, discussants and moderators from regulatory authorities, central banks, politics, industry, institutions, academia and civil organisations discussed the agenda topics. More information here. The conference was followed by the FSC Research Workshop on 29 Oct. to deepen and discuss aspects of the conference topics. Earlier, we organised a scientific colloquium in cooperation with the Single Resolution Board in Brussels. In 2020 we are planning additional formats and research activities.

The events are scientific based and essentially policy-oriented. They are organised by Financial Risk and Stability Network in cooperation with institutions and scientists. We succeeded in bringing together outstanding speakers from regulatory and supervisory authorities, politics, ministries, academia, industry as well as from institutions and civil organisations in an international public discussion format. Speakers of the conferences listed below. Moreover, the events have been attracting many experts, researchers, professionals and interested persons from Europe and beyond.

Our mission is to contribute to the European and international debate on regulation and reforms of the financial sector, its resilience, financial stability and institutional frameworks in the EU. Open it up to critical voices shall impact these debates from an independent, scientific and public interest point of view. The unique format and approach of the conference sparked widespread attraction. The quality of the discussions facilitated establishing the event as a highly valued platform for in-depth debate of regulatory reforms and financial stabilty. The highly positive feedback gives us a strong incentive to move on.

MOTIVATION

motivation 2019
motivation 2018
motivation 2017
objective 2017
motivation 2016
motivation 2015
motivation 2014
motivation 2019
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 has given 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.

end

motivation 2018
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 were 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 has given 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.

end

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

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

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

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

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



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

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

end

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

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

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

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

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

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

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

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

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

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

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

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

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

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motivation 2016
BRINGING TOGETHR REGULATORS, INDUSTRY EXPERTS, POLITICIANS, SCIENTISTS AND ORGANISATIONS
Motivation 2016

Eight years after the financial crisis the European banking sector remains in part fragile. Slow growth, zero interest rate, troubled assets, lacking consolidation and distorted competition bear risks to financial stability in the EU. In particular, the hazardous interdependency between states and banks is not solved, despite BRRD and Single Resolution Mechanism in force.

To not fall back in crisis modus, banks´ resilience has to be enhanced and business models have to be examined with scrutiny, a focus task of the Single Supervisory Mechanism this year. One crucial aim of last years regulatory reforms has not been realched yet: To clean-up and achieve a more level playing field for financial institutions in the EU. Big banks grew even bigger, the Banking Union is still missing a testing of bail-in, and in politics national interests prevail.

The Basel Committee this year reviews the standardised and model based approach for risk weightings, thereby also presenting proposals for government bonds capital requirements. At the same time, the European Banking Authority analyses the effectiveness of the leverage ratio and will present a report. Whereas the European Commission shall outline steps to a European deposit insurance scheme, already in discussion by EU Finance Ministers.

One central question of the conference is how we shall practice financial reforms and fix deficiencies in the regulatory framework. We will critically question proposals and settings as well as supervisory practice by asking if they are sufficient and adequate under the prevailing conditions, and what else could be done to achieve a level playing field with a sound and diverse financial sector. In this respect, EDIS is a controverse aspect to be discussed.

We think that generating an open, public debate on critical issues is very reasonable and also necessary to keep on in building a more resilient financial system which which fulfills its vital functions in serving real needs, supports sustainable growth and does not play moral hazard. In this regard, the conference has given an inspiring opportunity.


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

The conference brings together different involved and interested groups as there are: regulatory and supervisory authorities, political parties and organisations, political and EU institutions, ministries, financial institutions, investors and asset managers, industry associations, consultancy, research institutions and universities, think tanks as well as from civil and public organisations and initiatives. 

motivation 2015
BRINGING TOGETHR REGULATORS, INDUSTRY EXPERTS, POLITICIANS, SCIENTISTS AND ORGANISATIONS
Motivation 2015

The conference topics relate to the regulatory and political efforts to make the EU financial system more resilient and to push intermediation. The Single Resolution Board had started work on developing resolution plans and shall be fully operational as from January 2016. The resolution framework shall then work in the case of bank failures. Also to prevent future crisis, new regulatory requirements have been set and various measures as well as institutional arrangements undertaken to safeguard financial stability.

In the discussions we will critically question these efforts and settings by asking if they are a comprehensive response to the crises, how they may function together and if they do work in practice. This is of overall importance: First, to prevent that tax payers have to pay once more and EU member states run in deficits for bail-outs. Second, because stability and a sound financial sector are preconditions for a smooth functioning of the economy and for sustainable growth. In this regard we will also discuss the agenda for an European capital markets union.

We think that generating an open, public debate on critical issues is very reasonable and also necessary to keep on in building a more resilient financial system which which fulfills its vital functions in serving real needs, supports sustainable growth and does not play moral hazard. In this regard, the conference has been giving an inspiring opportunity.


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

The conference brings together different involved and interested groups as there are: regulatory and supervisory authorities, political parties and organisations, political and EU institutions, ministries, financial institutions, investors and asset managers, industry associations, consultancy, research institutions and universities, think tanks as well as from civil and public organisations and initiatives. 

motivation 2014
BRINGING TOGETHR REGULATORS, INDUSTRY EXPERTS, POLITICIANS, SCIENTISTS AND ORGANISATIONS
Motivation 2014

The new supervisory architecture in the Eureopean Union is taking shape with the start of the Single Supervisory Mechanism: The European Central Bank will take over the direct supervision of big European banks beginning November and before has been running an Asset Quality Review in combination with stresstests. The outcome of this Comprehensive Assessment will have far reaching implications, as regards credibility of the ECB, risks in the banking sector, economic recovery in EU member states as well as on burden sharing in absence of a workable European resolution framework.

We will also shed light on limits of a common supervision in the European Union tackling political issues and constraints in shaping a workable Banking Union. The conference finally discusses unfinished reforms, debating also the financial stability aim and constituents of a fair financial order in the EU. We will discuss these topics intensely, with a public interest and scientific stance.

The conference brings together politicians, regulators, scientists, civil organizations and industry experts. We will thereby stimulate the further discussion on the role of the ECB, the way ahead to the Banking Union as well as on political shortcomings and the responsibility of financial institutions.

We think that generating an open, public debate on critical issues is very reasonable and also necessary to keep on in building a more resilient financial system which which fulfills its vital functions in serving real needs, supports sustainable growth and does not play moral hazard. In this regard, the conference has been giving an inspiring opportunity.


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

The conference brings together different involved and interested groups as there are: regulatory and supervisory authorities, political parties and organisations, political and EU institutions, ministries, financial institutions, investors and asset managers, industry associations, consultancy, research institutions and universities, think tanks as well as from civil and public organisations and initiatives. 

FEEDBACK

feedback speakers and participants
feedback speakers and 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 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, Washington D.C.


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

Prof. Alessandro Penati, President, Quaestio Capital Management


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

Dr. Alex Lehmann, Visiting Fellow, Bruegel


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

Boudewijn Berger, Head Recovery and Resolution Planning, ABN Amro


“It has been a pleasure to meet you and the fellow participants at the Financial Stability Conference. 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


“The Conference has been an inspiring opportunity to debate openly with other regulars and industry experts the functioning, the challenges and the needs – looking forward – of the new crisis management regime for banks in Europe. A unique platform to promote the debate around the need for more financial stability in the EU and the Euro area.”

Emiliano Tornese, Acting Head,
Resolution and Crisis Management Unit, European Commission


“I greatly enjoyed my panel, but maybe more importantly, I thought the entire day provided an outstanding opportunity to hear – and discuss – the most important issues around financial stability with a big group of the key people involved in the topic. Combined with the flawless organisation, it was one of the best conferences I have participated in for a long time.”

Eric Nielsen, Group Chief Economist,
Global Head of CIB Research, UniCredit


“First, the conference was remarkably organised with high-level speakers and audience. Second, the topics were optimally chosen, giving room to global approaches to the contemplated issues as well as to practical considerations about the implementation of the latest reforms. Last, it was the occasion to meet a lot of interesting people and to discuss bilaterally on specific issues.”

Olivier Jaudoin, Director Resolution,
French Prudential Supervisory and Resolution Authority


“As part of my duties as Secretary General, I have attended numerous conferences in many European cities, and this one in Berlin was perfectly organised. It was a very high level of panelists in front of an impressively large and sophisticated audience. What Martin Aehling, together with the financial support of prestigious sponsors, has achieved is a high quality and most informative forum on key financial subjects for society at large.”

Christophe Nijdam, Secretary General, Finance Watch


“The 2016 Financial Stability Conference has been an outstanding opportunity to get deep and valuable insights from regulators, practitioners, politicians and scholars and to foster intriguing new perspectives. Excellent keynote speakers inspired the debate and high-level participants of carefully composed panels lead to open, controversial and thus invaluable discussions. I am very much looking forward to next year´s conference.”

Prof. Stefan Janßen, Banking and Finance,
Jade University of Applied Sciences


“Firstly, I wanted to write to say many thanks for your organisation of yet another excellent conference. It was my second year attending and I was again impressed at the quality of the speeches and discussions, which mark the conference as ‘a must attend’.”

Eoin Dorgan, Principal Officer,
Department of Finance, Government of Ireland


“Thank you for all the efforts in organising this event. It has been a very stimulating and informative conference: Excellent keynote speeches, toplevel panels with a very good mix of participants, courage to dissent and the orientation on topics which will become most relevant in the future.”

Dr. Constantin Sobiella, Partner, d-fine


“Thank you very much for organising such a wonderful conference. I really enjoyed my time at the conference. I was very impressed by the high quality of the keynote speakers and participants of the different panel discussions. I had great discussions with representatives from authorities, industries and academics. I am looking forward to next year‘s conference.”

Dr. Benedikt Sedlak, Regulatory and Corporate Affairs, BNP Paribas


“Thanks so much for the extremely well-organised and interesting Financial Stability Conference 2015 in the impressive (now) ESMT building. For me as somebody who has just recently begun to dig into the matter it was a fantastic starting point to learn about the most important topics, players and people involved. I am looking forward to hearing and seeing more of your network in general and of your conference in particular.”

Dr. Sebastian Wanke, Economist,
KfW Bankengruppe


“The Financial Stability Conference was perfectly organised in every detail. Even more importantly, the competence of the speakers along with the convivial approach drove the discussion towards the murkier and more debated issues in the European legal framework, giving the audience important insights. The different views currently expressed by scholars and experts appeared perfectly reflected in the panels’ composition.”

Prof. Lorenzo Stanghellini, University of Florence


“This was a very interesting conference, fed by high-level speakers with outspoken and strong views. A useful opportunity to update knowledge on resolution framework, tools and bail-in, and realize the challenges when establishing credible and feasible resolution regimes. The session on macroprudential policy and tools provided interesting views on the strategic priorities in operationalising the new macroprudential policy.”

Rudi Bonte, Senior Advisor, Deloitte


“The 2015 Financial Stability Conference was definitely worthwile attending. Top-class speakers and panelists from policy making bodies, European supervisors, financial players as well as academia and press gave valuable insights. Together with a broad range of attendees, this event enabled developing new perspectives on the matter and approaching the challenges of the European financial market better.”

Stephan Lutz, Partner, PwC


SPEAKERS AND DISCUSSANTS

Speakers and Discussants 2013 to 2019 (alphabetic)

Prof. Kern Alexander, University of Zurich; Dr. Ignazio Angeloni, European Central Bank; Denis Beau, Bank of France; Dr. Lorenzo Bini Smaghi, Société Générale; Giuseppe Boccuzzi, Italian Interbank Deposit Protection Fund; Prof. Arnoud Boot, University of Amsterdam; Günter Borgel, Federal Agency for Financial Market Stabilisation; Ralph Brinkhaus, Member Deutscher Bundestag, CDU; Prof. Claudia Buch, Deutsche Bundesbank; Lee Buchheit, Cleary Gottlieb; Costanza Bufalini, Unicredit; Prof. José Manuel Campa, Banco Santander; Prof. Elena Carletti, Bocconi University; Prof. Stijn Claessens, Bank for International Settlements; Lorenzo Codogno, London School of Economics and LC Macro Advisors; Dr. Vitor Constâncio, European Central Bank; Prof. Jean-Pierre Danthine, Paris School of Economics; Willem Pieter de Groen, CEPS; Giuseppe De Martino, Italian Ministry of Finance; Dr. Maria Demertzis, Bruegel; Dr. Saskia de Vries-van Ewijk, De Nederlansche Bank; Prof. Mathias Dewatripont, National Bank of Belgium; Cristina Dias, European Parliament; Dr. Thomas Dohrn, Federal Ministry of Finance; Dietrich Domanski, Bank for International Settlements; Dr. Klaus Duellmann, European Central Bank; Colin Ellis, Moodys; Prof. Henrik Enderlein, Hertie School of Governance; Andrea Enria, European Banking Authority; Markus Ferber, European Parliament, EVP; Ramon Fernandez, French Ministry for the Economy, Finance and Industry; Santiago Fernández de Lis, BBVA; Dr. Elisa Ferreira, Bank of Portugal; Prof. Marcel Fratzscher, DIW Berlin; Prof. Clemens Fuest, Ifo Institute; Sven Giegold, European Parliament, The Greens; Giorgio Gobbi, Bank of Italy; Prof. José Manuel González-Páramo, BBVA; Prof. Charles Goodhart, London School of Economics; Rebekah Goshorn Jurata, U.S. Department of the Treasury; Sylvie Goulard, European Parliament, ALDE; Andrew Gracie, Bank of England; Peter Grasmann, European Commission; Prof. Reint Gropp, Halle Institute for Economic Research; Dr. Roberto Gualtieri, European Parliament, S&D; Piers Haben, European Banking Authority; Dr. Daniel Hardy, International Monetary Fund; Samy Harraz, Single Resolution Board; Prof. Martin Hellwig, Max Planck Institute for Research on Collective Goods; Dr. Dierk Hirschel, United Services Union Verdi; Dr. Beverly Hirtle, Federal Reserve Bank of New York; Thomas Hoenig, Federal Deposit Insurance Corporation; Leo Hoffmann-Axthelm, Transparency International EU; Dr. Levin Holle, German Federal Ministry of Finance; Dr. Dietmar Hornung, Moody’s; Dr. Aerdt Houben, De Nederlandsche Bank; Dr. Korbinian Ibel, European Central Bank; Olivier Jaudoin, French Prudential Supervisory and Resolution Authority; Robert Jenkins, London Business School; Dr. Andy Jobst, World Bank; Prof. Bart Joosen, VU University Amsterdam; Dennis Kelleher, Better Markets; Dr. Steffen Kern, European Securities and Markets Authority; Prof. Christian Kirchner, Humboldt-University Berlin; Dr. Elke König, Single Resolution Board; Dr. Matthias Kollatz, Senate for Finance of Berlin; Dr. Jörg Kukies, German Federal Ministry of Finance; Dominique Laboureix, Single Resolution Board; Philippe Lamberts, European Parliament; Sebastiano Laviola, Single Resolution Board; Erkki Liikanen, Bank of Finland; Prof. Catherine Mann, OECD; Monica Marcucci, Bank of Italy; Michala Marcussen, Société Générale; Sylvie Matherat, Deutsche Bank; Francesco Mazzaferro, European Systemic Risk Board; Marco Mazzucchelli, Bank Julius Baer; Liz Meneghello, HM Treasury; Martin Merlin, European Commission; Nicoletta Mascher, European Stability Mechanism; Dr. Srobona Mitra, International Monetary Fund; Dr. Reza Moghadam, Morgan Stanley; Prof. Luís Morais, University of Lisbon; Dr. Mario Nava, European Commission; Dr. Maria Nieto, Bank of Spain; Christophe Nijdam, Finance Watch; Danièle Nouy, European Central Bank; Prof. Alessio Pacces, Erasmus University Rotterdam; Dr. Wilfried Paus, Deutsche Bank; Prof. Alessandro Penati, Quaestio Capital Management; Thierry Philipponnat, Institut Friedland; Fatima Pires, European Central Bank; Dr. Thorsten Pötzsch, Federal Financial Supervisory Authority; Sébastien Raspiller, French Ministry for the Economy and Finance; Klaus Regling, European Stability Mechanism; Odile Renaud-Basso, French Ministry for the Economy and Finance; Prof. Georg Ringe, University of Hamburg; Prof. Jörg Rocholl, ESMT Berlin; Dr. Sven Schelo, Linklaters; Dr. Gerhard Schick, Bündnis 90/Die Grünen; Dr. Reto Schiltknecht, FINMA; Prof. Isabel Schnabel, University of Bonn; Carsten Schneider, SPD; Prof. Dirk Schoenmaker, Bruegel; Dr. Ludger Schuknecht, German Federal Ministry of Finance; Carola Schuler, Moody’s; Prof. Helmut Siekmann, Goethe-University Frankfurt; Luigi Federico Signorini, Bank of Italy; Dr. Thomas Steffen, Federal Ministry of Finance; Christian Stiefmüller, Finance Watch; Dr. Rolf Strauch, European Stability Mechanism; Dr. Christian Thimann, Axa; Emiliano Tornese, European Commission; Dominik Treeck, Oliver Wyman; Prof. Tobias Tröger, Goethe University Frankfurt; Dr. Natacha Valla, European Investment Bank; David Vegara, European Stability Mechanism; Mark Venus, BNP Paribas; Nicolas Véron, Bruegel and IPPE; Dr. Jukka Vesala, European Central Bank; Dr. José Vinals, International Monetary Fund; Prof. Xavier Vives, IESE Business School; Thomas von Lüpke, Federal Financial Supervisory Authority; Dr. Leopold von Thadden, European Central Bank; David Walker, International Association of Deposit Insurers; Matthias Wargers, Erste Abwicklungsanstalt; Thomas Wieser, Euro Working Group; Dr. Guntram Woff, Bruegel; Dr. Pierre Wunsch, National Bank of Belgium; Dr. Jeromin Zettelmeyer, Peterson Institute for International Economics

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