Progress with the convergence of national insolvency rules is essential for achieving financial integration in the euro area. How much progress has the EU made on this?
This event will assess the progress the EU has made with the convergence of national insolvency rules, and why progress in this area remains essential in achieving financial integration in euro area, and in further work on the EU capital markets union. This also relates to the broader discussion of how stronger insolvency rules can foster more rapid firm exit and productivity growth.
Check-in and lunch
Deputy Director-General, European Commission, DG FISMA
Partner, Clifford Chance and Affiliate Professor, Sciences Po
Founder, Droit & Croissance
Closed-door workshop on various aspects of bank resolution.
Today banks are facing competition from non-bank firms whose core strategy is based on technological innovation - Big Tech and Fin Tech. What is in store for the future of banking?
China seems to be coming to the rescue as social unrest affects the city’s financial market, but it’s probably only for arbitrage reasons
A prominent team from DG ECFIN of the European Commission challenged some of the criticisms of the EU’s methodology for estimating potential output and output gaps, as well as their role in the EU fiscal framework. In this post, I conclude that their responses to the criticisms they considered are questionable. More importantly, they overlook serious problems with the EU’s potential output methodology.
Completing the banking union is the dominant task in the financial services area for the next five years. In the short term, the Commission should affirm its leadership by pushing for the creation of a credible EU anti-money laundering supervisory agency.
FinTech and Big Tech firms are both increasingly stepping on banks’ traditional turf. This column introduces the 22nd Geneva Report on the World Economy, which looks at the challenges generated by new technology-enabled entrants to the global banking industry and the public authorities that oversee it. It argues that to respond adequately to the FinTech/Big Tech challenge, authorities will need to raise their game and enter uncharted territories.
The incoming Commission President has put support for SMEs at the centre of her economic programme. A public-private fund investing in initial public offerings should be carefully targeted, primarily at small firms with risky projects. The announced SME strategy and further measures under the Capital Markets Union programme should address numerous other barriers to both public and private equity finance.
There are fundamental solvency and liquidity issues for some small Chinese banks, widely influencing both the bond market as well as the broader financial sector. Given the difficulties in creating a level playing field between small and large banks, there is an expectation that small banks will continue to under-perform.
The authors document the rise in hybrid threats and cyber attacks in the European Union. Exploring preparations to increase the resilience of the financial system they find that at the individual institutional level, significant measures have been taken, but the EU finance ministers should advance a broader political discussion on the integration of the EU security architecture applicable to the financial system.
This is a closed-door workshop jointly organised by MERICS and Bruegel looking at China-EU investment relations.
Backstage at the Bruegel Annual Meetings, Rebecca Christie talks with Nicolas Véron on the new financial sector.
Bruegel's 2019 Annual Meetings will be held on 4-5 September and feature the launch of Bruegel's Memos to the New European Commission.