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Área reservadaOpening Session of CIRSF's International Annual Conference 2023
1.- Muito bom dia a todos – e as nossas boas-vindas à Conferência anual do CIRSF - As English is our main working language, I shall skip immediately to English. So, again, Good-morning and Welcome to the 2023 edition of this Conference of our Research Centre on Regulation and Supervision of the Financial Sector (CIRSF), which marks the 10th anniversary of these conferences in their current format.
Last year we resumed our Physical Format after two consecutive years holding the conference online, due to Covid, and we are happy to associate today the 10th anniversary of our Conferences within the current institutional build-up of CIRSF with a stabilization of an hybrid format – a chiefly physical format in Portugal combined with online access predominantly intended to the audience located outside Portugal, within a network of about three hundred online attendants who usually follow our initiatives.
So, again, a very special welcome to the vast audience following us online, outside Portugal. As it is happening for a decade now, this Conference, is inserted in the cycle of our annual Conferences on major trends of financial supervision and of the financial sector in general, in scientific cooperation with some Portuguese Financial Supervisory Authorities and with international scientific Partners, in particular the European Banking Institute (EBI), in whose network the University of Lisbon has been admitted, but, also, with the Florence School of Banking and Finance.
So let me start by thanking our scientific partners - within a program of cooperation that is established anew every year - on the basis of a Working Program that we address annually to some financial supervisors, bearing in mind the specific content of the initiatives we envisage for the year.
As regards 2023, I am referring to Banco de Portugal, and the Portuguese Securities Commission (CMVM). In fact, CIRSF was started in the immediate wake of the Great Financial Crisis, although completely restructured in 2013 and our motto has always been to learn and extract structured lessons through successive transformational crises.
We aim to be a space for scientific debate between policy makers, market participants, and academics on major trends of the financial sector, but keeping the discussion always policy oriented and not in a sort of Ivory Tower. Within this context, I would make a point of thanking our current scientific partners, the Bank of Portugal and CMVM for standing by with this project in difficult times, which, require more and more critical thinking – in the medium term (the long-term is too far from us, as Keynes famously explained) - about the financial sector and, above all, its contribution to the economy in general.
In the case of Banco de Portugal we have the privilege of counting today with an important keynote address of Vice-Governor Luís Máximo dos Santos, a great enthusiast of this project to whom I thank heartily (opening the afternoon sessions with a most timely communication entitled CMDI Reform: the crucial role of deposit guarantee schemes – in Portuguese, but with an English version provided here and streamed internationally).
Allow me, also, a very special word concerning CMVM, here represented by Chair Luis Laginha de Sousa, with whom it is a truly great privilege to share this Opening session of the Conference. And I would like to add that, within our intense scientific cooperation with CMVM, we shall hold soon, in November, half day seminars on Auditors and auditing activities (a crucial field in which we aim to promote a Conference every two years) and on Capital Markets Union. So, stay tuned to that too.
At a different level, in Portugal, we also have a stable cooperation with the Portuguese Sovereign Debt Agency and would be planning new initiatives in 2024 with them.
2.1. – Coming now to the core of our Conference, entitled “Critical Challenges for the Financial Sector entering the Second Quarter of the 21st Century - and with the sub-title - A new paradigm for the financial sector in times of changing macro-economic environment and of emergence of a new international order, these Titles, as we intend every year, encapsulate clearly (I hope) our Program for today.
Nevertheless, allow me four short comprehensive Notes on this, mainly addressing the European financial system.
Two positive notes and two less positive ones.
Full text here.
Last year we resumed our Physical Format after two consecutive years holding the conference online, due to Covid, and we are happy to associate today the 10th anniversary of our Conferences within the current institutional build-up of CIRSF with a stabilization of an hybrid format – a chiefly physical format in Portugal combined with online access predominantly intended to the audience located outside Portugal, within a network of about three hundred online attendants who usually follow our initiatives.
So, again, a very special welcome to the vast audience following us online, outside Portugal. As it is happening for a decade now, this Conference, is inserted in the cycle of our annual Conferences on major trends of financial supervision and of the financial sector in general, in scientific cooperation with some Portuguese Financial Supervisory Authorities and with international scientific Partners, in particular the European Banking Institute (EBI), in whose network the University of Lisbon has been admitted, but, also, with the Florence School of Banking and Finance.
So let me start by thanking our scientific partners - within a program of cooperation that is established anew every year - on the basis of a Working Program that we address annually to some financial supervisors, bearing in mind the specific content of the initiatives we envisage for the year.
As regards 2023, I am referring to Banco de Portugal, and the Portuguese Securities Commission (CMVM). In fact, CIRSF was started in the immediate wake of the Great Financial Crisis, although completely restructured in 2013 and our motto has always been to learn and extract structured lessons through successive transformational crises.
We aim to be a space for scientific debate between policy makers, market participants, and academics on major trends of the financial sector, but keeping the discussion always policy oriented and not in a sort of Ivory Tower. Within this context, I would make a point of thanking our current scientific partners, the Bank of Portugal and CMVM for standing by with this project in difficult times, which, require more and more critical thinking – in the medium term (the long-term is too far from us, as Keynes famously explained) - about the financial sector and, above all, its contribution to the economy in general.
In the case of Banco de Portugal we have the privilege of counting today with an important keynote address of Vice-Governor Luís Máximo dos Santos, a great enthusiast of this project to whom I thank heartily (opening the afternoon sessions with a most timely communication entitled CMDI Reform: the crucial role of deposit guarantee schemes – in Portuguese, but with an English version provided here and streamed internationally).
Allow me, also, a very special word concerning CMVM, here represented by Chair Luis Laginha de Sousa, with whom it is a truly great privilege to share this Opening session of the Conference. And I would like to add that, within our intense scientific cooperation with CMVM, we shall hold soon, in November, half day seminars on Auditors and auditing activities (a crucial field in which we aim to promote a Conference every two years) and on Capital Markets Union. So, stay tuned to that too.
At a different level, in Portugal, we also have a stable cooperation with the Portuguese Sovereign Debt Agency and would be planning new initiatives in 2024 with them.
2.1. – Coming now to the core of our Conference, entitled “Critical Challenges for the Financial Sector entering the Second Quarter of the 21st Century - and with the sub-title - A new paradigm for the financial sector in times of changing macro-economic environment and of emergence of a new international order, these Titles, as we intend every year, encapsulate clearly (I hope) our Program for today.
Nevertheless, allow me four short comprehensive Notes on this, mainly addressing the European financial system.
Two positive notes and two less positive ones.
Full text here.