International Seminar Series: Banking on Markets- Europe’s Economic Crisis and Reform
Title of Presentation: Banking on Markets: Europe’s Economic Crisis and Reform
Speaker: Rachel A. Epstein, Professor at the Josef Korbel School of International Studies, University of Denver
Presentation Overview: States and banks have traditionally maintained close ties. At various points in time, states have used banks to manage their economies and soak up government debt, while banks enjoyed regulatory forbearance, restricted competition, and implicit or explicit guarantees from their home markets. The political foundations of banks have thus been powerful and enduring, with actors on both sides of the aisle reluctant to sever relations.
The central argument of this lecture, however, is that in the world’s largest integrated market, Europe, the traditional political ties between states and banks have been transformed. Specifically, through a combination of post-communist transition, monetary union, and economic crisis, states in Europe no longer wield preponderant influence over their banks. I explain why we have witnessed the radical denationalization of this politically vital sector, as well as the consequences for economic volatility, policy autonomy and the future of the euro. The findings in Europe have implications for other world regions, which, to varying degrees, have also experienced intensified pressure on their traditional models of domestic political control over finance.
Speaker Bio: Rachel A. Epstein is Professor of International Relations and European Politics at the Josef Korbel School of International Studies at the University of Denver. Her research interests include post-communist transition, the enlargement of the European Union and the North Atlantic Treaty Organization, financial crises and reform. She is the author of In Pursuit of Liberalism (Johns Hopkins 2008) and Banking on Markets (Oxford 2017). She is also a co-editor at the Review of International Political Economy.
Series Overview: The International Seminar Series offers the Illinois State campus and Bloomington-Normal communities weekly opportunities to learn about a wide range of international topics. Guest speakers are usually experts in their fields across a range of disciplines who cover a wide array of cultural, historical, political and social topics.
Series events have become one of the most popular internationally focused events on campus and continue to draw ever-growing crowds of students, faculty and community members. Audience members are given time at each event to raise questions to enable a two-way participation and learning.
International Seminar Series events are free and open to the public, and occur every Wednesday from noon to 1 p.m. in the Bone Student Center. The spring 2018 series will focus on Europe in a global context.