A reminder regarding
the AALS
Annual Meeting in New York on January 2-5, 2014: The Section on
Financial Institutions & Consumer Financial Services and the Section on
European Law are co-sponsoring a joint program entitled “Taking
Stock of Post-Crisis Reforms: Local, Global, and Comparative Perspectives on
Financial Sector Regulation.” The program will take place on
Friday, January 3, 2014, at 10:30 am, and network member Peter
Lindseth (UConn) will chair. Speakers will include Bob
Hockett (Cornell) and Anna Gelpern (Georgetown),
along with papers selected in response to the the CFP by Hilary Allen (Loyola-New
Orleans) [paper
here], Sabeel Rahman (Harvard)
[paper
here], and Art Wilmarth (GW)
[paper
here].
Take note that each
section will have a business meeting immediately following the conclusion of
the panel (the European Law Section's will be over lunch -- more details here).
An overview of the program is immediately below and otherwise we look
forward to seeing many of you in New York.
* * *
The financial crisis of 2008 was truly a global crisis, and
the world continues to face a wide range of post-crisis economic and political
challenges. Today, several years after the market turmoil began, both the
United States and the European Union are in the midst of major regulatory
reforms in the financial services sector. The effects of these financial
regulation reforms however, remain unclear. Structural reform in the U.S. is
thus far limited to a yet-to-be finalized "Volcker Rule," while in
the U.K. and the Eurozone, respectively, Vickers- and Liikanen-style
"ring-fencing" remain incomplete if not inchoate. Debate in the
U.S. still rages around whether and how smaller "community banks"
should be regulated differently from megabanks, while the E.U. continues
to debate whether to form a "banking union" at all
and, if so, what it might or could entail, given various political
constraints. Meanwhile, the U.S. Federal Reserve continues to innovate in
the realm of monetary policy in the absence of functional fiscal policy, while
the European Central Bank moves furtively toward acting as a full Fed-style
central bank capable of backstopping sovereign debt instruments and providing
real liquidity. Where might these multiple developments be ultimately
heading, and what might the Americans and Europeans learn from each other
as they grope tentatively forward? What broader implications do they raise
for political accountability and legitimacy in a post-crisis world?
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