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Banking Nationalism in the Eurozone’s Debt and Currency Crisis

October 9, 2015 @ 1:30 pm - 3:00 pm

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Since 2010, the Eurozone’s economic crises have usually been framed in terms of excessive debt. Ongoing debt and reform negotiations in Greece reinforce the notion that both public and private borrowing is at the root of the crisis, which in turn undermines the common currency. This talk focuses on a different source of the Eurozone’s woes: banking nationalism. Professor Epstein argues that banking nationalism in Western Europe—whereby states protect domestic ownership, engage in regulatory competition and promote external expansion of their banking groups—has contributed significantly to both the duration and the character of the European economic crisis. She also argues that the recent move toward European Banking Union, which includes centralized bank supervision in the European Central Bank, is an important step forward in severing bank-state ties, but at the expense of national economic sovereignty.

Sponsors: ★ Center for European Studies ★ Curriculum in Global Studies

Details

Date:
October 9, 2015
Time:
1:30 pm - 3:00 pm