DOCSLIB.ORG

The SSM at 1

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The SSM at 1 The SSM at 1 THE SSM AT 1 Edited by Jens Ulbrich, Carl-Christoph Hedrich and Morten Balling Contributions by Luc Laeven, Mario Draghi, Andreas Dombret, Ignazio Angeloni, Sergio Nicoletti-Altimari, Felix Hufeld, Ludger Schuknecht, Hendrik Ritter, Christian Thimann, Josef A. Korte, Sascha Steffen, Emilio Barucci, Roberto Baviera, Carlo Milani, Giacomo Calzolari, Jean-Edouard Colliard, Gyöngyi Lóránth, Ulf Mohrmann, Maximilian Muhn, Martin Nienhaus, Jan Riepe, Angela Maddaloni, Alessandro D. Scopelliti, Anna Damaskou, Giannoula Karamichailidou, David G. Mayes, Hanno Stremmel A joint publication with the Deutsche Bundesbank and Foundation Geld und Währung SUERF – The European Money and Finance Forum Vienna & Frankfurt 2016 SUERF Conference Proceedings 2016/3 CIP The SSM at 1 Editors: Jens Ulbrich, Carl-Christoph Hedrich and Morten Balling Authors: Luc Laeven, Mario Draghi, Andreas Dombret, Ignazio Angeloni, Sergio Nicoletti-Altimari, Felix Hufeld, Ludger Schuknecht, Hendrik Ritter, Christian Thimann, Josef A. Korte, Sascha Steffen, Emilio Barucci, Roberto Baviera, Carlo Milani, Giacomo Calzolari, Jean-Edouard Colliard, Gyöngyi Lóránth, Ulf Mohrmann, Maximilian Muhn, Martin Nienhaus, Jan Riepe, Angela Maddaloni, Alessandro D. Scopelliti, Anna Damaskou, Giannoula Karamichailidou, David G. Mayes, Hanno Stremmel Keywords: Accounting standards, asset quality review, asset valuation, bail-in, bail-out, bank business models, bank concentration, bank distress, bank performance, bank profitability, bank resolution, banking failures, banking supervision, Basel 3, BIS, CAMELS, capital adequacy, capital injections, capital ratios, capital requirements, CDS-spreads, central banks, CoCos, comprehensive assessments, credit quality, debt service ratios, deposit guarantee, Draghi-Put, early-warning, earnings ability, Euro zone, European Banking Authority (EBA), European Banking Union (EBU), European Central Bank (ECB), European Commission, financial cycles, financial stability, funding costs, funding ratios, global financial crisis, financial stress, government guarantees, IMF, inflation targeting, IRB- approach, level-3 fair value, liquidity facilities, loan-loss provisions, macroprudential policies, market discipline, monetary policy, multinational banks, procyclicality of credit, prudential regulation, quantitative easing, regulatory arbitrage, resilience, return on assets (ROA), return on equity (ROE), risk management, risk taking, risk-weighted capital ratios, robustness tests, shadow banking, Single Rule Book, Single Supervisory Mechanism (SSM), sovereign debt crisis, sovereign debt spreads, sovereign risk, stress tests, supervisory authority, systemically important financial institutions (SIFIs), systemic risk, transmission mechanisms, transparency, volatility of asset prices JEL-codes: E50, E52, E58, E65, F33, F36, F42, G21, G22, G28, G32, K33, O16, O17, O52 Vienna: SUERF (SUERF Conference Proceedings 2016/3) – June 2016 ISBN: 978-3-902109-82-8 © 2016 SUERF, Vienna Copyright reserved. Subject to the exception provided for by law, no part of this publication may be reproduced and/or published in print, by photocopying, on microfilm or in any other way without the written consent of the copyright holder(s); the same applies to whole or partial adaptations. The publisher retains the sole right to collect from third parties fees payable in respect of copying and/or take legal or other action for this purpose. 1 TABLE OF CONTENTS List of Authors. 5 1. Introduction . 7 Jens Ulbrich, Carl-Christoph Hedrich and Morten Balling 2. Monetary policy in the clutches of financial stability? . 17 Luc Laeven 2.1. Should central banks incorporate financial stability considerations in the conduct of monetary policy? . 18 2.2. Is macro-prudential policy effective in preventing the occurrence of financial instability? . 22 2.3. Should bank capital be raised to support financial stability? . 25 2.4. Conclusions. 27 References . 29 3. How central banks meet the challenge of low inflation . 33 Mario Draghi 3.1. What is common for all. 33 3.1.1. The causes of too low inflation . 34 3.1.2. The response to too low inflation . 35 3.1.3. The costs of fighting too low inflation. 37 3.2. What is special to us . 39 3.2.1. Transmitting the stance. 39 3.2.2. Expanding the stance . 41 3.3. Conclusion . 42 4. A success story? Reflecting on one year of European banking supervision . 43 Andreas Dombret 4.1. Introduction . 43 4.2. Coming together: the first year of European banking supervision . 43 4.3. Keeping together: where do we stand?. 44 4.4. Working together: the road to success. 46 4.5. Conclusion . 47 larcier 2 THE SSM AT 1 5. Macroprudential policies to contain systemic risks . 49 Ignazio Angeloni 5.1. Introduction . 49 5.2. Where do we stand on the use of macroprudential policies? . 50 5.3. Some conceptual issues . 51 5.4. Institutional features in Europe . 53 5.5. Recent policy moves in the euro area. 55 5.6. Conclusions. 57 6. Monetary and macroprudential policies in the euro area . 59 Sergio Nicoletti-Altimari 6.1. Introduction . 59 6.2. The relationship between monetary and macroprudential policies: few basic principles . 60 6.3. Monetary and macroprudential policies in the current euro area context. 63 6.4. Conclusions. 68 References . 69 7. Has the stability of the big Eurozone banks improved after the comprehensive assessment? . 71 Felix Hufeld 8. Non-bank financing and regulatory and fiscal challenges . 73 Hendrik Ritter and Ludger Schuknecht 8.1. Introduction . 73 8.2. Externalities in non-bank financing . 74 8.3. Fiscal challenges . 75 8.4. Conclusion . 77 9. Views on insurance, regulation and the macro environment . 79 Christian Thimann 9.1. Insurers versus banks: key differences . 79 9.2. The role of diversification . 80 9.3. Insurers’ balance sheet structure . 82 9.4. The influence of regulation on the balance sheet structure. 83 9.5. How insurers are preparing for durably low long-term interest rates . 85 9.6. Conclusion . 86 References . 86 larcier TABLE OF CONTENTS 3 10. A ‘Sovereign Subsidy’ – Zero risk weights and sovereign risk spillovers . 87 Josef A. Korte and Sascha Steffen 10.1. Motivation . 87 10.2. Bank level exposures to sovereign debt . 88 10.3. The sovereign subsidy . 91 10.4. Zero risk weights and contagion within the Eurozone. 92 10.5. Closing the sovereign gap . 92 References . 93 11. Is the comprehensive assessment really comprehensive?. 95 Emilio Barucci, Roberto Baviera and Carlo Milani 11.1. Introduction . 95 11.2. Empirical model and main results . 97 11.3. Conclusions and policy implications . 104 References . 105 12. The SSM and multinational banks. 107 Giacomo Calzolari, Jean-Edouard Colliard and Gyöngyi Lóránth 12.1. Introduction . 107 12.2. MNBs’ representation form and supervision . 108 12.3. Supranational supervision of an MNB. 108 12.4. The strategic reaction of MNBs. 109 12.5. Does the Banking Union need additional supervisory tools? . 109 12.6. Conclusion . 110 References . 111 13. “Believe me, it will be enough” . 113 Ulf Mohrmann, Maximilian Muhn, Martin Nienhaus and Jan Riepe 13.1. Motivation . 113 13.2. Research Question and Hypotheses. 113 13.3. Empirical Design . 115 13.4. Preliminary Results . 116 13.5. Contribution . 117 References . 118 14. Prudential regulation, national differences and stability of EU banks 121 Angela Maddaloni and Alessandro D. Scopelliti 14.1. Introduction . 121 14.2. Capital Regulation and National Differences across the EU . 122 larcier 4 THE SSM AT 1 14.3. A Novel Indicator for Prudential Regulation in the EU . 123 14.4. Prudential Regulation and Crisis Public Support . 124 14.5. Empirical Analysis. 126 14.6. Empirical Results: Baseline Specification . 129 14.7. Empirical Results: Bank Heterogeneity . 131 14.7.1. Bank Liquidity . 131 14.7.2. Exposures to Government Bonds . 133 14.7.3. Reliance on Non-Lending Income Sources . 134 14.8. Conclusions and Policy Implications . 137 References . 138 15. Banks v. SSM: the party has just started… . 141 Anna Damaskou 16. Can financial cycle dynamics predict bank distress? . 147 Giannoula Karamichailidou, David G. Mayes and Hanno Stremmel 16.1. The Model. 148 16.1.1. Dependent variable: binary versus continuous. 149 16.1.2. Independent variables . 149 16.2. Sample and Descriptive Statistics. 152 16.3. Results and robustness tests. ..
Load more

Recommended publications
  • Basel III: Are We Done Now?
    Program Basel III: Are We Done Now? 09:00 14:30 Welcome and Introduction Panel 4: What Basel III Means to Investors Andreas Cahn Philippe Bodereau Director , Institute for Law and Finance Managing Director, Head of Credit Research, Pimco Europe Patrick Kenadjian Philipp Hildebrand Senior Counsel, Davis Polk & Wardwell London LLP Vice Chairman, BlackRock Laurie Mayers 09:15 Associate Managing Director, Moody’s Europe Keynote Address Moderator: Levin Holle Stefan Ingves Head of Financial Markets Policy Department, German Chairman, Basel Committee on Banking Supervision Federal Ministry of Finance 09:45 Panel 1: Basel III, a Milestone Achievement? 15:30 C O F F E E B R E A K Timothy Adams President and CEO, The Institute of International Finance 16:00 William Coen Panel 5: The Geographic Consequences Secretary General, Basel Committee on Banking Supervision Philippe Bordenave Andreas Dombret Chief Operating Officer, BNP Paribas Member of the Executive Board, Deutsche Bundesbank, Sandra O’Connor Member of the Basel Committee on Banking Supervision Chief Regulatory Affairs Officer, JPMorgan Chase and Chair, Moderator: Nicolas Veron Global Financial Markets Association Senior Fellow, Bruegel and Visiting Fellow, Peterson Institute Shunsuke Shirakawa for International Economics Deputy Commissioner for International Affairs, Financial Services Agency Japan, Member of the Basel Committee on Banking 11:15 C O F F E E B R E A K Supervision Moderator: Claudio Borio Head of the Monetary and Economic Department, Bank for 11:45 International Settlements
    [Show full text]
  • FINANCIAL SERVICES in the 2020S: TECTONIC SHIFTS AND
    SALZBURG GLOBAL FINANCE FORUM FINANCIAL SERVICES IN THE 2020s: TECTONIC SHIFTS AND NEW LANDSCAPES SALZBURG GLOBAL SEMINAR IS GRATEFUL TO THE FOLLOWING ORGANIZATIONS FOR THEIR SUPPORT OF THIS PROGRAM: PARTNERS SPONSORS CO-SPONSORS SALZBURG GLOBAL SEMINAR WOULD LIKE TO THANK ALL PARTICIPANTS FOR DONATING THEIR TIME AND EXPERTISE TO THIS PROGRAM. 3 FINANCIAL SERVICES IN THE 2020s: TECTONIC SHIFTS AND NEW LANDSCAPES JUNE 23 TO 25, 2019 Session 621 RAPPORTEUR PROGRAM DIRECTOR PROGRAM MANAGER Silke Finken Tatsiana Lintouskaya Antonio Riolino EDITOR Louise Hallman PHOTOS Ela Grieshaber COVER IMAGE Tatsiana Lintouskaya 4 Financial Services in the 2020s: Tectonic Shifts and New Landscapes CONTENTS 5 Financial Services in the 2020s: Tectonic Shifts and New Landscapes 6 Executive Summary 6 Social and Technological Developments Are Key Drivers Of Global Change and Emerging Risks 7 ESG Aspects Have Increasing Importance for the Entire Financial System 9 Technology and Digitalization Give Rise to New Business Models 11 In the Face of Open Banking, Data Protection and Privacy Become Pivotal 11 Open Architecture Requires Move Toward More Activity-based Regulation 12 Stronger Principles for Global Financial Governance Are Needed 16 Program Participants 18 Staff and Consultants Introduction 5 FINANCIAL SERVICES IN THE 2020s: TECTONIC SHIFTS AND NEW LANDSCAPES The geopolitical landscape and the global economy are going through tectonic shifts with the pace of global growth becoming less vigorous and balanced. Growing polarization and protectionist tendencies give rise to continuous economic, political and financial fragmentation. The increasing importance of environmental threats as a result of climate change and their potential impact on the long-term economic and financial stability lead to a growing relevance of sustainable finance and extensive and consistent environmental, social and governance (ESG)-related disclosure.
    [Show full text]
  • Andreas Dombret : Mediating Between
    Andreas Dombret: Mediating between worlds – eight years at the Bundesbank Speech by Dr Andreas Dombret, Member of the Executive Board of the Deutsche Bundesbank until 30 April 2018, at the Farewell reception, Frankfurt am Main, 4 May 2018. * * * Ladies and gentlemen How time flies. It was mid-April 2010: I was eight years younger than I am today, my hair was far less grey, and I was wearing shorts. I was enjoying a short break on Majorca when someone from the secretariat of the then Bundesbank President Axel Weber called to say I should collect something of a personal nature from the German consulate in Palma. Naturally, I complied with the request, but with hindsight I was quite unprepared for what lay in store. And that was how I received the certificate appointing me to the Bundesbank’s Executive Board under a German flag, dressed in a polo shirt and shorts … That was back in the spring of 2010. But as you know, form follows function. So I swapped my shorts for a suit and tie, and made my way, in great anticipation, to the Bundesbank. Being a trained banker – I am touched and grateful to see that the current CEOs of every bank I have ever worked for are here in this room: Christian Sewing from Deutsche Bank, Dorothee Blessing from JP Morgan, Martin Reitz from Rothschild and Armin von Falkenhayn from Bank of America – as I said, being a trained banker, I always imagined that a central bank would surely be a bit like a commercial bank in one way or another.
    [Show full text]
  • N E W S L E T T
    SUERF THE EUROPEAN MONEY AND FINANCE FORUM newsletter Winter 2015 Inside this issue Frankfurt Colloquium Programme 2 Milan Programme 6 Zurich Conference Report 8 London Conference Report 14 Book Review 19 SUERF 2015 Highlights 23 New SUERF Members 27 News from the Council of Management 27 Registration Open! 32nd SUERF Colloquium and Deutsche Bundesbank/IMFS Conference 3-4 February 2016 Regional Office of the Deutsche Bundesbank in Hesse Taunusanlage 5, 60329 Frankfurt/Main, Germany Online registration: www.suerf.org/ssmat1 Save the date - 2016 SUERF EVENTS SUERF/Baffi Carefin Center, Bocconi University Conference Central banking and monetary policy: Which will be the new normal? Date: Thursday, 14 April 2016 Location: Milan, Italy SUERF/CEPII Conference Rethinking capital flows and global imbalances Date: Friday, 16 September 2016 Location: Paris, France SUERF/EIB Conference Investing in European competitiveness – creating the right incentives for private and public finance Date: Monday, 26 September 2016 Location: Luxembourg SUERF – Société Universitaire Européenne de Recherches Financières www.suerf.org SUERF THE EUROPEAN MONEY AND FINANCE FORUM 32nd SUERF Colloquium and Deutsche Bundesbank/IMFS Conference The SSM at 1 3-4 February 2016 Regional Office of the Deutsche Bundesbank in Hesse Taunusanlage 5, 60329 Frankfurt/Main, Germany “Kuppelsaal” 3rd floor As from 4 November 2014, the ECB mandated a year of its existence will be summarized. It will be supervisory role to supervise centrally the financial evaluated to which extent the SSM is already fulfilling stability of systemically relevant financial institutions the declared objectives. Areas of necessary improve- based in participating countries. The Single Supervisory ments will be identified.
    [Show full text]
  • Banque De France-ACPR Conference 28 September 2015 Speaker
    Banque de France-ACPR Conference 28 september 2015 Speaker Biographies Svein Andresen Secretary General, Financial Stability Board Svein Andresen is the Secretary General of the Financial Stability Board (FSB), a position he has held since the FSF’s initiation in 1999. Svein Andresen was born in Hong Kong in 1954 and is a Norwegian citizen. He has a Master’s degree in economics from Simon Fraser University in British Columbia, Canada, and a PhD in economics from the Graduate Institute of International Studies in Geneva, Switzerland. Prior to his joining the FSF, he held various positions at the Bank for International Settlements (BIS). He was Advisor to the General Manager of the BIS from 1997 to 2000. From 1995 through 1997, he led the secretariat to G10 central bank Governors on financial issues. He was Secretary to the Committee on the Global Financial System from 1992 till 1997 and to the Markets Committee from 1995 till 1997. He joined the BIS Monetary and Economic Department in 1989. Prior to joining the BIS, Svein Andresen was an assistant professor of economics at the University of North Carolina at Chapel Hill. Nicola Cetorelli Assistant Vice President, Federal Reserve Bank of New York Nicola Cetorelli is an Assistant Vice President in the Financial Intermediation Function at the Federal Reserve Bank of New York. Prior to joining the New York Fed, he was a Senior Economist at the Federal Reserve Bank of Chicago. His research has focused on the industrial organization and the corporate finance characteristics of the banking industry and the relationships with real economic activity.
    [Show full text]
  • Shaken but Not Stirred? the Banking System Seven Years After the Crisis
    ISSN 1359-9151-241 Shaken but not Stirred? The Banking System Seven Years after the Crisis London School of Economics and Political Science Public Lecture Thursday 29 October 2015 By Dr Andreas Dombret SPECIAL PAPER 241 LSE FINANCIAL MARKETS GROUP PAPER SERIES October 2015 Dr Andreas Dombret is a Member of the Executive Board of the Deutsche Bundesbank. He trained as a bank clerk with Dresdner Bank before studying business management at the Westfälische Wilhelms University in Münster. He was awarded his PhD by the Friedrich-Alexander University in Erlangen- Nuremberg. From 1987 he worked at Deutsche Bank’s Head Office in Frankfurt as a manager with the power of procuration, after which he worked at JP Morgan in Frankfurt, and then in London as a Managing Director. He has since been the Co-Head of Rothschild Germany and Vice Chariman for Europe and Head for Germany, Austria and Switzerland at the Bank of America. Since May 2010, he has been a member of the Executive Board of the Deutsche Bundesbank with currently responsibility for Banking and Financial Supervision, Risk Control and the Bundesbank’s Representatives Offices abroad. He is also responsible for G7, G20 and IMF (Deputy of the Bundesbank), Supervisory Board (SSM) (Member), Basel Committee on Banking Supervision (BCDS) (Member of the Bundesbank and Bank for International Settlements, Basel (Board of Directors). Any opinions expressed here are those of the author and not necessarily those of the FMG. The research findings reported in this paper are the result of the independent research of the author and do not necessarily reflect the views of the LSE.
    [Show full text]
  • Invitation ILF Conference 29 J
    ILF Conference Basel III: Are We Done Now? January 29, 2018 09:00-17:30 Goethe University Frankfurt am Main Campus Westend, Casino Building Renate-von-Metzler-Saal (Room 1.801) Nina-Rubinstein-Weg 60323 Frankfurt am Main Organisation & Further Information Institute for Law and Finance Tel.: +49 (0) 69 7 98 - 33753 Goethe-Universität Fax: +49 (0) 69 7 98 - 33929 Campus Westend E-Mail: [email protected] Theodor-W.-Adorno-Platz 3 www.ilf-frankfurt.de 60323 Frankfurt am Main Program Basel III: Are We Done Now? 09:00 13:30 Welcome and Introduction Panel 3: But Have We Gone Far Enough? Andreas Cahn Charles Goodhart Director, Institute for Law and Finance Emeritus Professor, London School of Economics Patrick Kenadjian Isabel Schnabel Senior Counsel, Davis Polk & Wardwell London LLP Professor, Bonn University, and Member of the German Council of Economic Experts 09:15 Moderator: Douglas Elliott Keynote Address Partner, Oliver Wyman Stefan Ingves Chairman, Basel Committee on Banking Supervision 14:30 Panel 4: What Basel III Means to Investors 09:45 Philippe Bodereau Managing Director, Head of Credit Research, Pimco Europe Panel 1: Basel III, a Milestone Achievement? Stuart Graham William Coen Partner, Banks Strategy, Autonomous Research Secretary General, Basel Committee on Banking Supervision Laurie Mayers Andreas Dombret Associate Managing Director, Moody’s Europe Member of the Management Board, Deutsche Bundesbank, Michael S. Gibson Moderator: Levin Holle Director, Division of Banking Supervision and Regulation, US Head of Financial
    [Show full text]
  • The Road Ahead Perspectives on German Banking
    The road ahead Perspectives on German banking German Banking Practice March 2016 Authored by: Philipp Koch Max Flötotto Ursula Weigl Gerhard Schröck Contents EXECUTIVE SUMMARY 5 INTRODUCTION 9 1 DRIVING CONDITIONS – CHARACTERISTICS OF THE GERMAN BANKING MARKET 10 2 HARD TRAVELING – SIGNIFICANT SHIFTS SINCE THE FINANCIAL CRISIS 18 AN INTERVIEW WITH DR. ANDREAS DOMBRET (DEUTSCHE BUNDESBANK) 26 3 NEW TRAFFIC PATTERNS – THREE TRENDS THAT ARE CHANGING GERMAN BANKING 33 4 STEERING CLEAR – RETURNING PROFITABILITY TO GERMAN BANKING 46 FACTS AND FIGURES 54 APPENDIX 64 The road ahead – Perspectives on German banking 3 Executive summary The German banking market faced a rough ride during the financial crisis. Some banks almost drove off the road, while others managed to stay on track, allowing them to overtake their competitors. However, the road ahead is still not clear. Massive trends are shaping new traffic patterns, putting additional pressure on all types of banks, even those that seem to be in good shape today. If left unmitigated, these trends will put three out of four banks in real trouble. The next three years will be critical for the industry in order to find the right set of mitigating levers. German banks will have to decide which turn to take to avoid a dead end. Driving conditions – characteristics of the German banking market The German banking market’s unique three-pillar structure of private, savings, and coopera- tive banks distinguishes it substantially from banking markets elsewhere. German banking is further characterized by its strong dependency on net interest income, an extensive branch network, and a prudent risk profile.
    [Show full text]
  • Banking on States? the Divergent Trajectories of European Finance After the Crisis
    Banking on States? The divergent trajectories of European finance after the crisis By Elsa Clara Massoc A dissertation submitted in partial satisfaction of the requirements for the degree of Doctor of Philosophy in Political Science in the Graduate Division of the University of California, Berkeley Committee in charge: Professor Jonah Levy, Co-Chair Professor Paul Pierson, Co-Chair Professor Steve Vogel Professor John Zysman Professor Neil Fligstein Summer 2018 Abstract Banking on States? The divergent trajectories of European finance after the crisis by Elsa Clara Massoc Doctor of Philosophy in Political Science University of California, Berkeley Professor Paul Pierson, Co-Chair Professor Jonah Levy, Co-Chair Many conventional theories in Economics and Political Science stress that the liberalization and globalization of finance have homogenized the behavior of state and market actors. Some even go so far as to assume that states have become irrelevant actors. However, these theories cannot account for empirical observations laid out in my dissertation research: that responses to the financial crisis in Europe have largely been crafted at the national level. Since the crisis of 2008, there have been different trajectories of finance across Europe. In France, banks have grown bigger, as they have developed their operations in market-based banking as well as in traditional banking, both globally and at home. In Germany, Deutsche Bank maintained, and even developed, its global market activities until 2014-5. On the other side, local banks have reinforced their incumbent position in domestic retail markets. British banks have shrunk quite dramatically. They have largely retreated from the game of global finance, while foreign financial institutions have continued to use the infrastructures provided by the City of London as a base for their global market operations.
    [Show full text]
  • Konzept Issue 08
    How to solve Europe’s three biggest problems June 2016 Cover story How to solve Europe’s three biggest problems A lethargic economy, overwhelming refugee crisis, and a banking system that fails to inspire confidence— Europe seems besieged by intractable problems. Credible solutions exist but pursuing these requires policymakers to ditch decades of dearly-held beliefs, economic orthodoxy and dogma. Konzept Editorial It is my pleasure to welcome revanchism). Only by resolving each of these you to the eighth issue of problems swiftly does Europe stand a chance Konzept – Deutsche Bank of long-term survival. We do not lack hope, Research’s flagship magazine however, and implore policymakers to keep for big ideas, important themes an open ear to all ideas. and out-of-the-box analysis. Moving beyond Europe, our shorter articles In this issue we tackle three of the most address a wide array of topics. We explain how intractable problems facing Europe today: driverless technology might mean fewer cars moribund economic growth, the refugee crisis on the road but would still provide a demand and a banking sector that struggles to satisfy boost for automakers. Also driving demand anyone even eight years after the financial crisis. of everything from cars in India to casualty Our three feature articles show that credible insurance in the US is the weather. We explore solutions exist provided that governments, the implications of this year’s anticipated shift policymakers, investors as well as the public can from an El Niño to a La Niña pattern. Another jettison dearly-held beliefs, economic orthodoxy industry desperate for fair weather to return is and dogma.
    [Show full text]
  • AGENDA March 4-6, 2018
    #IIBAWC18 INSTITUTE OF INTERNATIONAL BANKERS annual washington conference march 4-6, 2018 #IIBAWC18 PROGRAM SPONSORS Trump International Hotel 1100 Pennsylvania Avenue, NW Washington, DC annual washington conference AGENDA march 4-6, 2018 SUNDAY, MARCH 4 4pm-5pm: Registration 5pm-7pm: Welcoming Reception Lincoln Library Sponsored by MONDAY, MARCH 5 7:30am-8:30am: Continental Breakfast Sponsored by 8:45am: Chairman's Welcome Angelo Aldana, Managing Director Mizuho Americas CEO's Remarks Sally Miller, Chief Executive Officer Institute of International Bankers 9am-9:30am: Opening Keynote Address Craig Phillips, Counselor to the Secretary Department of the Treasury 9:30am-10am: The Honorable J. Christopher Giancarlo Chairman Commodity Futures Trading Commission #IIBAWC18 1 annual washington conference march 4-6, 2018 MONDAY, MARCH 5 10am-10:30am: Coffee Break Sponsored by 10:30am-11am: Andreas Dombret Member of the Executive Board Deutsche Bundesbank 11am-12noon: 2018 Elections Sponsored by Charlie Cook, Editor and Publisher The Cook Political Report 12noon-2pm: Reception and Luncheon Sponsored by Keynote Luncheon Speaker The Honorable Randal K. Quarles Vice Chairman for Supervision, Federal Reserve Board 2pm-2:45pm: "Fireside Chat" Bharat Masrani Group President and CEO, TD Bank Group with Glenn Gibson Vice Chairman, TD Securities USA #IIBAWC18 2 annual washington conference march 4-6, 2018 MONDAY, MARCH 5 2:45pm-3:15pm: Morris Morgan Senior Deputy Comptroller of the Currency 3:15pm-3:45pm: Paul Atkins Chief Executive, Patomak Global Partners, LLC Former Commissioner, Securities and Exchange Commission 3:45pm-4pm: Coffee Break Sponsored by 4pm-4:30pm: The Honorable Maria Vullo Superintendent NYS Department of Financial Services 4:30pm-5:15pm: Panel Discussion: Impact of the New Tax Law on the Economy and Financial Markets Steven Ricchiuto (moderator) Chief Economist, Mizuho Securities USA Martin Neil Baily Bernard L.
    [Show full text]
  • Symposium on Building the Financial System of the 21
    SYMPOSIUM ON BUILDING THE ST FINANCIAL SYSTEM OF THE 21 CENTURY: AN AGENDA FOR EUROPE AND THE UNITED STATES ARMONK, NEW YORK • MARCH 27-29 PARTICIPANT LIST as of March 19, 2014 Julie Birgitte Galbo Deputy Director General, Danish Financial Mark Adams Supervisory Authority Member of the Registry, Recovery, Resolution Unit, European Banking Authority Kathleen Blevins Executive Director of Regulatory Developments, JP Magnus Agustsson Morgan Chase Head of Group Risk, Skandinaviska Enskilda Banken (SEB) Martin Boer Secretary General, EFR - European Financial Services Sebastian Ahlfeld Round Table Head of Office of Board Member Andreas Dombret, Deutsche Bundesbank Sharon Bowles Member of European Parliament Greg Baer Managing Director and General Counsel for Jacques Busquet Corporate and Regulatory Law, JPMorgan Chase & Managing Director, Chief Risk Officer, Natixis North Co. America LLC Anuradha Banerjee Brian Bussey Attorney, Office of International Affairs Associate Director, Derivatives Policy and Trading U.S. Commodity Futures Trading Commission Practices, U.S. Securities and Exchange Commission Mark Barber Laurence Caron-Habib Deputy Treasurer, Global Relations, General Electric Head of Public Affairs, BNP Paribas Securities Company Services Peter Bass Adam Chodkowski Managing Director, Promontory Financial Group Head Capital Markets, Asset Management, Swiss Re Chris Bates Roger Cogan Partner, Clifford Chance LLP Head of European Public Policy, International Swaps and Derivatives Association (ISDA) Brandon Becker Executive Vice President
    [Show full text]