Short descriptions

You can find bellow short descriptions of the T-EBU IP Courses and Work-shops* and the names of the foreign and local experts holding them.

1. A critical appraisal of European Integration
T-EBU Lecturer Christian Cormier, PhD
(University of Poitiers, France)
….Today, the European Union is the outcome of a slow process of integration, without a strong political will. However, we could be optimistic when we consider from a historical viewpoint the position of the European Union in 2014, compared to the situation during the first half of the 20th century. We could believe that by the beginning of the 21st century member states had managed to “rebuild” a continent of peoples and citizens who are willing integration in a political, economic and social organisation. This viewpoint is mistaken: it makes Europe appear as a group of stable, liberal and capitalist countries anxious to co-exist and cooperate with each other. Even the concept of European Union, that is the result of successive enlargements, some of them unpredictable in 1958, is a geographical and political heterogeneous entity. For a long time, developments were concentrated on economic issues and enlargements, instead of taking care to reconcile national priorities and sovereignty which conflicted with the demands of the Commission in Brussels.
….The Treaty of Lisbon (2009) aimed to make EU more efficient from economic and diplomatic viewpoints and more democratic and more “readable” for the citizens. But, in recent years, has the situation changed significantly?
….Misunderstandings, disagreements and political divisions are surfacing whenever the EU finds difficulties in uniting a disparate number of countries around structural policy issues. These difficulties have been made more important as the EU has increased from 6 to 28 member states. Contentious issues are often got round by the adoption of “opt-outs” (Creation of Euro) or by delaying the decision in hopes that the problem will go away or will be solved later. This attitude is dealing with the turmoil among members of the Eurozone where individual countries faced sovereignty debt problems, the insolvency of much of the banking sector and the political inability to resolve the related crisis. Some countries even advocated that the EU might be advised to operate a “two circle” integration process on specific issues.
….The world economic and financial crisis, and the problems experienced by the Eurozone countries and particularly Ireland, Portugal and Greece, and consequently by other EU member States, showed how difficult (but necessary) is to continue the common policies.
….We can see the rise of nationalisms, of populist movements and even threats on democracy against a closer integration. How the EU would face these pressures with a still fragile banking sector, and without any common economic governance for dealing e.g. with the financial markets, the strong Euro or for avoiding deflation?
….Other issues require attention relating to “the financing the Union”, “the democratic deficit” (e.g. the first rejection of the Treaty on the Constitution), “the lack of accountability”, “the migrations”, “the place of the UK”, “the EU’s political and economic relationship towards the rest of the world”, (e.g. with the BRICS or with the Transatlantic Trade and Investment Partnership (TTIP) which is presently being negotiated between the European Union and the United States), “the poor political and diplomatic influence (power) of the EU”, (e.g. the powerlessness or failure in the solving of the current Ukraine crisis).

2. Application of Real Option Analysis for Analyzing Management and Financial Problems
T-EBU Lecturer Stanimir Kabaivanov, PhD (Plovdiv University “Paisij Hilendarski”, Bulgaria)
….Decision making in a changing environment is a complex process that has to account for multiple sources of uncertainty. Standard valuation and financial analysis tend to put the emphasis only on one source of uncertainty thus ignoring both positive and negative flexibility that exists in real world. We will discuss the nature and possible applications of real options analysis as a tool to improve financial analysis and support decision making, especially in the context of opportunities and dangers that pursue European integration. We aim to introduce and examine different use cases, methods of analyzing real option values and to trigger a discussion on their scope of application and pitfalls that one has to take into account.

3. Bonds Valuation. Yield and Volatility. Can Bond Yields Affect the Recovery in Global Banks’ Balance Sheets?
T-EBU Lecturer Florentina Olivia Balu, PhD (University of Genève, Switzerland)
….This presentation focuses on the relationship between market prices and yields, the duration and convexity as indicators of bond risks. All these concepts are explained to better understand the impact of increasing yields from the last two years on global banks’ balance sheets and the effectiveness of the financial recovery. After a harsh and unpredictable crisis, the vulnerability of global financial institutions was evident; the uncertainty and distrust have increased,   the financial regulation has changed, and, the recovery has not been so effective. The composition of the balance sheets leaves banks vulnerable to the spike in interest rates… “There will be a benefit from higher interest margins and the extra business opportunities that come from a new period of volatility?”

4. Case Studies: French Banks Competing in Russia (1890-1918) and Then in Romania (1920s-1930s)
T-EBU Lecturer Hubert Bonin, PhD (Sciences Po Bordeaux, France)
….Two successive case studies will reconstitute the strategy of French banks in two Eastern-European countries, either in corporate and investment banking (both countries) or in retail banking (Russia). The course will ponder the competitive environment, the geo-economics issues, the processes of deployment. Then it will draw the overall outlines of the completion of the programmes, determine the portfolio of activities used there, to entice clients and sustain durable commercial developments. The issue of “embeddedness” will be tackled to fix whether French bankers did exert some influence within the communities of business of both countries. The course will also grapple with the issue of the management of risks, as such an expansion caused new types and ranges of risks, to be mastered by bankers. Last, some comparisons with the recent developments of French banks in Central and Easter Europe will be drawn.

5. Credit Market in Europe
T-EBU Lecturer Tomas Heryan, PhD (Silesian University in Opava, Czech Republic)
….Credit market plays important role in financing households and companies in all European countries. Credit growth has not yet resumed in most EU economies, and credit is even declining in nominal terms in a number of countries. The declines in real terms are more significant. Development of loans granted could reflect economic activity of EU member states. However, while economic theory predicts a close association between credit supply and the business cycle, recent empirical literature has pointed out that there were a number of economic recoveries without credit growth, which are called ‘creditless recoveries’.
….In understanding of these recoveries the real exchange rate developments could play a major role. Lack of substitution of bank loans with debt securities is a typical problem in bank-based economies, and likely has an implication for the speed of economic recovery.
….The European credit market integration is also important. Whereas lending and cash flows exist mainly between smaller countries within whole Europe, main economic leaders could moreover lend and borrow also with non-European, e.g. US financial companies. Nevertheless, the issuance of debt securities is not an option for small and medium-sized enterprises (SMEs), which account for a significant share of the total number of firms, and play a crucial role in economic growth and employment.
….The presentation is focused on importance of credit market in whole EU and aims to recommend some policy implications within SMEs creditworthiness’ supervisory. Access to finance for SMEs deteriorated in several EU countries after the crisis, as recorded by the OECD (2013), particularly as a result of higher interest rates and greater demand for collateral. There are two major and interrelated reasons for the weak credit performance in some parts of EU, in particular in southern Europe. These are impaired bank balance sheets and the recession and bleak economic outlook.

6. Credit Risk Analysis
T-EBU Lecturer Ioan-Bogdan Robu, PhD (Alexandru Ioan Cuza University of Iasi, Romania)
….This course is designed to provide a practical understanding of the techniques that are used in banks for credit risk analysis, taking into consideration the financial information reported by the companies.
….For this reason, in the course are presented financial techniques and data analysis methods that are used to predict the likelihood of a firm to face financial distress.
….In this course will be presented the principal components of the financial statements according to the International Financial Reporting Standards, their users, the description of the main financial structures from the balance sheet and income statement, and the way that they could be analysed.
….Therefore, in this course will be presented the practical use of ratio analysis to evaluate the firm and the credit risk. Understanding the financial ratios, the course will focus on the description of some statistical methods that could be used in credit risk assessment, like: discriminant analysis, logistic regression analysis and survival analysis.
….The course will contain practical examples for each method, to support a better understanding of them.

7. Czech Banks – Subsidiaries vs. Branch Offices
T-EBU Lecturer Tomas Heryan, PhD (Silesian University in Opava, Czech Republic)
…. The first presentation focused on introducing small European economy in context with European Banking Union (EBU). Concentrated banking sector owned by foreign owners can be serious problem for the whole country in case of possible bad scenario abroad. This means that problems caused by past crises can influence economy in the Czech Republic. More than 50% of the Czech banking assets it is owned by four foreign corporations from Austria, Belgium, France and Italy. International Monetary Fund (2012) argued that Czech banks are very strong and in good condition also within capital adequacy. Even BASEL III standards are more or less unnecessary for more and more profitable Czech banks. The Czech National Bank (CNB, 2013) argues that the Czech banking sector is one of the most profitable in the whole Europe, even if there are higher amounts of deposits than loans in the country. Possible future transformation from subsidiaries to branch offices of foreign owners would be very risky for economic growth in the small country. Due to current legislation in force the change like this will mean also big cash flows to abroad from taxes. CNB therefore monitors and evaluates risks arising from relationship between foreign parent companies and its subsidiaries, Czech banks.

8. Democracy as the Key Issue in EU Integration. Rethinking the Institutional Basis of the Lisbon Treaty
T-EBU Lecturer Marek Lenč, PhD (Matej Bel University, Banská Bystrica, Slovakia)
….The course tends to explain the basic institutional architecture of the Lisbon treaty introducing several innovations covering different areas which can be in a simplified way presented as follows (new legal framework and institutions, empowered European citizens and strengthened external voice of the EU). Second aspect which will be taken into closer consideration is the legitimacy of governance and the limits of the current EU institutional system.
….The Treaty of Lisbon introduces several important innovations regarding the institutional architecture of the European Union, but it could not prevent the fact that citizens are still perceived as objects rather than sovereign subjects of European politics. In spite of all innovations the only directly elected body among all EU institutions still remains the EU Parliament. The main body with the right to propose legislation is the EU Commission and the main executive body remains the Council of Ministers.  The European Parliament however in comparison with the European Council influences the composition of the European Commission especially only when it comes to its final approval. The uneasy relationship between the EU and its citizens has not only influenced the debates on European integration but also led to increase of the citizen’s skepticism towards their real impact on decisions making process.
….During the course will be presented and discussed various forms of representative democracy which constitute the basic foundation for decision making in all European democracies as well as some polities for the direct involvement of citizens. One of such mechanisms going to be discussed more deeply is ECI (European Citizens Initiative).
….Students will be taught in interactive style and they will have to use interdisciplinary approach, discussions as well as role plays in order to solve the given tasks.

9. ECB – Still a Judge or a Player?
T-EBU Lecturer Marek Lenč, PhD (Matej Bel University, Banská Bystrica, Slovakia)
….One of the challenges we have to face nowadays in the EU is that already the Treaty of Lisbon is not offering a sufficient legal and fundamental basic as long as the Fiscal pact as well as ESM is not included. In addition to the recent interventions of the ECB we also observe that the Treaty of Lisbon is being violated as the ECB extended its competences.
….Therefore, one of the main course intentions is to explain several important aspects regarding the ECB´s role in EU institutional system (stabilizing and reducing public debt, implementing structural reforms, in order to make the economies more flexible and more competitive as well as to strengthen potential output, reorganizing and recapitalizing the banking sector, reforming the institutional framework of the economic and monetary union, providing sufficient liquidity to the banking sector via the ECB).
….Further on, the course is going to focus more closely on the future clear political orientation in order to strengthen the Eurozone foundations (strong fiscal consolidation, wage adjustments and addressing internal imbalances can be considered for a quite an achievement in an international context).
….Students will be taught in interactive style and they will have to use interdisciplinary approach, discussions as well as role plays in order to solve the given tasks.

10. Europeanised Bankers
T-EBU Lecturer Hubert Bonin, PhD (Sciences Po Bordeaux, France)
….Our course intends first to develop a succinct history of French banks’ Europeanisation, in order to draw a framework for the further developments. The core objective is then to scrutinize the mentalities of French bankers, in order to determine whether they were confined to relationships with French business or embedded within networks of personal relations with their European colleagues. Did some French bankers follow a career more oriented towards international activities and were they involved in international travels?
….Were some bankers committed to designing European strategies and thereafter to implement them through a direct presence in those foreign countries? Did some bankers emerge as key managers of Europeanised strategies and what was their influence within their banking firms? Of course, answers will be relevant to the chronological stages, to assess, for example, whether the decline of the Haute Banque houses was unfavorable to Europeanization, to analyse how the new joint stock banks adopted a Europeanised business model, and whether deposits banks and investment banks (banques d’affaires) reacted differently in response to Europeanised strategies and a new way of life.

11. Financial and Commodity Market – a Mainstay of the Swiss Economy
T-EBU Lecturer Florentina Olivia Balu, PhD (University of Genève, Switzerland)
….This presentation focuses on the importance of financial and commodity market for Swiss economy, but also treats the interconnexion between Swiss and international markets. Switzerland is well-known as an international financial center and commodity trading hub. These two sectors generate together more than 13.5% of Swiss GDP (10 % GDP-financial sector and 3.5% GDP-commodity trade sector) and represent a central pillar of the Swiss economy. Even if Switzerland is a relatively small country in terms of population, it is an international heavyweight when it comes to commodity trade and financial services. Furthermore the intention is to identify the key drivers that transformed the country of cantons into a world leading financial and trade center (the largest commodity trading hub in the world) and to justify the importance of commodity trade for global economy.

12. From Basel 1 to Basel 2
T-EBU Lecturer Noëlle Duport, PhD (University of Poitiers, France)
….This course begins with a presentation of basic elements needed to understand the prudential regulation. More specifically, the following four elements are presented:
– Composition of a basic bank balance sheet: we present the components of assets and liabilities.
– Composition of bank capital: we explain the Tier One, Tier Two and Tier Three.
– Presentation of leverage and its consequences
– Presentation of the most used terms (RoE, RoA, credit risk, market risk…)
….Then, this course is divided into two parts:
– The presentation of Basel 1. This part presents the method of accounting for credit risk, namely the Building Block Approach. This will be supported with examples of calculation. Then, we present the main criticisms of the first version of Basel 1. Finally, we present the extension of Basel 1 with consideration of market risks and the accounting methods of this risk proposed by the regulator. Particularly, we present examples to understand the calculation of the Value at Risk (VaR).
– The presentation of Basel 2: it’s containing a detailed presentation of the three pillars, in insisting on the innovations introduced by this regulation. Firstly, the complete overhaul of the measurement of credit risk, and the emergence of operational risk. Then the surveillance required by Pillar 2. And finally, we will describe the principle of market discipline introduced by Pillar 3.

13. From Lisbon Agenda to Europe 2020: The Main Challenges of the EU’s Strategy for Research and Innovation in the Context of Globalisation and Crisis
T-EBU Lecturer Christian Cormier, PhD
(University of Poitiers, France)
….The European Commission and the national governments have adopted in 2000, the Lisbon strategy aiming to make European Union “the most competitive and dynamic knowledge-based economy in the world”. This strategy was seen as the best way to take up the challenges of a quickly changing world. Therefore the Commission asked universities to become the engines of this ambitious objective. These latter undertook to create by 2010 the European Higher Education Area (Bologna Process, 1999), and to participate actively in the construction of the European Research Area. The main objective was, besides the training of skilled workers and researchers, to attract the best students, academics and researchers outside the EU (with the risk of brain drain).
….Unfortunately, in 2005, the assessment of the Lisbon strategy concluded it had lost its focuses and included too many competing goals. Therefore, it was not delivering the expected results. The European Commission decided that the strategy should be refocused on growth and jobs; but, unfortunately, the economic crisis that began in August 2008 made this slimmed-down Lisbon strategy obsolete and its targets impossible to reach.
….Following the failure of the Lisbon Agenda, whereas the longest and deepest financial and economic crisis in EU history is not over yet, Europe 2020 is a 10-year strategy proposed by the European Commission on March 2010 for reviving the European economy, casting a vision of ‘smart, sustainable, inclusive’ growth rooted in greater coordination of national and European policies. Horizon 2020 (research) and the new ERASMUS + (education and training) will be as from January 2014 the frameworks of HEI contribution to meet the objectives of Europe 2020 strategy and to facilitate “the move towards a greener, more sustainable and more innovative and inclusive economy”.
….The economic crisis has exposed deep flaws in an economy already under strain from globalisation, pressures on resources and public expenses and an ageing population. Is Europe 2020 strategy, in this crisis situation, realistic and credible?

14. Introduction to Financial Auditing
T-EBU Lecturer Ioan-Bogdan Robu, PhD (Alexandru Ioan Cuza University of Iasi, Romania)
….This course is designed to provide a practical understanding of the implication of financial auditing in assurance a true and a fair view of the financial position and performance of a firm that need a credit from a bank to develop its business or an investing plan.
….In this course will be presented the concept of financial auditing, its development over the history, its role and objective and the process that it is used to express the independent opinion from the audit report.

15. Is Germany Successful? Reflection of Germany´s Geopolitical Interests in the EU
T-EBU Lecturer Marek Lenč, PhD (Matej Bel University, Banská Bystrica, Slovakia)
….The aim of the workshop is to focus more closely on German foreign policy and the current prevailing tendencies in the post-Cold War era. The end of the Cold War provoked the emergence of several different and contradictory concepts regarding the further organization of international environment. The change of Germany‘s geopolitical position created a new and unprecedented situation where Germany had to begin to cope with new challenges. Concrete actions were supported by the distinct rhetoric in the European Union, NATO as well as in the United Nations (an ambition to acquire a permanent seat in the UN Security Council).
….The course is going to reflect the fact that over the last two decades Germany started to play much more important role in regards to the European integration which often leads to the description of the country as a driving force of this process. Nowadays most of the scholars indicate that the times of dual Franco-German decision making are almost over as Germany takes a role of “primus inter pares” and France faces severe economic difficulties at the same time. However when it comes to acting in a position of a regional leader, Germany proved to be hesitant und even unwilling to take larger responsibility. During the last decade is Germany therefore characterized by the position of a satisfied state (the “saturierter Staat” – as in the Bismarck era), which does not show greater ambition than to uphold the system of European and world politics, and thus guarantees for itself (and its surrounding) security and appropriate economic conditions. During the workshop we will also have a look on Germany as a guarantor of the current EU institutional system.
….Regarding the EU´s eastern foreign policy, Germany as a driving force of European Union contributes to the creation of its political and ideological pillars. It also applies to the policies towards countries of “Eastern partnership”(EaP) – a platform established on the basis of Polish-Swedish proposal from 2008 – including six post-soviet member countries in the region of Eastern Europe and South Caucasus. However, in the recent years the German foreign policy has been completely absorbed with the financial and monetary crisis which led to a passive approach and absence of strategic thinking towards these countries. During the course students will be taught with interactive methods and they will have to use interdisciplinary approach, discussions as well as role plays in order to solve the given tasks.

16. Market Research – Basic Principles
T-EBU Lecturer Rana Ammari, PhD Candidate (University of Genève, Switzerland)
….Marketing research is “the process or set of processes that links the consumers, customers, and end users to the marketer through information — information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. Marketing research specifies the information required to address these issues, designs the method for collecting information, manages and implements the data collection process, analyzes the results, and communicates the findings and their implications.”
….The task of marketing research is to provide management with relevant, accurate, reliable, valid, and current information. Competitive marketing environment and the ever-increasing costs attributed to poor decision making require that marketing research provide sound information. Sound decisions are not based on gut feeling, intuition, or even pure judgment.
….Marketing managers make numerous strategic and tactical decisions in the process of identifying and satisfying customer needs. They make decisions about potential opportunities, target market selection, market segmentation, planning and implementing marketing programs, marketing performance, and control. These decisions are complicated by interactions between the controllable marketing variables of product, pricing, promotion, and distribution. Further complications are added by uncontrollable environmental factors such as general economic conditions, technology, public policies and laws, political environment, competition, and social and cultural changes. Another factor in this mix is the complexity of consumers. Marketing research helps the marketing manager link the marketing variables with the environment and the consumers. It helps remove some of the uncertainty by providing relevant information about the marketing variables, environment, and consumers. In the absence of relevant information, consumers’ response to marketing programs cannot be predicted reliably or accurately. Ongoing marketing research programs provide information on controllable and non-controllable factors and consumers; this information enhances the effectiveness of decisions made by marketing managers.

17. Market Research – Some Practical Cases
T-EBU Lecturer Rana Ammari, PhD Candidate (University of Genève, Switzerland)
….Marketing research is usually the first step in the marketing process, after ideas for products are conceived. Small companies conduct marketing research to obtain information from the marketplace. They use it to solve problems, obtain information on competitors and determine the needs and wants of non-paying consumers and customers. Marketers then analyze the data and develop various marketing strategies. There are several main types of marketing research.
….Market Research is important since it helps a company to know what type of products or services would be profitable to introduce in the market. It also enables a company to know if it has been able to satisfy consumer needs and if any changes need to be made in the packaging, delivery or the merchandise itself. This enables a company to make a feasible marketing plan or measure the accomplishment of its existing plan.
….It is important to underline the necessity of market research. Market research helps  identify opportunities – If a company is planning to operate a new service and they want to know the preconceived attitudes people have then market research can help, not only in evaluating the potential for a new idea, but also by identify the areas where a marketing message needs to honed. Market research will minimize risk – Market research can help shape a new product or service, identifying what is needed and ensure that the development of a product is highly focused towards demand.
….Further on, the course is going to focus on different case study involving the issue mentioned above. During this lecture, students will be taught in interactive style and they will have to use interdisciplinary approach, discussions as well as role plays in order to solve the given tasks.

18. Potential Future Risks of European Banking Union
T-EBU Lecturer Tomas Heryan, PhD (Silesian University in Opava, Czech Republic)
….Past crises convincingly demonstrated both the unsuitability of insolvency processes for certain financial institutions, at least in some situations and given the delays and uncertainties associated with insolvency courts, and the ability of well-designed special resolution regimes for banks to enable an orderly process that safeguards the interests of the public. Well-designed resolution regimes promise to both limit banking sector instability, and to minimize the fiscal cost of bank failures.
….The importance and complexity of the handover of supervisory authority over most of Europe’s banking system to the European Central Bank (ECB), expected in the second half of 2014, appears underestimated in much of the current debate. The way of bank resolution approved e.g. for Cyprus could be a wrong example how banking crises in the euro area should be sorted out in future as the bail-in approach increases systemic risk.
….The 2014 assessments of bank balance sheets’ restructurings handover is the first of two foundation stones that will define the eventual success or failure of EBU project, on which the sustainability of the euro itself crucially depends.
….The second foundation stone will be a change in the European treaties that will establish the robust legal basis needed for a sustainable banking union and for interdependent components of future face of Europe, which also includes fiscal union, economic union, and political union.
….The last presentation focused on future risks of EBU, highlights autonomy from monetary policy, equal governance rights and also responsibilities for non-euro EU member economies.

19. Prudential Regulation: the Forthcoming Basel III
T-EBU Lecturer Noëlle Duport, PhD (University of Poitiers, France)
….This course provides an introduction about the crisis that began in 2007. The objective of this introduction is to highlight the characteristics of this crisis, to draw conclusions in terms of banking regulation.
….This will lead us to the presentation of the concepts of systemic risk and of pro-cyclicality in the banking sector.
….From there, during the first part of this course, we will explain that the so-called prudential regulation now comes in two sides: the macro- prudential and micro-prudential regulation. We present the goals of each of them and implications for the functioning of the new prudential regulation.
….In the second part of this course, we will present the three main decisions of Basel III. First, we present the rise in quality and quantity of capital that banks must hold. This section will provide an opportunity to return to the macro- prudential regulation, with the presentation of countercyclical buffers. We will also see the rise of the Core Tier One. Second, we see that the regulator wishes to impose a new capital ratio, without weights, in order to limit leverage in the banking sector. Finally, we present the two new liquidity ratios introduced by Basel III (LCR et NFSR).
….This course will conclude with the presentation of the schedule implementation of Basel III.

20. Tax Havens and the Offshore Megatrend in the Context of Financial Globalization
T-EBU Lecturer Mihai-Bogdan Afrăsinei, PhD Candidate (Alexandru Ioan Cuza University of Iasi, Romania)
….Tax havens and offshore financial centers are an evolving phenomenon, topical, and controversial at the same time. The problem of tax havens is by far a global priority, as long as tax havens provide an important channel for tax evasion. The elimination of trade barriers created a multitude of benefits, but tax havens can be seen as a dark side of the global economy, as William Brittain-Catlin entitled a famous book.
….Using tax havens is based on a large number of determining factors which differ for each case depending on the purpose sought. Regardless if we refer to an individual or a legal person, the reasons behind using tax havens or offshore financial centres vary from perfectly legal to illegal.
….When the “offshore” or “tax haven” topics are discussed nothing is clearly defined regardless if we refer to them from the perspective of the economical activities performed in such areas or if we are just trying to outline these concepts and their origin. So, the first step towards incorporating the aspects regarding tax havens and offshore financial centres in a coherent approach is determined by defining the “tax havens” and “offshore” concepts and analysis its origins.
….It can be said that banks are probably the largest user of tax havens. According to previous studies, 82 out of the top 100 American companies listed on the stock exchange have subsidiaries in tax havens. In the UK, 98 out of 100 companies listed on the London Stock Exchange use tax havens. Out of the 8492 related parties present in tax havens, 19.4% belong to companies from the bank sector. In France all the companies from CAC40 have subsidiaries in tax havens. The largest 6 companies from the financial sector have a total of 467 subsidiaries which are present in tax havens. They represent approximately 32% out of the total of 1470 offshore subsidiaries owned by the companied in CAC40.
….Multinational companies have a very flexible structure so that they can easily move from one jurisdiction to another and look for favourable conditions. Tax havens can successfully satisfy some of these needs.
….The main objective of this course is to present specific aspects of using tax havens in the context of financial globalization.

21. The Romanian Banking System in the Context of the Recent Developments in the Prudential Regulatory Framework
T-EBU Lecturer Anca Nucu, PhD (Alexandru Ioan Cuza University of Iasi, Romania)
….Supervision and regulation of the banking system represents an essential coordinate in ensuring and maintaining financial stability. At the level of EU Member States, there is no single model for an optimal supervisory structure and the institutional structures of financial supervision differs among countries. At international level, the surveillance framework has been restructured, by strengthening micro-prudential supervisory standards and introducing new approaches from macroprudential perspective. The purpose of the course is to highlight the implications of Basel III Accord on Romanian banking system, in the context of changes to the micro- and macroprudential regulatory framework across the European Union.

22. What is a Good Banker? The Management of the Banking Firm and Risks Management
T-EBU Lecturer Hubert Bonin, PhD (Sciences Po Bordeaux, France)
….The course will consider first the various challenges to which the head managers of banks are confronted in connection with the portfolio of strategic activities and skills of their company. It will gauge the system of information set up to collect data about the economic environment, about the enterprises being clients or potential clients, the research teams structured to help corporate and investment banking to gauge credit and issuing projects. It will analyse the process of building a system of controls for the risks created by retail banking, that is mainly “general inspection”, taking into account the case study of French Société générale. It will then delve into the “crisis” endured by a few institutions to recollect the factors of bad risk-management that contributed to such failings. “Lucidity” of “good bankers” will be at stake therefore, through considerations about the recent booming years leading to the crisis turn-around in 2007/2008.
….Such considerations will foster arguments about the top management of banks, and the recurrent debate about the role of the Board. They will also fuel issues of “conformity” within frames of regulation.

* Arranged alphabetically

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