Banking Union in Europe: Prospects and Challenges

February 27, 2014 - 1:00pm - 2:30pm
Italian Academy
1161 Amsterdam Avenue
New York, NY 10027
United States
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A Panel Discussion Featuring Vitor Gaspar and Athanasios Orphanides
Moderated by Ricardo Reis, Columbia University
The European Union has agreed to start a banking union by the end of 2014, but the details remain unclear. While there is agreement that there will be a Single Supervisory Mechanism and a Single Resolution Authority, and that the European Central Bank will be an active player supervising banks, the scope and reach of each of these two institutions is still being hotly debated. What are the important dimensions being discussed right now? What is the likely shape of the new regulatory landscape for banks in Europe? How will financial markets and monetary policy look like in the future as a result? 
Vitor Gaspar is the former finance minister of Portugal, having served from 2011 to 2013. He was previously appointed the director-general for the European Central Bank and the head of the Bureau of Economic Policy Advisers at the European Commission. He is currently at the Bank of Portugal.
Athanasios Orphanides is a Professor of the Practice of Global Economics and Management at the MIT Sloan School of Management. Orphanides served as governor of the Central Bank of Cyprus from May 2007 to May 2012. As governor he oversaw the introduction of the euro in Cyprus and subsequently served as member of the Governing Council of the European Central Bank between January 2008 and May 2012. Prior to his appointment as governor, Orphanides served as senior adviser at the Federal Reserve Board.  
This event is jointly sponsored by the Program for Economic Research and the Jerome A. Chazen Institute of International Business at Columbia Business School