La BEI organise le 23 avril 2012 de 13h à 14h30, en collaboration avec l'Université de Luxembourg, un séminaire sur le risque de crédit. Jarno Tanhuanpää et Aldo M. Romani, de la BEI, et Magdalena Lewandowska, de la Commission européenne interviendront sur le sujet "Europe in motion : a capital markets perspective".

A Touchstone to Prove Golde with : EIB's issuance in European Common Currencies, by Aldo M. Romani, deputy head of Funding-Euro, European Investment Bank

Over the last forty years, European capital markets have been driven forward by the project of European Economic and Monetary Union, at the same time developing to a powerful actor of its own implementation. EIB was created by the Treaty of Rome in 1958 with the mission to raise funds via bond issues and use them to support equitable and sustainable growth via productive investments in the member countries. As the capital markets ancilla of the Single Market, EIB has been able to take full advantage of European financial integration via a highly strategic and timely executed debt management policy. The analysis of EIB's issuance in European common currencies, in particular, synthetizes trends and results of the dynamic interaction between market professionals and institutional framework, offering a paradigm for the interpretation of the challenges and opportunities now ahead in both camps."

Stability Bonds, by Magdalena Lewandowska, economic analyst, European Commission

November 2011 the European Commission published the Green Paper in order to structure the political debate in the EU on common issuance in form of Stability Bonds. Such common issuance of bonds by the euro-area Member States would imply a significant deepening of Economic and Monetary Union. It would create new means through which governments finance their debt, by offering safe and liquid investment opportunities for savers and financial institutions and by setting up a euro-area wide integrated bond market that matches its US Dollar counterpart in terms of size and liquidity. The fiscal framework underlying EMU would similarly undergo a substantial change, as Stability Bonds would need to be accompanied by closer and stricter fiscal surveillance to ensure budgetary discipline. The Green Paper discusses the rationale, pre-conditions and possible options of financing public debt through Stability Bonds.

European Issue Schemes: Comparative Analysis, by Jarno Tanhuanpää, legal counsel, European Investment Bank

EU, Euro-area and international financial institutions based in Europe already now undertake continuous debt capital market financing under several schemes. These issuers and schemes are organised under different legal frameworks and benefit from different degrees of Member States’ back-up. The purpose of this presentation is to give an overview of the already existing common issue schemes to add perspective to the current institutional capital market structure and the field in which Stability Bonds would form a new addition.

Registrations

Free seminar (with lunch included), Registrations by email before April 19, 2012 at the following address: mendoza@eib.org (Ms Rosa Mendoza Tel: +352 4349 82755)