Visiting Professor Prof. Dr John Driffill
Prof. Dr John Driffill, Birkbeck, University of London (UK), 22nd – 25th July, 2014
The Institute of Malaysian and International Studies (IKMAS), according to its charter, develops co-operation with foreign partners in order to internationalize its activities and participate in international networks of academic institutions in fields represented by its three research centers.
Scholars from the IKMAS’ Centre of Occidental Studies (iKON), as responsible for research and educational activities concerning the western world, build up the net of partners in Europe and North America. They create possibilities for the strengthening reputation of IKMAS as internationally recognized institute involved in all aspects of the academic life. In this context, it is important to foster direct contacts with representatives of European and North American academic centers.
Prof. Dr John Driffill from the Department of Economics, Mathematics and Statistics, Birkbeck, University of London, an outstanding scholar specialising in international macroeconomics and labour economics, creator of the will Calmfors-Driffill hypothesis will come to IKMAS as the visiting lecturer to give a talk about the European Banking Union which is one of a ‘hot’ topics concerning the future development of the economic situation of the European Union as well as the Eurozone. Prof. Driffill’s seminar will be organized by the Center of Occidental Studies (iKON) of IKMAS under its European studies program which is currently being developed..
Abstract:
In response to the global financial crisis that emerged in 2008, the European Commission pursued a number of initiatives to create a safer and sounder financial sector for the single market. These initiatives, which include stronger prudential requirements for banks, improved depositor protection and rules for managing failing banks, form a single rulebook for all financial actors in the 28 Member States of the European Union. The single rule book is the foundation on which the European Banking Union sits. As the financial crisis evolved and turned into the Eurozone debt crisis, it became clear that, for those countries which shared the euro and were even more interdependent, a deeper integration of the banking system was needed. That’s why, on the basis of the European Commission roadmap for the creation of the Banking Union, the EU institutions agreed to establish a Single Supervisory Mechanism and a Single Resolution Mechanism for banks. The European Banking Union applies to countries in the euro-area. Non-euro-area countries can also join.