Registration Deadline: 11th May

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Newly implemented regulations now mean that official photo I.D, for example drivers license, passport or other government issued I.D. is required for building access and you must bring this with you on the day.

If you do not have adequate photo I.D access to the building will be denied, no exceptions will be made.

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Main Objectives

The workshop has two main objectives. First, it aims to present some of the main results of the EU-FP7 project FESSUD, with a particular emphasis on the foresight findings about the evolution of finance, the financial sector and relevant policies over a 15 to 20 year time horizon. Secondly, it intends to stimulate a debate on how finance and financial markets and institutions can better serve the economy, society and natural environment.

Brief Introduction of the FESSUD Project

FESSUD is the acronym for Financialisation, Economy, Society and Sustainable Development. It is a multidisciplinary, pluralistic project which aims to forge alliances across several sciences in order to understand how finance and financial markets can better serve the economic, social and environmental needs of modern societies. FESSUD is made of a team of economists and other scientists across Europe and South Africa, working at 14 leading universities and one European non-governmental organisation. The project is co-ordinated by the University of Leeds in UK (P.I. Prof. Malcolm Sawyer) and has received funding under FP7 of the European Union (grant agreement no. 266800). FESSUD runs for five years from 01/12/2011 to 30/11/16, and it has a total budget of circa 10 million Euros.

FESSUD aims to address some of the central issues that were brought home by the financial crisis of 2007-2008 and related Great Recession. What is financialisation and how has it impacted on the workings of modern economies and societies? What is the nature of the relationship between financialisation and the sustainability of the economy, society and the environment? What are the requisites of a financial system able to support a process of sustainable development, broadly conceived?

Brief Introduction of FESSUD Workshop Papers

Financialisation can (and has been) variously defined and conceptualized. In FESSUD financialisation is broadly viewed in terms of the growing economic, social and political influence of finance and the financial sector in modern countries. Paper 1 by Malcolm Sawyer (PI FESSUD) and Giuseppe Fontana (WP Leader FESSUD Foresight analysis) will offer a bird’s-eye view of the FESSUD Project and its main findings on the nature, causes and consequences of financialisation in the present era (since circa 1980).

Financialisation has also generally been associated with rising inequality of income and wealth. The interplay between inequality and finance has been explored in several FESSUD works. Two extreme types of development were distinguished, namely the debt-led consumption boom and the export-led mercantilist types. These two types of development may generate dynamic economic growth for certain periods of time. However, they contain potential internal contradictions given by the possibility of over-indebtedness in the private household sector for the first type and in the foreign sector for the second type. Paper 2 by Eckhard Hein (Berlin School of Economics and Law, Germany) will explore the dynamics of these two types of development using a stock-flow consistent modelling approach.

The immediate aftermath of the financial crisis has also seen major debates on regulation and shifts away from de-regulation. It remains to be seen how far this re-regulation proceeds, how effective it becomes and whether there has been a break with the agenda of de-regulation and liberalisation. Drawing on FESSUD works including various country studies, Paper 3 by Jan Kregel (Levy Institute, USA and Tallin University of Technology, Estonia) will flesh out future regulatory problems and look at the impact on innovations in the payments and financing systems to assess the kind of regulatory structure that would be needed to deal with them. One of the main goals of this paper is to map the future of regulation, the development of regulation at the European and global level and how far the forces of liberalisation and de-regulation will re-assert themselves.

Paper 4 by Jesus Ferreiro (Univ. of Basque Country, Spain) uses a Delphi foresight survey to analyse the opinion of experts about the future of finances with the purpose of evaluating the future expansion and proliferation of finance and financial products. The survey questionnaire is made around 30 questions and includes questions on the geographical spread of financial markets and of financial institutions as well as the future prospects for the scale of the financial sector, the development of financial instruments and services, and new types of financial institutions and markets. The Delphi survey involves repeated polling of the same experts, feeding back anonymised responses from earlier rounds of polling, with the idea that this will allow for better judgements to be made. The survey is conducted in two rounds.

Finally, Paper 5 by Jerome Creel (OFCE, Sciences Po, France) presents the main findings of the theoretical and empirical work done in FESSUD on the relationship between financial stability and macroeconomic policies, distinguishing among the latter monetary, tax and fiscal policies. In particular, the paper explores whether and how price stability and financial stability are related, and in turn whether and how financial instability affects economic performance, using as a case study the aggregate dynamics path of consumption, investment or disposable income in the United States and the Eurozone.

Travel

Full address: Moorgate Auditorium, Prudential Regulation Authority Building, Bank of England, 20 Moorgate, London, EC2R 6DA

From Heathrow or Gatwick airport

By high-speed rail link
Heathrow Express is a high-speed, non-stop rail link from Heathrow Airport to central London (Paddington station). Trains depart from terminals 1, 2, 3, 4 and 5 every 15 minutes and the journey takes approximately 15–20 minutes. A return ticket is £39. Taxis are available at Paddington station for onward transfer www.heathrowexpress.com.
A cheaper option is to take a Heathrow Connect train. Trains depart every 20 minutes from Terminals 1, 2 and 3 and the journey takes approximately 25 minutes. A return ticket is £17.80.
Gatwick Express is a high-speed, non-stop rail link from Gatwick Airport (South Terminal) to central London (Victoria station). Trains depart every 15 minutes and the journey time is 30 minutes. A return ticket costs £34.90. Taxis are available at Victoria station for onward transfer. www.gatwickexpress.co.uk.

From Heathrow airport by London Underground
London Heathrow terminals are also served by the Piccadilly line.
Delegates are advised to consult the link below for approximate underground travel times and directions. www.tfl.gov.uk/tfl/.

From London City, Stansted or Luton airports
Delegates are advised to consult the links below for transport information.
www.londoncityairport.com
www.stanstedairport.com
www.london-luton.co.uk/en

London Underground

Fares
A standard single fare from Zone 1 to Zone 2 to on the underground costs £4.50.
A cheaper option is the Oyster Card — a pre-payment card which entitles you to cheaper travel — for example a single fare from Zone 1 to Zone 2 will cost you £2.80 at peak times and £2.10 off-peak.
You can purchase cards via some local overseas travel agents prior to your arrival in the UK. For further information please consult: www.tfl.gov.uk/tickets/faresandtickets/visitortickets/5185.aspx.

Closest tube: Bank station on the Northern, Central, Waterloo & City lines and the Docklands Light Railway (5 minute walk).
Tube map — www.tfl.gov.uk/gettingaround/1106.aspx.
City of London — www.cityoflondon.gov.uk/maps/Pages/default.aspx.
Other nearby underground stations
• Monument (5 minute walk)
• Cannon Street (5 minute walk)
• Mansion House station on the District and Circle lines (8 minute walk).

Railway stations
• Liverpool Street (10 minute walk)
• Fenchurch Street (10 minute walk)
• Cannon Street (weekdays only, 5 minute walk).

Parking
There are two disabled parking bays directly opposite the Museum entrance on Bartholomew Lane (maximum stay 4 hours).

Bus routes
8, 11, 21, 23, 25, 26, 43, 47, 48, 76, 133, 141, 149 and 242 stop in Threadneedle Street.

Access arrangements for disabled visitors
Please contact fessud@leeds.ac.uk in order that the Bank of England host can be contacted to about your access requirements to the premises and for the host to advise of the process.

Hotels — the City of London.

Attendees are responsible for thier own accommodation with the exception of those named on the programme.

The City of London or ‘Square Mile’ is the commercial and financial heart of London and is surrounded by tourist attractions such as the Tower of London and St Paul’s Cathedral.
The Bank of England has preferential rates with the below hotels. To secure the rate please contact fessud@leeds.ac.uk after completing your registration for the information quote when making your hotel booking, rooms are subject to the relevant hotels usual terms, conditions and availability.

Grange City Hotel
www.grangehotels.com/hotels-london/grange-city-hotel/grange-city-hotel.aspx?ls=1&gclid=CPSdv5_wg7gCFUfLtAodEVcAQw
Address: 8-14 Cooper’s Row, London, EC3N 2BQ
Tel: +44 (0)20 7863 3700

Grange Tower Hotel
www.grangehotels.com/hotels-london/grange-tower-bridge-hotel/grange-tower-bridge-hotel.aspx
Address: 45 Prescot Street, London, E1 8GP
Tel: +44 (0)20 7959 5000

London Club Quarters
www.clubquarters.com/loc_londonGracechurch.php
Address: 7 Gracechurch Street, London, EC3V 0DR
Tel: +44 (0)20 7666 1620

Alternative hotels:
Threadneedles Hotel 5*
www.theetoncollection.co.uk/content.aspx?pageid=430
Address: 5 Threadneedle Street, London EC2R 8AY
Tel: +44 (0)20 7657 8080

Chamberlain Hotel 4*
www.fullershotels.com/rte.asp?id=13
Address: 130-135 Minories, London, EC3N 1NU
Tel: +44 (0)20 7680 1500

Mercure London City Bankside 4*
www.mercure.com/gb/hotel-2814-mercure-london-city-bankside/index.shtml
Address: 75-79 Southwark Street, London SE1 0JA
Tel: +44 (0)20 7902 0800

Hotel Indigo London Tower Hill 4*
www.ichotelsgroup.com/h/d/in/1/en/hotel/lonlt
Address: 142 Minories, London EC3N 1LS
Tel: +44 (0)20 7265 1014

Novotel London Tower Bridge 4*
www.novotel.com/gb/hotel-3107-novotel-london-tower-bridge/index.shtml
Address: 10 Pepys Street, London EC3N 2NU
Tel: +44 (0)20 7265 6000

Emergency services and healthcare in London
Call 112 or 999 for the emergency services (police, fire and ambulance) in London. To report non-urgent crime, call the police on 101 from within the UK.
The National Health Service (NHS) is the main healthcare provider in the UK. NHS treatment is free for UK residents. Overseas nationals are not eligible for free NHS treatment except if they need emergency treatment while in the UK. You are strongly advised to take out travel insurance to cover any medical expenses.
If you are visiting from Europe, you need to carry a valid European Health Insurance Card (EHIC) in case you need immediate and necessary medical treatment in an NHS hospital. Without this you can be charged for treatment. The Bank of England/FESSUD does not provide any insurance cover for delegates whilst travelling to/from or staying in London. Please ensure that you have adequate insurance cover for your needs.

***

Newly implemented regulations now mean that official photo I.D, for example drivers license, passport or other government issued I.D. is required for building access and you must bring this with you on the day.

If you do not have adequate photo I.D access to the building will be denied, no exceptions will be made.

***

Registration Deadline: 11th May