Finance & Bien Commun / Common Good N°46 & 47

Ethics & Trust in Finance – Global Prize

7th Edition 2018 / 2019

Nominated Essays

Getting out of our silos / Sortir de nos silos


To download the review



Angel Gurría


Editorial: Getting out of our silos / Sortir de nos silos

Josina Kamerling, Paul H. Dembinski


Values and Principles of the Jury

Global Jury : Seventh Edtion 2018/2019


Part I : Ethics in the Fintech Era


Part II : Beyond compliance


Part III : Can/should ethics be monitored ?


Part IV : Ethical dilemmas


Award Ceremony of the 7th edition of Ethics & Trust in Finance

On the 18th November 2019, the Award Ceremony of the 7th edition of the Global Prize “Ethics & Trust in Finance” took place, at the OECD headquarters in Paris.


Opening speech

Mr. Paul H. Dembinski, co-President of the Jury of the Prize, opened the Ceremony welcoming the laureates, the members of the Jury and the keynote speakers.


Round-table discussion – Moderator: Josina Kamerling

The opening speech was followed by a round table, moderated by Ms. Josina Kamerling, Head of Regulatory Outreach at CFA Institute and Co-President of the Jury of the Prize, to discuss the theme “Ethics & Trust in finance: opportunities and challenges for 2020”. The participants to the round table included:

  • Mathilde Mesnard, Deputy Director, Financial and Enterprise Affairs, OECD
  • Adam McLean, Legal and Financial Compliance, Euroclear
  • Pascal Cescon, Chief Ethics Officer, Banque de France
  • Eelco Fiole, Managing partner, Alpha Governance Partners


The Award part of the Ceremony

The 7th edition 2018-2019 attracted more than 500 expressions of interest. In the final phase of its work, the Jury composed of 25 world class personalities, worked on a short list of 11 papers, and allocated the 20 000 USD to authors of the following four essays.

 First ex aequo Prizes
Technomoral Financial Agents: Ethics in the Fintech Era
Marta Rocchi, Italy

Finance Needs ‘Bilinguals’ Too
Andrea Roncella & Luca Roncella, Italy

Second Prize
How to Shape Moral Attitudes in Banking – the Polish example
Mateusz Kucz, Poland

Special Commendation of the Jury:
The Moralisation of Contracts: An Islamic Persperctive
Andrea Bancone, Italy


Keynote speech, by Angel Gurría, Secretary-General of the OECD

The Award ceremony concluded with the keynote speech of Angel Gurria, Secretary-General of the OECD, who congratulated the laureates and stressed the topicality and urgency of their work.


The Strategic Partners of the Ethics & Trust in Finance Prize






Colloque: La Libra sonne-t-elle le glas des banques centrales ?

La Libra sonne-t-elle le glas des banques centrales ?

3 octobre 2019, 14h-16h
Université de Fribourg (Suisse)


Le lancement de la monnaie de Facebook (Libra) annonce une mutation inédite de l’écosystème monétaire induite par un géant des réseaux sociaux. Aussi, il relance le débat sur les avantages et risques des monnaies digitales privées. Cette annonce a suscité des réactions contrastées, l’enthousiasme initial de certains adeptes des « crypto-monnaies » cédant la place à la méfiance des régulateurs.
L’objectif de ce colloque est double : d’une part, il vise à identifier les lignes de rupture et de continuité qu’introduit la Libra dans débat sur la digitalisation de la monnaie et notamment par rapport aux monnaies digitales privées existantes (par ex. bitcoin, ether) ; d’autre part, il incite à s’interroger sur la façon dont cette nouvelle monnaie digitale interpelle les banques centrales et pourrait notamment les pousser à créer leur propre monnaie digitale. Ce double questionnement a un écho particulier en Suisse qui se positionne comme hub de l’innovation avec la « cryptovallée zougoise » et maintenant la Libra à Genève et qui s’interroge, à l’initiative de certains de ses politiciens, sur la faisabilité d’un « crypto-franc » (une monnaie digitale de banque centrale).


La Libra est-elle une monnaie digitale comme les autres ?

L’éclatement de la monnaie
Prof. Paul Dembinski (Université de Fribourg, Observatoire de la finance)

Libra: nature, risques et perspectives
Prof. Sergio Rossi (Université de Fribourg)

Les défis macroéconomique amenés par la Libra
Prof. Cédric Tille (Institut des hautes études internationales et du développement)


Quelles alternatives à la Libra ? La monnaie digitale de banque centrale

Le cash à l’ére digitale
Dr. Virgile Perret (Observatoire de la finance)

Les enjeux juridiques et politiques en Suisse
Prof. Hon. Pierre-Louis Manfrini (Université de Lausanne, IDHEAP)

Discussion – table ronde
Modération par M. Paul Coudret, journaliste, économiste et consultant


Central Bank Digital Currencies (CBDC)

Following the financial crisis of 2008, the nature of money and monetary creation have become topics of debate in several countries. In Switzerland, the debate over the creation of an “electronic franc” (ie. a central bank digital currency) will surely gain momentum in the coming years. The proposal gained the support of some elected officials and senior executives in the financial sector who saw in it a credible alternative to the “Full Money” initiative, allowing central banks to retain a sure footing in payments in the face of the rise of private cryptocurrencies, while leaving untouched the freedom of commercial banks to develop credit activities and attract deposits.

On 14 March 2018, the Wermuth Postulate (N° 18.3159) was submitted, asking the Federal Council to elaborate a report on the feasibility and stakes of the creation of a cryptofranc (“Etablir un rapport sur la faisabilité et les enjeux de la création d’un cryptofranc”). Simultaneously, on 15 March 2018, Guillaume Barazzone submitted an Interpellation entitled “Un cryptofranc pour la Suisse?”. The Postulate, accepted by the Parliament, forces the Federal Council to study this topic and provide a report on it.

The question is all the more important since companies like Facebook are now proposing their own private payment system combining big data and cryptocurrencies. The risks, however, are significant with private payment systems combining speculation and use of personal data.

Given the importance of this issue for our payment system and in anticipation of the public debate that will develop, the Observatoire de la Finance has deepened the study of this issue in a report analyzing the opportunities, risks and impacts of central bank digital currencies.

The report, which can be downloaded below in several languages, exists in 2 versions:

An « international version » concerning potentially any state

A « Swiss version » focused more specifically on the Swiss case


Launch of 7th edition of Ethics & Trust in Finance

The official launch of the 7th Edition of the Ethics & Trust in Finance Global Prize took place at the OECD Conference Center in Paris on the 18h of September.
Full program

More information:


The launch was an opportunity to remind people about the purpose of the Prize which since 2006, on a biennial basis, invites young authors – under 35 – to think and submit essay entries about the role ethics and trust play or should be playing in the finance broadly understood. The targeted audience come from very different horizons, professional backgrounds, cultures, geographic locations, with the one common denominator that they all belong to the world in finance. The essay competition provides an opportunity for expression of these different expertise, sensibilities and experiences.