2013 ECMI AC: Closing the Funding Gap - Competition at the heart of the single market

Published in 
Rue Montagne aux Herbes Potagères 61, 1000 Brussels - Belgium

The ECMI Annual Conference is a major Brussels event bringing together market participants, policy-makers and academics to discuss challenges for capital markets and European integration. This year's conference explored the multi-faceted concept of competition within an economically and financially integrated area: Competitiveness gaps among member states spur competition at a macroeconomic level, while competition among financial markets operators and among funding sources reflects the microeconomic dimension of competition as a driver for economic growth in a highly integrated area. Jointly organised with Carefin - Università Bocconi and the Belgian Financial Forum, the conference consisted of three sessions with keynote speeches and presentations, followed by panel debates with members of the audience. 

Key takeaways from each session

  • Despite the significant fiscal multipliers, the magnitude of the imbalances accumulated in the euro area over the past decade and its vulnerability to adverse market reactions should prevent any deviation from the agreed path to fiscal sustainability. There should be room however for member states with stable levels of debt to run small deficits, so as to ease adjustment and facilitate convergence.
  • Even though bank balance sheets remain stable (moderate bank deleveraging), the use of collateral has radically decreased since 2008 (significant deleveraging in capital markets). Lower use of collateral means less lubrication of markets and lower interconnection among financial institutions, which policy-makers have tried to mitigate through quantitative easing possibly at a higher cost. The overall implications of this process are not yet well understood.
  • Governance is an essential aspect to ensure greater and better access to finance to corporates. Capital markets are testing several new tools to revive funding for fundamental parts of the economy, such as small and medium enterprises. The dilemma of promoting the risk-taking needed for growth while deleveraging and de-risking the financial system remains a tough objective to achieve for policy-makers in the aftermath of the crisis.


 Keynote speakers

  • Joaquín Almunia, Commissioner for Competition and Vice-President, European Commission
  • Thomas Westphal, Director General for European Affairs, Federal Ministry of Finance, Germany
  • David Evans, Executive Director, Jevons Institute for Competition Law and Economics, UCL
  • Andrea Beltratti, Full Professor of Finance, Università Bocconi and Chairman of the Board of Eurizon Capital
  • Colin Mayer, Moores Professor of Management Studies, Saïd Business School, and former Director, Oxera
  • Julian Callow, Chief International Economist, Barclays


  • Danuta Hübner, Member of the European Parliament (EPP), and former European Commissioner for Regional Policy
  • Marco Buti, Director-General for Economic and Financial Affairs, European Commission
  • Daniel Gros, Director and Senior Research Fellow, Centre for European Policy Studies
  • Stefano Caselli, Full Professor of Banking and Finance, Carefin Research Fellow and Vice-Rector, Università Bocconi
  • Mark Hemsley, Chief Executive Officer, BATS Chi-X Europe
  • Paulina Dejmek-Hack, Member of Cabinet-Michel Barnier, Internal Market and Services, European Commission
  • Marc Antoine Autheman, Chairman, Euroclear
  • Thierry Timmermans, Deputy Director, National Bank of Belgium
  • José Manuel Campa, Professor, IESE Business School, and former Secretary of State for the Economy, Spain
  • Diana Chan, Chief Executive Officer, EuroCCP
  • Freddy Van den Spiegel, Economic Advisor, BNP Paribas Fortis
  • Paul Bodart, Board Member of T2S project at European Central Bank and former Executive Vice President at BNY Mellon
  • Jorge Yzaguirre, Director of Equity Trading, Bolsas y Mercados Españoles (BME)
  • Theo Vermaelen, Schroders Chaired Professor of International Finance and Asset Management, INSEAD Business School
  • Mark Cliffe, Chief Economist, ING Group
  • Lucio Vinhas de Souza, Managing Director and Sovereign Chief Economist, Moody's Investors Service


  • Registration is free of charge for ECMI members, BFF members (1 delegate per member), EU/national officials, full-time academics, students (subject to seats availability), NGOs (not representing a commercial interest) and press. CEPS and ECRI members may register up to one delegate free of charge; additional delegates are welcome at the ‘early bird’ rate. 
  • Paid registration applies to all other participants. The ‘early bird’ rate (175 euros) will apply until 20 September 2013. The ordinary rate (300 euros) will apply thereafter. 'Group discounts' are available.
  • For any queries contact karin.lenk@ceps.eu or +32 2 229 39 78. Cancellation and refund: 100% refund for cancellations by 20 September 2013, 50% refund for cancellations by 7 October 2013, no refund thereafter.
  • Registration deadline: Tuesday, 15 October at 10:00am.


  • 08:15-08:45: Registration and welcome coffee
  • 09:00-11:00: Session 1: Competition among member states - Balancing competitiveness and federalism in the Eurozone
  • 11:00-11:30: Coffee break
  • 11:30-13:30: Session 2: Competition among financial market operators - Making pan-European capital markets thrive 
  • 13:30-14:30: Lunch break
  • 14:30-16:30: Session 3: Competition among funding sources - Competition for funding and the role of capital markets
  • Click here to download the full agenda