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Wie viel Europa braucht die Finanzkrise?

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Erwin-Schrödinger-Saal
Plenary / Panel
German and English language

Vortragende

President, Czech Chamber of Commerce; International Advisor for Central and Eastern Europe, Goldman Sachs Europe Limited, Prague Abstract
Europe is not panacea (even for  new countries )

Financial and economic crisis: triggered by toxic assets, but real impact exacerbated by improper monetary policies and global imbalances. Financial crisis and banking sector in Euro zone. Deeper adjustment of real output in Europe than in other parts of the world. Euro at Ten  the actual test is coming only now. Policy response  how vulnerable is monetary union at the times of crisis? Unified monetary policy, but national interests prevail elsewhere. Deeper recession in Central and Eastern Europe  export driven growth, with externally financed budget and current account deficits. Do these countries need deeper Europe now? Would immediate Euro adoption help?
Chief Executive Officer, UniCredit S.p.A., Italy Abstract
The financial crisis originated in the US, however it is Europe s outlook that has deteriorated more sharply, as confirmed by the latest revisions of the IMF and other major international institutions forecasts. High-frequency real economy and financial indicators confirm that Europe has been hit at least as hard as the US and that this crisis is worse than any of the severest downturns observed during the post-war era: most forecasts indicate that compared to the US, Europe will suffer a deeper recession this year and see a weaker recovery next year.

The latest figures give hope that the worst is behind us and the recession is finally bottoming out. However, the challenges ahead are as tough as the troubles we have just faced. The questions now are how to stimulate the rebound, what type of recovery can be expected and what are the long-term consequences of this crisis on the economic and geopolitical European project.
Governor, OeNB - Oesterreichische Nationalbank, Vienna Abstract
Im Rahmen des Vortrages zum Thema "Wieviel Europa braucht die Finanzkrise?" wird Herr Gouverneur Nowotny die wesentliche Bedeutung des Euro für Wirtschaft und Bevölkerung sowie die Rolle der Oesterreichischen Nationalbank und der Europäischen Zentralbank in der aktuellen Finanzkrise thematisieren. Im Zusammenhang mit der aktuellen Finanzkrise wird schwerpunktmäßig auf die Ursachen und  lessons learned näher eingegangen sowie ein Ausblick für die Finanzmarktstabilität unter diversen Risikogesichtspunkten gegeben. Gerade im Aufsichtsbereich ist ein stärkerer europäischer Fokus gefragt. Die aufsichtsrechtlichen Regulierungsvorhaben der Europäischen Kommission und die europäischen Initiativen zur geplanten neuen mikro- und makro-prudentiellen Aufsichtsarchitektur in der Europäischen Union stellen aus Sicht der Oesterreichischen Nationalbank einen wesentlichen Schritt in die richtige Richtung dar.
Ehemaliger Vizekanzler und Bundesminister für Finanzen der Republik Österreich; Vorstandssprecher, Leipnik-Lundenburger Invest Beteiligungs AG, Wien Abstract
Die Finanzkrise hat uns deutlich vor Augen geführt, dass globalen Problemen nicht mit nationalen Maßnahmen zufrieden stellend begegnet werden kann. Die Integration in der EU ist bereits so weit fortgeschritten, dass nur mit abgesprochenen und koordinierten Antworten Problemlösungen herbeigeführt werden können. Eine Lehre aus der Krise ist daher, dass die Integration in der EU forciert werden muss, um rascher und effizienter auf Probleme reagieren bzw. deren Entstehen überhaupt unterbinden zu können. Wir begrüßen daher die geplante Neugestaltung der Europäischen Aufsichtsarchitektur als wichtigen Schritt in die richtige Richtung.
Head, CEE Economics & Strategy, Crédit Agricole Cheuvreux, Vienna
Chairman, Platinum Grove Asset Management, New York; Nobel Laureate for Economics; Frank E. Buck Professor of Finance Emeritus, Stanford University Abstract
With the current financial/economic crisis the ECB and government entities should reconsider the capital requirements of banks. Debt overhang is a major problem at times of shock. The use of value at risk and other risk measures that rely on correlations should be replaced by stress loss measures of risk. Governments should consider establishing a systemic risk regulator whose main function would be to aggregate the risks of banking entities in Europe (and hopefully globally) and disseminate the aggregate information to the banking community to mitigate the risk of interconnectedness in the system. The free market economy takes into account the value of government guarantees and the role of government subsidies. Changes should be made to reduce the value (cost) of these guarantees. There is a cry that hedge funds need to be regulated without considering what new regulations might accomplish
Vorsitzender, IDM - Institut für den Donauraum und Mitteleuropa, Wien Chair

Ing. CSc. Vladimir DLOUHY

President, Czech Chamber of Commerce; International Advisor for Central and Eastern Europe, Goldman Sachs Europe Limited, Prague

1972-1977 Mathematical Economics and Econometrics, Prague School of Economics, Prague
1977-1978 MBA, Catholic University of Louvain
1978-1983 Assistant-lecturer in the Department of Econometrics, Prague School of Economics, Prague
1980-1982 Mathematical Statistics and Probability, Faculty of Mathematics and Physics, Charles University, Prague
1984-1989 Deputy Director, Czechoslovak Academy of Sciences, Institute for Forecasting: Researcher, Head of the Department
1989-1990 Deputy Prime Minister of the Czechoslovak Government; Chairman of the State Planning Commission
1990 Federal Minister of Economy of the Czech Republic
1991 Vice-chairman, Civic Democratic Alliance
1992-1997 Minister of Industry and Trade of the Czech Republic, Member of Parliament and vice-chairman of Civic Democratic Alliance
1997 Announced Departure from the Czech Politics
since 1997 International Advisor, Goldman Sachs International
1997-1999 Member of the Board of Directors, Cofinec, N.V., Amsterdam
1997-2009 Senior Advisor, ABB Czech Republic
1999-2002 Consultant, Tishman Speyer Properties
2006-2012 Chairman of the Advisory Board, Chayton Capital, London
since 2000 Professor Macroeconomics, Economic Policy, Faculty of Social Sciences, Charles University
since 2000 Member, International Board of Overseers, Illinois Institute of Technology, Chicago
since 2009 Non-Executive Director, KSK Power Venture, Hyderabad
since 2010 Chairman of the Advisory Board, Meridiam Infrastructure, Luxembourg
2011-2012 Member of the Supervisory Board, Telefonica/O2 Czech Republic, Prague
2012 Presidential Candidate of the Czech Republic
since 2014 President of the Czech Chamber of Commerce
since 2015 Chairman of the International Chamber of Commerce in CZ

Dr. Federico GHIZZONI

Chief Executive Officer, UniCredit S.p.A., Italy

 He started his career in 1980 as customer relations manager at UniCredit's Piacenza Branch.
 Having worked as the Head of Credit & Marketing Department at Piacenza Branch, Ghizzoni assumed the position of Branch Director in Trieste between 1988 and 1989. Continuing his career as Director of Seriate Branch between 1990 and 1992, Ghizzoni was appointed Deputy General Manager to UniCredit's London Office.
 After having been appointed the UniCredit's Singapore Office General Manager in 1995, Ghizzoni became Executive Director responsible of Corporate and International Banking between 2000 and 2002 at Bank Pekao S.A, affiliate of the UniCredit Group. In 2003 Ghizzoni started to work at Koç Financial Services, a 50-50 joint venture of Koç Holding and UniCredit Group.
 In his capacity as Executive Board Member of Koç Financial Services and all its affiliates, Ghizzoni has also been serving in the upper management, responsible of auditing, risk management, planning and control. After the acquisition by Koç Financial Services of Yapi ve Kredi Bankasi and its affiliates, he become the COO & Executive Board Member of Koç Financial Services and COO & Vice Chairman of Yapi ve Kredi Bankasi.
 In July 2007, he was appointed Head of Poland's Markets Division at UniCredit and Board Member responsible for the CEE Banking Division at Bank Austria AG.
 In April 2009 he has been appointed Member of UniCredit Group Executive Management Committee.
 He is also Supervisory Board Member in various companys of UniCredit/ Bank Austria Group, such as: Bank Pekao SA, Yapi Kredi Bankasi AS, UniCredit Tiriac Bank SA, UniCredit Global Leasing.

Dr. Ewald NOWOTNY

Governor, OeNB - Oesterreichische Nationalbank, Vienna

 Studies in law and political science at the University of Vienna and economics at the IHS - Institute for Advanced Studies, Vienna
1967 Doctorate in Law, University of Vienna
1968-1973 Assistant to Kurt W. Rothschild, Institute for General Economics and Public Economics, Johannes Kepler University Linz
1972-1973 ACSL Fellow, Department of Economics, Harvard University, Cambridge
1973 Tenure-track professorship in General Economics and Public Economics, Johannes Kepler University Linz
1973 Call to TH Darmstadt, Chair in Public Economics
1974-1981 Full Professor and Head of the Institute of Finance, Johannes Kepler University Linz
1981-2008 Full Professor, Vienna University of Economics and Business (successor to Stephan Koren), partly on leave, Vienna
2003-2005 Vice Rector, Financial Affairs, Vienna University of Economics and Business, Vienna
 Business activities:
2008 Honorary doctorate in Social and Economic Sciences, Alpen-Adria-Universität Klagenfurt
1971-1979 Member and later President, Governing Board of PSK - Österreichische Postsparkasse, Expert on cartel matters, Cartel Court of the Superior Land Court, Vienna
1999-2003 Vice-President and Member of the Management Committee, European Investment Bank, Luxembourg
2006-2007 Chief Executive Officer, BAWAG P.S.K. Bank für Arbeit und Wirtschaft Österreichische Postsparkasse Aktiengesellschaft
 Political activities
since 2008 Governor, Oesterreichische Nationalbank
1978-1999 Member of the Austrian Parliament
1980-1987 Deputy Chairman of the Scientific Committee
1985-1999 Chairman of the Finance Committee

Dipl.-Ing. Josef PRÖLL

Ehemaliger Vizekanzler und Bundesminister für Finanzen der Republik Österreich; Vorstandssprecher, Leipnik-Lundenburger Invest Beteiligungs AG, Wien

1987-1993 Studium an der Universität für Bodenkultur Wien, Studienrichtung Landwirtschaft, Studienzweig Agrarökonomie
1993-1998 Referent der Niederösterreichischen Landes-Landwirtschaftskammer
1998-2000 Wirtschaftspolitischer Referent im Österreichischen Bauernbund; Assistent der Abgeordneten Agnes Schierhuber im EU-Parlament
1999-2000 Direktor des Wiener Bauernbundes
2000-2001 Kabinettschef von Bundesminister Wilhelm Molterer im Bundesministerium für Land- und Forstwirtschaft, Umwelt und Wasserwirtschaft (BMLFUW)
2001-2003 Direktor des Österreichischen Bauernbundes
2003-2008 Bundesminister für Land- und Forstwirtschaft, Umwelt und Wasserwirtschaft (BMLFUW)
seit 2008 Bundesparteiobmann der Österreichischen Volkspartei
seit 2008 Vizekanzler und Bundesminister für Finanzen der Republik Österreich, Wien

Mag. Dr. Simon QUIJANO-EVANS

Head, CEE Economics & Strategy, Crédit Agricole Cheuvreux, Vienna

1995 Magister in Economics, University of Vienna
2000 Doctorate in Economics, University of Vienna
1995-1998 Industrial Officer/Advisor, Thai Ministry of Industry (Rep. Office in Vienna)
1999-2000 Economist, Natural Disasters Project, IIASA
2000-2008 Director, EEMEA Econ. & FI/FX Research, UniCredit
since 2008 Head, CEE Economics & Strategy, Crédit Agricole Cheuvreux, Vienna

Dr. Myron S. SCHOLES

Chairman, Platinum Grove Asset Management, New York; Nobel Laureate for Economics; Frank E. Buck Professor of Finance Emeritus, Stanford University

1959-1962 B.A., emphasis on Economics, McMaster University
1962-1964 MBA, emphasis on Finance and Economics, University of Chicago
1964-1969 Ph.D. in Finance at the Graduate School of Business. Emphasis on Financial Economics, Economics and Statistics. Thesis: A Test of the Competitive Market Hypothesis: "The Market for New Issues and Secondary Offerings."
1966-1967 Research Associate, Center for Mathematical Studies in Business and Economics, University of Chicago
1967-1968 Instructor in Finance, Graduate School of Business, University of Chicago
1968-1972 Assistant Professor of Finance, Sloan School of Management, Massachusetts Institute of Technology
1972-1973 Associate Professor of Finance, Sloan School of Management, Massachusetts Institute of Technology
1973-1974 Ford Foundation Visiting Research Associate Professor of Finance, Graduate School of Business, University of Chicago
1975-1976 Associate Professor of Finance, Graduate School of Business; Executive Director, Center for Research in Security Prices, University of Chicago
1976-1980 Professor of Finance, Graduate School of Business; Director, Center for Research in Security Prices, University of Chicago
1980-1981 Professor of Finance, Graduate School of Business, University of Chicago; Research Associate, National Bureau of Economic Research
1981-1982 Distinguished Visiting Professor of Research, Graduate School of Business, Stanford University
1981-1983 Edward Eagle Brown Professor of Banking and Finance, Graduate School of Business, University of Chicago; Research Associate, National Bureau of Economic Research
1983-1988 Frank E. Buck Professor of Finance, Graduate School of Business, and Professor of Law, Stanford Law School, Stanford University; Research Associate, National Bureau of Economic Research
1988-1996 Frank E. Buck Professor of Finance, Senior Research Fellow, Hoover Institution, Stanford University; Research Associate, National Bureau of Economic Research
1990-1993 Senior Advisor, Managing Director, Salomon Brothers, New York
1994-1998 Principal, Long-Term Capital Management, L.P.
since 1996 Frank E. Buck Professor Emeritus of Finance, Stanford University
since 1999 Chairman, Platinum Grove Asset Management, L.P.

Dr. Erhard BUSEK

Vorsitzender, IDM - Institut für den Donauraum und Mitteleuropa, Wien

1959-1963 Studium an der Universität Wien, Juridische Fakultät
1964-1968 Parlamentssekretär im Österreichischen Nationalrat
1966-1969 Vorsitzender des Österreichischen Bundesjugendringes
1972-1976 Generalsekretär des Österreichischen Wirtschaftsbundes
1975-1976 Generalsekretär der Österreichischen Volkspartei
1976-1978 Stadtrat in Wien
1976-1989 Landesparteiobmann der Wiener Volkspartei
1978-1987 Landeshauptmann-Stellvertreter und Vizebürgermeister von Wien
1989-1994 Bundesminister für Wissenschaft und Forschung
1994-1995 Bundesminister für Unterricht und kulturelle Angelegenheiten
1991-1995 Vizekanzler der Republik Österreich und Bundesparteiobmann der Österreichischen Volkspartei
2000-2001 Regierungsbeauftragter der österreichischen Bundesregierung für EU-Erweiterungsfragen
2002-2008 Sonderkoordinator des Stabilitätspaktes für Südosteuropa
2004-2005 Vizepräsident des Vienna Economic Forums (VEF)
2008-2009 Berater des Außenministers der Tschechischen Regierung in Fragen des westlichen Balkans während der EU-Präsidentschaft 1. Hälfte 2009
2000-2012 Präsident des Europäischen Forums Alpbach
 
 Aktuelle Funktionen:
2005-2014 Vorsitzender der ERSTE Stiftung
seit 1995 Vorsitzender des Instituts für den Donauraum und Mitteleuropa (IDM)
seit 1996 Koordinator der Southeast European Cooperative Initiative (SECI)
seit 2005 Präsident des Vienna Economic Forums (VEF)
seit 2008 Vorsitzender des Universitätsrates, Medizinische Universität Wien
seit 2008 Jean Monnet Chair ad personam
seit 2009 Präsident des Herbert-Batliner-Europainstituts
seit 2010 Präsident des EU-Russia Centre

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