F I N A N C I A L S T A B I L I T Y C O N F E R E N C E 2 0 1 9 S E V E N T H I N T E R N A T I O N A L H I G H - P R O F I L E E V E N T I N B E R L I N

Speakers & Discussants

Ashok Vir Bhatia, International Monetary Fund

Stefano Cappiello, Italian Ministry of Finance

Karin Dohm, Deutsche Bank

Bertrand Dumont, French Ministry for the Economy and FinanceGiorgio Gobbi, Bank of ItalyPeter Grasmann, European CommissionMartin Hellwig, Max Planck Institute for Research on Collective Goods

Levin Holle, German Federal Ministry of Finance

Korbinian Ibel, European Central Bank

Sebastiano Laviola, Single Resolution Board

Aurelio Maccario, UniCreditMichala Marcussen, Société GénéraleNicoletta Mascher, European Stability Mechanism

Reto Schiltknecht, FINMA

and more experts...

28 October 2019, 9:00 – 18:10 h, Venue: Auditorium Maximum ESMT BerlinConference is in English – Admission is without fees, but restricted to confirmed registration

Organiser:

Co-Organisers:

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

Cooperations:

m O T I V A T I O N A N d F E A T u R E d S P O N S O R S

Motivation The surge and solidification of populist movements, the political stalemate in

the United Kingdom and the propagation of national thinking 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 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 with further reforms and finishing the

Banking Union are facing 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 and the problem with

zombie banks still exist. Moreover, ECB policies as well as the question on risk

sharing in the EU are causing severe contention between member states, and

prospects to advance seem 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 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 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, experts and

institutions in an open public 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.

We thank the sponsors and the institutions for making this conference possible.

With kind support

Premium Sponsors

OpeningMartin Aehling, Director, Financial Risk and Stability Network

AddressDr. Matthias Kollatz, Senator for Finance, Berlin

Opening SpeechGovernments, Banks and the Monetary UnionProf. Martin F. Hellwig, Director emeritus, Max Planck Institute for Research onCollective Goods

Panel I – Discussion National Banking Policies and the new EU Political Landscape: Stuck between Reform Ambitions and Disintegration Tendencies Lost in Frustration: Implications of EP Elections and Brexit on EU Financial Integration Lost in Temptations: Promoting ‚Champions‘ and Calls for ‚Pan-European Banks‘ Lost in Sheltering: State Interferences and the Protection of National Banking Systems Uneven Policies: Ring-Fencing and the Use of Options and National Discretions

Arnoud Boot, Professor of Corporate Finance and Financial Markets, University of AmsterdamKarin Dohm, Global Head of Government & Regulatory Affairs and Group Structuring, Deutsche BankGiorgio Gobbi, Head of the Financial Stability Directorate, Bank of ItalyDr. Korbinian Ibel, Director General Microprudential Supervision IV, European Central BankChristian Stiefmüller, Senior Adviser, Policy Research and Analysis, Finance WatchModeration: Elena Carletti, Professor of Finance, Bocconi University, and Scientific Director, Florence School of Banking and Finance

Coffee

Panel II – DiscussionBetween Wishful Thinking and Feasibility: How to remove Obstacles to True Competition and a Common Beneficial Single Market in the EU 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 FundDr. Peter Grasmann, Head, EU/Euro Area Financial System Unit, European CommissionKarel Lannoo, Chief Executive Officer, CEPS Aurelio Maccario, Executive Vice President and Head of Group Regulatory Affairs, UniCreditMichala Marcussen, Group Chief Economist and Head of Economic and Sector Research, Société GénéraleModeration: Prof. Jörg Rocholl, President, ESMT Berlin

Lunch

B E T w E E N R E G R E S S A N d P R O G R E S S

P r o g r a m

Opinions | Discussions | Perspectives | Viewpoints

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I m P A C T S O F P O L I T I C A L d Y N A m I C S

Meinung | Diskussion | Perspektiven | Standpunkte

P r o g r a m

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15:30

18:10

Panel III – ImpulseSebastiano Laviola, Board Member, Single Resolution Board

Panel III – DiscussionMaking 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? Current and Incoming Challenges as regards MREL and Impediments to Resolution

Cristina Dias, Parliamentary Research Administrator, European ParliamentSebastiano Laviola, Board Member, Director of Strategy and Policy Coordination, Single Resolution BoardDr. Sven Schelo, Partner, Linklaters LLPDr. Reto Schiltknecht, Head of International Affairs and Policy Issues, Recovery and Resolution Division, FINMACarola Schuler, Managing Director, Financial Institutions Group, Moody’sModeration: Luís Silva Morais, Professor of Law, University of Lisbon

Coffee

Panel IV – Impulses

Panel IV – Discussion Risk Sharing in the EU: How to achieve and 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 ProceduresDr. Stefano Cappiello, Director General, Banking and Financial System - Legal Affairs, Italian Ministry of FinanceBertrand Dumont, Deputy Director General of the Treasury, French Ministry for the Economy and FinanceDr. Levin Holle, Director General Financial Markets Policy, German Federal Ministry of FinanceNicoletta Mascher, Head of Banking, European Stability MechanismEmiliano Tornese, Deputy Head, Resolution and Crisis Mangement Unit, European CommissionModeration: Nicolas Véron, Senior Fellow, Bruegel, and Peterson Institute for International Economics

ClosingMartin Aehling, Director, Financial Risk and Stability Network

Get together

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O R G A N I S E R S A N d O R G A N I S I N G C O m m I T T E E

Organiser

OrganisingCommittee

Financial Risk and Stability Network

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

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

Prof. Jörg Rocholl, President, ESMT Berlin

Financial Risk and Stability Network is an independent non-profit organisation

based in Berlin focusing on regulation, financial stability, institutional frameworks

and financial reforms in the EU. It contributes to the provision of information,

research and views exchange on these issues via its activities and events. The

approach is to foster policy-dialogue with the intention to advance reforms and

conribute to solving issues from a civil society perspective.

The organisation is legally named FRS Financial Risk and Stability gGmbH and

ruled by German law. It is registered, tax-exempted and acting in the notion of

public interest. FRS is scientific based and policy oriented. It presents a valuable

and useful platform to bridge academic and policymaking expertise, involving

regulatory authorities, industry, institutions and civil organisations.

Independence, transparency as well as a critical and constructive perspective are

core principles of the organisation. FRS stimulates research and opinion making,

engages in education, advances the policy debate, and it brings together the

concerned stakeholders in open exchange and debate formats. The approach

is dialogue- and research driven, also encouraging science in more vigorously

addressing policy issues.

About the Organiser

Co-Organisers ESMT Berlin

Florence School of Banking and Finance

Support welcomed We appreciate donations to the non-profit organisation FRS Financial Risk and

Stability gGmbH to fund conference, workshop and support research activities.

Account: Postbank IBAN: DE41 1001 0010 0919 8351 00 BIC: PBNKDEFF

Cooperations Amsterdam Center for Law and Economics

Single Resolution Board

E u B E T w E E N R E G R E S S A N d P R O G R E S S : H O w T O C O P E w I T H N A T I O N A L B A N k I N G P O L I C I E S , S I N G L E m A R k E T d E F I C I E N C I E S A N d T H E u N S O L V E d S H A R I N G I S S u E

International Conference, 28 October 2019, ESMT Berlin

Organiser:

Financial Risk and Stability Network

Co-Organisers:

ESMT Berlin

Florence School of Banking and Finance

Cooperations:

Amsterdam Center for Law and Economics

Single Resolution Board

Date and Venue:

28 Oct. 2019, Check-in/doors open 8:15 h

ESMT Berlin

Schlossplatz 1

10178 Berlin

How to get there:

ESMT is in the center of Berlin. The nearest bus

stations are “Staatsoper“ and “Lustgarten“. From

Tegel Airport the venue can be reached by bus

TXL within 60 minutes or by taxi in about 45 mi-

nutes. Nearest subway station is Hausvogteiplatz.

Note that there are no car parking places nearby.

Organisation and Coordination:

Martin Aehling

FRS Financial Risk and Stability gGmbH

Willmanndamm 17

10827 Berlin

financial-stability.org

FSC Research Workshop:

29 Oct. 2019, 9:00 - 16:30 h

Deutsches Architektur Zentrum DAZ

Wilhelmine-Gemberg-Weg 6, Taut-Saal

10179 Berlin

Conference Registration and Deadline:

only via email: conference@frsn.de

Registrations have to be confirmed. Registrations

by any other email will not be processed.

Registration deadline: 22 October 2019

After this deadline no more registrations can be

accepted. On-site registrations are not possible.

Research Workshop Registration:

only via email: workshop@frsn.de

Registrations for both events – conference and

workshop – are handled separately.

General Information:

Attendance is free of charge, but restricted upon

confirmed registration by the organiser. For the

confirmation your personal details are requested.

Please note that for checking-in you may be asked

to show a valid identity card due to organisational

and security reasons. Also note that photos will be

taken for documentation.

Additional Information:

I The program may be subject to changes. Any lia-

bility or responsibility of the organiser is excluded.

II There is no right of participation. The organiser

may refuse registrations, especially as the room

capacity is limited. III The conference language is

English. No interpretation will be provided.

Accomodation:

Nearby hotels are: "Cosmo Hotel Berlin" cosmo-

hotel.de/en/cosmo-hotel-berlin-mitte, „Motel

One Spittelmarkt“ motel-one.com/en/hotels/

berlin/hotel-berlin-spittelmarkt, „Capri by Fraser“

capribyfraser.com/en and "Arcotel John F Berlin"

arcotelhotels.com/en/john_f_hotel_berlin.

FSC Research Workshop:

The Conference is followed by the FSC Research Workshop on 29 Oct. at Deutsches Architektur Zentrum Berlin

to discuss and deepen aspects of the conference topics. More information: financial-stability.org/workshop-2019