Summer School - Financial Law and Economics: the (Next) Financial Crisis and Europe, 15 -19 July 2019, Utrecht University, Netherlands
Utrecht University
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This course not only deals with the causes and effects of Financial Crisis, the Euro crisis, and Brexit on the global economy and Europe and on European Financial and Securities Law but also discusses the risks of a next financial crisis sparked by the Brexit and the weak financial position of several Italian banks and Deutsche Bank.
The Financial Crisis was caused by, amongst others, an inefficient regulation of securitization (of mortgage products) and poor governance of banks. The Financial Crisis and the Euro crisis showed the effects of the lack of rules and tools for regulators on the European economy. On the 8th of September 2011, EC commissioner Reding held a speech about the economic cooperation of the EU Member States during which she said: The creation of the euro added to this - during the last 10 years - an unprecedented period of benefits. The establishment of the European Monetary Union constituted a major change in macroeconomic conditions, especially for those Member States previously experiencing high or volatile rates of inflation. Disruptive nominal exchange rate fluctuations between European Monetary Union members disappeared, thereby facilitating trade and investment. The removal of exchange-rate risk and transaction costs further fostered financial and product market integration, while greater price transparency helped consumers and businesses to make better-informed economic decisions and take fuller advantage of the internal market. Unfortunately, in some Member States, the new stable low-interest rate environment was not used to improve public finances and productivity but rather resulted in unsustainable public and private spending.
The course addresses both rulemaking for the financial markets and noteworthy financial law and financial regulation, in one single course. The aim of this course is to establish a broad and complete foundation of knowledge of the laws and rules which have been triggered by the crisis in the European financial markets and an understanding of the permanent interaction between market behavior and the legislators and regulators responses.
Participants will get thorough insights into these issues and the recent developments through participation in lectures and workshops. The assignment will stimulate participants to come up with solutions for a more sustainable financial system.
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