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: Finance & Financial Regulation

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
Read about event
 

Upcoming Event

Sep
2
13:00

European banks: under global competitive pressure?

Bruegel Annual Meetings, Day 2 - European banks have lost stature and remain generally low-profitability, low-valuation in comparison to their global peers. Is that a problem? If so, what can EU policymakers do to address it?

Speakers: José Antonio Álvarez Álvarez, Mairead McGuinness and Nicolas Véron Topic: European Macroeconomics & Governance, Finance & Financial Regulation Location: Palais des Academies, Rue Ducale 1
Read about event More on this topic
 

Upcoming Event

Sep
2
14:15

Monetary and macroeconomic policies at the crossroads

Bruegel Annual Meetings, Day 2- In this session we would like to discuss monetary and macroeconomic policies after Covid-19.

Speakers: Grégory Claeys, Per Callesen, Gita Gopinath, Jorge Sicilia Serrano and Lawrence H. Summers Topic: Finance & Financial Regulation Location: PALAIS DES ACADEMIES, RUE DUCALE 1
Read about event
 

Upcoming Event

Sep
3
10:15

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: Energy & Climate, Finance & Financial Regulation Location: Palais des Académies, Rue Ducale 1, Brussels
Read about event
 

Past Event

Past Event

Financing for Pandemic Preparedness and Response

How can we better prepare for future pandemics? In this event, co-hosted by the Center for Global Development and Bruegel think tanks, speakers will present "A Global Deal for Our Pandemic Age", a report of the G20 High Level Independent Panel on Financing the Global Commons for Pandemic Preparedness and Response.

Speakers: Masood Ahmed, Victor J. Dzau, Amanda Glassman and Lawrence H. Summers Topic: Finance & Financial Regulation, Global Economics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: July 14, 2021
Read article More by this author
 

Blog Post

SPACs in the gap

Special-purpose acquisition vehicles could fill a gap in European equity markets and lure risk-averse investors off the sidelines.

By: Rebecca Christie Topic: European Macroeconomics & Governance, Finance & Financial Regulation Date: July 13, 2021
Read article More on this topic More by this author
 

Blog Post

The EU green bond standard: sensible implementation could define a new asset class

The proposed EU green bond standard will be less prone to ‘greenwashing’, and the widest possible set of issuers and jurisdictions should be encouraged to use the standard.

By: Alexander Lehmann Topic: Finance & Financial Regulation Date: July 13, 2021
Read article More on this topic More by this author
 

Blog Post

Banks post-Brexit: regulatory divergence or parallel tracks?

Post-Brexit UK bank regulation is not likely to compromise on international standards, but will place greater emphasis on competition, making close UK-EU dialogue essential.

By: Alexander Lehmann Topic: Finance & Financial Regulation Date: July 6, 2021
Read article Download PDF More by this author
 

External Publication

European Parliament

UK banks in international markets

Implications of UK-euro area divergence in regulation and supervisory practice

By: Alexander Lehmann Topic: European Parliament, Finance & Financial Regulation, Testimonies Date: June 25, 2021
Read about event More on this topic
 

Past Event

Past Event

Multilateralism in banking regulation and supervision

This members-only event welcomes Carolyn Rogers Secretary General of the Basel Committee on Banking Supervision.

Speakers: Carolyn Rogers and Nicolas Véron Topic: Finance & Financial Regulation Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: June 24, 2021
Read article Download PDF More by this author
 

External Publication

European Parliament

What Are the Effects of the ECB’s Negative Interest Rate Policy?

This paper explores the potential effects (and side effects) of negative rates in theory and examines the evidence to determine what these effects have been in practice in the euro area.

By: Grégory Claeys Topic: European Parliament, Finance & Financial Regulation, Testimonies Date: June 9, 2021
Read article Download PDF More on this topic
 

Policy Contribution

Europe should not neglect its capital markets union

The European Union’s capital markets remain very underdeveloped compared to the United States. The market for equity, as measured as the size of the total market capitalisation of listed domestic firms relative to GDP, is much larger in the US and in Japan than in Europe.

By: Maria Demertzis, Marta Domínguez-Jiménez and Lionel Guetta-Jeanrenaud Topic: Finance & Financial Regulation Date: June 7, 2021
Read article More by this author
 

Blog Post

Banks in a net-zero Europe

A net-zero emissions target is a powerful incentive for the low-carbon transition, but for bank supervisors, climate-related risks, not climate outcomes, should remain the focus.

By: Alexander Lehmann Topic: Energy & Climate, Finance & Financial Regulation Date: June 1, 2021
Load more posts