Joint Research Centre - European Commission

JOINT RESEARCH CENTRE
The European Commission's in-house science service
European Commission

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Scientific support to financial analysis: how can science contribute to financial stability? © EU, 2012

How can science contribute to financial stability?

 

Financial stability is a sine qua non to maximise the benefits of the internal market and generate growth and jobs. To restore confidence among depositors and investors, targeted reforms are necessary to create more transparent and better governed financial institutions.

In this context, the JRC has organised today a high level roundtable where high-ranking financial experts, representatives of the science community, academics, heads of industry associations and policy makers discuss the important role that science can play for financial and economic issues. The aim is to help evaluate the main sources of risk and vulnerability in financial stability and pave the way for clear-sighted debate and targeted, evidence-based structural reforms.

The event counts on the participation of Michel Barnier, Commissioner for Internal Market and Services, MEPs Malcolm Harbour, Markus Ferber and Jean-Paul Gauzès, and Jan-Pieter Krahnen, member of the Liikanen Group. It also draws together, amongst others, high-level representatives from the European Central Bank, European Investment Bank, the European Banking Authority, the Bank for International Settlements and the International Organisation of Securities Commissions.

The one day programme covers three main topics: the state of play of science support to finance; scientific support to preventive measures, monitoring and surveillance and finally, scientific support to medium and long term solutions for financial stability. The discussions were focused on how scientific expertise and research should contribute to help regulators prevent, mitigate and manage risks to financial stability.

Group photo

Left to right: Paul Demaret, Dominique Ristori, Michel Barnier and Malcolm Harbour© EU, 2012

During the event, a Memorandum of Understanding was signed between the JRC and the College of Europe, represented respectively by Dominique Ristori, Director-General and Professor Paul Demaret, Rector. The parties have identified two initial areas of cooperation. The first one focuses on the improvement of analysis and tools for diagnosis and forecast of the economic situations and the impact of decisions concerning macroeconomic policies. The second aims to reinforce the scientific support for financial analysis in order to provide a stronger contribution for the stability of the sector.

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Presentations

Session I – SCIENCE SUPPORT TO FINANCE: WHAT IS THE STATE OF PLAY?

Session II – HOW CAN SCIENCE CONTRIBUTE TO PREVENTIVE MEASURES, MONITORING AND SURVEILLANCE?

Session III – WHAT SCIENCE WILL BE NEEDED TO PROVIDE MEDIUM AND LONG TERM SOLUTIONS FOR FINANCIAL STABILITY?

 

08/11/12