→ The report of the conference is available for download: FSC-2018 Report
→ The policy paper contributions each separately on this site via ‘research’
FSC Research Workshop | 1 Nov. 2018 | TU Berlin
The Financial Stability Conference 2018 was followed by the FSC Research Workshop on 1 Nov. at Technical University Berlin to discuss and deepen relevant aspects of the conference topics. Researchers as well as policy makers all over Europe were invited to signal their interest and submit policy contribution ideas/sketches on related research questions → download Call. All proposed contribution ideas/sketches had been considered for presentation, and nine submissions selected. More information below.
→ download Workshop Program
The concept of the research workshop, the combination with the preceeding conference and the policy orientation attracted widespread attention and appreciation by the about 50 workshop participants from scientific institutions, industry, associations, policy and authorities. The feedback was to move on and emphasize even more the policy focus as well as to give more time for the plenary discussions.
organiser:
FRS Financial Risk and Stability Network
Research Workshop 2018
1 Nov. 2018 – Berlin | 9:30 a.m. – 4:00 p.m. | TU Berlin
Call for accompanying Policy Contributions to the Financial Stability Conference 2018 (pdf)
The Financial Stability Conference 2018 will be followed by the FSC Research Workshop on Thursday, 1 Nov. at Technical University Berlin to discuss and deepen relevant aspects of the conference topics. Researchers – including early stage and PhD researchers – of related disciplines (economics, law, finance, political economy, social sciences) as well as policy makers and experts from authorities, institutions and organisations all over Europe – early stage and early career as well as established – are invited to signal their interest (by 22 June) and draft policy contributions (by 1 October) on related research questions. Info on acceptances to proposers by end of June.
Step I: extended proposal deadline research ideas/sketches: 29 June 2018
Step II: submission deadline policy contributions: 1 October 2018
via email: workshop@frsn.de
Possible subjects – we welcome interests for working on one or more specific aspects of the following conference topics:
- Fragmentation, Interconnectedness and Systemic Risk: Opposing Perceptions or Interaction in a supposedly Single Market?
- Safe Assets Concepts and Market Discipline in the Euro Area: Fiction or Vision for Curing Banks States Circular Dependencies?
- Credibility of the Resolution Regime and Preference of Creditors: First Experiences with Decision Making, Liability and Bail-in
- From Repair to Vision: Conceptions for a common beneficial financial Architecture and institutional Framework in the EU
→ List with examples and notions, and a wide range of catchwords on thematic aspects you find below.
→ Research questions/ideas (sketches) should be emailed by Friday June 29 to: workshop@frsn.de
We do not expect written contributions or abstracts by this deadline, but a very short sketch with a clear subject idea of max. a half page. All proposed research ideas/sketches are considered for drafting contributions, presentation at the workshop and publication. We will inform all proposers by end of June about acceptances and the further procedure.
Step II
Contributions and presentations should be short and policy-oriented, and they do not have to follow any specific scientific methodology or approach. More important are policy-relevance, idea and relation to more than one discipline. We appreciate especially if researchers work together in small groups on a chosen subject. We will also engage in organising small research groups. In the workshop we ideally bring together different disciplines and backgrounds, and have as well a good mix of early stage and established researchers and policy makers for an inspiring fruitful exchange.
→ Policy contributions should be emailed by Monday 1 October to: workshop@frsn.de
What we want you to do – explaining details of the task:
The task is to bring a contribution to the ground, i.e. to make it understandable. Insofar, it is a communication task as well, to present and explain a (research or policy) question, the findings and relevance to a somewhat different audience, eschewing models and equations, but bringing up thoughts, messages and arguments, conclusions and/or policy options, recommendations to a wider public. In this, the workshop is designed as an innovative experiment to bring research closer to policy. We will invite policy makers to the workshop to hold short speeches and to participate in the discussions of presentations.
As regards subjects and research questions of policy contributions there are no specifications or preferences from the organisers. Any aspects relating to the discussion topics under 1. to 4. could be accepted. We do not see any problem with potential thematic overlapping. In the contrary, it might be fruitful to have contributions on quite similar aspects for a enriching and lively discussion.
There are no detailed specifications as regards format as well: just to divide and edit subject, reasoning and rationale in a clear and logical way, be precise and leave the unnecessary and redundant (and all mathematics/models) aside. Length: better short than lengthy; 5 pages would be best and most appropriate, but do not exceed the max. of 10 pages in any case. Presentation slides for the workshop not more than 6 slides.
I also want to highlight the networking and views exchange character of the workshop and conference. Researchers participating in the conference and workshop will be invited to a dinner after the conference for a more personal exchange and networking with policy makes and experts. And let me finally point out the motivation again to bring research closer to policy and policy-making.
The reseach workshop takes place at Technical University Berlin, main building, Straße des 17. Juni, event room number H 3005, third floor.
More information on program and procedure as well as cost coverings for active participants and presenters follows. We do expect some funding.
Martin Aehling
Organiser and Coordinator
___________________________________________
Aspects could relate to various subjects and sub-subjects of the conference topics. They may relate but are not limited to the following catchwords, terms and notions, e.g.:
cross border integration, contagion channels, home biasis and bad equilibra, macroeconomic imbalances and financial fragility, market discipline and efficiency, performance correlations and related risks, effects over time horizons, national interests, national champions, national banking systems and ‚re-nationalisations‘ of financial regulations, Sifis interdependencies, concentration in business models, shadow banks, structural changes in the financial landscape, financial stability and competition policy, effects of financial integration, regulatory arbitrage, different perceptions of reforms of the eur area, implicite political biasis between south and nord member states, regulatory policies over time horizons, the influence of vested stakeholders interests, feasability and detriments of sovereign securitisations, how to schedule type constituents of a sovereign bond safe assets portfolio, political sensibility and fiscal jeopardies of sovereign risk ratings, mispricing of risk premia, price corrections, liquidity and spreads, how to phase out regulatory privileges for sovereign bonds and implicite guarantees over time, what are legal hurdles and how to address, who are the drivers of bond securitisations and safe assets concepts and which rationales do they follow, which objections are prevalent and what are the arguments, how to give southern member states a way out of constraints, how to define interim solutions, lessons learnt from first experiences with bail-in, bank runs, interrelations and risk spreadings, liquidity provisions, clients behavior and markets reactions, dichotomy between financial stability considerations and creditors guarantees, bail-in eligible instruments and their effectiveness, blueprint bad banks, SRB and decision making, discretion and the scope of decision powers, liquidity in resolution, financial architecture and the dynamics of institutional frameworks, how to reduce complexity and control for risks, how effective are current regulatory frameworks and rule settings, what principles should regulation follow: diversity and discretion or tough rules and uniform approaches, how clear are procedures in institutional decision makings, how to address different evaluations and thinkings, what are effects of close interaction of politics, authorties and industry, and what are the impacts of current regulatory and institutional frameworks on societies, powers, democracy and legimitacy, correlations between diversity and resilience, level playing field, policies pushing the process of concentration squeezing out smaller banks, interrelation between financial stability and complexity, trade-offs between financialisation and the alignment with economic and societal needs, legal and policy frameworks in a diverging landscape of national interests, possible approaches, actions and achievements, fiction of an optimal framework, regulation and institutional design as a process, not a state, how to advance reforms: national filterbubbles, stakeholders‘ interests, powers and legal constraints, realising more connection to real investments and societal needs, obstacles, side- and headwinds for a fairer financial system.
___________________________________________
FSC Research Workshop 2018 – PROGRAM
1 Nov. 2018 – Berlin | 9:30 a.m. – 4:15 p.m. | TU Berlin
Policy-oriented workshop relating to the Financial Stability Conference: “From Risk Reduction to Risk Sharing: How to align opposing Policy Concepts and shape a balanced, resilient financial Architecture in the EU?”
The Financial Stability Conference 2018 on 31 Oct. was followed by the FSC Research Workshop on 1 Nov. at Technical University Berlin to discuss and deepen relevant aspects of the conference topics. Early stage, PhD and established researchers of related disciplines (economics, law, finance, polititcal economy, social sciences) as well as policy makers and experts from institutions and organisations all over Europe were invited to draft policy contributions on related research questions, and to present and discuss them at the workshop.
We received a good number of contribution ideas/sketches and selected nine. The challenge was to hold a policy-oriented presentation. Presenters were encouraged to focus on description of the issue, reasoning, conclusions, message and policy options in a way that also non-academics understand. A general demand to all presenters was to refrain from model explaining and mathematics, but to highlight policy-oriented aspects. Further description of task and subjects in the call. Insofar this workshop was as well a communication task to bring presenters’ messages in a clear and time-limited way to a (‘non-academic’) audience.
The concept of the research workshop, the combination with the preceeding conference and the policy orientation attracted widespread attention and appreciation by the about 50 workshop participants from scientific institutions, industry, associations, policy and authorities. The feedback was to move on and emphasize even more the policy focus as well as to give more time for the plenary discussions.
Program schedule:
09:15 Check-in and Coffee
09:30 Welcome and Opening
Martin Aehling, Director, FRS Financial Risk and Stability Network
___________________________________________
9:45 Session I
Presentation I
Towards the financial stability: myth or reality?
Giulio Peroni, Associate Professor of International Law, University of Milan
Presentation II
The instruments of financial stability – a legal analysis of the ECB’s toolbox
Agnieszka Smoleńska, PhD Researcher, European University Institute
Chair: Georg Ringe, Professor of Law and Economics, University of Hamburg
___________________________________________
10:45 Session II
Presentation III
The single market´s catch-22: supervisory centralisation in a fragmented banking landscape
Cecilia del Barrio Arleo, PhD Candidate, University of Trento
Presentation IV
Regulatory architecture of the securities markets
Jure Jeric, PhD Candidate, University of Oxford
Chair: Per Olsson, Professor of Accounting and Director of the Center for Financial Reporting and Auditing, ESMT Berlin
___________________________________________
11:45 Light lunch
___________________________________________
12:30 Keynote address
Implementing the Banking Union
Kevin Cardiff, non-executive Director, KBC Bank Ireland; Chairperson of the Board of Audit, ESM; former Member of the European Court of Auditors, and former Senior Official in the Irish Department of Finance
___________________________________________
13:00 Session III
Presentation V
The (il-)legitimacy of the EU post-crisis bailout system
Michael Anderson Schillig, Professor of Law, King’s College London
Presentation VI
The choice between judicial and administrative sanctioned procedures to manage liquidation of banks
Jens-Hinrich Binder, Professor of Law, University of Tübingen
Presentation VII
The Banco Popular resolution case: a tainted success for the SRM?
Diane de Charette, PhD Candidate, University Paris II Panthéon Assas
Chair: Bart Joosen, Professor of Financial Law, VU University Amsterdam
___________________________________________
14:30 Session IV
Presentation VIII
Real effects of financial protectionism
Philipp Schaz, PhD Candidate, Humboldt University of Berlin
Presentation IX
Sustainable banking regulation: accounting for economic inequality
Katia Vozian, Research Assistant and PhD Candidate, Hanken School of Economics
Chair: Nicolas Véron, Senior Fellow, Bruegel and Peterson Institute für International Economics
___________________________________________
15:30 Round up and Food for Thought
16:00 Networking, Coffee and Farewell
16:15 End
___________________________________________
FSC Research Workshop 2018
Workshop following and accompanying the conference: ‘From Risk Reduction to Risk Sharing: How to Align Opposing Policy Concepts and Shape a Balanced Financial Architecture in the EU?’
1 Nov. 2018 at TU Berlin
9:30 a.m. – 4:15 p.m.
Presenters, Speakers and Chairs
Presenters 2018:
Jens-Hinrich Binder, Professor of Law, University of Tübingen
Diane de Charette, PhD Candidate, University Paris II Panthéon Assas
Cecilia del Barrio Arleo, PhD Candidate, University of Trento
Jure Jeric, PhD Candidate, University of Oxford
Giulio Peroni, Associate Professor of International Law, University of Milan
Philipp Schaz, PhD Candidate, Humboldt University of Berlin
Michael Anderson Schillig, Professor of Law, King’s College London
Agnieszka Smoleńska, PhD Researcher, European University Institute
Katia Vozian, Research Assistant and PhD Candidate, Hanken School of Economics
Speakers and Chairs:
Kevin Cardiff, KBC Bank Ireland; Board of Audit, European Stability Mechanism
Bart Joosen, Professor of Financial Law, VU University Amsterdam
Per Olsson, Professor of Accounting, ESMT Berlin
Georg Ringe, Professor of Law and Economics, University of Hamburg
Nicolas Véron, Senior Fellow, Bruegel and Peterson Institute for International Economics
POLICY-ORIENTED CONTRIBUTIONS, DISCUSSIONS, VIEWS EXCHANGE AND NETWORK BUILDING
Workshop reasoning and objectives:
The Financial Stability Conference 2018 was followed by the FSC Research Workshop to discuss and deepen relevant aspects of the conference topics. Researchers – including early stage and PhD researchers – of related disciplines (economics, law, finance, political economy, social sciences) as well as policy makers and experts from authorities, institutions and organisations all over Europe – early stage and early career as well as established – were invited to signal their interest by submitting research question ideas/sketches, draft policy contributions, and present them at the workshop.
Contributions and presentations should be short and policy-oriented, and they do not have to follow any specific scientific methodology or approach. More important are policy-relevance, idea and relation to more than one discipline. In the workshop we ideally bring together different disciplines and backgrounds, and have as well a good mix of early stage and established researchers and policy makers for an inspiring fruitful exchange.
The task is to bring a contribution/presentation to the ground, i.e. to make it understandable. Insofar, it is a communication task as well, to present and explain a (research or policy) question, the findings and relevance to a somewhat different, supposedly ‘non-academic’ audience, eschewing models and equations, but bringing up thoughts, messages and arguments, conclusions and/or policy options, recommendations to a wider public. In this, the workshop is designed as an innovative experiment to bring research closer to policy.
As regards subjects and research questions of policy contributions there had been no specifications or preferences from the organisers. We also do not see any problem with thematic overlappings. In the contrary, it might be fruitful to have contributions and presentations on quite similar aspects for an enriching and lively discussion.
We also want to highlight the networking and views exchange character of the workshop. Discussion time shall equal presenting time. As regards motivation and objective of the workshop we want to offer a frame format with the possibility to bring research closer to policy and policy-making. This can only be a little contribution, but we are convinced that this is most senseful and often lacking in the landscape of research and teaching at universities and scientific institutions.
The policy orientation of conference and workshop has a high significance and justification. Sciences like political economy, finance and law do not research or teach in a neutral political sphere without relations to real developments in economics and politics. Thus, the debate with policy makers, supervisory experts, practitioners, as well as society and interested public appears essential and important. Enabling a critical discussion, which pools and unfolds pointed aspects and divergent positions, is very sensible and necessary to shape an appropriate financial system and address associated challenges. Here, the political and economic sciences are called upon to contribute more. This also relates to the motivation of the conference and the workshop.
POLICY-ORIENTED CONTRIBUTIONS, DISCUSSIONS, VIEWS EXCHANGE AND NETWORK BUILDING
The Financial Stability Conference RESEARCH WORKSHOP 2018 took place:
1 November 2018, 9:30 a.m. – 4:00 p.m. at TU Berlin
Technical University Berlin, Main Building, Room No. H 3005, 3rd floor
Address: TU Berlin, Straße des 17. Juni 135, 10623 Berlin
>> How to reach TU Berlin
>> Coffee and check-in 9:15 a.m.
General information on FRS/FSC Research Workshop:
Pls note: Participation is restricted upon confirmed registration afore
Pls note: Registration is only possible by email via workshop@frsn.de
Pls note: Registration deadline one week before, after will be disregarded
The FSC Research Workshop is a public event. Photos will be taken. The organiser reserves the right to publish photographic and documentation of this event in print and online formats. By registering for the workshop you consent to appear in the print and online documentation and the report.
POLICY-ORIENTED CONTRIBUTIONS, DISCUSSIONS, VIEWS EXCHANGE AND NETWORK BUILDING
General registration information on the FSC RESEARCH WORKSHOP 2018:
Participation in the workshop is without fees. But participation is restricted to registration afore. A registration email must contain contact details and affiliation or activity.
Registrations only via workshop@frsn.de
- This is the only valid email address for workshop registrations
- Registrations via any other email will not be processed
- Handling of registrations is done solely by FRSN
- Registration deadline is one week before
- Registrations to Conference and Workshop are handled separately
- Registrations for the Workshop are not valid for the Conference and vice versa
Registration-email conference: conference@frsn.de
Registration-email workshop: workshop@frsn.de
The FSC Research Workshop is a public event. Photos will be taken. The organiser reserves the right to publish photographic and documentation of this event in print and online formats. By registering for the workshop you consent to appear in the print and online documentation and the report.