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The Eurofi Financial Forum 2017 Tallinn | 13, 14 & 15 September Views The EUROFI Magazine TALLINN SEPTEMBER 2017 Toomas Tõniste Financial sector regulatory initiatives are important for the Estonian Presidency The Eurofi Financial Forum 2017 Tallinn | 13, 14 & 15 September Klaus Regling Jyrki Katainen A window of opportunity Long-term and sustainable to strengthen Economic investment for jobs and and Monetary Union further economic growth in Europe And more than 160 speakers’ contributions : A. Hansson, R. Himino, V. Dombrovskis, E. Nowotny, M. Centeno, V. Goranov, B. Le Maire, P. Kažimír, V. Šapoka, K. Knot, V. Vasiliauskas, S. Bowen, C. Giancarlo, T. Nickel, M. Ferber, R. Gualtieri, Y. Mersch, M. Bayle de Jessé, E. König, S. Lautenschläger, T. Wieser, K. Braddick, K. Kessler, M. Petrova, M. Pradhan, O. Guersent, W. Hoyer, L. Holle, S. Goulard, A. Aucoin, L. Ahto, A. Magasiner, P. Bordenave, C. Clausen, A. Hachmeister, JM. González-Páramo, V. Grilli, HO. Jochumsen… The Eurofi Tallinn Forum mobile website tallinn2017.eurofi.net Answer polls Post questions during the sessions Check-out the list of speakers and contact attendees Detailed programme and logistics information HOW TO ACCESS THE TALLINN FORUM MOBILE WEBSITE? Click on the link contained in the SMS you received after registration. You can also access directly by entering tallinn2017.eurofi.net in the browser of your smartphone or by flashing the QR code. The Eurofi Financial Forum TALLINN | SEPTEMBER 2017 WHAT WAY FORWARD FOR THE EU27 AND EUROZONE? C Content 5 EDITORIAL & OPENING INTERVIEWS 16 MACRO-ECONOMIC AND POLITICAL CHALLENGES 58 GLOBAL REGULATORY AND SUPERVISORY COORDINATION 72 FURTHER INTEGRATING EU BANKING AND FINANCIAL MARKETS 96 STRENGTENING THE FINANCING OF THE EU ECONOMY 162 FINTECH AND DIGITALISATION 208 IMPROVING FINANCIAL STABILITY EDITORIALS & OPENING INTERVIEWS Contributors 5 Didier Cahen, Marc Truchet and Jean-Marie Andrès EUROFI 6 David Wright EUROFI 8 Toomas Tõniste MINISTRY OF FINANCE, ESTONIA 10 Ardo Hansson EESTI PANK 12 Jyrki Katainen EUROPEAN COMMISSION 14 Valdis Dombrovskis EUROPEAN COMMISSION EDITORIAL 5 The Eurofi Tallinn Forum is taking place at a crucial moment for the EU and Eurozone 2017 has seen Europe re-gain confidence both economically and politically. This favourable environment provides a window of opportunity for improving the resilience of the EU economy and tackling weaknesses in the euro area architecture, which require completing the Banking and Capital Markets Union, making Eurozone fiscal rules more binding and creating a form of fiscal capacity. Monetary policy has supported growth to a certain extent but it cannot be a substitute for structural reforms which are essential in many Member States to improve the business climate, raise potential output growth and reduce unemployment. Many regulatory initiatives are being conducted at the EU level to mitigate systemic risks associated with financial activities and allow the financial sector to better support the funding of the economy, but their effectiveness may be hindered by several stumbling blocks that need to be addressed: • Insufficient supervisory convergence and consistency in the implementation of financial rules at the EU level that requires strengthening the powers of the European Supervisory Authorities (ESAs) and reviewing their operations and governance • Lack of confidence between Member States due to legacy issues (non-performing loans) and insufficient economic convergence among core Member States • Difficulty to further streamline at the European level some key legal and regulatory elements such as insolvency laws which impede cross-border investment and the cross-border resolution of banks • Possible limitations of traditional single market approaches when addressing new innovative sectors or activities (digital, climate change…), which may require a stronger focus on the emergence of EU standards and champions in addition to lifting barriers and fostering a level playing field. Another challenge is the wish of some jurisdictions that global regulation should better take into account their own interests and specificities and should not affect inappropriately their domestic financial institutions. Although these demands are understandable, they have to be balanced with the need for international coordination which is vital for economic growth and financial stability. Brexit is a further challenge in this context due to the importance of the City for the financing of EU economy. It is also an opportunity however for the EU27 to further develop and integrate its capital markets and increase the role they play in the financing of the EU economy. Over 700 representatives of the EU and global public authorities and of the financial industry are gathered in Tallinn to discuss these issues and challenges, assess the progress that has been achieved and discuss openly the monetary, economic and regulatory actions that are needed to further strengthen the EU economy and financial system. Most of the 180 speakers taking part in the Eurofi Tallinn Forum have accepted to express their views in this magazine, providing a comprehensive overview of these issues. We thank them very warmly for their thoughtful contributions and very much hope that you will read them with great interest. Didier Cahen, Marc Truchet and Jean-Marie Andrès, EUROFI The Eurofi Financial Forum | 13, 14 & 15 September 2017 6 A MESSAGE FROM THE EUROFI PRESIDENT David Wright President, EUROFI European integration and international cooperation have never been so important to deal with the growing list of major challenges EUROFI is honoured to be hosting its Financial Forum 2017 in Tallinn, Estonia. We thank most warmly the Estonian Presidency of the European Union, the Prime Minister, the Minister of Finance and the Governor of the Central Bank for their exceptional assistance and hospitality in helping us set up this important meeting in their capital city. By all accounts this looks like being both one of the most eagerly awaited and largest attended in the history of EUROFI events. There will be over 170 speakers over the 2 days - testimony to the growing interest and importance of these gatherings. We are most grateful for all their contributions. We look forward to some really outstanding discussions and robust debates on the key political and financial issues facing the European Union covering the frontier policy issues; the ones that count; the ones that will make a difference to all our futures as Europeans. EUROFI is a membership organization and this event would not be possible without the firm, loyal and enthusiastic commitment of all our Members, lead sponsors and sponsors. We thank them all most sincerely. I also thank Didier Cahen, the Secretary General of EUROFI and his outstanding team for their tireless and impressive work. In the last 12months, even 6 months, we can all see and feel that we are living through a period of tremendous, uncertain political, social and economic change in the EU, the United States and around the globe. Changes are happening at an accelerating and vertiginous pace. The post-war transatlantic consensus and its cast-iron commitments, led by the United States - the Western glue - is coming unstuck. The post-war Bretton Woods institutions are being challenged like never before- inter alia the World Trade Organization that, ceteris paribus, has kept global trade flowing effectively for decades. The U.S who signed and played a major part in the Paris Climate Change Agreement is now rolling back from it. Some ugly, angry forms of economic nationalism are surfacing - including Brexit - forces that will damage not just the global and European economies but also the countries that wrongly believe in it. There is no evidence that the unilateralists are gaining or will gain any long term macroeconomic advantage. In fact I think the opposite is beginning to emerge. Neither are the fractures, fissures of globalization - the "have" versus "have-nots" - being sufficiently repaired. If anything they are VIEWS | The EUROFI Magazine | Tallinn 2017 7 becoming wider, spawning new waves of immigration, extremism, In financial services encouraging Fintech and Regtech developments terrorism, racism and violence. Most dangerous of all are the in the EU as the Estonian Presidency intends to do, is wise and heightened nuclear tensions in Korea and that long term peace in forward looking. Alongside, more efforts are still needed in the EU the Middle East seems further away than ever. to deepen the availability of all forms of venture and risk capital with good policy measures and incentives. I draw some simple thoughts from this complex picture, from this accelerating and quickening pace of history. If successful, European financial markets will become more integrated and productive, more accessible at lower cost to First, the fundamentals, the principles of international trust, consumers, more transparent, harmonized and understandable alliances, treaties and deeper European integration are needed more thereby stimulating overall economic demand. Payments to SMEs than ever to confront these huge challenges. These assets remain as can be much quicker. Trading across the whole of the EU, linked crucial as ever. People want peace, stability and institutions they to e-commerce markets can become seamless and simple capturing can trust and rely on because sensible, practical cooperation and the EUs vast potential network benefits. integration improves the security of all. Hedging can become more widely available. Behavioral economics The world
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