The last decades have in general exhibited an increase in political and economic openness, mostly accompanied by an increase in financial integration. The interconnected nature of the financial system has been at a major concern among financial institutions, academics and policymakers.

Today’s financial systems of advanced economies are highly interconnected, with a few large institutions playing a dominant role and interacting with smaller institutions through various financial products and markets. While this structure, referred to as core-periphery, may help buffer small shocks, it is a source of systemic instability as it concentrates resources in systemically important banks, leaving the rest of the system vulnerable to their failure.

Interconnections between financial markets play a dual role. On the one hand, they can absorb shocks and lead to greater robustness. They can also propagate shocks and create greater fragility.

AGENDA will include topics like:
• Factors and structural challenges that invites certain risk in the first place
• The ”too-interconnected-to-fail” problem (also “too-big-to-fail”)
• Why financial institutions often concentrate risk in a manner that generates systemic instability, rather than spreading risk across the financial system?
• External risk factors to the system incl. risks of a technical, financial, political nature or cyber related
• What can be done to mitigate these risk factors? What steps regulators and financial supervision are taking? What are their limits?
• Is there a need for policy changes (both internally within the US and EU-level and internationally)
• What are the key future challenges for the interconnectedness of financial markets – e.g. with (central bank) digital currencies?

SPEAKERS:
• Tom Campanile, Head of US Banking & Capital Markets Risk Management, EY
• Elizabeth McCaul, Member of the Supervisory Board, EUROPEAN CENTRAL BANK
• Nathaniel Wuerffel, Head of Market Structure, BNY MELLON
• Yvonne Bendinger-Rothschild, Executive Director, EACCNY

The European American Chamber of Commerce New York together with our colleagues at the Consulate General of Ireland in New York organized a private lunch with Pachal Donohoe, the President of the Eurogroup, to discuss issues around the interconnected global financial markets and digital currencies with our members.

The meeting brought together a select group of C-level Executives from European and American companies based in the US.

Paschal Donohoe:

Paschal Donohoe was first elected President of the Eurogroup in July 2020 and was re-elected in December 2022, beginning his second term in January 2023. Since entering public life in 2004 he has held a number of roles:

• December 2022 to present: Minister for Public Expenditure, National Development Plan Delivery and Reform
• June 2020 to present: President of the Eurogroup
• June 2017 to December 2022: Minister for Finance
• May 2016 to June 2020: Minister for Public Expenditure and Reform
• July 2014 to May 2016: Minister for Transport
• July 2013 to July 2014: Minister of State for European Affairs
• February 2011 to present: TD (Member of Parliament) for Dublin Central
• 2007 to 2011: Member of Seanad Éireann (the Irish Senate)
• 2004 to 2007: Member of Dublin City Council

Minister Donohoe is married with two children and is a graduate of University of Dublin, Trinity College, with a degree in Politics and Economics and attended St. Declan’s CBS, Cabra.

GUEST OF HONOUR:

• Paschal Donohoe, President, EUROGROUP

EACCNY organized a by-invitation only private breakfast with David O’Sullivan, EU’s Sanctions Envoy, to update our guests about the latest transatlantic efforts to implement sanctions against Russia.

David O’Sullivan was appointed as EU’s Sanctions Envoy in December 2022 and formally took up his role in the second half of January 2023. Prior to his appointment as Sanctions Envoy, he was a Director General of the Institute for International and European Affairs, a leading Irish think tank. Prior to that, he joined the Brussels office of the law firm of Steptoe and Johnson LLP as a Senior Counsellor (2019-2022). David O’Sullivan served as Ambassador of the European Union Delegation to the United States from 2014 until 2019.

Prior to his appointment as Ambassador, he was the Chief Operating Officer of the EU’s new diplomatic service, the ‘European External Action Service’. He had previously held a number senior positions within the European Commission including Director General for Trade (2005-2010); Secretary General of the European Commission (2000-2005); and Chief of Staff to Commission President Romano Prodi (1999-2000). Before joining the Commission, he started his career with the Irish Department of Foreign Affairs (1977-1979).

GUEST OF HONOR:

David O’Sullivan, EU’s Sanctions Envoy, EUROPEAN COMMISSION

EACCNY organized an exclusive conversation with Paolo Gentiloni, European Commissioner for Economy, to discuss how Europe is addressing these challenges: staying the course on its green transition, preserving its industrial competitiveness and defending an open, rules-based multilateral economic order.

Paolo Gentiloni is the European Commissioner for Economy since December 2019. In his current role he is – among others – coordinating the implementation of the Sustainable Development Goals within the EU’s economic governance framework, working on further deepening the Economic and Monetary Union, and overseeing the application and reform of the Stability and Growth Pact. He is also responsible for implementing the NextGenerationEU and InvestEU initiatives. Mr. Gentiloni is leading international efforts to find a coordinated international approach to the taxation of multinational companies. In the framework of the European Green Deal, he has also been responsible for preparing the proposal for a Carbon Border Tax.

He previously served as Prime Minister of Italy (2016-2018), Minister of Foreign Affairs and International Cooperation (2014-2016), Member of the Committee on Foreign Affairs (2013-2014), and Minister of Communications (2006-2008).

GUEST OF HONOR:

> Paolo Gentiloni, Commissioner for Economy, EUROPEAN COMMISSION

In conversation with:
> John Sinclair Foley, Financial Editor, REUTERS BREAKINGVIEWS

This private dialogue with Pierre Moscovici, the First President  of the French Cour des Comptes, was to discuss the current economic developments in France, one of Europe’s largest economies, and the European economic outlook for businesses, as well as the economic actions taken by France and across Europe to address the post-Covid economic and public challenges during a rise of inflationary pressures.

Pierre Moscovici, is the former EU Commissioner for Economic & Financial Affairs, Taxation & Customs,  he has been the First President of the French supreme body for auditing the use of public spending since 2020. His institution is independent from the Government and Parliament. It is in charge of auditing public accounts, as well as contributing to the evaluation of public policies.

Mr. Moscovici can look back to an illustrious career in public service, for France and Europe. Among other roles, he was the European Commissioner for Economic and Monetary Affairs, and the French Minister of the Economy and Finance. He was the Vice-President of the European Parliament, the French Minister in charge of European Affairs and Head of Department for public service modernization and financial resources at France’s High Committee for Strategic Planning.

In light of this well-rounded background, he shared insights on both, french and European economic and political affairs, incl. steps being taken to strengthen Europe’s strategic autonomy, while joining forces with the United States to be a force for good – inside and beyond their own borders – and how doing so will lift up the tides elsewhere.

GUEST OF HONOR:

> Pierre Moscovici, First President, Cour des Comptes (FRANCE) –  Former EU Commissioner

In conversation with:
> Yvonne Bendinger-Rothschild, Executive Director, EACCNY

EACCNY organized a private breakfast with Laurence Boone, French Minister of State for Europe to discuss issues around the transatlantic relationship in a time of global challenges.

Laurence Boone is an economist with a PhD in Applied Econometrics, an MSc in Econometrics and Macroeconomic Modelling, a Master’s Degree in Economics. She has authored numerous articles and taught at different universities. She was Chief Economist at Barclays Capital France from 2004 to 2011, and Chief Economist and Director-General of Bank of America Merrill Lynch Global Research from 2011 to 2014. In 2014, the President of the French Republic appointed her as Sherpa and Special Adviser for multilateral and European economic and financial affairs.

In 2016, she was Chief Economist for AXA Group. In 2018, she became Chief Economist of the Organization for Economic Co-operation and Development (OECD). She directed research for the OECD’s Economics Department, represented the OECD for economic and financial affairs and took part alongside the Secretary General in meetings of the International Monetary and Financial Committee as well as G7 and G20 meetings.

In January 2022, Laurence Boone became Deputy Secretary-General of the OECD, in addition to her position as Chief Economist. She oversaw the analysis and drafting of public policies in the areas of employment, labor and social affairs, education, skills and well-being, inclusion, sustainability and equal opportunities. She also directed research for the Inclusive Forum on Carbon Mitigation Approaches.

GUEST OF HONOR:

Laurence Boone, Minister of State for Europe, FRANCE

In conversation with:
> James Rosener, President, EACCNY (also Managing Partner at Troutman Pepper)

The European American Chamber of Commerce New York together with our colleagues at the EU Delegation to the United States organized a private lunch with Sabine Weyand the EU’s Director-General of DG Trade, who updated our audience of transatlantic business executives on EU and U.S. trade related issues and inquire on the state of EU – U.S. trade relations.

The meeting brought together a select group of C-level Executives from European and American companies based in the US. DG Weyand and her team sought for on-the-ground feedback related to current trade policies and challenges companies are facing developing business across the Atlantic.

AGENDA topics included:

• The Inflation Reduction Act and its pitfalls
• EU/US Trade & Technology Council (update on progress that is being made, or lack thereof)
• EU/US Relations going forward (friend-shoring, collaboration & coordination on the international parquet)
• Trade Relations worldwide, including the WTO reform
• Sustainability (how EU & US can work together on a more sustainable trade agenda)

GUEST OF HONOUR:

• Sabine Weyand, Director-General of DG Trade, EUROPEAN COMMISSION