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ESM hosts workshop: Cross-Border Capital Flows and Capital Markets Union

The views of the researchers participating in the, "Cross-Border Capital Flows and Capital Markets Union Quo Vadis Europe?" workshop do not necessarily reflect the views of the ESM or ESM policy.

Time shown is local time. Event by invitation only.

Overview

Deep and integrated financial markets are key for the smoothing of economic cycles across countries, financial stability and the transmission of monetary policy. Yet, despite some recent improvements, the degree of financial integration in European capital markets remains limited. This is evidenced, for instance, by the large fragmentation of retail credit markets, subdued cross-border private risk sharing, and persistent home bias in portfolio allocations.

This workshop will look at the need and the main challenges ahead to accelerate the integration of European capital markets. This will involve understanding recent capital flows dynamics in the region, and discussing how to build more efficient market infrastructures, broaden access to market financing, and unlock idle capital for investment purposes.

Programme
 

8 December 2017
9.00 - 9.30 Registration
9.30 - 10.00
Keynote Speech
 

Klaus Regling | Managing Director, European Stability Mechanism

10.00 - 10.50
Session 1: Capital Flows Dynamics and Capital Market Union
Capital Flows in the Euro Area: A Real and Financial Story
Angel Gavilan | Deputy Head of Economic and Market Analysis, European Stability Mechanism
Martin Hillebrand | Senior Quantitative Analyst - Funding, European Stability Mechanism

Enhancing Financial Integration and Stability in the EU: The Evolving Rationale for CMU
John Berrigan | Deputy Director General at DG FISMA - European Commission

10.50 - 11.10
Coffee Break
11.10 - 12.00
Session 2: International Risk Sharing and Home Bias
 

Private Risk Sharing as a Contribution to Strengthening EMU
Philipp Hartmann | Deputy Director General Research, European Central Bank

Declining Home Bias Fosters Capital Market Integration
Dirk Schoenmaker | Erasmus University Rotterdam, Bruegel, CEPR

12.00 - 13.00 Lunch
13.00 - 13.50
Session 3: Practical Implementation of a European Capital Market Union
 

Addressing the Shortage of Risk Capital for Europe's High-Growth Businesses
Rick Watson | Head of Capital Markets, Association for Financial Markets in Europe

Capital Markets Union and Brexit
Paul Richards | Head of Market Practice and Regulatory Policy, International Capital Market Association

13.50 - 15.00

Policy Panel: The Need and Challenges for More Integrated European Capital Markets

Chair: Thomas Wieser | President, Euro Working Group

Panellists: John Berrigan, Philipp Hartmann, Paul Richards, Kalin Anev Janse, Dirk Schoenmaker, Rick Watson

15:00 - 15:15

Concluding Remarks

Rolf Strauch | Chief Economist, European Stability Mechanism

ESM hosts workshop: Cross-Border Capital Flows and Capital Markets Union

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