Universidade de Lisboa
Cátedra Jean Monnet
Universidade de
Lisboa
Com o apoio de:
Conferência Internacional
CIRSF – Centro de Investigação em Regulação e Supervisão do Sector
Financeiro
(www.cirsf.eu)
com
Cátedra Jean Monnet – Universidade de Lisboa/UL (Regulação
Económica na UE)
em cooperação com
Banco de Portugal
Autoridade de Supervisão de Seguros e de Fundos de Pensões
Grandes Tendências da Regulação e Supervisão do Sector
Financeiro
Conferência Anual de Verão do CIRSF
25 de Junho de 2015
Fundação Calouste Gulbenkian
APRESENTAÇÃO DA CONFERÊNCIA
Sessão inicial
Palavras de Abertura
Luís Silva Morais
Coordenador do CIRSF
Muito bom dia – As nossas boas vindas a mais uma Conferencia anual do
CIRSF – Centro de Investigação em Regulação e Supervisão do Sector
Financeiro (www.cirsf.eu) e da Cátedra Jean Monnet da Universidade de
Lisboa em Regulação Económica na UE, ligada a este Centro, em
cooperação com o Banco de Portugal e com a Autoridade de Supervisão
de Seguros e de Fundos de Pensões.
Inicio estas (breves) palavras de Abertura dos nossos trabalhos em
Português, tendo em conta a tradução simultânea, e passarei rapidamente
para o Inglês em atenção à maior parte dos nossos Oradores
internacionais nesta Conferência e por não ter do meu lado outras
condicionantes Institucionais (podendo assim, com liberdade académica,
utilizar a língua predominante de trabalho desta Conferência).
Passar ao Inglês tem também a vantagem da brevidade, e estamos
condicionados nesta Abertura pela necessidade do primeiro orador do
primeiro painel, o Professor Viral Acharya - que tenho o maior gosto de
trazer pela primeira vez a Lisboa depois de algumas tentativas em edições
anteriores desta nossa Conferência CIRSF - de sair mais cedo, antes do fim
desse painel, devido a voo de ligação para a China (são as consequências
da globalização dos nossos trabalhos mas fica o interesse de trazer a
Portugal um dos maiores especialistas mundiais em risco sistémico do
sector financeiro).
Serei, assim extremamente breve!
Permitam-me só que refira – ainda em Português – o prazer que
representa a presença de todos aqui nesta Conferência Internacional, com
o fundamental apoio e Parceria Científica de Instituições de supervisão
financeira nacionais, com especial vocação prudencial - o Banco de
Portugal e a Autoridade de Supervisão de Seguros e Fundos de Pensões Apoio e Parceria que muito agradeço na pessoa do Professor José Almaça,
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aqui presente e intervindo nesta Abertura, e que agradecerei depois, esta
tarde, na pessoa do Senhor Vice Governador do Banco de Portugal,
Professor Pedro Duarte Neves, e, sendo caso disso, na de outros membros
da Administração do Banco de Portugal presentes, atendendo a que a sua
presença e a do Senhor Governador, Dr Carlos Costa, se encontra
condicionada numa parte do dia de hoje por força do Encontro de Bancos
Centrais de Palops no Banco de Portugal, numa coincidência temporal que
não pudemos evitar, pois normalmente esta nossa Conferencia do CIRSF é
calendarizada com um ano de antecedência face a condicionantes de
agenda dos oradores internacionais. Agradeço também ao Dr Artur Santos
Silva a disponibilidade manifestada desde a primeira hora para a cedência
destas magnificas instalações da Fundação Calouste Gulbenkian e os
apoios manifestadas pela Fundação ao CIRSF.
*** ***
Skipping now to English - our main working language today - it is indeed a
great pleasure to host again this CIRSF International Conference with the
group of outstanding Speakers that I think we have been able to join here
in Lisbon. As results from the Program, the General Theme or leitmotif of
this year Conference is the critical discussion of Major Current Trends of
Regulation and Supervision of the Financial Sector, with four main
Strands of Discussion within this General topic, which include namely:
ONE – The Building blocks of the European Banking Union and the First
Steps of the Banking Single Supervisory Mechanism (SSM) – covering the
developments in progress in the wake of the effective establishment of
the SSM in November 2014 and its first months of activity;
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TWO – The Safeguard of Financial Stability – and the main challenges
ahead in this domain – comprehending ways of assessing and duly
monitoring and supervising systemic risk, with the hindsight that has
resulted from the recent worldwide financial crisis;
THREE – The launching of the new European project of the European
Capital Markets Union;
And FOUR - The transition to Solvency 2, in the field of Insurance
Supervision, discussing as well relevant issues of financial stability related
with the insurance sector, which must also receive attention when
addressing, in general, the main challenges to the stability of the financial
sector as a whole.
Intentionally, and within the spirit on which our Research Centre (CIRSF)
was established, our main focus is international and, I would daresay,
European, bearing in mind that, in the wake of the last financial crisis, the
major driving forces for a much needed true structural reform of
regulation and supervision of the financial sector (an unfinished project)
have originated in the international arena (G20, Basel, Financial Stability
Board and other bodies) and in the European Union, particularly within
the ambitious, although probably unbalanced, project of the European
banking Union launched in 2012.
This International and European focus does not mean, in any manner
whatsoever, a lesser relevance of the topics covered here today for the
Portuguese financial sector in the context of its current insertion in the
European Union (and it is widely known that we have been subject to
significant turbulence in the last year, leading, namely, to the first major
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European experiment in practice with banking resolution measures, in a
very sensitive process, still to be concluded).
However, what we purport to do here today is to critically discuss the
framework and conditions for supervision of the financial sector – a
matter which is relevant not only for a tight core of specialists but, as
events of the last seven-years have clearly illustrated, for citizens in
general – through the lens of International and European ongoing reform
of regulation and supervision of this sector.
In fact, we are currently witnessing a true change of paradigm in terms of
financial supervision in Europe with the actual establishment of the SSM in
Frankfurt, since last November (2014), bearing major implications for all
relevant players in the banking sector, with a new body that will directly
supervise 124 banking groups (about 1200 credit institutions), including,
e.g., the major banks operating in Portugal.
To establish a truly supranational banking supervisor is a major and acute
challenge, both in terms of its complex legal architecture and also in terms
of its modus operandi and gradual building of its own supervisory culture,
with its defining parameters, which will build on soft law and actual
supervisory practice – So, we are bound to witness here a sensitive
learning curve in terms of the functioning of the banking sector, that will
test realities as the so called Joint Supervisory Teams, directly supervising
significant institutions and composed of ECB and National authorities staff
(this whole project will also involve very sensitive areas of intersection
between the SSM and national banking supervisors, still to be clarified in
this complex fabric of building a structure of supranational banking
supervision, although in interplay with national supervisors closer to local
realities and contexts that cannot be ignored)
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We are fortunate to have here this critical change of paradigm discussed
from several angles, with Interventions by Pedro Gustavo Teixeira, Head of
the Directorate Secretariat of the Supervisory Board of the SSM (and a
good friend and first hour participant in our CIRSF), by René Smits, a
leading academic also institutionally involved with the ECB although
speaking in a personal capacity, and Diego Valiante of the Centre of
European Policy Studies (CEPS), who will be able to give us some echoes of
the recent CEPS Report of December 2014 – ECB Banking Supervision and
Beyond (although also covering related issues).
The key strand of systemic risk and financial stability will be richly
covered by someone I consider – as I mentioned in the very opening of
these proceedings - one of the main worldwide specialists in the field,
Viral Acharya, from NYU Stern School of Business, and, albeit from
different perspectives, by the two initial afternoon Interventions of the
Chair of the European Banking Authority (Andrea Enria - that we are
honoured to have among us) and of the Vice Governor of the Bank of
Portugal, Pedro Duarte Neves. It will also involve, with the intervention of
Hugo Borginho of the Portuguese Insurance and Pension Funds
Supervisory Authority, a discussion of the topic from the perspective of
insurance supervision (which will allow us a short window to assess the
transition to the Solvency 2 Model – another change of paradigm that will
be fully implemented by the beginning of next year).
The prospective European Capital Markets Union will be covered by
Nicolas Veron of Bruegel (Brussels) and the Peterson Institute
(Washington DC) (who is the author of a leading paper in this field that
you may find in the website of CIRSF) – Nicolas obviously does not need
any kind of introduction in these areas of financial supervision (and is also
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a first hour friend and regular partner in scientific cooperation of CIRSF).
Lastly, but not least, a sensitive topic which underlies several of the
strands of our discussion – Shadow Banking in the West and China - will
be covered by Michael Taylor, currently Director at the Far East Desk of
Moody’s in Hong Kong, a former member of the Basel Financial Stability
Board, and widely known as the specialist who coined the concept of the
Twin Peaks model of financial supervision. He will be able also to give us
some rich insight about the current situation and prospects of the Chinese
financial sector, something I would daresay is a very timely topic in
Portugal for reasons I need not explain…
I shall, then, try to fulfil the promise to be brief, and will accordingly stop
here, wishing you all an Excellent Conference!
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