It can be argued that sovereign risk refers to ‘black swan’ events as characterised in Taleb (2008), rare and extreme events with retrospective (though not prospective) predictability. In addition since banking risk is intrinsically linked to sovereign risks, it can also be denoted as a ‘white elephant’ type of risk, i.e. a risk that although […]
Adam Farkas
Adam Farkas is the first Executive Director of the European Banking Authority, a position he has held
since 2011. Previously, he was the Chairman of the Hungarian Financial Supervisory Authority in
2009-2010. Prior to joining the regulatory and supervisory community, he held senior positions in
the banking sector including three years as the Co-CEO of Intesa Group’s subsidiary in Budapest, and
another three years at the helm of Allianz Bank, setting up a retail banking operation for the market
leading insurance company in Hungary. Before that he spent four years as a central banker as a
Managing Director and Member of the Board of the National Bank of Hungary with responsibility for
reserve management and market operations. He started his career as an assistant professor in
Finance at Corvinus University, Budapest and was a visiting fellow at London Business School and
also at Erasmus University. He holds a doctorate in Finance from Corvinus University, and an M.Sc. in
Computer Based Simulation and Modelling from Sunderland University (UK).