Left to right: Dominique Ristori, Michel Barnier and Jörg Monar who took part in the opening session of the event© EU, 2013
Where do we stand 5 years after the collapse of Lehman Brothers?
Together with the College of Europe, the JRC organised the third high-level roundtable on financial stability today. The participants tried to identify possible new avenues for scientific support to structural reforms, the financing of the real economy and shadow banking monitoring. They also explored the risks and opportunities in the context of the on-going Transatlantic Trade and Investment Partnership negotiations.
Five years after the bankruptcy of Lehman Brothers which triggered the financial crisis, the EU launched a package of financial reforms to enhance financial stability. The Banking Union, for example, with the Single Supervisory Mechanism and Single Resolution Mechanism will contribute to the development of a solid and sustainable integrated financial framework. In addition, the Commission recently adopted a communication on shadow banking, a sector which can play a crucial credit intermediation role and can be an alternative to banks as credit providers. There are, however, continuing research needs to understand the sector and its interconnectedness with the banking sector.
High-ranking financial experts, representatives of the scientific community and policymakers gathered to examine the following topics through four sessions: the structural reform of the banking sector, the smooth financing of the real economy, the role of scientific support to shadow banking and the financial reforms on both sides of the Atlantic.
The conference was opened by JRC Director-General Dominique Ristori, Jörg Monar, rector of the College of Europe, Michel Barnier, Commissioner for Internal Market and Services, and Liêm Hoang-Ngoc, Member of the European Parliament.