THE EUROFI HIGH LEVEL SEMINAR 2021 - On-line event the Portuguese EU Council Presidency
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THE EUROFI HIGH LEVEL SEMINAR 2021
Organised in association with
the Portuguese EU Council Presidency
On-line event
14, 15 & 16 April 2021
Draft updated on 16.04.2021Eurofi Seminar 2021
Overall agenda - Draft
Wednesday 14 April 2021 Thursday 15 April 2021 Friday 16 April 2021
COVID & BREXIT CHALLENGES CMU 2.0 FUTURE PROSPECTS FOR THE EU
Opening remarks : D. Wright & D. Cahen How to reconcile economic growth and debt sustainability in
08:45-09:00 CMU action plan: are the priorities and delivery mechanism 08:20-08:40
08:40-09:45
the right ones? the EU over time? P. Gramegna (Min Fin Lux)
Opening speeches: M. Centeno 08:45-09:15
09:00-09:15
Achieving a broad-based recovery in the EU post-Covid EU securities post-trading: Speeches: F. Villeroy de Galhau, K. Knot
09:50-10:50 priorities ahead (CSDR, SFD, DLT Developing retail investment
Exch of views: Is normalizing EU monetary policy feasible? pilot project…)
09:15-09:30
If so how and when? What priorities to foster investment in the EU given high
09:20-10:30
Coffee break indebtedness and lasting low interest rates?
What are the EU’s major financial risks in the current monetary and
macro-economic context (asset price inflation, indebtedness, Securities and derivatives
09:35-10:30 Enhancing the EU asset
profitability, sovereign bank loop…)? clearing: remaining challenges
11:05-12:00 management framework 10:35-11:40 How should Basel banking standards evolve now?
(EU CCP supervision, Brexit,
Challenges for the EU banking sector in the Covid context (end of CCP R&R implementation…) (AIFMD, ELTIF reviews)
10:35-11:30
support measures, NPL, risk profile deterioration…)
Lessons from Covid on non-bank Crypto-assets and stablecoins: prospects and way forward
11:30-11:55 Redesigning EU AML policy Priorities for relaunching financial intermediation (liquidity
11:40-12:40
12:05-13:00 (MiCA, CBDC…)
securitisation issues, interconnectedness…)
12:00-13:00 Nearly 4 months after Brexit: where do we stand 12:45-13:00 Closing speech: Min Fin Slovenia Andrej Sircelj :
and what way forward for the EU and UK? 13:00-13:15 Speech: A. Alder The major strategic post-Covid priorities (state aid exit,
economic framework…)
BREAK BREAK
ESG AND FINANCIAL POLICIES DIGITALISATION AND GROWTH
13:30-13:45 Speech: Com M. McGuinness
13:25-13:45 Exchange of views: A. Botín
13:45-14:40 Digital Finance Strategy: is the EU proposal up to the challenges?
Policy priorities for the EU banking sector
13:45-14:45 (Banking Union, consolidation, digitalisation…)
EU financial data space and
Key issues in the insurance cloud infrastructure: is the EU EU consolidated tape and Single
Improving the EU bank 14:45-15:40
Access Point: what way forward?
crisis management sector at the global level moving in the right direction ?
14:50-15:45 (sustainability issues,
framework for the
technology…) Is the current EU financial
Banking Union Developing equity funding:
regulatory and supervisory
15:45-16:40 framework fit for the what is really needed and what
Implementing the EU Solvency II review: can be achieved?
digital age?
15:50-16:45 sustainable finance
taxonomy
key issues
BREAK Times indicated
Speech : E. Ferreira: Reforms and investment needs for the
BREAK
16:50-17:05 European recovery
are CET
17:05-17:20 Speech: P. Hernandez de Cos
17:00-17:55
Climate-risk implications
for the EU
financial sector
Main stakes and challenges
related to current EU retail
payment initiatives 17:20-17:40 Exchange of views: J. Lemierre (Brussels time)
18:00-18:05
BREAK
Introductory remarks on global ESG standards: A. Finucane
18:00-18:25 Exchange of views: K. Regling, T. Saarenheimo,
18:05-18:55
Prospects for global and EU
ESG standards converging
Cross-border payments
global roadmap 18:25-18:40 Speech: V. Dombrovskis Building a better future for Europe: The whole event
using the recovery to adapt our economies for new challenges
18:55-19:05 Exchange of views: B. Mensah
18:45-19:00 Speech: W. Hoyer Driving digital innovation for the future will be on-line
19:05-20:00 Global financial fragmentation: can progress be made? EU Recovery package implementation: issues, key success
19:00-20:00 factors (domestic investment plans, safe asset…)
20:00-20:15 Concluding remarks: Sir Jon Cunliffe 20:00-20:15 Keynote speech: Min Fin Portugal J. Leão 2Eurofi High Level Seminar 2021 – Speakers confirmed are in bold
COVID & BREXIT CHALLENGES Times indicated are CET
Wednesday 14 April MORNING (Brussels time)
08:45-09:00 Opening remarks:
D. Cahen & D. Wright (EUROFI)
09:00-09:15
Opening speeches:
Achieving a broad-based recovery in the EU post-Covid
M. Centeno (Central Bank of Portugal) & D. Wright (EUROFI)
Exchange of views: Is normalizing EU monetary policy feasible? If so how and when?
09:15-09:30 Chair: A. Dombret
Expert: J. de Larosière
What are the EU’s major financial risks in the current monetary and macro-economic context
09:35-10:30 (asset price inflation, indebtedness, bank profitability, sovereign bank loop…)?
Chair: V. Constâncio
Public authority speakers: Bank of England (S. Woods), National Bank of Croatia (B. Vujčić), ESRB (F. Mazzaferro), ESM (R. Strauch)
Industry speakers: Moody's (A. Wilson), CaixaBank (J. Gual), Unicredit (E. Nielsen), CNP Assurances (X. Larnaudie-Eiffel)
Challenges for the EU banking sector in the Covid context
(end of support measures, NPL, risk profile deterioration…)
10:35-11:30
Chair: E. Fernandez-Bollo (SSM)
Public authority speakers: Central Bank of Portugal (L.M. dos Santos), Banque de France (D. Beau), Central Bank Denmark (P. Callesen), EU
Parl-ECON (J. Fernandez), Central Bank of Slovenia (B. Vasle), EU Com-DG Fisma (K. Wiedner)
Industry speakers: ING (D. Van Wassenaer), BBVA (S. Fernandez de Lis), Société Générale (D. Lebot)
Redesigning EU AML policy
11:30-11:55
Chair: A. Jour-Schroeder (EU Com-DG FISMA)
Public authority speakers: EBA (JM Campa), EU Parl-ECON (P. Marques), Min Fin Germany (M. Pleyer),
Industry speakers: RBI (H. Mösenbacher), Nordea (M. Elderfield)
Nearly 4 months after Brexit: where do we stand
12:00-13:00
and what way forward for the EU and UK?
Chair: D. Wright (EUROFI)
Public authority speakers: UK Treasury (K. Braddick), EU Com-DG FISMA (J. Berrigan), ESMA (V. Ross)
Industry speakers: SMBC (K. Nakamura), Euronext (S. Boujnah), JP Morgan (P. Thomson)
BREAK
3Eurofi High Level Seminar 2021 – Speakers confirmed are in bold
ESG AND FINANCIAL POLICIES Times indicated are CET
Wednesday 14 April AFTERNOON (Brussels time)
Exchange of views
13:25-13:45
A. Botín (Grupo Santander) & D. Wright (EUROFI)
Policy priorities for the EU banking sector
(Banking Union, consolidation, digitalisation…)
13:45-14:45
Chair: S. Raspiller (Min Fin France)
Public authority speakers: SSM (E. Fernandez-Bollo), EU Parl-ECON (L. Garicano), Min Fin Portugal (J. Nuno Mendes), EBA (J.M. Campa)
Industry speakers: Santander (A. Simoes), Bank of America (F. Vicario), Banque Postale (P. Heim), Deutsche Bank (S. Simon)
Improving the EU bank crisis management framework Key issues in the insurance sector at the global level
for the Banking Union (sustainability issues, technology…)
Chair: I. Liebach (Min Fin Germany) Chair: P. Braumüller (EIOPA)
14:50-15:45 14:50-15:30
Public authority speakers: SRB (E. König), EU Com-DG COMP Public authority speakers: IAIS (J. Dixon), IVASS (A. Corinti),
(M. Velentza), EU Com-DG FISMA (M. Merlin), Austrian FSA (H. Ettl) Industry speakers: Swiss Re (S. Ott)
Industry speakers: DSGV (KP. Schackmann-Fallis), BPCE (J. Expert: J-J. Bonnaud (Eurofi)
Beyssade), ING (D. Van Wassenaer)
Solvency II review:
Implementing the EU sustainable finance taxonomy key issues
Chair: D. Laboureix (ACPR)
Chair: P. Tang (EU Parl-ECON) Public authority speakers: EIOPA (J. Wray), BaFIN (F. Grund),
Public authority speakers: EU Com-DG FISMA (M. Haag), Min Fin Slovenia Insurance Supervision Agency (G. Cibej), EU Parl (tbd), ASF
15:50-16:45 15:35-16:45
Spain (P. de Ramón Laca), FSMA (J-P. Servais) (H. Borginho)
Industry speakers: Invesco (O. Collin), PwC (R. Feghali), BNY Industry speakers: Axa (A. de Mailly Nesle), Generali (G.
Mellon (A. Pierelli), Credit Agricole (E. Campos), MUFG (H. Takase) Sanmartino), Covea (M. Aubry), Allianz (A. Somersan Coqui)
BREAK
4Eurofi High Level Seminar 2021 – Speakers confirmed are in bold
ESG AND FINANCIAL POLICIES Times indicated are CET
Wednesday 14 April AFTERNOON (Brussels time)
Climate-risk implications for the EU financial sector Main stakes and challenges related to current EU
retail payment initiatives
Chair: B. Balz (Bundesbank)
17:00-17:55 Chair: S. Goulard (Banque de France) Public authority speakers: EU Com-DG COMP (M. Velentza),
Public authority speakers: EBA (F.L. Michaud), Bank of Spain (J. Ayuso), EU Parl-ECON (T. Penkova), ECB (F. Van
De Nederlandsche Bank (W. Evers), BCBS (C. Rogers), Sweden Echelpoel), EU Com-DG Fisma (M. Haag)
Finansinspektionen (Å. Larson) Industry speakers: DSGV (J. Schmalzl), Amex (J. Orti), Visa (C.
Industry speakers: Moody's (E. Mazzacurati), Credit Suisse (G. Hogg)
Cantalupi), HSBC (A. Smith), Zürich Insurance (J. Scott) Expert: EPI (M. Weimert)
18:00-18:05 Introductory remarks on global ESG standards: A. Finucane (Bank of America)
Prospects for global and EU ESG standards converging Cross-border payments global roadmap
Chair: C. Di Noia (CONSOB) Chair: D. Beau (Banque de France)
18:05-18:55 Public authority speakers: UK Treasury (K. Braddick), U.S. SEC (H. Public authority speakers: CPMI (T. Rice),
Peirce), EU Com-DG FISMA (U. Bassi), IOSCO (T. Singh) Banca d'Italia (G. Grande), ECB (U. Bindseil)
Industry speakers: Fidelity (N. Westerbarkey), KPMG (K. Industry speakers: CLS (M. Bayle), Swift (S. Devolder), Western
Swinburne), Standard Chartered (D. Hanna), Capital Group (J. Union (P. Bucher), Citi (M. McNulty)
Ground)
Exchange of views
18:55-19:05
B. Mensah (Bank of America) & D. Wright (EUROFI)
Global financial fragmentation: can progress be made?
Chair: D. Wright (EUROFI)
19:05-20:00 Public authority speakers: FINMA (T. Hirschi), IOSCO (T. Singh), Bank of England (Sir J. Cunliffe), EU Com-DG FISMA (J. Berrigan)
Industry speakers: Mizuho (S. Toda), UBS (M. Ronner), Bank of America (B. Mensah), Goldman Sachs (D. McDonogh)
Concluding remarks
20:00-20:15
Sir J. Cunliffe (Bank of England)
5Eurofi High Level Seminar 2021 – Speakers confirmed are in bold
CMU 2.0 Times indicated are CET
Thursday, 15 April MORNING (Brussels time)
CMU action plan: are the priorities and delivery mechanism the right ones?
Chair: D. Wright (EUROFI)
08:40-09:45
Public authority speakers: EU Parl-ECON (I. Benjumea), Min Fin Portugal (J. Nuno Mendes), CNMV (R. Buenaventura), AFM (L. Van Geest)
Industry speakers: D. Börse (T. Book), Erste Bank (S. Dörfler), Fidelity (C. Staub)
Expert: ECA (R. Šadžius)
EU securities post-trading: priorities ahead Developing retail investment
(CSDR, SFD, DLT pilot project…)
09:50-10:50 Chair: J. Metzger (D. Bundesbank) Chair: ML. Albuquerque
Public authority speakers: Bank of Portugal (H. Rosalino), ECB (H. Public authority speakers: Croatian FSA (A. Žigman), EIOPA (F.
Neuhaus) Parente), EU Parl-IMCO (T. Penkova)
Industry speakers: Euroclear (G. Eliet), State Street (S. Werner), D. Industry speakers: Amundi (S. Janin), Fidelity (C. Staub)
Börse (N. Brab), BME (F. Bejar), JP Morgan (A. Dockx) Expert: G. Prache
BREAK
Securities and derivatives clearing: remaining challenges Enhancing the EU asset management framework
(EU CCP supervision, Brexit, CCP, R&R implementation…) (AIFMD, ELTIF reviews)
Chair: G. Figueiredo Dias (CMVM)
Chair: K. Löber (ESMA)
11:05-12:00 Public authority speakers: CSSF (L. Van Burik), ESMA (V. Ross),
Public authority speakers: D. Bundesbank (J. Metzger), Banque de
France (N. Aufauvre) AMF (N. Cazenave), EU Com-DG FISMA (U. Bassi)
Industry speakers: Allianz GI (T. Schindler), O. Wyman (C.
Industry speakers: LCH (D. Maguire), BPSS (H. Boucheta)
Edelmann)
Priorities for relaunching securitization Lessons from Covid on non-bank financial intermediation
(liquidity issues, interconnectedness…)
12:05-13:00 Chair: D. Laboureix (ACPR),
Public authority speakers: EBA, EU Parl-ECON (tbd), EIOPA (F. Chair: R. Ophèle (AMF)
Parente), EU Com-DG FISMA (P. Dejmek Hack), BaFin Public authority speakers: ESRB (F. Mazzaferro), Central Bank of
Industry speakers: Credit Agricole (N. Esnault), Bank of America (A. Ireland (G. Cross), FCA (N. Delfas), Banca d'Italia (L. Signorini)
Batchvarov) Industry speakers: Blackrock (J. Cound), Federated (D. Gepp), DTCC
(T. Cuddihy)
13:00-13:15 Speech:
A. Alder (IOSCO)
BREAK
6Eurofi High Level Seminar 2021 – Speakers confirmed are in bold
DIGITALISATION AND GROWTH Times indicated are CET
Thursday, 15 April AFTERNOON (Brussels time)
13:30-13:45 Speech: M. McGuinness (EU Com)
Digital Finance Strategy: is the EU proposal up to the challenges
(encouraging digitalisation, cross-border issues)?
13:45-14:40
Chair: M. Haag (EU Com-DG FISMA)
Public authority speakers: FSC (H. Waiglein), Min Fin France (S. Raspiller), Min Fin Estonia (M. Ross)
Industry speakers: Nasdaq (B. Sibbern), Santander (I. Guerreiro)
EU financial data space and cloud infrastructure: EU consolidated tape and Single Access Point:
is the EU moving in the right direction what benefits, feasibility and way forward?
(DORA, data and AI strategies)?
14:45-15:40
Chair: J. Wuermeling (D. Bundesbank) Chair: B. de Juvigny (AMF)
Public authority speakers: EU Com-DG CNECT (P. Chastanet), Public authority speakers: ESMA (V. Ross), AFM (H. Van
Malta FSA (C. Buttigieg), EU Parl-IMCO (T. Penkova) Beusekom),
Industry speakers: Google (K. Duxfield), Deka (D. Kapffer), Industry speakers: Bloomberg (N. Bean), Citadel (S. Berger),
Generali (B. Scaroni) Blackrock (D. Mayston), Euronext (N. Rivard)
Is the current EU financial regulatory and supervisory Developing equity funding: what is really needed
framework fit for the digital age? and what can be achieved?
15:45-16:40 Chair: JM Campa (EBA)
Public authority speakers: Central Bank Lithuania (M. Jurgilas), FSI Chair: M. Nava (EU Com-DG REFORM)
(F. Restoy), CMVM (R. Peres Jorge) Public authority speakers: Min Fin France (S. Raspiller), Min Fin
Industry speakers: AWS (M. Alava), Barclays (F. Ceccato), Axa IM Germany (E. Kallenbach), EU Parl-ECON (M. Ferber)
(S. Janin), fintech Industry speakers: Tradition (V. Remay), BME (J. González Nieto)
BREAK
7Eurofi High Level Seminar 2021 – Speakers confirmed are in bold
DIGITALISATION AND GROWTH Times indicated are CET
Thursday, 15 April AFTERNOON (Brussels time)
16:50-17:05 Speech : E. Ferreira (EU Com)
“Reforms and investment needs for the European recovery”
17:05-17:20
Speech : P. Hernández de Cos (BCBS, Bank of Spain)
Exchange of views :
17:20-17:40
J. Lemierre (BNP Paribas) & D. Wright (EUROFI)
BREAK
18:00-18:25 Exchange of views: The reform of the EU fiscal framework and the transition for its re-implementation
K. Regling (ESM), T. Saarenheimo (Council of the European Union) & D. Wright (EUROFI)
Speech : V. Dombrovskis (EU Com)
18:25-18:40
"Building a better future for Europe: using the recovery to adapt our economies for new challenges"
Speech : W. Hoyer (EIB)
18:45-19:00
"Driving digital innovation for the future"
EU Recovery package implementation: issues, key success factors
19:00-20:00 (domestic investment plans, safe asset…)
Chair: D. Wright (EUROFI)
Public authority speakers: Min Fin France (E. Moulin), Min Fin Italy (A. Rivera), EU Parl-ECON (I. Tinagli), FSC (H. Waiglein), Fed. Min Fin
Germany (J. Kukies), EU Com-DG BUDGET (G-J. Koopman), EIB (R. Mourinho Felix)
Industry speakers: JP Morgan (V. Grilli)
20:00-20:15
Keynote speech : J. Leão (Min Fin Portugal)
8Eurofi High Level Seminar 2021 – Speakers confirmed are in bold
FUTURE PROSPECTS FOR THE EU Times indicated are CET
Friday, 16 April MORNING (Brussels time)
How to reconcile economic growth and debt sustainability in the EU over time?
08:20-08:40 P. Gramegna (Min Fin Lux),
Speeches
F. Villeroy de Galhau (Banque de France)
08:45-09:15
K. Knot (FSB, De Nederlandsche Bank)
From intensive care to full recovery: finding the way out of the Covid crisis
What priorities to foster investment in the EU given high indebtedness and lasting low interest rates?
09:20-10:30
Chair: M. Ferber (EU Parl-ECON)
Public authority speakers: EU Com-DG ECFIN (D. Costello), National Bank of Croatia (B. Vujčić), Bank of Latvia (M. Kazaks), IMF (M. Pradhan)
Industry speakers: CDC (L. Zylbergerg), Groupama (C. Roux), S&P (S. Broyer), EBRD (P. Heilbronn)
How should Basel banking standards evolve now?
10:35-11:40
Chair: L. Signorini (Banca d'Italia)
Public authority speakers: EU Parl-ECON (O. Karas), Central Bank of Portugal (A. P. Serra), Oesterreichische Nationalbank (G. Haber)
Industry speakers: Credit Agricole (A. Aucoin), Deutsche Bank (J. von Moltke), BNP Paribas (P. Bordenave)
Crypto-assets and stablecoins: prospects and way forward (MiCA, CBDC…)
11:40-12:40
Chair: B. Coeuré (BIS)
Public authority speakers: Banque de France (N. Aufauvre), D. Bundesbank (B. Balz), EU Com-DG Fisma (M. Haag)
Industry speakers: DNB (Y. Ugland), Visa (R. Van Der Stappen)
12:45-13:00 Closing speech: The major strategic post-Covid priorities (state aid exit, economic framework…)
A. Sircelj (Min Fin Slovenia)
9ABOUT EUROFI
The European think-tank dedicated to financial services
• A platform for exchanges between the financial services industry and the public authorities
• Topics addressed include the latest developments in financial regulation and supervision and the macroeconomic and industry trends affecting the financial sector
• A process organised around 2 major international yearly events, supported by extensive research and consultation among the public and private sectors
Our objectives Our events and meetings
Eurofi was created in 2000 with the aim to contribute to the strengthening and integration of European financial Eurofi organizes annually two major international events (the High Level Seminar in April and the Financial
markets. Forum in September) for open and in-depth discussions about the latest developments in financial regulation
Our objective is to improve the common understanding among the public and private sectors of the trends and and the possible implications of on-going macro-economic and industry trends. These events assemble a wide
risks affecting the financial sector and facilitate the identification of areas of improvement that may be range of private sector representatives, EU and international public decision makers and representatives of the
addressed through regulatory or market-led actions. civil society.
Our approach More than 900 participants on average have attended these events over the last few years, with a balanced
representation between the public and private sectors. All European countries are represented as well as several
We work in a general interest perspective for the improvement of the overall financial market, using an
other G20 countries (US, Japan...) and international organisations. The logistics of these events are handled by
analytical and fact-based approach that considers the impacts of regulations and trends for all concerned
Virginie Denis and her team. These events take place just before the informal meetings of the Ministers of
stakeholders. We also endeavour to approach issues in a holistic perspective including all relevant implications
Finance of the EU (Ecofin) in the country of the EU Council Presidency. Eurofi has also organized similar events
from a macro-economic, risk, efficiency and user standpoint.
in parallel with G20 Presidency meetings.
We organise our work mainly around two yearly international events gathering the main stakeholders concerned
In addition, Eurofi organizes on an ad hoc basis some meetings and workshops on specific topics depending on
by financial regulation and macro-economic issues for informal debates. Research conducted by the Eurofi team
the regulatory agenda.
and contributions from a wide range of private and public sector participants allow us to structure effective
debates and offer extensive input. The result of discussions, once analysed and summarized, provides a Our research activities and publications
comprehensive account of the latest thinking on financial regulation and helps to identify pending issues that Eurofi conducts extensive research on the main topics on the European and global regulatory agenda, recent
merit further action or assessment. macro-economic and monetary developments affecting the financial sector and significant industry trends
This process combining analytical rigour, diverse inputs and informal interaction has proved over time to be an (technology, sustainable finance...). Three main documents are published every 6 months on the occasion of the
effective way of moving the regulatory debate forward in an objective and open manner. annual events, as well as a number of research notes on key topics such as the Banking Union, the Capital
Markets Union, the EMU, vulnerabilities in the financial sector, sustainable finance.... These documents are
Our organisation and membership
widely distributed in the market and to the public sector and are also publicly available on our website
Eurofi works on a membership basis and comprises a diverse range of more than 65 European and international www.eurofi.net :
firms, covering all sectors of the financial services industry and all steps of the value chain: banks, insurance • Regulatory update: background notes and policy papers on the latest developments in financial regulation
companies, asset managers, stock exchanges, market infrastructures, service providers... The members support • Views Magazine: over 190 contributions on current regulatory topics and trends from a wide and diversified
the activities of Eurofi both financially and in terms of content. group of European and international public and private sector representatives
The association is chaired by David Wright who succeeded Jacques de Larosière, Honorary Chairman, in 2016. • Summary of discussions: report providing a detailed and structured account of the different views expressed
Its day-to-day activities are conducted by Didier Cahen (Secretary General), Jean-Marie Andres and Marc by public and private sector representatives during the sessions of the conference on on-going trends,
Truchet (Senior Fellows). regulatory initiatives underway and how to improve the functioning of the EU financial market.You can also read
