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Financial stability: are risks under control? (strains from indebtedness and inflation, weakest links in the financial sector, non-bank finance)?

Day 3 Morning

Friday 15 September

Room :



Mark Branson
President & Member of the Supervisory Board, SSM - Federal Financial Supervisory Authority, Germany (BaFin)
Public Authorities
Lee Foulger
Director, Financial Stability Strategy and Risk - Bank of England
Francesco Mazzaferro
Director General of Secretariat - European Systemic Risk Board (ESRB)
Fernando Restoy
Chair - Financial Stability Institute (FSI)
Yannis Stournaras
Governor & Member of the Governing Council of the ECB - Bank of Greece
Industry Representative
Andy Blocker
Global Head of Public Policy - Invesco

Objectives of the roundtable

The session will discuss the financial stability impacts of the economic environment – characterized by persistent high inflation, low growth, very high levels of public, private debt and asset valuation in many countries and increased nominal interest rates – on the financial industry. The panel will also focus on the main risks that stem from the Non-Bank Financial Intermediation and assess if they appropriately addressed in Europe in particular.

This session will not address climate, crypto-asset and operational related risks as they are covered in other session of the Eurofi Santiago event.

Points of discussion

  1. What are the main risks and vulnerabilities of the European financial sector in the current context of persistently high inflation, weaker growth, near-record high levels of public and private debt, elevated asset prices (e.g. real estates), rising nominal interest rates, still negative real interest rates in the euro area and deteriorating credit risk?
  2. What are the main risks that stem from the Non-Bank Financial Intermediation in Europe in the current macroeconomic context? Which activities and players are most affected by these risks? Are they appropriately addressed by the EU regulatory framework (AIFMD, EMIR, Solvency 2, CRDs, MiCA, …)?