Towards a new Approach to Regulation and Supervision in the EU: Post-FSAP and Comitology

The aim of this paper is to analyse the progress made in the process of European integration from two points of view: regulation and supervision. We first briefly outline the main steps in the development of the Financial Services Action Plan - FSAP and the process of Comitology, defined by the Committee of Wise Men (Lamfalussy Committee). We then provide an initial evaluation of the new regulatory system, with its merits and flaws: while the definition and completion of the FSAP has been an undoubted success, some aspects still have to be dealt with, several of them with problematical connotations, considered in the Financial Services Agenda 2005-2010 The transposition into national regulations of a complex body of wide-ranging standards is a difficult process in terms of both times and procedures, although the functioning of the Comitology structure has been met with general approval. There is also the problem of a supervisory structure which retains its national basis, but onto which the output generated by the Committees envisaged by the Lamfalussy process is gradually being grafted, possibly leading towards a new framework of controls at a European level.Single Financial Market; FSAP; Lamfalussy Report; Committee of Wise Men; Comitology; Regulation; Supervision; Eu directives; Financial Services Agenda 2005-2010

Rischi sistemici e regolamentazione macroprudenziale

La crisi finanziaria del 2007-2008 ha rifocalizzato l’attenzione degli economisti e dei policy maker sui rischi sistemici e sulle politiche e la regolamentazione finalizzate a contenerlo e gestirlo. La crisi ha infatti rappresentato un punto di svolta di grande importanza nella comprensione della struttura interna e del funzionamento del sistema finanziario e dei suoi legami con il resto dell’economia. L’analisi della sua genesi e delle sue dinamiche ha consentito di individuare le inadeguatezze delle norme prudenziali e della pratica di vigilanza vigenti e di comprendere la limitatezza dell’apparato teorico che le aveva sostenute nel trentennio precedente. L’obiettivo del presente lavoro è una ricognizione dello stato dell’arte in materia di politiche macroprudenziali, con riferimento sia alla diagnostica sia alla profilassi. Il lavoro è diviso in due parti. Nella prima parte vengono illustrate le molteplici letture che possono essere date dell’instabilità finanziaria e del rischio sistemico. Nella seconda viene invece offerta una sintesi delle problematiche di definizione e di gestione delle politiche macroprudenziali. Una definizione appropriata della multiforme natura del rischio sistemico, della sua genesi e dei suoi meccanismi di trasmissione è la precondizione sia per individuare il perimetro di azione delle politiche macroprudenziali (in termini di obiettivi finali ed intermedi) sia per determinarne le modalità di azione (in termini di strumenti di intervento, di timing dell’azione, di relazione con altre politiche e quindi, più in generale, di governance del processo decisionale). La ricognizione dei fallimenti del mercato evidenziati dalla crisi finanziaria ha consentito di focalizzarne gli obiettivi, mentre la necessità di dotare le autorità di supervisione macroprudenziale di un toolkit operativo efficace ha accelerato la ricerca di indicatori anticipatori dei rischi sistemici, ha costretto a mappare le relazioni tra gli strumenti di intervento disponibili e gli obiettivi e di testarne l’efficacia e le modalità di utilizzo

Credit crunch: analisi e possibili soluzioni

La seconda fase della grande crisi finanziaria iniziata nel 2010, c.d. del debito so-vrano, ha pesantemente colpito le banche italiane, determinando dal 2011 una si-tuazione di credit crunch per famiglie e imprese. L’obiettivo del presente contributo è di analizzare come il credit crunch stia determinando una situazione di disintermediazione, ormai strutturale, del canale bancario per il credito alle imprese, modificando il tradizionale rapporto banca-impresa in Italia. Come conseguenza occorre individuare e implementare azioni volte a intervenire sull’assetto complessivo del nostro sistema finanziario per porre rimedio a severe carenze strutturali in termini di strumenti, mercati e intermediari

Groupoïdes riemanniens

We propose a definition of a riemannian groupoid, and we show that the Stefan foliation that it induces is a riemannian (singular) foliation. We also prove that the homotopy groupoid of a riemannian (regular) foliation is a riemannian groupoid

Unlock those closed doors

Degree project for Master of Science with a major in Conservation 2023, 30 HEC Second Cycle 2023:31The present work aims to investigate the current situation regarding the conservation profession and the communication to the public through outreach initiatives, especially from the point of view of the conservators. In the latest decades outreach and communication have been taking a preponderant role within the profession of conservation, causing changes in the daily tasks of conservators and new demands in terms of skills which professionals need to acquire. This thesis wants to contribute to the research on the conservation theory and history, and to the development of the professions. Other objectives were the collections of data on the current situation in the British Isles, give the conservators a chance to express their opinion on the subject and assess if changes in the way we educate future conservators are needed in light of the collected data. Therefore, the researcher has implemented a mixed approach that included case studies, literature research, a self-administered online questionnaire and semi-structured interviews to gather data in order to answer the research questions: How is the profession of the conservator changed in the latest years in terms of active public engagement? How are outreach initiatives affecting conservators, and how conservators feel about these changes? Are there specific types of outreach event that require the involvement of conservators that are more widely used? Is the conservation profession displayed online by heritage institutions? How? Do conservators learn communication and/or presentation skills during their formal training? Is there enough demands for these skills to start talking about a new specialization for conservators that would want to specialize in outreach and communication? The collected results will demonstrate how, despite the efforts made and an increase in the number of dedicated initiatives, the profession still remains largely unknown and unseen, probably due to historical and intrinsic reasons but also to the absence of a consistent, coherent and capillary work of communication of the profession both online and in person. It will also be highlighted how, despite a growing demand for the participation of conservators in outreach and communication initiatives, skills connected to these activities are only sporadically included in the education of professionals, and with substantial differences among programmes. These needed skills especially include the ability to convey complex concepts in a simple and engaging way, knowledge of various communication strategies in order to be flexible, and also creativity and practical skills. The lack of teaching in these areas might be one of the reasons why, despite many conservators believe in the importance of raising awareness of the profession, especially in the attempt to improve job securities, salaries, policies and fundings, some of them don’t always feel to be included in all the proposed (and sometimes imposed) initiatives. It will also be shown that, according to conservators, the public is very interested in conservation, even in the more technical aspects, especially if it concerns unique and precious artifacts and/or relatable, every-day objects. Finally, a possibility to move forward is imagined, which includes raising awareness by consistently including conservation content, layered to cater different learning needs, knowledge levels and interests, eliminate information gatekeeping, advertise and encourage the public engagement tasks within conservation and finally provide adequate training in communicatio

Innovation and development after the earthquake in Emilia

The 2012 earthquake in Emilia-Romagna (Italy) has shaken up the collective understanding on the socioeconomic importance of a vast territory that generates almost 2% of Italian GDP. The area affected by the earthquake is characterized by the presence of important industrial and agricultural districts, and by good practices of local governance that are internationally renowned. Private and public buildings, factories, offices and retail shops, historical and cultural heritage sites have been severely damaged. Not only, but it set in motion transformations in the socio-economic system that might have unexpected consequences and that undermine the quick recovery of the local system: different agents, at different levels, taking individual and collective decisions, generate a cascade of changes that interact with its evolution path. Indeed, earthquakes pose challenges, but provide unprecedented opportunities: strategic decisions by economic and political agents, newly available financial resources, coordination or lack of coordination among main stakeholders, and so on. The following paper provides an overview of the first results of Energie Sisma Emilia research project: it aims at collecting and disseminating relevant knowledge and evidence in order to design policies. In particular, it identifies the agents propelling innovation processes, and analyses their strategies in ever-changing environment. The paper starts with a socio-economic analysis of the area struck by the earthquake, followed by the results of three of the focus groups conducted. Eventually, it illustrates a specific innovation: the introduction and implementation of the digital infrastructure “Mude”

Monitoring systemic risk a survey of the avialiable macropridential toolkit

Understanding the nature of systemic risk and identifying the channels of diffusion of the shocks are the necessary prerequisite to anticipate and manage successfully the insurgence of financial crises. In order to prevent financial distress and manage instability, the macroprudential regulator needs to track and measure systemic risks ex-ante. The aim of the paper is twofold: on one side, it reviews the theoretical frameworks which allow to assess the different dimensions of systemic risk and, on the other, it classifies accordingly and analyzes the methodologies available to assess in advance the occurrence of systemic distress. The paper classifies the different definitions of systemic risk and discusses their significance during the 2007-08 crisis. It presents the tools available to extract real time information on market perception of risk from market prices of securities and derivatives (i.e. CDS and equity options). The analysis is extended to the methods focused on the measurement of the financial fragility due to the networks linkages within the financial system. On the basis of the available empirical research, the paper also reviews the capacity of the different methods to spot in advance the insurgence of the crisis prior to 2007-08 and draws some preliminary conclusions on the completeness and consistency of the toolkit available to policy makers

Towards A Macroprudential Policy In The EU: Main Issues

The aim of the paper is to analyze the state of the art of macroprudential policies (MAP) with a focus on the case of the European Union. To this end the institutional framework of MAP is introduced and discussed with regard to several issues: the relationships and/or the conflicts with other policies and among the different institutional bodies involved, their mandate, accountability and governance. The operative framework - intermediate and final targets and toolkit - is specifically analyzed with regard to the case of the European Union and the introduction, in 2011, of a macroprudential supervisory pillar based on the European Systemic Risk Board (ESRB). Finally the main features of the new European supervisory architecture are addressed: the organization of MAP within the Single Supervisory Mechanisms (SSM), the definition of the role of the European Central Bank (ECB) and of the ESRB as far as macroprudential policy is concerned. In the conclusions, we evaluate the new architecture which is quite complex and cumbersome, and the challenge that the SSM is facing: to achieve comprehensive, rational, effective and efficient supervision, avoiding overlapping of competences and clarifying the specific roles of different bodies while keeping away additional burdens for the institutions supervised

Internal Corporate Governance and the Financial Crisis: Lessons for Banks, Regulators and Supervisors

This paper aims to highlight the importance of banks’ Internal Corporate Governance (ICG),viewed as an operational mitigation instrument, in a context where banks enjoy a high degree oforganisational flexibility due to principle-based regulatory and risk-based supervisory approaches.The recent crisis has shown, on the one hand, that financial mitigations (i.e. capital requirements) are,per se, not sufficient to ensure the stability of the banks (which underpins the soundness of the entirefinancial system) and, on the other hand, the failure of the light-touch supervisory approach. The mainresearch question is whether the improvement of ICG, involving proper protection for stakeholdersand the switch to a more intrusive supervisory model, will be able to offset the failures of marketdiscipline revealed by the crisis and, together with Basel 3’s reinforced capital adequacy regime,strengthen the resilience of the financial system, without the reintroduction of structural reforms. In theEuropean Union, the new European Systemic Risk Board (ESRB) and, above all, the three newEuropean Supervisory Authorities (ESAs) will play a crucial role in this process

Financial Crisis and New Dimensions of Liquidity Risk: Rethinking Prudential Regulation and Supervision

This paper aims to stress the importance of market liquidity for the stability of the financial system, emphasizing the pivotal role played by liquidity risk in the development of the current financial crisis, pointing out the flaws of regulation and supervision and stressing the need for their reform. We first investigate the evolution of the concept of liquidity and the nexus between the transformations of financial systems and their increased vulnerability to liquidity risks. Then we focus on the causes of the emergence of liquidity risk in the ongoing financial crisis. We point out two intertwined processes: firstly, the huge increase in financial assets stemming from the shift to an \u201coriginate-to-distribute\u201d intermediation model; secondly, the growth of a parallel financial circuit. After this, we focus on the main lessons for regulation and supervision: first of all we address the case for adjustments to or reform of Basel 2 in view of the nexus between solvency and liquidity. Further crucial points relate to market liquidity and OTC markets, scale and scope of LLR function, architecture of supervisory authorities and perimeter of controls. Finally we stress the need for harmonization, or at least coordination, of national liquidity regimes, at least for cross-border group