Topical Hour
| “Financial Crisis - No End in Sight?” |
On the October 20, 2009 the Institute for Corporate and Capital Markets Law (ICCML) hosted a topical hour concerning the current financial crisis under the title: “Financial Crisis - No End in Sight?”
Following an introduction given by the managing director of the ICCML, Professor Dr. Rüdiger Veil, the vice chairman of UBS Deutschland AG, Rainer Heydenreich, described, from an inside perspective, how the biggest crisis he has seen during his career so far could emerge. In doing so he conceded severe mistakes of the banks, particularly as regards the investment banking sector. The second speaker, Professor Dr. Marisa Nöldeke, chair for business economics at WHU – Otto Beisheim School of Management, examined the origins of the crisis, evaluated the worldwide state interventions and steps necessary to calm down investors and to stabilise the capital markets. The legal legitimacy of those subsidies within the scope of the European Union was dealt with by Professor Dr. Jörn Axel Kämmerer, chair for public law, law of nations and European Community law as well as co-director of the ICCML. He concluded, that at least the German Financial Market Stabilisation Act (Finanzmarktstabilisierungsgesetz, FMStG) was conforming with European law on state aid.
Triggered by the three lectures a lively discussion evolved, which was later resumed in a personal atmosphere over pretzels and a glass of wine as is customary at Bucerius Law School.
by Research Ass. Sebastian Pläster