Bruegel/KIF conference: global financial services integration

9:00-9:10 Opening by Jean Pisani-Ferry (Director of Bruegel)

9:10 – 10:55 Session 1: Integrating Capital Markets Infrastructure: The European Experience

Since the 1990s the European Union has achieved major steps towards the building of a regionally integrated policy framework for the regulation and supervision of capital markets infrastructure, and actual integration has progressed apace. This session will take stock on the changes of the past 20 years, the current policy debates (EMIR, MiFID Review, competition policy) and the lessons for other regional blocs.

Chair: Zsolt Darvas (Research Fellow, Bruegel)

Speakers:

• Paul Christensen (Managing Director and Global co-Head, Principal Strategic Investments, Goldman Sachs International
• Young Do Kim (Research Fellow, KIF)
• Patrick Pearson (Head of unit, DG Markt, Financial markets infrastructure)
• Laurence Walton (Director of Regulatory Policy, NYSE Euronext's EU Government Affairs Department & Regulatory Team within NYSE Euronext's derivatives business unit)

10:55-11:20 Coffee break

11:20-13:05 Session 2: The challenge of supervising multinational cross-border intermediaries

The crisis since 2007-08 has highlighted the major and largely unresolved policy challenge of resolving internationally integrated financial services firms, especially in a systemic crisis environment. While the FSB has coordinated global discussions on this issue, the EU experience is unique given both the high degree of cross-border financial integration, including among banking groups, and the existence of a regional framework for legislation, and increasingly also for supervision and crisis resolution with the 2011 creation of European Supervisory Authorities.

Chair: Christopher Byungho Suh (Research Fellow, KIF)

Speakers:

• Sangche Lee (Commissioner, Financial Services Commission, Korea)
• David Mayes (BNZ Professor of Finance and Director of Europe Institute, University of Auckland)
• Gong Minghwa (Deputy Director General, China Banking Regulatory Commission)
• Nicolas Véron (Senior Fellow, Bruegel)

13:05-14:00 Lunch break

14:00-16:00 Session 3: Global standards and institutions: how strong can they be?

The crisis has transformed European attitudes to global financial standard-setting, and cast doubt about the strength of the EU’s commitment to global financial harmonization. It has also accelerated the increase in the representation of large emerging economies in global standard-setting processes, but this transition remains unfinished. This session will examine both the most important case studies (IFRS and Basel Accords) and the related institutional / governance issues.

Chair: Nicolas Véron (Senior Fellow, Bruegel)

Speakers:

• Wang Jun (Lead Financial Sector Specialist, FPD, The World Bank)
• Taiki Lee (Director of Financial Industry & Institutions Division/Senior Research Fellow, KIF)
• Etienne Oudot de Dainville (Deputy Assistant Secretary for Corporate Financing and Financial Markets, French Treasury)
• Michel Prada (Chair of the IFRS Foundation’s Trustees)
• Isabelle Santenac (Global Chief Operating Officer, Ernst & Young Assurance)

16:00-16:10 Closing by Nicolas Véron (Senior Fellow, Bruegel)

This event will be held as part of an 18-month research project on EU-Korea policy responses to the global financial and economic crisis and the scope for internationalisation of the financial services industry.

Event materials

Download the Programme Programme

Download the conference summary here

Download the biographies of speakers and chairs Booklet

• Laurence Walton's presentation is available here here
• Young Do Kim's presentation here
• David Mayes' presentation here
• David Mayes' paper is also available here
• Sangchee Lee's presentation here
• Taiki Lee's presentation here
• Etienne Oudot de Dainville's presentation here