Posted in: Sustainable Banking

Symposium “Global Banking, Financial Stability, and Post-Crisis Policy Challenges”, February 1, 2013

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EVENT DATE: 01-02-13 | Symposium |

On February 1, 2013, the European Center for Corporate Engagement (ECCE) in cooperation with the Institute of Global Business & Society (GLOBUS) and NWO hosted a symposium on “Global Banking, Financial Stability, and Post-Crisis Policy Challenges”.

A rapid globalization process of banking is the major characteristic of the economic environment in the last decade. While globalization was initially praised for improving the global allocation of capital, the financial crisis of 2007/08 as well as the subsequent Eurozone crisis have clearly revealed the threats to financial stability associated with banking globalization. It is now increasingly becoming obvious that gross, rather than net cross-border banking flows and the corresponding and often simultaneous build-up of both foreign assets and foreign liabilities have played a major role in the crises events.

Given the importance of cross-border banking, it is astonishing that the determinants and dynamics of the international banking geography are not yet fully understood. Moreover, as much as the impact of global banking on financial stability has been under-researched before the crisis, we are just now starting to understand the impact of financial crises on banking globalization. Finally, policy makers are still short of rational and well-founded regulatory responses to reconcile the benefits of global banking with a stable global and regional financial development.

This one-day symposium brought together leading experts and practitioners from academia, industry and regulatory bodies with three major intentions: First, to discuss recent advances in research on banking globalization and financial stability. Second, to exchange views on urgent policy and regulatory issues to balance the cost and benefits of global banking. Third, to make these views visible to a broader audience in the profession as well as to policy makers and an interested civil society. To this end, we intend to publish the contributions in a policy-oriented small book with a renowned publisher.

Click here to watch an interview taken on February 1, 2013 with Paul Wachtel (New York University) in which he discusses the symposium's topics. Similarly, click here for an interview with Hans-Helmut Kotz (Harvard University).

In June 2014, Comparative Economic Studies dedicates a special issue to the symposium. In this special issue the panelists reflect on the symposium discussions and share their views on the lessons learned from the financial crisis of 2008 with the broader audience in the profession as well as with policy makers and an interested civil society. Special thanks are due to CES and the CES editors, in particular Professor Paul Wachtel, to make this special issue possible. Click here to link to Comparative Economic Studies.

The program of the workshop looked as follows:

8:30 am Registration Opens

9:00 am – 9:15 am Opening & Welcome address
Stefanie Kleimeier (Maastricht University)
Harald Sander (Cologne University of Applied Sciences & Maastricht School of Management )

9:15 am – 10:45 am Plenary Session 1: Understanding the Globalization of Banking
Chair: Jaap Bos (Maastricht University)
Panelists:
Brian Lucey (Trinity College Dublin)
Robert McCauley (Bank of International Settlements)
Ralph de Haas (European Bank for Reconstruction and Development)

10:45 am – 11:15 am Coffee break

11:15 am – 12:45 pm Plenary Session 2: The Role of Global Banking for Financial Stability
Chair: Ansgar Belke (University of Duisburg-Essen & Monetary Expert Panel EU Parliament)
Panelists:
Maria Nieto (Bank of Spain)
Paul Wachtel (New York University)
Freddy Van den Spiegel (Economic Advisor BNP Paribas Fortis)

12:45 pm – 2:00 pm Lunch

2:00 pm – 4:00 pm Plenary Session 3: Policy Lessons from the Financial Crisis –
The Road Towards Sustainable Global Banking
Chair: Brian Lucey (Trinity College Dublin)
Panelists:
Iftekhar Hasan (Fordham University)
Cinzia Alcidi (Centre for European Policy Studies)
Ansgar Belke (University of Duisburg-Essen & Monetary Expert Panel EU Parliament)
Hans-Helmut Kotz (Harvard University)
Dirk Schoenmaker (Duisenberg School of Finance) 

4.00 pm – 5.00 pm Closing reception

We gratefully acknowledge sponsoring for the workshop by the European Centre for Corporate Engagement (ECCE) and the Graduate School of Business and Economics (GSBE) of Maastricht University, the Institute of Global Business and Society (GLOBUS) at Cologne University of Applied Sciences as well as the Dutch Science Foundation (NWO).

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