European Stability Mechanism
6a, Circuit de La Foire Internationale
L-1347 Luxembourg
& online via Microsoft Teams
Europe faces a growing array of extreme risks that could significantly impact its economic stability, social cohesion, and geopolitical standing. From climate-related disasters to geopolitical conflicts, and from financial crises to technological risks and disruptions—events that were previously rare (the “Rare Disaster Events” as in Barro, 2006) now could become more frequent and possibly more intense. This event will bring together leading experts from academia, industry, government, and the financial sector to appraise, address, and communicate about extreme risk events and their possible consequences. The workshop aims also at discussing Europe’s readiness to face these risks and the policy architecture needed to enhance its resilience, drawing on European and international experiences.
Organising Committee: Giovanni Callegari (ESM), Ernest Gnan (SUERF), Jacob Funk Kirkegaard (Bruegel), Rolf Strauch (ESM), Jeromin Zettelmeyer (Bruegel)
Climate-linked bonds
Dirk Broeders, European Central Bank (ECB) presentationCo-author(s): Daniel Dimitrov, Niek Verhoeven
Broadening the scope of risk sharing through a European backstop for natural catastrophes
Martin Hahn, International Association of Insurance Supervisors presentationCo-author(s): Bernhard Mayr
The macroeconomic implications of extreme weather events
John Hooley, OECD presentationCo-author(s): Hélia Costa
Geopolitical Risk: when it matters; where it matters. Evidence from international portfolio allocations
Enrico Mallucci, Central Bank of Ireland presentationCo-author(s): Nathan Converse
Trade and financial ties with geopolitically distant countries
Raffaele Giuliana, ESRB Secretariat presentationCo-author(s): Magnus Andersson, Arthur Campos, Lorenzo Mangiola, Jonathan Rice, Cecilia Sarchi, Matteo Valetto
International trade and macroeconomic dynamics with sanctions
Galip Kemal Ozhan, International Monetary Fund (IMF)Co-author(s): Fabio Ghironi, Daisoon Kim
Shifting Global Order: Resilience during the Transition
Markus Brunnermeier, Edwards S. Sanford Professor of Economics · Princeton University presentationMacrofinancial stress-testing: A practical approach to risk identification and severity calibration in the European case
Pietro Dallari, European Investment Bank (EIB) presentationCo-author(s): Luca Gattini
Global Debt-at-Risk
Raphael Lam, International Monetary Fund (IMF) presentationCo-author(s): Domenico Giannone, Davide Furceri, Faizaan Kisat
Fiscal arrangements safeguarding the EU’s capacity to act in an evolving geopolitical and economic context
Martin Larch, European Fiscal Board I European Commission presentationEuropean Security At All Costs? How the European Security Crisis Shapes Public Opinion
Catherine Eunice de Vries, Professor of Political Science · Bocconi University presentation