Dear friends, dear interested,
After the outbreak of the financial crisis in 2007, politicians around the world promised reforms to ensure that taxpayers’ money would never again be used for bank bailouts. Today we have to note that this promise was not fully kept.
In 2014, the European Commission, the Council of Member States and the European Parliament agreed on a legal framework for the recovery and resolution of European banks. But since then, Banca Monte dei Paschi di Siena and Banca Carige have been recapitalised as a so called precautionary measure “in order to prevent a serious disturbance in the economy of a Member State and to preserve financial stability”. Veneto Banca and Banca Popolare di Vicenza received liquidation aid under Italian insolvency law. Most recently, the German Landesbank Nord/LB was rescued with fresh capital and guarantees by three German Länder and the savings banks association. The cases of recent years suggest that European governments have no confidence in the European resolution framework, the controllability of an orderly winding-up and the effectiveness of the European Single Resolution Fund (SRF). There has so far been only one single resolution case for the Single Resolution Mechanism (SRM): the major Spanish bank Santander took over the faltering rival Banco Popular in 2017 for a symbolic purchase price of one euro, thus preventing the Single Resolution Fund from intervening.
The public bailout measures threaten the credibility of the European Banking Union and raise questions such as: Do we need to reform the European framework for bank resolution? How can we enforce the principle of liability even in bank failures? Is the time ripe for a partial mutualisation of bank risks through a European deposit reinsurance scheme? That is what I would like to discuss with you.
The discussion will be held exclusively in English.
Sign up right here:
Date: Monday, 02/03/2020 from 20:00 to 21:30
I am especially happy about our three high-ranking guests:
- Dr. Elke König, Chair of the Single Resolution Board (SRB)
- Andrea Enria, Chair of the Single Supervisory Mechanism (SSM) of the European Central Bank
- Carles Esteva Mosso, Deputy Director-General for State Aid in the Directorate-General for Competition (DG COMP) of the European Commission
The interactive online format of Europe Calling allows all participants to ask questions and join in the discussion. The discussion is open to all interested parties. This time, the discussion will be held exclusively in English.
The number of participants is limited, so register here: (technically necessary; see instructions below): https://attendee.gotowebinar.com/register/7503557035662383884
I am looking forward to discussing with you. I would also be pleased with you distributing this invitation to other interested parties.
With European green greetings,
This is how Europe Calling works:
To participate in Europe Calling you don’t have to go anywhere, you can follow the discussion from your sofa at home and have your say.
European discussions hardly reach many people, although they affect all of us. Via online events we can talk to each other about German and European politics without having to travel to one place. You see the discussion participants in a video window and can listen to them. You can join the discussion yourself via chat or microphone. All of this is easily done from a computer, mobile phone or landline. In this way, European politics comes directly to you without having to travel – almost like a panel discussion on site! These webinars on current topics can be attended by several hundred guests.
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