[Conferência Anual do CIRSF – em cooperação com o Banco de Portugal e o Instituto de Seguros de Portugal realizada a 19 de junho de 2014 no Auditório principal do Banco de Portugal (antiga Igreja de S. Julião), também em associação com a Cátedra Jean Monnet em Regulação Económica da EU da Universidade de Lisboa
Following previous initiatives CIRSF (Research Centre on Regulation and Supervision of the Financial Sector) in cooperation with the two Portuguese Supervisory Authorities of the Financial Sector with a mandate in the area of prudential regulation and supervision (banking and insurance and pension funds) has held its Annual Summer Conference through which it purports to place Lisbon in the annual roadmap in terms of critical analysis and discussion of the main trends of reform of regulation and supervision of the financial sector following the 2007-2009 crisis (and the crisis of sovereign debts that was experimented in the wake of such initial banking crisis).
This 2014 CIRSF Conference covered two main strands, comprehending (i) the Building Blocks of the European Banking Union and the First Steps of the Single Supervisory Mechanism – Actual Developments in Progress and Uncertainties Ahead – Legal (Constitutional and other) and Economic Hurdles in the Process and (ii) Safeguarding Financial Stability – The Challenges Ahead: Developments in Macro-prudential Supervision and Other Instruments to Prevent New Crises. How to Develop Architectures and Models of Financial Supervision that Can Address the Complexity of Financial Groups (Banking, Insurance and Securities Markets).
These key issues pertaining to building process of the European Banking Union and to the basis for ensuring financial stability were discussed by various Panels of leading experts (at world level) in these fields, including Charles Goodhart – Emeritus Professor London School of Economics (LSE), Nicolas Véron – Head of Research - Bruegel/Brussels and Peterson Institute/Washington, Sainz de Vicuna – Former General Counsel of European Central Bank (ECB)/Masters Cambridge University; J-P Zigrand – London School of Economics (LSE)/Chairman of the- Systemic Risk Centre LSE Dr. Michael Taylor – Former Member of the Financial Stability Board/FSB (Basel)/currently Director of Moody’s; Sascha Steffen - ESMT European School of Management and Technology/Berlin and Professor René Smits –University of Amsterdam/UVA. Furthermore, it also included as Keynote Speaker, with the topic Supervision of the Financial Sector – A Transatlantic Perspective, Gerard Caprio – Williams College/USA - Centre for Development Economics, co-author of the much discussed book “The Guardians of Finance”.
The Conference was opened by the Chairman of CIRSF and Jean Monnet Chair, Professor Luis Silva Morais, who presented its chief goals and CIRSF working program, and by presentations providing a general perspective of the current prospects of supervision of the banking sector and the insurance sector, of the Vice Governor of the Bank of Portugal, in charge of banking supervision (Pedro Duarte Neves) and of the President of the Institute of Insurance of Portugal (José Almaça). The proceedings were closed through concluding remarks by the Governor of the Bank of Portugal (Carlos Costa).
On the whole, the presentations and related debates allowed a comprehensive review of crucial developments for the building of the European Banking Union, with the hurdles it still faces, and for a better safeguard of financial stability and control of systemic risk. Intentionally an interdisciplinary approach was adopted through both prevailing economic and financial approaches by some panellists and prevailing legal approaches by other panellists (in some cases taking even further the interdisciplinary approach, as in the case of the intervention of J-P Zigrand, Director of the Systemic Risk Centre of LSE, with whom CIRSF purports to maintain an important process of cooperation, who covered the contribution of biology and other scientific areas to a wider perception of systemic risk with relevance for the financial sector). At a different level, Charles Goodhart discussed, in rather innovative terms, the relevance of measures of intervention in banks prior to resolution measures or procedures (and hopefully preventing the need of resolution procedures in some cases). Shadow banking, a key area of debate in the current landscape of possible reform of financial regulation, was extensively discussed by Michael Taylor (the widely author of the landmark papers Twin Peaks and Twin Peaks Revisited).
(The edited Video of the entire Conference, photos and Communications/Papers/Powerpoint Presentations may be found here at CIRSF Website).