FESSUD annual conference 2014

UNDERSTANDING AND RESPONDING TO THE FINANCIAL CRISIS

October 15-18th 2014 ⋅ Warsaw

Main themes

  • Understanding of the causes and consequences of the financial crisis of 2007/09 and its after effects in individual countries and across key sectors, and the roles of financialisation in the generation and transmission of the financial crisis.

  • Policies and policy development for a financial system operating in the interests of society.

These themes were pursued through five sessions bringing forth some of the research findings of the FESSUD project.

Analysing and understanding the processes of financialisation with the changing relationships between the financial and the real sectors and the causes and consequences of the financial crises of 2007/2009 have been central to the FESSUD project. Presentations at the conference relating to the work of Work Package 3 related closely to such analyses. The changes in the relationship between the financial and the real sector have been analysed with regard to housing and to energy markets.

Country studies covering 15 countries have been undertaken to explore the changes in the relationship between the financial and the real sector, the processes of financialisation and the present financial and economic crisis. These were presented and discussed at the conference. These country studies are in the process of being published on the FESSUD web-site as part of the series FESSUD Studies in Financial Systems.

The next session was focused on important aspects of relationship between finance and the real economy. The effects of internationalization, privatisation and de-mutualisation of the financial sector on supply of finance and stability, the evolution of corporate social responsibility in financial institutions, and housing and finance three countries were the specific themes.

The session on ‘finance, environment and sustainability’ focused on the ‘Financialisation of built environment in Ankara, Copenhagen and Stockholm’ and the ‘Effects of the Fukushima Nuclear Accident on the transition to a sustainable energy system

Exploring policy options to achieve financial and macro stability’ provided results from the investigation of the links between financialisation and financial stability. Two further papers focused on the imbalances within the Eurozone, and brought out two sets of broad policy approaches to addressing those imbalances, and ways in which those imbalances (notably of current account positions) can be resolved.

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Failures of financial regulation and the regulatory system have been seen by many as a major factor in the generation of the financial crisis; and a flurry of financial regulation reforms have followed. Papers on national regulatory systems and supervised banking directives of the EU and on US Financial Regulation: The Dodd-Frank Wall Street Reform and Consumer Protection Act in Current and Historical Perspective provided critiques of reforms.

The keynote speaker was: Thierry Philipponnat, Member of the Board of Autorité des Marchés Financiers (French financial markets supervisor), former Secretary General of Finance Watch and member of the FESSUD Stakeholder Group. The theme of his talk was Re-structuring the financial system to better serve society.

The session on ‘finance, environment and sustainability’ focused on the ‘Financialisation of built environment in Ankara, Copenhagen and Stockholm’ and the ‘Effects of the Fukushima Nuclear Accident on the transition to a sustainable energy system’‘Exploring policy options to achieve financial and macro stability’ provided results from the investigation of the links between financialisation and financial stability. Two further papers focused on the imbalances within the Eurozone, and brought out two sets of broad policy approaches to addressing those imbalances, and ways in which those imbalances (notably of current account positions) can be resolved.Failures of financial regulation and the regulatory system have been seen by many as a major factor in the generation of the financial crisis; and a flurry of financial regulation reforms have followed. Papers on national regulatory systems and supervised banking directives of the EU and on US Financial Regulation: The Dodd-Frank Wall Street Reform and Consumer Protection Act in Current and Historical Perspective provided critiques of reforms.The keynote speaker was: Thierry Philipponnat, Member of the Board of Autorité des Marchés Financiers (French financial markets supervisor), former Secretary General of Finance Watch and member of the FESSUD Stakeholder Group. The theme of his talk was Re-structuring the financial system to better serve society.

16th October – Day I

S1 - Changes in the relationship between the financial and the real sector and the present financial and economic crisis: sectoral and market studies

S4 - Changes in the relationship between the financial and the real sector and the present financial and economic crisis: country studies

17th October – Day II

Thierry Philipponnat

Massimo Cingolani

This video was filmed during the FESSUD annual conference
“Understanding and responding to the financial crisis”

October 15-18th 2014, Warsaw, Poland

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