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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


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
  •  
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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
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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 . back to top