European Research Centre for
Economic and Financial Governance
euro-cefg.eu
EURO-CEFG Seminar
The European Banking Union and
the promise of financial stability
21 April 2015 starting at 13:00 h until 18.30 h
Klein Auditorium, Academiegebouw, Leiden University, Rapenburg 73, Leiden
PROGRAMME
13.00
Registration & Coffee
13.30 – Session 1 – Presentations
Chair: Matthias Haentjens
Leiden University
Yes Virginia, There is a European
Banking Union! But It May Not
Make Your Wishes Come True
Martin Hellwig
Max-Planck-Institute for Research on
Collective Goods, Bonn
SSM and Financial Stability
Eddy Wymeersch
University of Ghent
The Politics and Political Economy
of Banking Union
Lucia Quaglia
University of York
15.00 – 15.30
Coffee Break
15.30 – Session 2 – Discussion
Chair: Alessio M. Pacces
Erasmus University Rotterdam
17.00 – 18.30
Reception & Drinks
The European Research Centre for
Economic and Financial Governance
(EURO-CEFG) organizes a seminar on
“The European Banking Union and
the promise of financial stability.” The
Banking Union is a major pillar of the
regulatory reaction by the European
Union to almost a decade of financial
turmoil. The theoretical underpinning
of the Banking Union is that an
integrated financial market – which is
one of the major goals of the
European Union – has proven not to
be stable in the absence of joint
supervision, resolution and deposit
insurance of the banks operating in
that market. This economic argument
is, however, less straightforward than
it sounds. Moreover, there are legal
and political restrictions to the
implementation of a fully-fledged
Banking Union in Europe, as shown
inter alia by the political unfeasibility
of a European deposit insurance
scheme and the legal obstacles to a
joint banking resolution stemming
from national bankruptcy laws.
The goal of this seminar is to tease
out the economic, legal, and political
shortcomings of the Banking Union
as is currently designed and being
implemented by the European
Union. In this perspective, the
seminar asks the broad question
whether and how the Banking Union
could be improved to support
financial stability and sustainable
economic growth in the European
Union. We have invited three of the
most eminent European experts to
provide their views on this topic
from the standpoints of economics,
law and political science. The
ambition of the seminar is to
stimulate a discussion among these
disciplines that arguably will lead to
more comprehensive findings than
any monodisciplinary approach.
The interdisciplinary approach of
this seminar is a reflection of the
spirit of EURO-CEFG. By integrating
the three perspectives of
economics, law and political science
in a strategic cooperation between
Leiden University, University of Delft
and Erasmus University Rotterdam,
the Centre strives to investigate the
following policy-relevant question:
“What governance is needed to
support financial stability and
sustainable economic growth in the
European Union?”
Registration and further information:
René Repasi ([email protected]).
The European Banking Union and the promise of financial stability
EURO-CEFG Seminar
EURO-CEFG
SPEAKERS
The European Research Centre for
Economic and Financial Governance
(EURO-CEFG) is a joint research
initiative initiated by researchers from
the Leiden University, Delft University
of Technology and Erasmus University
Rotterdam.
Martin Hellwig is Director at the Max
Planck Institute for Research on Collective
Goods and Professor of Economics at the
University of Bonn, Germany. He has a
doctorate in economics from the
Massachusetts Institute of Technology and
has held university positions at Stanford,
Princeton, Bonn, Basel (Switzerland),
Harvard, and Mannheim (Germany). Martin
Hellwig has published extensively in areas
as diverse as the economics of information
and incentives, public economics,
competition policy and regulation, and
financial economics. His 1990s publications
on systemic risk and financial regulation
already exposed several of the
mechanisms that were so detrimental in
the crisis of 2007 – 2009. For his research,
Martin Hellwig has received many honours,
most recently, the 2012 Max Planck
Research Award for his work on
International Financial Regulation. Martin
Hellwig has also been active in policy
work, in Germany and the European Union.
Currently he is Vice Chair of the Advisory
Scientific Committee of the European
Systemic Risk Board in Frankfurt. With
Anat Admati from Stanford University, he
has published the book ‘The Bankers' New
Clothes: What's Wrong with Banking and
What to Do about It’ (Princeton University
Press 2013).
It aims at building a trans-European
network of high-quality researchers
and societal stakeholders around the
interdisciplinary theme of Economic
and Financial Governance in the EU.
EURO-CEFG facilitates scientific
cooperation of researchers and
research groups with different
disciplinary backgrounds and with
expertise in the different areas linked
to economic, monetary and financial
(market) governance.
RESEARCH FELLOWS
Fabian Amtenbrink,
Erasmus University Rotterdam
(Scientific Director EURO-CEFG)
Stefaan van den Bogaert,
Leiden University
Martijn Groenleer,
Delft University of Technology
Matthias Haentjens,
Leiden University
Markus Haverland,
Erasmus University Rotterdam
Klaus Heine,
Erasmus University Rotterdam
Madeleine Hosli,
Leiden University
Alessio M. Pacces,
Erasmus University Rotterdam
René Repasi,
Erasmus University Rotterdam
(Scientific Coordinator EURO-CEFG)
RESEARCH ASSOCIATES
Dariusz Adamski, University of Wrocław • Kern
Alexander, University of Zürich • Franklin Allen,
Imperial College London • Damian Chalmers,
LSE • Christoph Herrmann, University of
Passau • Claire A. Hill, University of Minnesota •
Rosa María Lastra, Queen Mary University of
London • Dan Kelemen, Rutgers University •
Deborah Mabbett, Birkbeck University of
London • Donato Masciandaro, Bocconi
University • Christoph Ohler, Friedrich Schiller
University of Jena • Katharina Pistor, Columbia
Law School • Dagmar Schiek, Queen’s
University Belfast • Paul Schure, University of
Victoria • Takis Tridimas, King’s College
London • Amy Verdun, University of Victoria
Eddy Wymeersch is chairman of the
Public Interest Oversight Board in Madrid
and deputy chair of Euroclear SA and
member of the board of the Association
for the Financial markets in Europe (AFME).
He has been Chairman of the Committee
of European Securities regulators (CESR)
(February 2007- July 2010) and of the
European Regional Committee of IOSCO,
in that capacity also taking part in the
Executive and the Technical committee
(2006-2010). He was Chairman of the
Belgian Commission Bancaire, Financière
et des Assurances (CBFA) (chief executive
2001-2007 and chairman of the
supervisory board (2007-2010). He was
also member of Swiss Finma (2012). Before
joining the CBFA, Mr Wymeersch has held
several public functions in Belgium:
“regent” of the National Bank of Belgium
from 1992 to 2001, member of the
legislative branch of the Council of State.
He was a member of the board of several
Belgian companies. Mr Wymeersch
studied in Ghent and in Harvard and has
been an academic at the Ghent Law
School where he founded the ‘Financial
Law Institute’ (www.law.ugent.be/fli).
Lucia Quaglia is Professor of Political
Science at the University of York. Her most
recent research monographs are: ‘The
European Union and Global Financial
Regulation’ (Oxford University Press 2014)
and ‘Governing Financial Services in the
European Union’ (Rotledge 2010). Together
with Kenneth Dyson she published two
volumes: ‘European Economic
Governance and Policies’ (Oxford
University Press 2010). Together with David
Howarth she is the guest co-editor of the
2015 special issue of the Review of
International Political Economy on ‘The
Political Economy of the Sovereign Debt
Crisis in the euro area’.