ESRB Seminar on “Safe assets in Europe” in parallel to the IMF/WB annual meetings

Introduction

by Philip R. Lane, Governor of the Central Bank of Ireland and chair of the session

Description of the proposal for sovereign bond backed securities (SBSs), comprising European Safe Bonds (ESBies) and European Junior Bonds (EJBies)

• Analysis of SBSs' quantitative properties
• Analysis of the effect of SBSs on the diabolic loop between sovereign risk and bank risk
by Stijn Van Nieuwerburgh, Professor at NYU Stern

Description of the regulatory actions necessary to lay the groundwork for SBSs

by Sam Langfield, Principal at the European Systemic Risk Board

Discussion

by Mahmood Pradhan, Deputy Director of the European Department at the International Monetary Fund

Discussion

by Jeromin Zettelmeyer, Senior Fellow at the Peterson Institute for International Economics

General discussion with comments and questions from session participants

Conclusion