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The Eurofi High Level Seminar 2019 Bucharest | 3, 4 & 5 April

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The Eurofi High Level Seminar 2019 Bucharest | 3, 4 & 5 April Views The EUROFI Magazine BUCHAREST APRIL 2019 Eugen O. Teodorovici European financial sector at the crossroads The Eurofi High Level Seminar 2019 Bucharest | 3, 4 & 5 April Mugur Isărescu Klaas Knot Financial integration in Europe: New challenges in an evolving challenges and prospects financial system And more than 160 speakers’ contributions including: B. Le Maire, P. Gramegna, H. Löger, V. Dombrovskis, H. Vijlbrief, O. Rehn, P. Hernández de Cos, B. Vujčić, P. Wunsch, J. Wuermeling, P. Callesen, H. Waiglein, T. Saarenheimo, B. Balz, E. König, S. Maijoor, G. Bernardino, F. Hufeld, M. Bayle de Jessé, L. Badea, F. Restoy, K. Kumpfmüller, M. Ross, K. Braddick, O.Guersent, S. Albella Amigo, D. Calleja Crespo, M. Ferber, O. Renaud-Basso, E. Fernandez-Bollo, L. Mörttinen, M. Pradhan, P. Heilbronn, B. Quintenz, S. Shirakawa, M. Bech, J. Lemierre, B. Thompson, C. Michaud, J.M. González-Páramo, V. Grilli, T. Book, L. van Houwelingen, M. West… DOWNLOAD EUROFI EVENTS APP ADDRESS QUESTIONS TO THE PANELS DURING THE SESSIONS PARTICIPATE IN POLLS CHECK OUT THE LIST OF SPEAKERS AND ATTENDEES CONSULT PROGRAMME AND LOGISTICS INFORMATION EUROFI EVENTS APP AVAILABLE ON The Eurofi High Level Seminar BUCHAREST | APRIL 2019 Content EDITORIALS & OPENING INTERVIEWS I. EU POLICY PRIORITIES AND INTEGRATION CHALLENGES Viability and future of the Eurozone ................................................................................................................................................... 18 Priorities for the upcoming Commission .......................................................................................................................................... 26 Developing a stronger European investment capacity .................................................................................................................. 34 Addressing ring-fencing issues in the Banking Union .................................................................................................................. 40 Cross-border bank consolidation prospects .................................................................................................................................... 46 Developing an EU bank resolution approach .................................................................................................................................. 52 CMU post-Brexit: status quo, refocus or redesign? ........................................................................................................................ 58 CMU and Banking Union: complementary or antagonistic? ........................................................................................................ 66 II. POTENTIAL BREXIT IMPACTS AND PROGRESS MADE WITH G20 FINANCIAL REFORMS Brexit preparations and short-term implications ............................................................................................................................ 74 Third-country EU market access post-Brexit .................................................................................................................................. 80 Taking stock of G20 financial reforms ............................................................................................................................................... 86 III. RISK MITIGATION AND FINANCIAL STABILITY CHALLENGES Key macro and micro risks .................................................................................................................................................................... 92 Are EU sovereign debts sustainable? .................................................................................................................................................. 98 Sovereign-bank loop in the EU .......................................................................................................................................................... 102 Benchmark regulation ......................................................................................................................................................................... 108 AML-TF supervision and detection .................................................................................................................................................... 112 Non-bank finance .................................................................................................................................................................................. 118 Insurance comprehensive risk framework ...................................................................................................................................... 122 Implementation of EMIR 2.2 ............................................................................................................................................................... 128 IV. ENHANCING SUSTAINABILITY AND LONG-TERM INVESTMENT The EU long-term sustainability strategy ..................................................................................................................................... 136 Sustainable finance legislative proposals ..................................................................................................................................... 144 Addressing sustainability risks ......................................................................................................................................................... 148 Review of the Solvency II long-term package ............................................................................................................................. 154 V. DEVELOPING EU CAPITAL MARKETS Future of securitization in the EU .................................................................................................................................................... 162 Investment firm prudential regime ............................................................................................................................................... 168 Developing and connecting securities ecosystems .................................................................................................................. 172 Is the EU securities market structure adequate? ........................................................................................................................ 180 Integration and competitiveness of the EU fund market ........................................................................................................ 186 ETFs: possible need for specific rules ............................................................................................................................................ 192 CEE region financing and investment gap .................................................................................................................................. 198 VI. DIGITALISATION AND FINTECH Fostering digital distribution and fintech innovation ............................................................................................................... 206 DLT and crypto-assets ........................................................................................................................................................................ 212 Cloud and tech outsourcing ............................................................................................................................................................ 218 Data protection, fairness and sharing ........................................................................................................................................... 222 Priorities in the payments area ....................................................................................................................................................... 228 The Eurofi Bucharest High Level Seminar Over 700 representatives of the European and international public authorities and the financial industry are gathered in Bucharest to discuss the main policy issues impacting the EU financial sector, the main evolutions underway in the macro-economic environment and also new trends such as technology and sustainable finance. Brexit implications for the EU financial sector and the future of global regulatory and supervisory cooperation will also provide major topics of discussion during this international Eurofi Seminar. As the European elections are approaching, a common theme throughout this event will be the priorities of the incoming Commission for financial services. How to foster more growth, develop investment and increase capital mobility across the EU appear as major objectives going forward. As the EU investment gap widens with additional requirements due to an ageing population, climate-change and digitalisation and as financing needs are changing e.g. in the CESEE region, with more emphasis on innovation and intangible assets, the financing model in the EU needs to evolve. How to capitalize better on the significant saving surpluses generated in Europe and complete bank financing with a further development of capital markets, in line with the objectives of the Capital Markets Union, are some of the main challenges going forward in this perspective. Most of the 200 speakers taking part in the Eurofi Bucharest Seminar have expressed their views in this Magazine, providing a comprehensive overview of thoughts and proposals regarding these issues. We thank them very warmly for their thoughtful contributions and are sure that you will
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