The Financial Repression of Savers and Investors
Organization: Federation of Financial Services Users (EuroFinUse)
Venue: VIENNA INSURANCE GROUP
|Event Date/Time: Oct 18, 2013 / 9:00 am - (GMT +1:00 hours)||End Date/Time: Oct 18, 2013 / 2:00 pm - (GMT +1:00 hours)|
Most of us don’t know it, but we live in the age of Financial Repression. The term was coined to denote the combined set of financial policies that allow governments to keep real interest rates low or negative. This, in combination with additional regulation to coerce a captive market into investing in government bonds, allows governments to gradually reduce sovereign debt, obliterating the value of all savings in the process. Lately Financial Repression has revealed itself as a definite favourite among European policy makers, but since it represents a form of wealth confiscation by the state, you will never hear it mentioned by any politician.
European pensioners and small investors in particular will feel the full blow of Financial Repression. Pension funds will continue to be hard-pressed by governments to buy into sovereign bonds and since these offer low or even negative real returns, funds will deplete. The same goes for small investors who are less capable to escape Financial Repression than large financial institutions who have more means at their disposal.
The Federation of Financial Services Users (EuroFinUse) and the Austrian Shareholder Association (IVA) invited prominent authorities from the private and public sectors to give their views on this development in the aftermath of the financial crisis at a conference on 18 October in Vienna.
High-level representatives from the Oesterreichische Nationalbank, the European Commission, the Vienna Insurance Group and Financial Supervisory Institutions, amongst others, will provide and clarify their perspectives on the topic, analyse the alleged inevitability of Financial Repression and propose some countervailing measures to protect savers and investors.
Wilhelm Rasinger, President IVA
Jean Berthon, President EuroFinUse
Claus J. Raidl, President, Oesterreichische Nationalbank
Edin Mujagic, Monetary Economist, Tilburg University
Peter Hagen, CEO of the Vienna Insurance Group
David Croughan, European Economic and Social Committee Member
Jan Maarten Slagter, Vice-Chair EuroFinUse
Olivier Gajda, Co-founder and Chairman of the European Crowdfunding Network
Benjamin Jošar, Member of the Management Board, Triglav Insurance Group
Carlos Maravall, Senior Financial Market Analyst, European Commission, DG Internal Market and Services
Joachim von Cornberg, Head of Corporate Law and Compliance, DZ Bank Group, Union Asset Management Holding AG
Gabriele Zgubic-Engleder, Head of Department of Consumer Policy, Austrian Federal Chamber of Labour and member of the ESMA Securities & Markets Stakeholder Group
Helmut Ettl, CEO of the Austrian Financial Market Authority
Guillaume Prache, Managing Director, EuroFinUse