Tuesday 9 May 2017

How can Developing Local Currency and Capital Markets Strengthen Financial Resilience?

Press Briefing Room, Level 0, Filoxenia Press Centre

EBRD countries of operation suffer from under-developed local currency debt markets, often in combination with a high level of foreign currency borrowing.  Both factors increase systemic risk. This was widely acknowledged by the G20 Presidency chaired by Germany in 2017, with this years’ focus on Resilience, i.e. on creating common principles to improve countries’ ability to absorb economic shocks and develop better responses to long-term structural challenges.

Building resilience underpins the strategic objective of EBRD’s LC2 Initiative that aims to achieve more efficient and self-sustaining financial intermediation through broader use of local currency and the development of local capital markets.

The development of local currency and capital market can, however, only be successful when public and private sectors, local authorities and market participants, work closely together. How can each contribute, and what is the role for International Financial Institutions?

We are bringing together a diverse panel of policy makers, along with representatives from the international community and the private sector to discuss the multiple roles that need to be played by the public and the private sector in building local currency markets, and how the wider international community can contribute to this challenge.

The event is open to all Annual Meeting participants. However due to capacity restrictions at the event venue, please let Jacqueline Alexandre, alexandj@ebrd.com, know if you wish to attend.

 

Moderator

Andre Kuusvek

Director, Local Currency & Capital Market Development, EBRD

Keynote

Pierre Heilbronn

Vice President, Policy & Partnerships, EBRD

Speakers

Christof Harzer

Head of Division, Federal Ministry of Finance

Archil Mestvirishvili

Deputy Governor, National Bank of Georgia

Mohamed Omran

Executive Chairman, The Egyptian Exchange

Marinos Vathis

CEO / President of the Executive Board, Vojvodjanska Banka

Christof Harzer

Head of Division, Federal Ministry of Finance

Since 2014, Christof Harzer is working as Head of Division at the German Federal Ministry of Finance. Within the Federal Government, his Division is inter alia responsible for the coordination and fomulation of German positions at the EBRD Board of Directors as well as for preparing and advising the German Governor. Before becoming Head of Division, he held several positions as Senior Economist at the German Federal Ministry of Finance, inter alia in the Divions for bilateral and multilateral cooperation with central and eastern European countries and for MDBs. Before that, he worked at Deutsche Bundesbank‘s International Relations Division on IMF matters. From 2002 to 2004 he served as an Assistant to the German Executive Director at the International Monetary Fund in Washington D.C. He held the position of Financial Attaché at the German Embassy in Moscow for a three year term beginning 1996.Harzer graduated from Marburg University, Economics Department.

Pierre Heilbronn

Vice President, Policy & Partnerships, EBRD

Pierre Heilbronn is responsible for the Bank’s country and sector strategies, policy engagement, TC and initiatives upholding and supporting the Bank’s transition mandate. Before joining the EBRD in November 2016, he was deputy chief of staff for France’s Minister of Economy and Finance. Before that, he served as the European advisor of the French Prime Minister and for six years. Earlier in his career, he assisted in the creation of the European External Action Service. As head of Cabinet of the European Commissioner for External Relations and Management of Development Aid, he worked on the Neighbourhood policy and on the management of EU development aid at the programming cycle. Pierre Heilbronn started his career in the French Ministry of Foreign Affairs (Department of European cooperation) and the Ministry of Finance. He graduated from the Institut d’Etudes politiques de Paris and the Ecole nationale d’administration (ENA).

Andre Kuusvek

Director, Local Currency & Capital Market Development, EBRD

André Küüsvek has been Director for Local Currency and Capital Markets Development since 2012.  In 2008-2013 he was Country Director in Ukraine and in 2004-2008 in Kazakhstan. From 1996-2004, he led project teams investing equity and debt in financial institutions across Central and Eastern Europe and the CIS, while also acting as coordinator for capital markets and stock exchanges and as financial sector coordinator for several countries. André started his banking career as a commercial banker in Estonia, heading the international departments of Commercial Bank of Tartu and Bank of Tallinn in the early 1990s. After moving to Germany, he worked for private bank Schröder Münchmeyer Hengst and for Dresdner Bank until being hired by EBRD in 1996. An Estonian national, André graduated from Tallinn Technical University, as well as from Estonian Business School and Stockholm School of Economics.

Archil Mestvirishvili

Deputy Governor, National Bank of Georgia

Since 2009, Archil Mestvirishvili is a Member of the Board of the National Bank of Georgia and Deputy Governor of NBG. In different years, he was working for the Georgian Parliament Budget Office, as a leading specialist; for the National Bank of Georgia as Economist-Researcher; Head of Macroeconomics Department, for the Administration of the President of Georgia as Head of Monetary, Fiscal and Economic Policy Department; for Tbilisi City Hall, as a Head of Economic Policy Department. He graduated from Tbilisi State University, Department of Mathematics and Mechanics, in 1994. He graduated from Temple University (2000-2002), Philadelphia, Pennsylvania in 2002, Scientific Degree – Master of Arts in Economics.

Mohamed Omran

Executive Chairman, The Egyptian Exchange

Mohamed Omran is the Executive Chairman of the Egyptian Exchange, Chairman of the Federation Euro-Asian Stock Exchanges (FEAS) & Professor of Finance at AAST. He served as Vice Chairman for Operation of the Insurance Holding Company & Vice Chairman of the Egyptian Exchange. He holds MSc from Cairo University & Ph.D. in Finance from the University of Plymouth-UK. He’s a visiting Professor in several research & academic institutions such as University of Plymouth, University of Oklahoma, the World Bank, University of Laval & Vaasa University. He severed several years as an Economist at both the Arab Monetary Fund in Abu Dhabi & the International Monetary Fund in Washington D.C. He’s an advisor to the Minister of Investment, Acting Executive Director of the Egyptian Institute of Directors. He specializes in financial markets, corporate governance, corporate finance & privatization concentrating on MENA region.

Marinos Vathis

CEO / President of the Executive Board, Vojvodjanska Banka

Marinos Vathiswas appointed President of the Executive Board in Vojvodjanska banka a.d. Novi Sad in July 2010. He was Head of International Corporate Banking in National Bank of Greece from 2007-2010. He worked as the NBG General Manager in the UK from 2005-2007, and as the NBG General Manager in France from 2002-2005. At Egnatia Bank S.A., he headed the Corporate, Consumer and Retail Divisions. He was a member of the Board of Directors of Egnatia Securities S.A. from 1997-2002. From 1987-1997, he was employed by Midland Bank/HSBC in Athens, in various managerial positions in Corporate and Investment Banking. He holds a degree in Economics from the City of London Polytechnic, London and Postgraduate degrees in Monetary economics and International business and Finance from Universities of Kent and Reading in the UK. From 2005-2010 he participated as a Board Member representing Greece in the Association of European Banks in the UK.