Past Event

Has the ECB’s LTRO stopped the Eurozone’s vicious cycle?

Please note the changed schedule compared to previous sessions. The unprecedented three-year long-term refinancing operations (LTRO) carried out by the European Central Bank since December have had more positive market impact than many observers initially expected, but the Eurozone periphery remains at risk of a vicious circle of fiscal and economic contraction. Our session of […]

Date: Apr 18 - Topic: Banking and capital markets

Please note the changed schedule compared to previous sessions.

The unprecedented three-year long-term refinancing operations (LTRO) carried out by the European Central Bank since December have had more positive market impact than many observers initially expected, but the Eurozone periphery remains at risk of a vicious circle of fiscal and economic contraction. Our session of the Finance Focus Breakfast series this month will discuss the impact of LTRO on Europe’s economy and financial system with two highly knowledgeable experts, both combining private-sector and Eurosystem experience.

Speakers

Huw Pill joined Goldman Sachs as a Managing Director in August 2011 from the European Central Bank. A graduate in Politics, Philosophy and Economics from University College, Oxford, and PhD in Economics from Stanford University, he first worked at the Bank of England and joined Harvard Business School in 1995. He worked at the ECB in 1998-2001 as Head of Monetary Policy Strategic Policy Issues, then came back to HBS, and returned to the ECB as Head of the Monetary Policy Stance Division (2004-09) and Deputy Director-General for Research (2009-2011).

Pierre Wunsch became a Director of the National Bank of Belgium in June 2011. A graduate from Princeton University and Université Catholique de Louvain (PhD in Economics), he first worked in academic institutions including CORE and FUSL in Belgium and CREST/INSEE and DELTA in Paris, then held regional (Brussels) and federal economic policy positions in Belgium from 1995 to 2001. He later joined the Tractebel/Electrabel Group (2001-2008), and the staff of Belgium’s Finance Minister Didier Reynders from 2008 to 2011.

The discussion was moderated by Nicolas Véron, Senior Fellow at Bruegel and Visiting Fellow at the Peterson Institute for International Economics.

Event materials

  • Has the ECB’s 3-year LTRO arrested the Euro area’s vicious cycle(s)?, presentation by Huw Pill FILE
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Upcoming Event

Dec
9
14:00

How to deal with small banks: consolidation, tailoring and the fintech challenge

Small banks face multiple challenges. What structural changes are needed to tackle these pressures?

Speakers: Alexander Lehmann, Nicolas Véron, Xavier Vives, Anne Fröhling and Philip Evans Topic: Banking and capital markets Location: Bruegel, Rue de la Charité 33, 1210 Brussels
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External Publication

Country case studies on resolving problem loans in Europe: Crises, policies and institutions

Contribution to 'Nonperforming Loans in Asia and Europe—Causes, Impacts, and Resolution Strategies' published by the Asia Development Bank.

By: Alexander Lehmann Topic: Banking and capital markets Date: December 3, 2021
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Past Event

Past Event

The UK strategy for Green Finance

This members-only event discusses the UK's strategy for greening the financial system.

Speakers: Adam Lyons, Fayyaz Muneer and Nicolas Véron Topic: Banking and capital markets Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: November 22, 2021
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Policy Contribution

European governance

Next Generation EU borrowing: a first assessment

The Next Generation EU programme is radically changing the way the EU finances itself and interacts with financial markets. This paper assesses the first design decisions made by the European Commission and the issuances that have taken place so far. It also outlines the potential risks and opportunities linked to this upgrading of the EU borrowing.

By: Rebecca Christie, Grégory Claeys and Pauline Weil Topic: Banking and capital markets, European governance, Macroeconomic policy Date: November 10, 2021
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External Publication

European Parliament

Don't let up - The EU needs to maintain high standards for its banking sector as the European economy emerges from the COVID-19 pandemic

In-depth analysis prepared for the European Parliament's Committee on Economic and Monetary Affairs (ECON).

By: Rebecca Christie and Monika Grzegorczyk Topic: Banking and capital markets, European Parliament Date: October 21, 2021
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Blog Post

Better sustainability data is still needed to accelerate the low-carbon transition in capital markets

Investors need more trustworthy sustainability data. Regulators should leave space for better products to emerge, while remaining alert to well-known patterns of misconduct in capital markets.

By: Alexander Lehmann Topic: Banking and capital markets Date: October 18, 2021
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External Publication

European Parliament

Tailoring prudential policy to bank size: the application of proportionality in the US and euro area

In-depth analysis prepared for the European Parliament's Committee on Economic and Monetary Affairs (ECON).

By: Alexander Lehmann and Nicolas Véron Topic: Banking and capital markets, European Parliament, Macroeconomic policy Date: October 14, 2021
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Past Event

Past Event

What is the link between biodiversity loss and financial instability?

Biodiversity loss impacts financial stability. How big is the risk of biodiversity loss for financial institutions?

Speakers: Sylvie Goulard, Romain Svartzman, Guntram B. Wolff and Michael Wilkins Topic: Banking and capital markets Date: October 5, 2021
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External Publication

Brexit and European finance: Prolonged limbo

It will take longer than many had anticipated for the dust to settle on the post-Brexit financial landscape and its respective implications for the EU and the UK.

By: Nicolas Véron Topic: Banking and capital markets Date: September 24, 2021
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Past Event

Past Event

Setting up the EU as a new benchmark borrower

At this closed-door event Siegfried Ruhl, Counselor to the Director-General for Budget at the European Commission will discuss the EU's borrowing program.

Speakers: Rebecca Christie and Siegfried Ruhl Topic: Banking and capital markets Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: September 16, 2021
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Opinion

El Salvador’s great crypto experiment

Can bitcoin surpass the dollar in popularity and make El Salvador the first state to operate entirely with a private currency?

By: Maria Demertzis Topic: Banking and capital markets Date: September 14, 2021
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Past Event

Past Event

Sustainable finance

Bruegel Annual Meetings, Day 3 - In this session on the final day of the Meetings, our panelists will discuss the future of finance and its sustainability.

Speakers: Maria Demertzis, Alberto De Paoli, Pierre Heilbronn and Alexandra Jour-Schroeder Topic: Banking and capital markets, Green economy Location: Palais des Académies, Rue Ducale 1, Brussels Date: September 3, 2021
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