Finance and Society Conference 2012

Programme

8.30am Registration opens

8.55am Welcome Thierry Philipponnat, Secretary General of Finance Watch

9am Session 1 The relationship between finance and society – moderated by Peter Thal-Larsen

Keynote 1 – Targeting bank subsidies Martin Wolf – View slides – View video

Keynote 2 – The Volcker Rule and structural issues Dennis Kelleher – View slides – View video

Panel – Regulation and the role of banks in the economy Martin Wolf, Dennis Kelleher, Gerald Epstein, Frédéric Oudéa – View slides

• The social role of banks and capital markets / The changing relationship between finance and society / Bank structure and public subsidies / Challenges to financial capitalism / Do current regulations help or hinder the finance sector’s economic and social contribution / Good vs bad innovation

11am Session 2 The impact on society of higher bank capital requirements – moderated by John Rega

Lecture 1 – Capital requirements and deleveraging Andrea Enria View video

Lecture 2 – Why bank equity is not expensive Anat Admati – View slides – View video

Panel – What do higher capital requirements mean for society? Andrea Enria, Anat Admati, Jacques de Larosière, Gernot Mittendorfer

• Impact on growth / Impact on the supply, price and allocation of credit / Impact on taxpayers / How investors view high bank leverage / Pro-cyclical effects / Impact on bank business models and risk taking / Socially optimal capital / Regulatory measures to supplement higher CARs / Lessons for CRD4

12.30 Buffet lunch

2pm Session 3 Regulating for risk and fragility – moderated by Nikki Tait

Lecture 1 – Regulation and Risk Martin Hellwig – View slides – View video

Lecture 2 – Risk-based capital requirements James Ferguson – View slides – View video

Panel – Is the risk-based approach optimal? What are the side-effects and what are the alternatives? Martin Hellwig, James Ferguson, Charles Haswell, Mario Nava View speech

Effects on bank behaviour / Regulatory arbitrage / Systemic fragility / Macro-prudential implications / Macro-economic implications / Who should assess risk / Alternative approaches / Transparency for investors / Unintended consequences / Lessons since Basel I / The next Basel accord

4pm Session 4 The governance of international financial regulation – moderated by Michael Robinson

Lecture 1 – The political economy of financial misregulation: loose ends in capital regulation Ed Kane – View slides – View video

Lecture 2 – International regulation and accountability Paul Sharma – View slides – View video

Panel – Is financial regulation too complex to be democratically accountable? Ed Kane, Paul Sharma, Dennis Kelleher, Guido Ravoet

Regulatory accountability / Public and private interests / Lobbying and capture / How to improve accountability / Lessons for Europe from the US

5.30pm Closing keynote address – Michel Barnier – View speech – View video

Conclusion and Cocktails

List of Speakers

• Michel Barnier – European Commissioner for Internal Market and Services (DG MARKT)
• Martin Wolf – chief economics commentator and associate editor, Financial Times, member of the UK’s Independent Commission on Banking
• Gerald Epstein – Professor of Economics and Co-Director, Political Economy Research Institute, University of Massachusetts
• Frédéric Oudéa – CEO of Société Générale
• Andrea Enria – Chairperson of European Banking Authority
• Anat Admati – George G.C. Parker Professor of Finance and Economics, Stanford Graduate School of Business
• Jacques de Larosière – Chairman of the Strategic Committee of the French Treasury, Chairman of Eurofi and a former Managing Director of the IMF
• Gernot Mittendorfer – Chief Risk Officer Erste Group and former CEO of Česka spořitelna
• Martin Hellwig – Director, Max Planck Institute for Collective Goods
• James Ferguson – Chief Strategist, Westhouse Securities
• Charles Haswell – Global Head, Financial Sector Policy, HSBC
• Mario Nava – Head of Banking and Financial Conglomerates Unit, DG MARKT, European Commission
• Ed Kane – Professor of Finance at Boston College
• Paul Sharma – UK Financial Services Authority, Director Prudential Business Unit, Policy Division
• Dennis Kelleher – CEO, Better Markets
• Guido Ravoet – Secretary General, European Banking Federation