Leaders gather in New York to discuss challenges to the U.S.-EU financial markets
April 8, 2007
Professor Hal Scott
Leaders from the financial sectors of Europe and United States gathered in Armonk, NY, last week to examine issues affecting their financial markets. The sixth annual "Symposium on Building the Financial System of the 21st Century: An Agenda for Europe and the United States," organized by Harvard Law School's Program on International Financial Systems and the Centre for European Policy Studies (CEPS), allowed participants from the public and private sectors to discuss the financial challenges facing their markets.
“The Symposium took place at an opportune time when the U.S. and EU need to examine the impact of the current credit market on their financial systems,” said Hal S. Scott, Nomura Professor and Director of PIFS. “While the U.S. needs to reform its regulatory approach and structure, there is a need for coordination and cooperation between the EU and the U.S in the area of financial regulation to lower the risk of the disruption of the credit markets.”
“The Symposium happened exactly in the week that policy makers on both sides of the Atlantic are considering their responses to the financial market turmoil,” said Karel Lannoo, chief executive of CEPS. “While the EU has made much progress over the last years in responding to growing European market integration, the proposals by US Treasury Secretary Hank Paulson are a clear signal that a more radical reform is also needed on the European side.”
The 100 attendees included senior government officials, financial firm leaders, lawyers, consultants, and scholars from the U.S. and EU. Speakers included:
- Kathleen L. Casey, commissioner, U.S. Securities & Exchange Commission
- Lorenzo Bini-Smaghi, member of the executive board, European Central Bank
- Pierre Delsaux, director, European Commission
- Michael Klein, chairman, Citi Institutional Clients Group
The Harvard Law School Program on International Financial Systems was founded in 1986. It was established to conduct research integrating law, economics and finance. In over 20 years, the Program has published books, performed research, held symposia and provided policy advice to an array of countries.
The Centre for European Policy Studies (CEPS) was founded in Brussels in 1983, and celebrates its 25th anniversary in 2008. CEPS is one of the most experienced and authoritative think tanks operating in the European Union today, offering in depth research and numerous annual publications in different EU policy research areas, (such as, financial markets integration and regulation).