TSI Congress 2021
The dawn of a new era – Financing structural change and action on climate change with Asset Based Finance
Dr Sabine Mauderer, Member of the Executive Board of the Deutsche Bundesbank on the topic„Die Rolle der europäischen Kapitalmärkte in der Finanzierung der digitalen und nachhaltigen Transformation Europas“
The year 2020 is definitely one to remember: It started with the outbreak of the coronavirus pandemic and the first lockdown combined with a dramatic stock market and economic collapse in spring, followed by exploding central bank balance sheets, unprecedented government aid and many regulatory ‘quick fixes’. Then, from the second quarter onwards, the stock market saw an almost unbelievable boom which has so far continued into 2021.
Getting to the bottom of the central questions
Against this backdrop, market participants are asking themselves a number of questions: Are we facing a new inflationary period? Will interest rates rise? Will the stock market boom last? And above all, how will the many EU sustainability regulations affect the real and financial economy?
The coronavirus pandemic has changed many things, and entire industries - such as the aviation industry and the tourism sector – have been damaged in the process. In contrast, everything related to digitalisation is experiencing a boom that is simply amazing. These framework conditions in combination with sustainability regulations will become catalysts of a structural change that will also shape the financial and banking markets, their risk assessments and risk management.
The issues must therefore be formulated more broadly: Where previously expansionary central bank policy and financial market regulation were key determinants of banks and capital markets, sustainability regulations and the impact of the pandemic are now leaving their mark. The kaleidoscope of influencing factors has thus become more diverse, and the same applies to possible development options.
From structural change into a new era
All this is driving a fundamental structural transformation - digitalisation, e-mobility and climate-neutral business are the harbingers of a new era. But deep upheavals in the real economy and society rarely leave the financial and capital markets unscathed. Interest rate reversals, inflation, and the stability of the bond and stock markets are topics now making headlines more than they have in a long time.
Asset Based Finance – Financing Structural Change and Climate Change
As in previous years, this year's TSI Congress will look at what is happening in the asset-based finance and securitisation markets, also with a view to this macroeconomic environment. One focus will be on how it affects asset-based finance and securitisation. Another topic will be the wide range of opportunities arising from new developments – such as the sustainability regulations – which could have a very positive impact on asset-based forms of financing. This is already reflected in the fact that the coronavirus pandemic has accelerated numerous regulatory developments, as we have already seen with synthetic or NPL securitisations.
All of this outlines the environment in which we will be operating in the fall of 2021. In turbulent times like these, exchange and dialogue is more important than ever. The end of September/beginning of October 2021 – and thus only a few days after the German parliamentary elections – is undoubtedly a good time to take stock of where financial markets and the real economy stand, what the sustainability regulations entail, what is moving the markets, and what further regulations await us from 2022 onwards.
Meet the experts!
At the TSI Congress on September 30 and October 1, 2021, Berlin onsite & globally online, we will, as usual, highlight the entire range of relevant topics and discuss them with market participants and experts from politics and regulatory authorities.