for Education, the Foreign and Commonwealth Office,

Transcription

1 2010 The Path to Recovery: Concerted Structural Changes and Investments in Infrastructure HONORARY CHAIRMAN OF THE CONFERENCE The Italian Ambassador H.E. Alain Giorgio Maria Economides PRESIDENT OF THE ITALIAN CHAMBER OF COMMERCE Leonardo Simonelli Santi CHAIRMEN OF THE CONFERENCE Professor Robert Leonardi London School of Economics and Political Science Vincent Boland Lex Writer, Financial Times PANEL Sir Win Bischoff Chairman, Lloyds Banking Group plc Giampaolo Galli Director General, Confindustria Lee Hopley Chief Economist, EEF Angela Knight CBE Chief Executive, British Bankers Association Massimo Roccia ABI Associazione Bancaria Italiana Direttore Centrale Area Business Paolo Romiti Domestic and International Business Development Director Impregilo SpA Simone Urbani Grecchi Chief Manager London Representative Office Banca Infrastrutture Innovazione e Sviluppo GUEST OF HONOUR AT LUNCH Lord Wallace of Saltaire The Government Spokesperson for the Department for Education, the Foreign and Commonwealth Office, the Department for Business, Innovation and Skills, the Ministry of Defence and Government Whip 1

2 HONORARY COUNCIL THE ITALIAN CHAMBER OF COMMERCE AND INDUSTRY FOR THE U.K. Honorary President Presidential Council Honorary Vice President Honorary Councillors Honorary Auditors H.E. Alain Giorgio Maria Economides Italian Ambassador Sir Win Bischoff Lord Thomas Bridges Lord David Currie Lord Ralf Dahrendorf Lord Ezra of Horsham MBE Sir Paul Girolami Mark Garvin Sir Jan Lewando Michael Ancram The Marquess of Lothian, PC QC Brian C. Mck. Henderson Lord Paul of Marylebone, PC Kevin McNamara Sir Hugh Rossi Paolo Scaroni Sir Derek Thomas Marco Mancini First Counsellor, Italian Embassy Salvator Roberto Amendolia Scientific Attaché, Italian Embassy Massimo Capuano Borsa Italiana SpA Stefano Carcascio UK Representative, Banca d Italia David Crackett Partner, Deloitte Touche SpA Benito Fiore AT Kearney Ltd Simone Lavarini Chairman, Spaghetti House Ltd John J Law President, The British Chamber of Commerce Milan Robert Leonardi London School of Economics and Political Science Carlo Presenti Director, Italian Cultural Institute Valerio Scoyni Director, ENIT United Kingdom & Republic of Ireland Uberto Vanni d Archirafi Consul General, Italian Consulate General Peter Wood/Ronald Farrants BILA British Italian Law Association Paride Di Giorgio Pariola Ltd Roberta Crivellaro Studio Legale Associato con Withers LLP 2

3 COUNCIL OF MANAGEMENT THE ITALIAN CHAMBER OF COMMERCE President Leonardo Simonelli Santi Managing Director, Etrufin Reserco Ltd Senior Vice President Vice Presidents Banking: Industry: Services: Treasurer: Carlo Colombotti International Legal Consultant Stefano Burani General Manager and Head of EMEA, Intesa Sanpaolo SpA, London Branch Alberto Bertali Non Executive Chairman, Hoover Candy Group Eduardo Teodorani-Fabbri Corporate Senior Vice President, CNH UK Limited The Hon Sir Rocco Forte Chairman, The Rocco Forte Collection Dario Mancini General Manager, Banco Popolare Sc, London Branch Councillors Anthony Airs Luciano Cenedese Giuseppe D Anna Alberto De Benedictis Silvia Fazio Richard Gadeselli David Godfrey Andrew Humberstone (Alternate) Paolo Lo Monaco (Alternate) Roberto Pollara (Alternate) Franco Polo Maria Sacconi Antonio Tomassini Enrico Vignoli Helen Girgenti Neil Scott & Company General Manager, Banca IMI SpA, London Branch Head of Corporate Banking/GTB London, Unicredit Group Chief Executive Officer, Power Consulting Company Ltd Chief Executive, Finmeccanica UK Ltd Partner, Collyer-Bristow LLP Chairman, FIAT UK Consultant, Hill Dickinson LLP Managing Director, Fiat Group Automobiles UK Ltd Finance Director, Fiat Group Autombiles UK Ltd General Manager, Unicredit SpA, London Branch Managing Director, ENI UK Area Manager, Northern Europe, Alitalia SpA Director, Euro Catering Foods Ltd General Manager, Banca Monte dei Paschi di Siena, London Branch Secretary General Auditors 3

4 PROGRAMME THE PATH TO RECOVERY: CONCERTED STRUCTURAL CHANGES AND INVESTMENTS IN INFRASTRUCTURE 8.30 Registration and Coffee in the Library and Court Room 8.55 Call to Conference in the Banqueting Hall FIRST SESSION 9.00 President s welcome Dott Leonardo Simonelli Santi President, The Italian Chamber of Commerce and Industry for the UK Welcome from the Italian Ambassador to the Court of St. James s H. E. Alain Giorgio Maria Economides 9.20 Opening address by the Co-Chairman of the Conference Professor Robert Leonardi London School of Economics and Political Science and Director of the Social and Economic Cohesion Laboratory 9.30 Speakers: Angela Knight CBE Chief Executive British Bankers Association Massimo Roccia ABI Associazione Bancaria Italiana Direttore Centrale Area Business Lee Hopley Chief Economist, EEF Coffee break in the River Room 4

5 SECOND SESSION Opening address by the Co-Chairman of the Conference Vincent Boland Lex Writer, Financial Times Speakers: Q & A Simone Urbani Grecchi Chief Manager London Representative Office Banca Infrastrutture Innovazione e Sviluppo Paolo Romiti Domestic & International Business Development Director Impregilo SpA Sir Win Bischoff Chairman Lloyds Banking Group plc Giampaolo Galli Director General Confindustria Summary Cocktails in the River Room Luncheon in the Banqueting Hall Guest of Honour: Lord Wallace of Saltaire The Government Spokesperson for the Department for Education, the Foreign and Commonwealth Office, the Department for Business, Innovation and Skills, the Ministry of Defence and Government Whip Luncheon ends 5

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7 BIOGRAPHIES SIR WINFRIED (WIN) BISCHOFF Sir Win Bischoff was appointed Chairman of Lloyds Banking Group Plc on 15 September He was Chairman of Citigroup Inc. from December 2007 February 2009 and served as its acting Chief Executive Officer from November December He joined Schroders in January 1966 and was appointed Group Chief Executive of Schroders plc in December 1984 and Chairman in May Following the acquisition of Schroders investment banking business by Citigroup in April 2000, he became Chairman of Citigroup Europe. He retired from Citigroup in September He was awarded a knighthood in the New Year Honours list in 2000 for services to the banking industry. He was Co-Chairman with the Chancellor of the Exchequer, Alistair Darling MP, of a Report on UK International Financial Services the future (September 2008 May 2009). He is Chairman of the Advisory Council of The CityUK, the body set up to promote the financial and associated professional services industry of the UK following that report. In the United States, he is a director of Eli Lilly and Company, and The McGraw-Hill Companies Inc. He is Chairman of Career Academies UK and a member of the International Advisory Board of Akbank TAS, Turkey. His previous directorships include Cable & Wireless plc ( ), IFIL Finanziaria di Partecipazione SpA ( ), Siemens Holdings Plc ( ), Akbank TAS, Turkey ( ), Land Securities plc ( ) and Prudential plc ( ). VINCENT BOLAND Vincent Boland joined Lex in 2010, based in London. Lex is the oldest and arguably the most influential business and finance column in the world. Appearing daily on the back page of the Financial Times, Lex sets the agenda on everything from company analysis and macroeconomics to financial markets to critical trends of the day. Written with a sharp and authoritative yet often humorous voice, the column is unconflicted and fiercely guards its editorial independence. Vincent has been a foreign correspondent for the FT in Prague, Ankara and Milan, and covered international capital markets between 1997 and 2003 in London and New York, most recently as capital markets editor. He graduated with a degree in French and History from University College Dublin and worked for Bank of Ireland in the 1980s, including five years in private client investment management. He joined the FT in 1994 after a period at The Irish Times. 7

8 GIAMPAOLO GALLI Professor Giampaolo Galli was born in Milan on 13 March He holds a First-class honours degree with special mention in Political Economics awarded by the Bocconi University of Milan in1975. PhD in Economics in 1980, awarded by MIT (Cambridge, Mass.), where he conducted research with Franco Modigliani and Robert Solow on the Theory of Risk and Financial Systems. In 1979 he conducted research at the International Monetary Fund in Washington. From 1980 to 1992 he was with the Bank of Italy s Study Service, working in the areas of the monetary market, econometric research and economic forecasts. From 1992 to 1995 he was the Head of the International Department of the Study Service, studying international monetary relations within the EMS and with other principal areas, and representing the Bank of Italy at a number of international organisations, including the European Union Monetary Committee, the OECD Economic Policy Committee, the G10 Committee of Alternates. From March 1995 to February 2003 he was the Chief Economist at Confindustria. From March 2003 until January 2009 he held the position of Director-General, ANIA (National Association of Insurance Companies). During the period 1995 to 2003 he was a Member of the National Institute of Economic Research (London); Advisor to the Monetary and Financial Affairs Commission of the European Parliament regarding European monetary policy issues; Member of the EMU Monitor, Frankfurt (with P. Artus, E. Bomhoff, M. Neumann and J.Von Hagen); Member of the Group of Economic Advisors to the President of the European Commission. He has been a Lecturer in Econometrics, Monetary Policy and Economic Policy at the Bocconi University of Milan, La Sapienza University of Rome and the Luiss-Guido Carli University. He has written numerous articles for newspapers and scientific journals. He is currently the Director-General, Confindustria, a Lecturer in Insurance Economics and Finance at the Luiss-Guido Carli University (Rome) and a Councillor for CNEL (National Council for Economics and Labour). LEE HOPLEY Lee Hopley has worked as an Economist at EEF for the past eight years. As Chief Economist she leads EEF s work on the economy and industrial policy. This encompasses both macro-economic issues and matters relating to productivity and competitiveness. Lee coordinates the department s work on issues including skills; investment; tax; innovation; energy and oversees the department s economic forecasting. She is responsible for developing and communicating EEF s policy thinking to members, the media, the government and other key policy formers. Lee also represents EEF on UKTI s Advanced Engineering Advisory Board and is a member of the Economic Monitoring Panel at the Department for Business. Before joining EEF, Lee worked as an Economic Advisor to the Scottish National Party in both the Scottish Parliament and the House of Commons. Lee graduated from Edinburgh University with a Masters degree in Economics. 8

9 ANGELA KNIGHT CBE After leaving Bristol University with an honours degree in chemistry, Angela worked for the American industrial gas company Air Products Ltd. She was the product development manager for the application and sales of nitrogen as an inert carrier during the treatment of ferrous metal components. She went on to set up and was Chief Executive of a specialist contract heat treatment company treating precision engineering components Cook & Knight Metallurgical Processors Ltd and associated process plant manufacturing company. From 1987 to 1992 she was Councillor and Chief Whip on Sheffield City Council. She entered Parliament in 1992 as MP for Erewash and was Economic Secretary to the Treasury between 1995 and 1997, when she lost her seat at the General Election. She was the Chief Executive of the Association of Private Client Investment Managers and Stockbrokers from September 1997 to December She is currently the Chief Executive of the British Bankers Association. She is also a non-executive director on the boards of Brewin Dolphin plc and the Financial Services Skills Council. ROBERT LEONARDI Robert Leonardi is Director of the Economic and Social Cohesion Laboratory at the London School of Economics and Visiting Professor in European Public Policy in the School of Government, LUISS University in Rome. In the past he has taught in Italy at the Johns Hopkins Bologna Centre, European University Institute, University of Florence, University of Bologna, Carlo Cattaneo University in Varese, University of Messina, University of Catania. Abroad he has lectured on European affairs at Stanford University, University of Rio di Janeiro and Sao Paolo in Brasil, University of Barcelona, University of the Algarve and Pantion University in Athens. During the last twenty years he has carried out numerous research projects for the Commission of the European Union, national governments, regional governments and local authorities. His most recent research project ( ) for the European Commission looks at: The Impact of the Single Market on Cohesion. His latest books are: The Cohesion Policy of the European Union: The Making of Europe (London, Palgrave, 2005); The Dynamics of Federalism in National and Supranational Political Systems (London, Palgrave, 2007); La sfida di Napoli: Capitale sociale, sviluppo e sicurezza (Milan: Guerini, 2008); Orizzonte globale dello sviluppo locale: Sfide e opportunità degli investimenti esteri per il territorio fiorentino, (Milan: Franco Angeli, 2009) and Effetto regione in Basilicata: Le sinergie dello sviluppo, (Milan: Franco Angeli, 2010). He is a member of the British Academy of the Social Sciences and serves on the Scientific Committee of the Bonino-Pulejo Foundation in Messina. He has served in an advisory capacity for national, regional and local governments in Italy and other countries of Southern Europe on European policies. In he served as Director General in the Sicilian Regional Administration and currently is a member of the Cabina di Regia for the evaluation of investment projects in Sicily. 9

10 MASSIMO ROCCIA Massimo Roccia was born on 20th June 1962 in Rome, where he lives with his wife and two daughters. He has been working at the Associazione Bancaria Italiana (Italian Banking Association), the official representative body of the Italian Banking Industry, focussing on economic and regulatory issues since In September 2007 he was appointed Managing Director of the new Retail Area. From January 2005 August 2007 he was Managing Director of the Internal Resources Area. This department ensures standard methods of strategic planning, management, administration and control, aimed at the allocation and most effective and efficient use of human, technological, real estate and financial resources. Since September 2003, he has been the Secretary of the PattiChiari Consortium, a separate legal entity from ABI whose strategic aim is to provide customers with simple comparison tools and financial education programs to help them to better understand financial products and make informed choices. From May 2001 August 2007 he was Director of the Economic and Planning Division and prior to that from December 2000 the Director of the Banks & Society Project, a project team dedicated to designing the industry s strategy for the management of the industry s reputation and quality in the field of retail financial services. From 1st January 1999, he was the Director of the Economic Department. He has been a Member of the Economic & Monetary Affairs Committee of the European Banking Federation representing the Italian Banking Industry since 1998 and since 1993, a Director of the European Banking Report group, an independent think tank entirely dedicated to analyse strategic, economic and regulatory trends of the European banking industry, a group established by ABI together with more than 50 large financial institutions and universities world-wide. He has been a lecturer at the MBA programme of Luiss-Guido Carli University in Rome ( Economics of Financial Intermediation ) since In addition, he is the author of books and publications on banking and financial matters ( Posizionamento e competitività dell industria bancaria italiana in Europa, 2007, Scenario strategico e trends nel mercato bancario europeo: vincoli, opportunità e minacce per le piccole e medie banche, 2002, Modelli di organizzazione e di coordinamento dei diversi business bancari, 2002). From he was a lecturer at the University of L Aquila ( Money and Banking and Economics of Financial Markets ). In 1991 he attended Wharton Financial Education Institution Center, Wharton School, University of Pennsylvania, carrying on research projects in the area of bank capital allocation models. In 1986 he was a financial analyst for one of ENI s financial subsidiaries. 10

11 PAOLO ROMITI Paolo Romiti was born in 1960 and holds a Masters Degree in Mechanical Engineering from Università Politecnico, Milan. He is the Domestic & International Business Development Director (Civil Contracting, Concessions, Engineering and Contracting) of Impregilo SpA, a position he has held since For two years previously he was the International Business Development Director. From 1998 to 2001 he was Director of Sales & Marketing, Strategic Planning and External Relationships, Fisia Italimpianti SpA. (desalination and environment protection plants engineering and contracting). Other roles since 1998 have included Deputy Chairman of the International Permanent Committee of the National Association of Civil Contractors (ANCE); Board Member of the General Contractors Association (AGI); Board Member and Executive Committee Member of the National Association of the Environment Protection Industries (ANIDA); Board Member of the MITECO Consortium (construction of highways in Lombardy, Italy); Chairman of the Pedemontana Veneta SpA Consortium (construction of highways in Veneto, Italy); Board Member of Fisia Italimpianti SpA (desalination and environment protection plants engineering and contracting); Board Member of Nuova Romea SpA (concession of highways in Emilia Romagna, Italy); Board Member of Nitco SpA (desalination and industrial plants maintenance); Board Member of Sagit Srl (construction, Italy). Between he held various positions with INNSE Innocenti Santeustacchio SpA (Italimpianti/Finsider Group), Ansaldo Energia SpA and Ansaldo Industria SpA (Finmeccanica Group). LEONARDO SIMONELLI SANTI Leonardo Simonelli was born in Siena in Following a First Class Honours degree in Physics and Chemistry, post-graduate studies included Research Associate Fulbright Scholarship at Illinois University, a business administration course at Illinois University and IBJ Tokyo and a MA from Birbeck College. In 1969 he was appointed Adviser to IMI Istituto Mobiliare Italiano for the financing of applied research projects and the setting up of the research department. In 1972 he was a Foreign Department Officer based in Brussels and in 1973 was made responsible for the Export Credit Department in Rome. In 1977 he became Chairman of IMI s UK subsidiary, and in 1984 was responsible for IMI s International Division. In 1986 he established Etrufin Reserco Limited in the City of London where he continues to be Managing Director. Etrufin offered financial services and representation to Italian regional banks. He was elected President of Finest in 1993, an Italian financial services company specialising in Central and Eastern Europe. His term of office expired in April He was Chairman of the International Savings Banks in London from and Director of many Italian and international companies (including I.I.C.Y., Interfund, Fonditalia and INSUD). He served as Vice-President of the Italian Chamber of Commerce and Industry 11

12 for the UK during the years and was appointed President in Additionally, in 1999 he was elected as a Director of Assocamestero, the organisation which groups together all the Italian chambers of commerce abroad, and President of the European Area. In 2006 he was nominated President of the Commissione Finanzia of Assocamestero and in 2010 was elected as its Vice President. He is President of Simonelli Santi Co SpA and from 2005 to 2009 served on the Board of Directors of Monte dei Paschi Banca Personale. In 2007 he was invited to sit on the General Council of the Fondazione San Matteo of the Vatican, the first Foundation to be established by His Holiness Benedict XVI SIMONE URBANI GRECCHI Simone Urbani Grecchi was born in Turin in 1967 and has a degree in International Economics from University of Milan and an EU Master in Environmental Economics. He is Chief Manager at Banca Infrastrutture Innovazione e Sviluppo (BIIS), London, Intesa Sanpaolo Group. He has been working with the Group since 2003 for both the Divisione Commerciale Italia and International Division of BIIS. He worked previously in consultancy for five years, acting as Marketing and Business Development Director at Black & Veatch and serving as Head of Energy and Utilities Division at both Accenture and Arthur D. Little. Prior to that, Simone worked at ENI Group for over three years in various different capacities. He is marred to Elisa Minardi. LORD WALLACE OF SALTAIRE William Wallace (Lord Wallace of Saltaire) is the Coalition Government Whip in the House of Lords responsible for foreign affairs, defence and education. In the last Parliament he was Joint Deputy Leader of the Liberal Democrat Group in the Lords and Spokesman on Foreign Affairs. He was also Emeritus Professor of International Relations at the London School of Economics, where he taught full-time from He studied history at Cambridge University, and politics and international relations at Cornell University. He was Director of Studies at the Royal Institute of International Affairs (Chatham House) from , Walter F. Hallstein Fellow at St. Antony s College, Oxford. He has written on European international politics and transatlantic relations, as well as on British foreign policy, on the links between foreign policy, history and national identity and on political and constitutional reform. Policy-making in the European Union, with Helen Wallace and others, is now in its sixth edition. He joined the Liberal Party as a student in He fought five parliamentary elections in Manchester and Yorkshire, and chaired the manifesto working group for the 1979 and 1997 elections. He was awarded an honorary degree from the Free University of Brussels in 1992 and the French Legion d Honneur in

13 Torino, northwest Italy: investment opportunities in outstanding urban projects Piermonte Agency presents The urban development plan Variante 200 A comprehensive outlook of the business plan of the entire project An overview of the Torino real estate market and its future perspectives The Mayor of Torino, Sergio Chiamparino, will attend the seminar Wednesday 1 December 2010, 10.30am DLA Piper, 3 Noble Street, London EC2V 7EE To register: [email protected] supported by organising office

14 14

15 Menu, Toasts and Table Plans 15

16 Menu Wild Scottish salmon tartare with crème fraîche, pea shoots and toast * Rack of Lamb with pea purée, baby vegetables and mash potatoes * Homemade chocolate tart with Valrhona chocolate sauce, confit strawberries and raspberry nage * Coffee, tisanes and broken chocolate shards Wines Bisol Desidero Jejo Prosecco di Valdobbiadene, NV Gavi DOCG 2008 Calissano, Alessandria Montepulciano d Abruzzo DOC Valentino, Cantine Mucci

17 Toasts The Queen Proposed by The Italian Ambassador H. E. Alain Giorgio Maria Economides * The President of The Italian Republic and the Heads of State of the countries here represented Proposed by The Worshipful the Mayor of Southwark Councillor Tayo Situ * The Guests Proposed by President of The Italian Chamber of Commerce and Industry for the UK Dott Leonardo Simonelli Santi * Reply by The Government Spokesperson for the Department for Education, the Foreign and Commonwealth Office, the Department for Business, Innovation and Skills, the Ministry of Defence and Government Whip Lord Wallace of Saltaire 17

18 TABLE HOSTS TABLE HOSTS Table Number Banca IMI SpA London Branch 14 Banca Monte dei Paschi di Siena London Branch 18 Banca Popolare S.c. London Branch 8 Carlo Colombotti International Consultants 5 Finmeccanica UK 6 Intesa Sanpaolo SpA London Branch 15 Legance Studio Legale Associato 7 Pirola Pennuto Zei & Associati 9 Power Consulting Company Limited 12 UniCredit Group 16 18

19 FOYER

20 Arthur Bolliger founded the first Bolliger company in Rome in November His founding philosophy was the establishment of a company based on the principle of appreciation and care for peoples goods at a just price. In the years that followed, Bolliger expanded its presence, first in Europe, opening offices in Italy, Switzerland, Great Britain, Spain and eventually in the United States. Today, Bolliger world-wide boasts a fleet of over 450 employees, 200 vehicles and 70,000 square metres of modern warehousing facilities. But despite phenomenal growth, the fourth generation of the Bolliger family continues today to keep faith in the principles established in

21 Members and Guests Surname Name Company Area of Activity and/or Title Table Ago Francesco Chiomenti Studio Legale Partner 19 Airs Anthony Banca IMI General Manager, London 14 Albanese Chiara Freelance Journalist Almadori Riccardo Banca Popolare di Spoleto SpA Private Banking 22 Almadori Aurora Italian Clinic Specialist 22 Arena Pier Carlo Intesa Sanpaolo SpA Direzione Large & International Corporate, Milano 14 Arenare Tommaso Egon Zehnder International Consultant 22 Ascione Antonio SMS Engineering Ltd Vice President 4 Baccarini Pietro Banca di Romagna SpA Presidente 20 Bagnoli Mattia Bernardo ANSA UK Correspondent 6 Ballabio Monica Mediaset Resonsabile Finanza Operativa 10 Banfi Lorenzo Pirola Pennuto Zei & Associati Partner 9 Barbaglia Pamela Merger Market Journalist 2 Barbolla Francesco Camera di Commercio di Firenze Segretario Generale 20 Bartocci Bruno Legance Studio Legale Associato Partner 7 Bechmann Maren Luftansa Bellocchi Francesca Italian Chamber of Commerce for the UK Invest in Torino, Piemont Bentivoglio Giampiero Publieurope Financial Controller 15 Bertali Alberto Hoover Candy Group Non Executive Director 10 Bevan John Bevan Kidwell Partner 22 Biancelli Francesco Ove Arup & Partners Associato 2 Bischoff Sir Win Lloyds Banking Group plc Chairman 11 Boland Vincent Financial Times Lex Writer 10 Bonetto Luca Chiomenti Studio Legale Associate 16 Boschi Emanuele Banca Etruria Organizzazione e IT 21 Bresner Davide Rapisardi Intellectural Property Avvocato 21 Bruni Mario Fiat Finance and Trade Ltd Director 15 Bruno Paola PMS SpA Consigliere e CFO 4 Burani Stefano Intesa Sanpaolo SpA General Manager, Head of EMEA Hub 10 Caissotti di Chiusano Niccolò Dalton Strategic Partnership, DSP Advisor 9 Cajrati Alessandro Estate 4 Ltd CEO 5 Callegaris Donatella Kreos Capital Porfolio Executive 23 Canestro Massimiliano SMS Engineering Ltd Vice President 4 Capasso Rosangela SMS Engineering Ltd Managing Director 4 Capozzi Alessandra Intesa Sanpaolo SpA Italian Large Corporate 15 Caprarica Antonio RAI TV UK Correspondent 16 Caprioglio Matteo Studio Legale Caprioglio Partner 16 Capuano Massimo Borsa Italiana SpA Consigliere 10 Carcascio Stefano Banca d'italia UK Representative 16 Carlone Giovanni Microsite Call Center Amministratore Generale 2 Carnevale Michael Alitalia Carney Brad Citi Loan Sales 8 Caro Monica The Catholic Trust for England and Wales Senior Development Officer 14 Carotenuto Giovanni Orrick, Herrington & Sutcliffe Of Counsel 4 Casale Roger Finmeccanica UK Consultant 6 Castellani Sarah Eti Italian Consulate General Consul 12 Castiglioni Francesca Legance Studio Legale Associato Responsabile Marketing 7 21

22 Members and Guests Surname Name Company Area of Activity and/or Title Table Cenedese Luciano UniCredit Corporate Investment Banking Head of Corporate Coverage 16 Ciaramella Domenico Legance Studio Legale Associato Managing Partner - Rome 7 Cidonio Matteo Aura Real Estate Partner 7 Cilloni Francesco Royal Bank of Scotland Director FI DCM Securitisation 18 Clarkson Stephen HSBC Bank plc Director 8 Cocozza Massima Chiomenti Studio Legale Partner 19 Coda Pier Paolo UniCredit Corporate Investment Banking Relationship Manager International Desk 16 Colombini Alessandro Confindustria Toscana Vice Presidente 3 Colombo Andrea Navalmar UK Director 16 Colombotti Carlo Carlo Colombotti International Consultants 11 Como Pietro Barabino & Partners UK Plc Senior Consultant 19 Coniglio Paolo Pringle Consulting srl Director Conti Rossana Speechly Bircham LLP Solicitor 23 Cordelli Luca Locker Greenberg & Brainin PC Attorney 5 Corts Maria Think London Business Development Manager 2 Costa Alberto In2Matrix General Legal Counsel 21 Cremona Massimo Pirola Pennuto Zei & Associati Partner 9 Cuneo Paola Think London Head Of Europe Middle East & Africa 18 Cunnington David Cordea Savills Managing Director 9 Curtin Fiona Curtin & Co Marketing Consultant 1 Dandon Melody Italian Chamber of Commerce for the UK Commercial Manager Danilovich John Ambassador 5 D'Anna Giuseppe Power Consulting Limited Managing Director 12 Dannreuther David Withers LLP Partner 21 Dapri Michele Intesa Sanpaolo SpA General Manager, Head of EMEA Hub 15 Davola Giuseppe Studio Davola Commercialista 21 De Battisti Sergio DB Invest Ltd Director 4 De Biase Francesco Maria Italian Embassy Italian Defense Attache' 6 De Col Gabriele SCM Group Ltd 8 De Giorgi Emilio NCTM Partner 22 De Giorgio Pietro H7 SpA Partner 9 De Marchi Nino Banco Popolare Sc Deputy General Manager London Branch 8 Dettoni Jacopo Freelance Journalist Dettori Stefano Everest Europe Managing Director Di Fusco Alessandro Egon Zehnder International Consultant 20 Di Montorio- Veronese Paolo PdMV Capital President & CEO 5 Di Nisio Andrea Dalton Strategic Partnershp, DSP Partner 3 Dinca Roxana Forum Invest Senior Event Coordinator Economides S E Alain Giorgio Maria The Italian Ambassador 11 Erba Mario Banca Popolare di Sondrio Vice Direttore Generale 11 Esposizione Livio Studio Legale Tonucci & Partners Partner 20 Falciani Stefano List UK Ltd Managing Director 20 Fantetti Raffaele Senatore della Repubblica Italiana 5 Fantoni Claudio Pictet and Cie Bankers Director 22 Fazio Silvia Collyer Bristow LLP Partner 1 Fazzari Maurizio WestLB AG Direttore Generale Rappresentante Legale e Country Head Milano 15 Ficai Francesca Merger Market Journalist 19 22

23 Members and Guests Surname Name Company Area of Activity and/or Title Table Finardi Daniela Italian Chamber of Commerce for the UK Membership Liaison Officer Fiore Benito A T Kearney Director 15 Franz Ernesto Laurenzia Ltd Managing Director Frediani Natalie Shares Magazine Gaddo Filippo Ernst & Young LLP Manager 1 Galgani Vasco Camera di Commercio di Firenze Presidente 10 Gallenca Andrea ISC Istitutional Center Relationship Manager 1 Galli Giampaolo Confindustria Direttore Generale Garbi Gianluca Commerzbank AG Managing Director 21 Garofalo Paolo Banca d'italia Deputy Representative in the UK 9 Girgenti Helen Italian Chamber of Commerce for the UK Secretary General 7 Godfrey David Hill Dickinson LLP Consultant 14 Grandi Gianluca Italian Embassy First Counsellor 6 Grey Richard CLS Communications Grillo Salvatore Sisu Capital Investment Manager 2 Gubitosi Marco Gianni, Origoni, Grippo & Partners Partner 20 Guerra Maria Teresa Banca Popolare di Milano Responsabile Ufficio Legale 7 Hackett Thomas EBRD Executive Director for EIB 21 Hopley Lee EEF Chief Economist Ignatius Nadia Withers LLP Solicitor 3 Immordino Michele Latham & Watkins Partner 1 Inzaghi Petrina Urban Vision srl Pubbliche Relazioni 5 Inzani Lisa Bevan Kidwell Partner 20 Jamieson Colin Pirola Pennuto Zei & Associati Partner 9 Kazzi Samara Taxila Capital Director, Private Equity Placements 5 Knight CBE Angela British Bankers' Association Chief Executive 11 Laffineur Petracchini Gherardo Espirito Santo Financial Group S A CEO 22 Lantelme Marco Carnelutti Studio Legale Associato Partner 3 Lavarini Luigi Spaghetti House Restaurants CEO 1 Law John J British Chamber of Commerce for Italy President 10 Leonardi Robert London School of Economics and Political Science Professor 11 Letizia John Lloyds Bank TSB plc Head of Public Policy and EU Relations Liberatore Francesco Jones Day Associate 4 Lichino Claudio Chiomenti Studio Legale Managing Director 19 Lord St John Bletso 5 Lord Wallace of Saltaire UK Government Spokesperson for the Department of Education, the Foreign and Commonwealth Office Department for Business, Innovation and Skills, the Ministry of Defence and Government Whip 11 Lugli Riccardo Banca IMI Head of Leverage & Acquisition Finance, London 14 Macchi di Cellere Stefano Jones Day Partner 4 Maisano Leonardo Il Sole 24 Ore London Bureau Chief 18 Mancini Dario Banco Popolare Sc General Manager - London Branch 8 Mancini Marco Italian Embassy First Counsellor 8 Mantegazza Francesco Pirola Pennuto Zei & Associati Partner 9 Marchetti Fabrizio Banco Popolare Sc Direzione Corporate 8 Marchiolo Tancredi EIM UK Limited Sales and Marketing Executive 12 Mathiasz Janina Verona Fiere 3 23

24 Members and Guests Surname Name Company Area of Activity and/or Title Table Mauti Gianfranco x-citi (Associazione degli Alunni di Citigroup in Italia) Presidente 15 McGran Sean Alchemy Design Award Managing Director 19 Moccagatta Francesco Banca IMI Managing Director, M&A Advisory London 14 Molinari Gianfranco Gustar Divino Managing Director 1 Nardi Barbara Ferragamo General Manager 16 Nathanson OBE Michael Thring Townsend Lee & PembertonsConsultant 18 Niada Marco Finsbury Senior Advisor 6 Oakley Alan Alexander and David Securities Limited Director, Corporate Finance CIS 12 Omiccioli Luigi Italian Clinic Director Palmer Roderick Hill Dickinson LLP Partner 8 Panunzio Lorenzo European London Network Managing Director Paoletti Giuseppe Italian Chamber of Commerce for the UK Trade Fairs Promotion Paoletto Alessia Withers LLP Avvocato e Solicitor 3 Pau Rosalba Italian Lessons in London Director 23 Pedrotti Michele Ernst & Young LLP Senior Executive 1 Perotto Anthony NCTM LLP Managing Partner, London 2 Pesce Oliviero Consultant 22 Pesciarelli Marco Banca IMI Head of European Rates Sales, London 14 Petkovic Denis Withers LLP Partner 21 Pettibon Maurizio Kreos Capital Partner 23 Phillips Darren Banca IMI Head of International Conduit Financing and Management Securitisation and Risk Transfer 14 Piantadosi Luigi Finmeccanica UK VP NATO 6 Pini Domenic Pini Franco LLP Partner 22 Pollara Roberto UniCredit Group Chief Manager, London Pontecorvo Stefano Italian Embassy Ministro Plenipotenziario 16 Pravettoni Alberto LCH Clearnet Managing Director 21 Quattrociocche Enzo EBRD Secretary General 6 Redi Jacopo Redi & Partners Managing Director 20 Ricci Silvio Banca Monte dei Paschi di Siena SpA Manager, Customer Desk London Branch 18 Rice Ian Alexander and David Securities Limited Director, Corporate Finance 12 Rivolta Thomas Pirelli RE Advisor 16 Rizzi Luigi Studio Legale Tributario Associato con DLA Piper Partner 4 Roberts Claire Finmeccanica UK Media Relations 6 Roccia Massimo ABI - Italian Banking Association Direttore Centrale Area Business 10 Romiti Paolo Impregilo SpA Domestic and International Business Development Director 12 Ross Sidney Celia Italian Chamber of Commerce for the UK Conference Organiser 21 Rouse Duncan Banca Monte dei Paschi di Siena SpA Deputy General Manager, London Branch 18 Rushan Keith Robinson and Rushan Partner 12 Sabbion Andrea Studio Legale Sabbion Fondatore e Managing Partner 4 Sacconi Maria Alitalia UK Country Manager 15 Sanfelice Giovanni Barabino & Partners UK Plc Managing Director - Partner 7 Santucci Salvatore Santucci & Partners Limited President 3 Sarno Silvio Calcestruzzi Irpini SpA Amministratore Unico 24

25 Members and Guests Surname Name Company Area of Activity and/or Title Table Scoyni Valerio ENIT UK Representative 9 Serafini Emanuele Finmeccanica UK VP External Relations 6 Serafini Francesca Italian Trade Commission Acting Director, London 6 Sidoli Domenic PWP Solicitors Solicitor 5 Simonelli Leonardo Italian Chamber of Commerce for the UK President 10 Singharay Hiren Standard Chartered Bank Managing Director, Head of Syndications 8 Sing-Key Simon FSA Associate 18 Sironi Daniele Merrill Lynch International Wealth Management Financial Advisor 2 Soulsby Peter Banco Popolare Sc Manager, Credit Department London Branch 8 Spera Patrizia Finmeccanica SpA Dirigente 15 Svizzero Nicolo' NS Multi Family Office Founder and Chairman 3 Talamonti Marco ENI Holding UK Director 15 Tanda Ugo TMA Legal Partner 20 Tantalo' Pietro Maria NCTM 2 Taylor Steven Ambrosetti Group Ltd Chief Executive Officer 19 Teodorani Fabbri Eduardo CNH Global NV Senior Vice President, Corporate Development 11 The Hon Sir Rocco Forte The Rocco Forte Collection Chairman 11 The Worshipful The Mayor of Southwark Councillor Tayo Situ 11 Tomada Fabrizio Gestore Servizi Energetici GSE Senior Advisor 22 Tosato Massimo Schroders Plc Executive Vice Chairman Trainotti Paolo Trainotti & Partners Partner 2 Urbani Grecchi Simone BIIS Chief Manager, London Representative Office 14 Vacca Alberto Aviva Europe Investment and Reinsurance Director 9 Vagni Roberto Italian Embassy Vice Commissario Economico-Finanziario e Commerciale 12 Valente Stefano Arner Bank Vice Presidente 3 Valenza Daniela Urban Vision Srl Amministratore Unico 5 Vanni D'Archirafi Uberto Italian Consulate General Consul General 18 Verri Giovanni Carlo Camera di Commercio di Vercelli Presidente 20 Versiglioni Matteo Santucci & Partners Limited Director 1 Vignoli Enrico Banca Monte dei Paschi di Siena SpA General Manager, London Branch 18 Virgilio Luca Baglioni Hotel General Manager 2 Viskovic Alfredo Hrvatska Elektroprivreda Director 12 Wainwright Lorna Teuco UK Manager 19 Walker Barry Italian Chamber of Commerce for the UK Consultant 12 Wallace CMG Helen Professor 10 Ward William UK Correspondent Il Foglio, Panorama 7 Wells-Greco Michael Collyer Bristow LLP Assistant Solicitor 1 Weston Caspar T. WestLB AG Director 19 Wildman Nicola FSA Lead Associate 18 Wright Jason Kroll Associates Senior Director 19 Zarlatti Carla LABLAW Partner 3 Zatta Richard Banca IMI Head of Project & Industry Specialised Lending, London 14 25

26 THE ITALIAN CHAMBER OF COMMERCE AND INDUSTRY FOR THE U.K. ORGANISATION CHART President HEAD OFFICE Secretary General Accounts Commercial Manager Commercial Department Assistant Conferences Invest in Torino, Piedmont Master in Hospitality & Hotel Management Membership Liaison Officer Trade Fairs Manager Trade Fairs Promotion Trade Fairs Promotion Leonardo Simonelli Santi Helen Girgenti Giuseppe D Emilio Melody Dadon Luigi G J Fontana Sidney Celia Ross Francesca Bellocchi Maria Vittoria Valentino Daniela Finardi Giuseppe Paoletti Eva Lamorgese Alessandro Giacalone 1 Princes Street, London WlB 2AY Tel: + 44 (0) Fax: + 44 (0) [email protected] REGIONAL OFFICES Edinburgh 32 Melville Street Immacolata Scirpoli Edinburgh EH3 7HA Tel/Fax: (0) [email protected] Glasgow 24 St. Enoch Square Martina Missiato Glasgow G1 4DB Tel: +44 (0) [email protected] Manchester 9th Floor, 111 Piccadilly Manchester M1 2HY Tel: +44 (0) Fax: +44 (0) [email protected] Stefania Corallo 26

27 THE ITALIAN CHAMBER OF COMMERCE AND INDUSTRY FOR THE U.K. History The Italian Chamber of Commerce and Industry for the UK is a company limited by guarantee devoted to promoting and extending business relations between the United Kingdom and Italy. Established in 1886, it is one of the oldest of the 74 Italian Chambers of Commerce abroad and was formally acknowledged by the Italian Government in accordance with Italian Law N. 518/70. Services We offer a wide range of standard and personalised services to members and non-members who are interested in trading goods or services between the two countries. Through our internal resources and our network of business and institutional partners, we provide our clients with the service or advice needed to expand their business. Quarterly Magazine Together with the London offices of the Italian Trade Commission and the Italian State Tourist Board and with the support and patronage of the Italian Embassy, we produce Italy-UK Partnership, a quarterly magazine covering cross border activities between Italy and the UK in relation to trade, investment, tourism and events. Membership Membership of the Chamber grants access to a number of free and special rate services and to exclusive activities and events. It is open to all companies and individuals in the United Kingdom and Italy. Supporting status entitles members to further discounts on services, while Benefactors are also involved to a greater extent in the life and management of the Chamber. Master in Hospitality and Hotel Management The Chamber s Master in Hospitality and Hotel Management programme is now in its seventh edition. The course lasts 4 7 months and involves intense training in tourism marketing and communication, food & beverage sales, events management, leadership and hospitality law. The programme also provides excellent internship opportunities with major international hotel chains and restaurants in London. Annual fees: Non-Corporate Ordinary Member 75 + VAT Corporate Ordinary Member VAT Supporting Member VAT Benefactor Member VAT One-Off Registration Fee VAT To request a membership pack, kindly contact our offices via on [email protected] 27

28 Be a part of the UK s biggest celebration of all things Italian Food Wine Property Travel Style & Design Over 17,000 visitors in the heart of London La Dolce Vita March 2011 Business Design Centre, Islington For more information please contact Melissa Ormiston Tel: [email protected]

29 FORTHCOMING EVENTS Thursday 21st October Tax and Legal Chapter Seminar The Italian Chamber of Commerce and British Chamber of Commerce for Italy (BCCI) in collaboration with Grant Thornton and Bernoni Partners have pleasure in inviting you to a Tax & Legal Chapter seminar. The seminar will cover Transfer Pricing legislation in Italy, UK and France with a focus on: Agreed Transfer Pricing rules and recent news in Italy, UK and France. Obligations concerning TP documentation and Best Practice. Dispute resolution (APA) and Mutual Agreement Procedures (MAP). Venue: The Mountbatten Room, Royal Automobile Club, 89 Pall Mall, London SW1Y 5HS Tuesday 9th November 2010 Time: tba Bevan Kidwell Legal Round Up 2010 Bevan Kidwell, a firm of commercial solicitors based in Farringdon, will present a bullet point overview of the following topics designed to present what you need to know in concise non-legal speak. Employment Law Update. An overview of the latest developments. Effective steps in debt collection. Liquor Licensing an Update. Venue: The Hatton, Hatton Garden, London EC1N 8HN Wednesday 17th November International Wine & Chat International Wine & Chat with the Chambers of Commerce of Italy, France, Spain and Argentina. An excellent opportunity to network with members and representatives from all of the aforementioned Chambers whilst tasting distinguished and Grand Cru wines from all countries present. Ticket prices: Members 30 Non-Members 40 Venue: The Residence of the Argentinean Ambassador, 49 Belgrave Square, London SW1X 8QZ 29

30 Tuesday 30th November 2010 Time:TBA Nanotechnologies for Efficient and Clean Transportation: Innovative Projects from Turin, Piedmont Piemonte Agency, on behalf of the Torino Chamber of Commerce, will present the most interesting business opportunities and nanotech projects for efficient and clean transportation. Speakers will be from top universities and research centres as well as major private companies. Piemonte Agency is the one-stop-shop for foreign companies wishing to locate in Turin, Piedmont. Venue: Mayfair Conference Center, Garden Room, 17 Connaught Place, London W2 2ES Wednesday 1st December followed by a light lunch Turin, Northwest Italy: Investment Opportunities in Outstanding Urban Projects The City of Torino, in collaboration with Piemonte Agency, has organised a seminar to present the most important urban transformation project of the post-olympic city: Line Two of the underground and the Variante 200 urban development plan. The Project involves the re-organisation and re-design of entire portions of the city creating 1 million square meters of new housing, office, tertiary, craft and service facilities. Venue: DLA Piper, 3 Noble Street, London EC2V 7EE Wednesday 1st December 2010 Time:TBA Belluzzo & Associati Workshop 2010 UK Italy Cross Border Tax & Legal Update. The workshop will analyse the tax strategies for non-domiciles in the new regime and will present an Italian and UK update on tax issues illustrating the impact and the consequences in the UK for Residence Non Domicile taxpayers. By invitation only. Places are limited. Venue to be confirmed For further details on all Italian Chamber events including how to register, visit 30

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32 REPRODUCED WITH THE KIND PERMISSION OF THE BANK OF ITALY 32 Peterson Institute for International Economics - Bruegel Conference: The Transatlantic Relationship in an Era of Growing Economic Multipolarity Key note by Mario Draghi Governor of the Bank of Italy Washington, 8 October 2010 Let me start by thanking Fred Bergsten, Director of Peterson Institute for International Economics of Bruegel, for inviting me to this policy debate on regulatory reform and transatlantic relations. The issues on the conference agenda are highly topical and present challenges for international policy makers. Just as is the case for tackling the problem of global climate change another important topic on your agenda achieving a more stable and resilient global financial system requires coordinated action at the global level. The US and Europe have strong joint interests in this and are critical to progress. But so are the growing weight of countries beyond these continents, and they have come to play an increasingly important role in shaping global outcomes. In my remarks I will first review what we have achieved so far in terms of financial reforms. I will then turn to important challenges still ahead of us. And I will conclude with thoughts on international policy coordination and the role of the FSB. ACHIEVEMENTS SO FAR We have come a long way towards strengthening the financial system since this crisis began, reflecting an unprecedented amount of international co-ordination in achieving consistent reforms. While issues remain to be resolved, in Europe, in the US and elsewhere, we are, collectively, fundamentally reshaping the framework for systemic financial oversight. Let me note some examples: First, top-down, system-wide oversight arrangements are being put in place at national, regional and international levels. These arrangements are designed to deliver more encompassing surveillance, with broadened macro-prudential perspectives, and better mechanisms for triggering action on identified risks. Examples are the European Systemic Risk Board and related arrangements, the US Financial Services Oversight Council, the IMF-FSB Early Warning Exercise, and the establishment of the FSB itself. Second, major jurisdictions have overhaulied their regulatory and supervisory structures to strengthen responsiveness to risks, improve coordination and close gaps. The FSB is in many ways the international manifestation of these efforts; Third, the regulatory perimeter is being expanded. Major jurisdictions have finalized or will shortly finalize legislation that establish regulation and oversight over the OTC

33 derivatives markets, hedge funds and credit rating agencies. In each of these areas, principles for what regulation should achieve have been internationally agreed and implementing regulation is being closely coordinated; Fourth, we have put in place cross-border oversight and contingency planning for the largest and most complex global financial institutions, each of which now have functioning core supervisory colleges and crisis management groups. At the level of the essential regulatory policies to buttress financial stability, let me recall: that with Basel III, we have a fundamentally revised global bank capital framework which will establish stronger protection through improved risk coverage, more and higher quality capital, a counter-cyclical buffer and a constraint on the build-up of banking sector leverage; Second, as part of Basel III, we will for the first time have a global liquidity standard for banks that will promote higher liquidity buffers and constrain the maturity mismatching that created the condition for this crisis; Third, as I will describe later, we are making progress in developing a policy framework and tools to roll back the moral hazard risks posed by institutions that are TBTF; Fourth, we have eliminated the perverse incentives that pervaded securitization, including the scope for leverage to develop in opaque offbalance sheet vehicles through changes to accounting standards and regulatory and prudential rules; Fifth, we are establishing central clearing of standardised contracts in the OTC derivatives markets and a OTC global trade repository is now in operation; Fifth, we have developed a series of supervisory tools to raise standards of governance, risk management and capital conservation at financial institutions. In this context, let me note that: we are making good progress with accounting standard setters towards expected loss provisioning regime for credit losses, which will dampen procyclicality and align accounting and prudential objectives in this key area; and principles and standards have been issued to better align compensation systems with prudent risk-taking. The standards give supervisors powers to restrain compensation structures and the level of pay-out to conserve capital in the firm. As we move to raise capital levels, we will encourage supervisors to use these powers. I have been selective in my enumeration. But the point I want to leave with you is that we should not underestimate what has been accomplished. Each of the above areas are difficult in their own right. That we have been able to progress global policy development and implementation on such a broad front, while fighting a very serious financial crisis, is something that has never happened before. So, the direction in which we are moving internationally is encouraging. But important issues remain. And it is political resolve that will determine whether we accomplish the credible and robust reforms that our citizens rightly demand, yet preserve the enormous advantages of an internationally integrated financial system. 33

34 ADDRESSING TBTF Addressing the too-big-to-fail (TBTF) problem is perhaps the most challenging remaining legacy of the crisis. Basel III will greatly strengthen banking system resilience, but it does not address this problem. The FSB has assessed a broad range of policy options in this area and will present its recommendations to the G20 in November. It is important to recognise that SIFIs vary widely in structures and activities and that the nature and degree of the risks they pose also differ. Some are large, complex highly integrated global financial institutions with activities spanning a range of sectors. Others may have a global customer base but are simpler commercial banking operations. Yet a third category is entities that are large at a domestic or regional level but nonetheless globally interconnected through wholesale funding markets. Whatever their nature, SIFIs have two things in common: that their uncontrolled failure would cause significant systemic disruption and that we, as authorities, cannot at present resolve them in an orderly fashion without use of public funds. The framework we have agreed to address SIFIs is therefore based on four necessary pillars. First, we must radically improve our capacity to resolve SIFIs without disruptions to the financial system and without taxpayers support. Effective resolution regimes must advance the goals of both financial stability and market discipline. This means they need to be able to impose losses on shareholders as well as creditors while ensuring continuity of essential financial functions. All countries should have a Dodd Frank style regime in place. In addition, we need to acquire additional resolution tools. The bail-in of debt holders holds significant attractions both from the perspective of correcting creditor incentives and protecting tax payers. But the legal issues associated with the bail-in in group structures and in a cross-border context are non-trivial. Moreover, to be effective backstops in dealing with global firms, national resolution regimes need to converge towards common standards. And theseneed to be supplemented by cross-border cooperation arrangementsunderpinned by national law that provides both mandate and capacity for resolution authorities to cooperate. Legislative changes will be needed in many countries to enable this. Lastly, living wills will be mandatory for major firms. These will include assessments of firm resolvability. Supervisors will have the power to require changes to a firm s structure to improve its resolvability. Second, the loss absorption capacity of systemic firms should reflect their role in the global financial system and their potential contribution to systemic risk. Even with the best possible resolution tools, the failure of a major global firm would cause significant damage. This reinforces the importance of strengthening the resilience of major global firms. Higher loss absorption capacity for SIFIs than the minimum agreed Basel III standards, especially for the largest globally operating SIFIs, therefore are at the core of our recommendations. A credible process of peer review will be established to challenge the policy choices made within each jurisdiction and to ensure that measures applied on a country-by-country and SIFI-by-SIFI basis are consistent and mutually supportive. The third area is strengthened oversight and supervision. Senior line supervisors have drawn a frank assessment of weakness leading up to this crisis. These weaknesses were 34

35 not present in equal amounts everywhere, but there is scope for improvements all around. Our recommendations in this area have been developed with the IMF. One set is focused on the mandates, independence and resourcing of supervisors. Another is on improved methods and practices to proactively identify and address risks. Fourth, we will be setting out higher robustness standards for core financial infrastructure. These infrastructures including for central counterparties are themselves sources of systemic risk were they to malfunction or fail. This is a complex project which will unfold over a number of years. It will need to be consistently implemented in all major countries to maintain a level playing field, avoid regulatory arbitrage and effectively address the risks to the overall system. The already established FSB framework of country and thematic peer reviewing process will address improved resolution frameworks and more intensive supervision In addition for SIFIs with the potential to create damages at a global level we will establish a mutual policy review process that will review and challenge the national policies towards major global SIFIs. Ahead of us, other issues still require attention: So far, most of our attention has been on strengthening the resilience of the banking system, and rightly so. Yet, the shadow banking sector remains a large part of our financial systems, less regulated, but nonetheless significant in the credit intermediation and maturity transformation, and subject to runs in damaging ways. We need to make frameworks for macro-prudential policies and systemwide oversight operational. We will be sharing approaches for surveillance, powers to obtain information and modalities for action on identified risks. The FSB will coordinate approaches where an international regulatory response is needed. We will be working with the BIS and the IMF to build principles for effective macro-prudential policies. Lastly, the FSB is developing arrangements to broaden the involvement non-members in its work at early stages of policy development. We will be setting up regional arms of the FSB. Each regional group will be co-chaired by an FSB member and a regional non-member who will attend FSB Plenary meetings. CONCLUSIONS Let me conclude. Three things have been important in making the progress we have on reforms: First, the sheer seriousness of the crisis, and the recognition that, in a globally intgrated system, we all sit in the same boat; Second, the readiness in the official community to agree objectives and timelines for substantial reform, including through the G20 process; and Third, the establishment of mechanisms, such as the FSB, to hasten the policy development needed to meet these objectives. I am quite confident that, with these, we will be able to achieve globally consistent rules that will lastingly increase the resilience of the financial system and the real economy and deliver the level playing field that a global system needs. 35

36 36 The Path to Recovery: Concerted Structural Changes and Investments in Infrastructure