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2017
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Financial Law and Economics: the (Next) Financial Crisis and Europe

Organizing institution
Utrecht University, Faculty of Law, Economics and Governance (UU)
Course code
E7
Course fee (incl. housing)
€ 800
Level
Advanced bachelor level

The Financial Crisis was caused by, amongst others, an inefficient regulation of securitization (of mortgage products) and poor governance of banks. The Eurocrisis showed the effects of the lack of rules and tools on the European economy. Are these crises really over? Or is the next crisis just only one step away? By way of lectures, participation in workshops and writing a paper, participants get insights in these issues while formulating solutions for a more sustainable financial system.

This course not only deals with the effects of Financial Crisis, the Eurocrisis 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 Eurocrisis showed the effects of the lack of rules and tools for regulators on the European economy. EC commissioner Reding said in her speech of September 8, 2011 about the economic cooperation of the EU Member States and the euro:
“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.”

She also mentioned that the number and the scope of reforms that the EU has agreed on since the beginning of the crisis are truly impressive:
“Following the turbulence in the sovereign debt markets in spring last year, the EU quickly created financial backstops for countries under market pressure (…). We have put in place a new architecture for European financial supervision. This transformation was a first step towards more Europeanization of the supervision of financial markets and more efforts towards greater Europeanization and centralization have been taken. Recently, the Single Supervisory Mechanism has been established for the banking sector as a result of which the supervisory tasks of the national supervisors are taken over by the European Central Bank (ECB) in relation to significant banks. These developments make the European supervisory landscape extremely dynamic, with an entwining of European and national authorities.

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 to this by way of practical examples.

Participants will get thorough insights in these issues and the recent developments by way of lectures and participation in workshops and will be stimulated to come up with solutions (in papers and presentations) for a more sustainable financial system.

Tags: financial crisis, the next financial crisis, brexit, deutsche bank, eurocrisis, credit crunch, financial markets, single supervisory mechanism, ecb, efsf, banks, securities, financial supervision

» Download the day-to-day programme (PDF)

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COURSE LEADER

Prof. dr. Wilco j. Oostwouder (professor of corporate finance law UU and attorney at law Loyens & Loeff N.V.)

TARGET GROUP

Ambitious bachelor and master students (law, economics) who are keen to discuss and gain knowledge about the causes and the effects of the Credit Crunch and the Eurocrisis and want to be involved in the creation of daring suggestions for a sustainable financial system.

Students from other faculties with a keen interest in law and economics, Ph.D. students and in exceptional cases even academic professionals can be admitted.

COURSE AIM

To give bachelor students (Law, Economics) an insight into the causes and the effects of rules, or the lack of these, on the (European) economy and vice versa, to help them write a concise academic paper on Financial Law & Economics and to make them familiar with career opportunities after a Master in Law & Economics or Economics & Law. This course is also an excellent introduction to the course Public Law & Economics of the Master Law & Economics of Utrecht University.

STUDY LOAD

Contact hours daily: 4-5 hours (lectures, group assignments)

Self-study daily: 4 hours (preparation and research)

A final exam can be part of the course. You will be required to provide a short research paper on a notable actual case related to the subject of the course or for students which need a grade to do a written exam.
Grading is based on a 10-point scale on the weighted sum of different elements.

FEE

• € 800 - Course + course materials + housing
• € 600 - Course + course materials

DISCOUNTS AND COMBINATIONS
» Overview of all available discounts

SCHOLARSHIPS

Utrecht Summer School doesn't offer scholarships for this course.

MORE INFORMATION

prof. dr. Wilco J. Oostwouder

0622938313

w.j.oostwouder@uu.nl

» Contact Utrecht Summer School

REGISTRATION

Deadline for registration: 01 July 2017

Application closed