The transformation of the European financial system

Second ECB Central Banking Conference 24 and 25 October 2002 Frankfurt am Main

The ECB is organising a Central Banking Conference which is to be held every two years, with high-level attendance from central banks, international and European institutions, academics, as well as members of the financial press. Attendance at the conferences is by invitation only. However, the proceedings of the conferences will be posted on this Web site.

These conferences are designed to achieve a number of objectives. They will provide an opportunity for the ECB to gather different views on specific topics of interest to central bankers. They will also allow it to engage in an exchange of views to enhance the knowledge of the ECB's policy objectives and functioning and to contribute to its openness and transparency. Finally, the ECB intends to publish a book after each conference, also with the purpose of making a contribution to the economics literature through the release of original research.

•  Programme
•  Documents

Programme

•  Thursday, 24 October 2002
•  Friday, 25 October 2002

Thursday, 24 October 2002

• 4 p.m.
  Opening speech:
  Willem F. Duisenberg
  President, European Central Bank
• 
  First session
  Banking in Europe
  
  
• 4.15 p.m.
  Chairperson:
  Otmar Issing
  Member of the Executive Board, European Central Bank
  
  Speaker:
  Jean Dermine
  Professor of Banking and Finance and Director of the Center for International Financial Services, INSEAD
  
  Discussants:
  Harry Huizinga
  Professor of International Economics, Tilburg University, and Economic Advisor to the European Commission
  
  Eric Rosengren
  Senior Vice-President in charge of the Supervision and Regulation Division, Federal Reserve Bank of Boston
• 6.15 p.m.
  End of first session
• 
  Reception & dinner
  
  
• 7 p.m.
  Keynote speech:
  Otmar Issing
  Member of the Executive Board, European Central Bank

Friday, 25 October 2002

• Second session
  Banks and markets: the changing character of European finance
  
  
• 8.30 a.m.
  Chairperson:
  Eugenio Domingo Solans
  Member of the Executive Board, European Central Bank
  
  Speakers:
  Luigi Zingales
  Professor of Entrepreneurship and Finance, University of Chicago
  
  Raghuram Rajan
  Professor of Finance, University of Chicago
  
  Discussants:
  Franklin Allen
  Professor of Finance and Economics and Co-Director of the Financial Institutions Center, University of Pennsylvania
  
  Martin Hellwig
  Professor of Economics, Universität Mannheim
• 
  Third session
  Integration of bond and equity markets in Europe:
  the end of the portfolio investment bias?
  
  
• 11 a.m.
  Chairperson:
  Sirkka Hämäläinen
  Member of the Executive Board, European Central Bank
  
  Speaker:
  Jean-Pierre Danthine
  Professor of Economics and Director of the International Center for Financial Asset Management and Engineering, Université de Lausanne
  
  Discussants:
  Bruce Carnegie-Brown
  Head of European Debt Capital Markets, JP Morgan, London
  
  Axel Weber
  Professor of International Economics, Universität Köln
  
• 
  Policy panel
  Central banks and financial stability
  
  
• 2.30 p.m.
  Chairperson:
  Christian Noyer
  
  Introduction:
  Tommaso Padoa-Schioppa
  Member of the Executive Board, European Central Bank
  
  Panellists:
  Jaime Caruana
  Governor, Banco de España
  
  Andrew Crockett
  General Manager, Bank for International Settlements
  
  Roger Ferguson
  Vice-Chairman, Board of Governors of the Federal Reserve System
  
  Charles Goodhart
  Professor of Banking and Finance and Deputy Director of the Financial Markets Group, London School of Economics
  
  Alexandre Lamfalussy
  Chairman of the Committee of Wise Men on the Regulation of European Securities Markets and former President of the European Monetary Institute
• 4.45 p.m.
  Closing remarks:
  
  Lucas Papademos
  Vice-President, European Central Bank
  
• 5 p.m.
  End of Conference

Documents

Opening speech:
Willem F. Duisenberg, Welcome speech.

Dinner speech:
Otmar Issing, Dinner speech.

Conference proceedings:
The transformation of the European financial system, Second ECB Central Banking Conference October 2002, Frankfurt am Main, 2 June 2003,

pdf 1.6 MB, en.

Papers:
Jean Dermine,
European Banking: past, present and future.

pdf 418 kB, en, press summary.

Luigi Zingales, Raghuram Rajan,
Banks and Markets: The changing character of European finance.

pdf 269 kB, en, press summary.

Jean-Pierre Danthine, Kpate Adjaouté,
Integration of bond and equity markets in Europe: The end of the portfolio investment bias?

pdf 620 kB, en, press summary.

Tommaso Padoa-Schioppa,
Central banks and financial stability.

pdf 235 kB, en, press summary .