The 2008-2009 financial crisis has generated intense debate over policy questions--over government errors of commission or omission that contributed to the crisis, and over reforms that might avert or limit future crises. More profoundly, the financial collapse and the aggressive rescue measures it prompted have strained, and may be transforming,
Download Audio as MP3 basic institutional arrangements throughout Europe and the United States.
The Transatlantic Law Forum, a joint initiative of the American Enterprise Institute (Washington, D.C.) and the Council on Public Policy (Bayreuth, Germany), will explore the institutional and legal dimensions of the financial crisis at its 2010 annual conference. Leading scholars, jurists, financial executives, and policymakers from Europe and the United States will discuss the origins of the crisis, its impact on national and international regulation, and its legacy for European and U.S. law and constitutional structure.
Thursday, September 30, 2010
||Michael Zöller, Council on Public Policy, Bayreuth|
||The Financial Crisis and Capitalism
According to one prominent narrative, the financial crisis was caused by "deregulation" in the United States and ideological, "neoliberal" policies in Europe. Yet state-sponsored or heavily regulated enterprises--America’s Fannie Mae, Germany's Landesbanken--among the first to fail and may have played a substantial role in precipitating the crisis. What has the experience of the past two years taught us about the capitalist system in its American and European variants?
||Michael Zöller, Council on Public Policy, Bayreuth
||Gerald Braunberger, Frankfurter Allgemeine Zeitung|
|Enrico Colombatto, Università di Torino
|John J. Conroy, Baker & McKenzie
|Jeffrey Friedman, Critical Review and University of Texas
||The Financial Crisis and Its Regulators
Even before the crisis, regulatory institutions both in the United States and in Europe were widely perceived as excessively fragmented and poorly aligned with the modern financial system and its risks. To what extent did those shortcomings contribute to the financial crisis and its (mis)management? How have political institutions within the United States and the European Union responded, and what are the prospects for creating more efficient and effective regulatory structures?
|Moderator:||Adam Lerrick, American Enterprise Institute
||Laurent Cohen-Tanugi, Notre Europe|
|Neil Fligstein, University of California, Berkeley|
|Hal S. Scott, Harvard University School of Law
|Alastair Sutton, Retired Partner, White & Case, Brussels
||The Financial Crisis and the Constitution
||Robert R. Gasaway, Kirkland & Ellis
||Michael McConnell, Stanford Law School
||Bailouts, Competition, and Moral Hazard
In Europe as in the United States, government guarantees and bailouts of troubled financial firms--and car makers--have posed awkward legal and institutional problems, some of which may prove of lasting consequence. Do the crisis responses herald an irreversible lurch into "state capitalism" and a "mixed economy," as the Economist and many others have speculated? How are institutions and laws on both sides of the Atlantic likely to adjust to the postcrisis environment?
|Moderator:||Diane Wood, United States Court of Appeals for the Seventh Circuit|
||Georg Berrisch, Covington & Burling, Brussels|
|Wolfgang Nardi, Kirkland & Ellis, Munich
|Damien Gerard, University of Louvain
|Peter J. Wallison, American Enterprise Institute
||Regulating Financial Institutions in a Global Economy|
The financial crisis has intensified a long-running debate over the limits and possibilities of transnational financial regulation. One part of the debate concerns the "depth" of financial regulation (that is, its stringency and enforcement mechanisms); another part, its "breadth" and reach across political boundaries. Advocates of increased international regulatory cooperation insist that effective financial-market regulation presupposes a seamless, coordinated global reach. Critics reject such aspirations as futile or even counterproductive and emphasize the resiliency and other benefits of policy competition. Which approach will achieve the benefits, and control the risks, of global finance?
||Christian von Sydow, McDermott Will & Emery, Munich
||Paul S. Atkins, American Enterprise Institute|
|Brian Brooks, O'Melveny & Myers|
|Christian Kirchner, Humboldt University, Berlin|
Friday, October 1, 2010
||The Future of Fiscal Federalism|
The financial crisis has shined a harsh spotlight on federal fiscal arrangements on both sides of the Atlantic. Greece's de facto bankruptcy has put the eurozone's formula--monetary centralization, fiscal autonomy--to its most severe test yet. In the United States, the crisis has raised a specter heretofore more commonly associated with Brazil or Argentina: a federal bailout of states "too big to fail." Should these events prompt a reconsideration of fiscal federal arrangements on either side of the Atlantic?
||Moderator:||Michael S. Greve, American Enterprise Institute|
||Robert Inman, University of Pennsylvania|
|Adam Lerrick, American Enterprise Institute|
|Louis W. Pauly, University of Toronto|
||Crisis and Prices: Can Central Banks Do Both?
The actions of the U.S. Federal Reserve and European Central Bank to contain the financial crisis have triggered much debate--not only over their actions but also over the role and design of the institutions themselves. In the United States, the Fed's regulatory role and its accumulation of an unprecedented balance sheet have prompted proposals to limit--and expand--its powers. In the EU, crisis conditions in Mediterranean member states have raised doubts about the European Central Bank's ability to maintain a stable common currency on politically acceptable terms. Are our central banks being politicized in a way that will jeopardize their ability to maintain price stability?
|Moderator:||Alex J. Pollock, American Enterprise Institute
|Discussants:||Charles Goodhart, London School of Economics|
|Allan H. Meltzer, American Enterprise Institute|
|Manfred J. M. Neumann, Bonn University|
||A Crisis of Capitalism--or of Democracy?
||Christopher DeMuth, American Enterprise Institute|
||François H. Briard, Delaporte, Briard et Trichet, Paris|
|Josef Joffe, Die Zeit|
|William Kristol, The Weekly Standard|
||The Future of the European Treaties
The financial crisis did not create, but has put in sharp relief and quite probably exacerbated, central dilemmas of the EU project. Inside the eurozone, a bailout might exacerbate asymmetries between small countries (which may have to accept central fiscal controls) and larger countries (which are unlikely to yield such authority any time soon). Increased EU authority to adopt and enforce additional centralizing, a widely unpopular measure, is likely to strain public support for institutions that are already perceived as suffering from a "democratic deficit." And while the financial crisis has, in the minds of many informed observers, highlighted the need for improved regulatory and fiscal arrangements, the ratification of the Lisbon Treaty has been sufficiently wrenching to foreclose even limited, sensible treaty amendments for the foreseeable future. Beyond improvisation, how can the EU best address its dilemmas?
|Moderator:||Francois H. Briard, Delaporte, Briard et Trichet, Paris|
||Jeremy Rabkin, George Mason University School of Law|
|Alec Stone Sweet, Yale University School of Law|
||The Financial Crisis and the European Court of Justice
||Francois H. Briard, Delaporte, Briard et Trichet, Paris
||Francis Donnat, European Court of Justice
About the Conference Sponsors
The Transatlantic Law Forum is a joint initiative of the American Enterprise Institute (AEI; Washington, D.C.) and the Council on Public Policy (CPP; Bayreuth, Germany). Founded by Michael S. Greve (AEI) and Michael Zöller (CPP) in 2006, the Transatlantic Law Forum aims to build a community of scholars, lawyers, judges, policymakers, and journalists with a serious interest in deepening the understanding of constitutionalism, constitutional democracy, and legal culture on both sides of the Atlantic. Its chief program is an annual conference, held in alternating years at AEI's Washington headquarters and at Bucerius Law School in Hamburg, Germany, on salient policy questions of constitutional import. Previous conferences have addressed "Legal Cultures" (2007), "Citizenship in Europe and the United States" (2008), and "The Business of Law" (2009).
The American Enterprise Institute is a private, nonpartisan, not-for-profit institution dedicated to research and education on issues of government, politics, economics, and social welfare. Founded in 1943, AEI is home to some of America’s most accomplished public policy experts—from economics, law, political science, defense and foreign policy studies, ethics, theology, health care, and other fields. The Institute’s community of scholars is committed to expanding liberty, increasing individual opportunity, and strengthening free enterprise. For more information, please visit www.aei.org.
The Council on Public Policy is an American-European nongovernmental and nonpartisan think tank. It was established in September 2001 by a group of editors, scholars, and executives. The Council's mission is to strengthen individual liberty by advocating liberal, market-oriented principles in public policy (freedom of decision, competition, and voluntary association), improve transatlantic relations by correcting common misperceptions of European and American politics, and build a network of fellow campaigners and think tanks on both sides of the Atlantic. For more information, please visit www.council.uni-bayreuth.de.
WASHINGTON, SEPTEMBER 30, 2010--In a luncheon address at AEI's Transatlantic Law Forum on Thursday, Michael McConnell of Stanford Law School recalled the financial lessons of the American founding and used those insights to evaluate the country's current financial crisis. Alexander Hamilton believed that a limited, properly funded, and stable national debt would be a national blessing. The current national debt, Mr. McConnell noted, is none of these things. He explained that over the past sixty years, the United States has developed a long-term structural deficit wherein federal outlays exceed revenue by about two percent of GDP; since 2008, that gap has jumped to more than seven percent of GDP, and current patterns predict a long-term structural deficit of ten percent. Furthermore, Mr. McConnell remarked, history indicates that tax revenues generally remain stable relative to GDP regardless of the tax rate. He concluded that in the absence of significant spending cuts--which seem unlikely--the United States is in danger of losing creditor confidence and finding itself buried under an unmanageable amount of debt.
- "Thus far in the global meltdown, U.S. securities have been like a port in the storm. But there are rumblings, by the Chinese among others, that our debt-to-income ratio is becoming risky. It's easy to see why these concerns are rising: while we are trying to calm markets with words and assurances about the distant future, we continue to add to the debt at an unprecedented rate."
--Michael McConnell, Professor of Law, Stanford Law School
- "The important point, though, is not whether this Keynesian orgy was effective or worthwhile, but whether it was temporary. Unfortunately, much of it was not. Much of the [deficit] increase is based on burgeoning entitlements combined with a demographic shift toward an older and no-longer-growing population, and much of the so-called stimulus has added permanently to the baseline of federal government expenditures. Accordingly, the long-term structural deficit is no longer two percent, worrisome but manageable; now it is ten percent, with no real hope for relief in sight."
--Michael McConnell, Professor of Law, Stanford Law School
WASHINGTON, OCTOBER 1, 2010--In the concluding address of AEI's fourth annual Transatlantic Law Forum, Francis Donnat of the French Council of State and the European Court of Justice (ECJ) explained the ECJ's role in the financial crisis and predicted a few ways the crisis might raise questions before the Court. Mr. Donnat noted that only three actions directly related to the financial crisis have been brought before the ECJ. He attributed this surprisingly low number to the fact that the European Commission's primary role during the heat of the crisis was giving permission to member states to grant state aid. Mr. Donnat predicted that, now that the commission is reviewing and in some cases revoking its decisions, the number of challenges to actions related to the financial crisis will probably rise. He also reviewed the various means by which the European community is seeking to enforce sanctions on member states with excessive deficits.
- "Things could change now that the European Commission is calmly reassessing the state aid that was granted in the turmoil of the crisis and is in some cases beginning to demand that member states recover illegal or incompatible aid. Now that the decisions are not about giving out money, but about getting it back, I have no doubt that we will see more actions brought before the court."
--Francis Donnat, Legal Adviser, European Court of Justice
- "Despite the fact that the [European] treaty gave the European Court of Justice a central role to review all actions and decisions taken by the European Union, the Court of Justice wasn't required to do so during the financial crisis, and it is only now--if this German preliminary ruling is requested--that the court will be able to rule on the legality of one of the major measures adopted by the European Union to fight the financial crisis. To sum up, the Court of Justice could have been everywhere and it was nowhere to be seen."
--Francis Donnat, Legal Adviser, European Court of Justice
Paul S. Atkins is the cofounder and managing director of Patomak Partners LLC, which provides consulting regarding financial-services-industry matters, including regulatory compliance, risk and crisis management, trade analysis, and strategy. From 2009 to 2010, he was a member of the Congressional Oversight Panel for the Troubled Asset Relief Program. A commissioner of the Securities and Exchange Commission (SEC) from 2002 to 2008, Mr. Atkins is known for advocating better transparency and consistency in the SEC’s decision making and enforcement activities, as well as smarter regulation that considers costs and benefits. Prior to his appointment to the SEC, he was a partner at PricewaterhouseCoopers, where he worked on regulatory compliance, internal controls, and risk-management issues for financial services firms. A lawyer by training, Mr. Atkins also represented U.S. and foreign clients on corporate-finance and business-combination transactions while at Davis Polk & Wardwell, spending a number of years in the firm’s Paris office. He was admitted as conseil juridique in France in 1988. At AEI, Mr. Atkins works on issues related to U.S. and international regulation of the financial services industry.
Georg Berrisch has been a partner in the Brussels office of Covington & Burling since 2001. His practice concentrates on litigation before the European Court of Justice and the European Court of First Instance, where he has represented public- and private-sector clients in more than eighty cases in the past several years. He has litigated over a broad range of subjects, including competition, merger control, state aid, and antisubsidy law. Prior to joining Covington & Burling, Mr. Berrisch was the managing partner of the Brussels office of a German law firm. He also advises clients on various European Union–related matters and represents them in proceedings before the European Commission and national authorities. Mr. Berrisch has been recognized as a leading practitioner in the field of “EU Competition” (Practical Law Company, 2008–2010). His publications include “No Free Lunch” (The European Lawyer, April 2010) and “International Appeal” (The European Lawyer, March 2009).
Gerald Braunberger is senior financial editor at the Frankfurter Allgemeine Zeitung, where he has worked since 1988. From 1995 to 2004, Mr. Braunberger served as its correspondent in Paris. He is the author of many books, including Keynes for Everyone (2009), Crash: Financial Crises Past and Present (2008), and Airbus vs. Boeing (2006), all published by Frankfurter Allgemeine Books.
François H. Briard is a partner at Delaporte, Briard et Trichet and a member of France's elite group of Supreme Court attorneys. He has twenty-five years of appellate experience and represents major clients before both the French and European supreme courts. Mr. Briard is the founder and president of the Vergennes Society and chairs the Paris chapter of the Federalist Society. He has published and lectured extensively on the relationship between the European Union and the United States. Among Mr. Briard's honors are the titles of Knight of the Legion of Honor (under President Jacques Chirac) and Officer of the National Merit (under President Nicolas Sarkozy).
Brian Brooks, who practices in the area of financial services litigation and regulation, is the head of the Washington, D.C., office of the international law firm O'Melveny & Myers LLP; a member of the firm’s board of directors; and the founding chair of the firm’s Financial Services Practice Group and. His thoughts on mortgage finance, federal banking preemption, and other topics have been quoted in the New York Times, the Wall Street Journal, the Washington Post, Kiplinger's, and other national media outlets. Mr. Brooks has been an advocate for expanding access to financial services within unbanked and underbanked communities, serving as counsel to the Appleseed Foundation’s Financial Access Project and advocating for modernization of the consumer financial services market in Latin America. In 2008, he was an adviser to the John McCain presidential campaign, and he currently serves as an outside adviser to Freedom First, the political action committee of Minnesota governor Tim Pawlenty. Mr. Brooks is a member of the American Law Institute, the litigation practice group executive committee of the Federalist Society, and the board of directors of the Appleseed Foundation.
Laurent Cohen-Tanugi is a Paris-based international corporate lawyer, policy adviser, and public intellectual. A member of the Paris and New York bars, he has spent most of his professional career dealing with cross-border mergers, acquisitions and strategic alliances, international arbitration, and European affairs. Prior to setting up his own practice in 2008, Mr. Cohen-Tanugi was a partner of the international law firms Cleary Gottlieb Steen & Hamilton LLP (1991–2003) and Skadden Arps (2005–2007), and senior vice president and general counsel of Sanofi-Synthélabo. In the fall of 2007, he was appointed by the French government to head a task force on the future of the European Union’s Lisbon strategy for growth and jobs. Mr. Cohen-Tanugi is the author of numerous policy-oriented books on the rule of law, European affairs, transatlantic relations, and globalization, including An Alliance at Risk (Johns Hopkins, 2003) and The Shape of the World to Come (Columbia University Press, 2008). He is a member of the French Academy of Technologies and sits on the boards of several international think tanks, including Jacques Delors’s Notre Europe and the French-American Foundation.
Enrico Colombatto is a professor of economics at the University of Turin, where he teaches courses in the foundations of policymaking, international economics, and growth and development. He is the director of one of Italy’s leading research institutes, the International Centre for Economic Research, and he has been a board member of the Council on Public Policy since 2001. His present research interests cover the economics of growth and development, law and economics, and Austrian economics. His forthcoming book, Markets, Morals and Policy Making: A New Defense of Free-Market Economics, will be published next year by Routledge.
John J. Conroy has been the chairman of Baker & McKenzie since October 2004. He was elected to serve on the firm’s Global Executive Committee in 1998 and elected U.S. managing partner the following year. He subsequently held the position of North American managing partner and chairman of the Global Banking and Finance Practice Group. Mr. Conroy is ranked in The Best Lawyers in America and specializes in international banking and finance law. He has extensive experience as counsel to a large variety of financial institutions and intermediaries. He is also a member of numerous councils and committees, including the International Business Leaders Advisory Council for the Mayor of Beijing, the President of the Republic of Kazakhstan’s Foreign Investors’ Council, the Foreign Policy Association board of directors, the Professional Services Board of Governors for the World Economic Forum, and the Bretton Woods Committee.
Christopher DeMuth is the D.C. Searle Senior Fellow at the American Enterprise Institute. He was president of AEI from December 1986 through December 2008. Previously, he was administrator for information and regulatory affairs in the Office of Management and Budget and executive director of the Presidential Task Force on Regulatory Relief in the Reagan administration; taught economics, law, and regulatory policy at the Kennedy School of Government at Harvard University; practiced regulatory, antitrust, and general corporate law; and worked on urban and environmental policy in the Nixon White House.
Udo Di Fabio has served as a judge on Germany's constitutional court (Bundesverfassungsgericht) since December 1999. Before his appointment, he was a professor of law at the universities of Muenster, Trier, Munich, and Bonn. Intimately familiar with the German public-law tradition as a jurist, Justice Di Fabio is also a prominent public intellectual and a social scientist of considerable accomplishment and renown. Somewhat contrary to legal tradition, he insists that “citizens have a right to know what a judge thinks” and on what basis he arrives at his judgments. Justice Di Fabio has articulated his own legal theory in numerous books and articles, including a book on the cultural foundations of liberty and the rule of law, The Culture of Freedom (C.H. Beck, 2005). In response to its publication, the readers of the Frankfurter Allgemeine Zeitung selected him as “Reformer of the Year.”
Francis Donnat has been a member of the French Council of State since 1998. He is legal adviser in the chambers of the president of the second chamber of the Court of Justice of the European Union. Previously, Mr. Donnat provided legal counsel to the French Ministry of Education and was a rapporteur for the French budget and finance disciplinary court. He is an associate professor at the University of Strasbourg and has taught at l’Institut d’études politiques (Sciences Po) and l’Ecole des hautes études commerciales (HEC) in Paris. He has been a member of the French Council of State since 1998. Mr. Donnat’s publications include Le contentieux communautaire de l’annulation (LGDJ, 2008) and numerous articles on various topics related to French administrative and European Union law.
Neil Fligstein is the Class of 1939 Chancellor’s Professor in the Sociology Department at the University of California and the director of the Center for Culture, Organization, and Politics at the Institute of Industrial Relations. His main research interests are economic sociology, organizational theory, and political sociology. Among Mr. Fligstein’s numerous books are Euroclash: The EU, European Identity, and the Future of Europe (Oxford University Press, 2008) and a coauthored project with Doug McAdam entitled A Political-Cultural Approach to the Problem of Strategic Action (forthcoming). He is also working on a series of studies on the recent financial crisis. In the past, Mr. Fligstein has been a fellow at the Center for Advanced Study in the Behavioral Sciences in Palo Alto, a Guggenheim fellow, and a fellow at the Rockefeller Center in Bellagio, Italy. He recently became a member of the American Academy of Arts and Sciences.
Jeffrey Friedman is the editor of Critical Review: A Journal of Politics and Society, which he founded in 1987; a visiting scholar in the Government Department of the University of Texas at Austin; and director of the Hayek Project. Mr. Friedman has taught political theory at Barnard College, Columbia University, Dartmouth College, and Harvard University. He is also the editor of What Caused the Financial Crisis (University of Pennsylvania Press, 2010) and coauthor, with Wladimir Kraus, of Engineering the Perfect Storm: How Banking Regulations Caused the Financial Crisis (University of Pennsylvania Press, forthcoming).
Robert R. Gasaway is a partner at Kirkland & Ellis LLP in Washington, D.C., with broad experience in environmental, administrative, appellate, and constitutional litigation. His constitutional law and appellate work have focused on significant cases involving separation of powers, equal protection, the First Amendment, the Commerce Clause, federalism, and due-process litigation and counseling. His administrative law and appellate regulatory work have focused on litigation and counseling on high-exposure issues involving state and federal administrative agencies, including the Environmental Protection Agency, the California Air Resources Board, the Food and Drug Administration, and the Federal Energy Regulatory Commission. His recent publications include “The Problem of Tort Reform: Federalism and the Regulation of Lawyers” (Harvard Journal of Law and Public Policy, 2002); “The Problem of Federal Preemption: Reformulating the Black Letter Rules” (Pepperdine Law Review, Fall 2005); and “Implied Conflict Preemption: A Formal Approach” in Federal Preemption: States’ Powers, National Interests (AEI Press, 2007). Mr. Gasaway is a recognized expert on legal reform and constitutional-law issues and a frequent contributor to legal conferences.
Damien Gerard is a research fellow at the Chair of European Law of the University of Louvain. He is a member of the New York Bar and fully qualified in Brussels, where he practiced for five years with Cleary Gottlieb LLP. Previously, Mr. Gerard clerked for Judge Koen Lenaerts of the European Court of Justice and was a visiting lecturer in European Commission (EC) competition law at Paris Descartes University. From 2009 to 2010, he was a Fulbright-Schuman visiting research scholar at the Institute for Global Law & Policy at Harvard Law School. His recent scholarship focuses on European Union (EU) competition law enforcement, with particular emphasis on the interactions between the European Commission and national competition authorities and between EC competition law and internal market rules. He has published and spoken extensively on EU competition law enforcement, substantive antitrust law, EU state aids law (including in relation to the financial crisis), and general EU law. Mr. Gerard’s publications include a chapter entitled “Judicial Review of Cartel Decisions” in Cartel Law: Restrictive Agreements and Practices between Competitors (Claeys & Casteels, 2007), one of the first comprehensive articles published on EU state aids rules applied to the financial crisis (Concurrences, 2009), and an account of possible remedies for protectionist threats to cross-border mergers in the EU (Common Market Law Review, 2008). Mr. Gerard is also a member of the editorial board of a Belgian competition law journal, a regular contributor to Kluwer Competition Law Blog, and an occasional peer reviewer for publishing houses.
Charles Goodhart is a member of the Financial Markets Group at the London School of Economics, where he has been deputy director and the Norman Sosnow Professor of Banking and Finance. Mr. Goodhart worked for seventeen years as a monetary adviser at the Bank of England, becoming a chief adviser in 1980 and serving as an appointed member of the bank’s Monetary Policy Committee from 1997 to 2000. Mr. Goodhart has also taught at Cambridge. Among his numerous work on monetary history and financial stability are a graduate textbook entitled Money, Information and Uncertainty, 2d ed. (MIT, 1989) and a collection of papers on monetary policy entitled The Central Bank and the Financial System (MIT Press, 1995). His most recent publication is The Regulatory Response to the Financial Crisis (Edward Elgar, 2009).
Michael S. Greve is the John G. Searle Scholar at AEI, where he also heads the Transatlantic Law Forum. Mr. Greve cofounded and, from 1989 to 2000, directed the Center for Individual Rights, a public-interest law firm. He has written extensively on many aspects of the American legal system. His publications include numerous law-review articles and books, including The Demise of Environmentalism in American Law (AEI Press, 1996), Real Federalism: Why It Matters, How It Could Happen (AEI Press, 1999), and Harm-Less Lawsuits? What's Wrong with Consumer Class Actions (AEI Press, 2005). He is the coeditor of Competition Laws in Conflict: Antitrust Jurisdiction in the Global Economy (2004), Federal Preemption: States' Powers, National Interests (2007), and Citizenship in America and Europe: Beyond the Nation-State? (2009), all published by AEI Press. Mr. Greve's current projects include a book on the constitutional foundations of competitive federalism.
Robert P. Inman is the Richard King Mellon Professor of Finance and Economics at the Wharton School of the University of Pennsylvania and a research associate at the National Bureau of Economic Research in Cambridge, Massachusetts. Mr. Inman is also an associate editor of the professional journal Regional Science and Urban Economics. He is the editor of Making Cities Work: Prospects and Policies for Urban America (Princeton University Press, 2009) and Managing the Service Economy (Cambridge University Press, 1989), and coeditor of The Economics of Public Services (Palgrave Macmillan, 1977). Mr. Inman’s research focuses on the design and impact of fiscal policies and has been published in the leading academic journals in economics, finance, and law. He has served as a consultant and adviser on fiscal policy to a broad range of institutions, including the city of Philadelphia, the U.S. Department of Education, Citibank, the Republic of South Africa, and the World Bank. Mr. Inman has also taught as a visiting professor at Harvard University, the University of California-Berkeley, the University of London, Stanford University, and the European University Institute in Florence, Italy. He won numerous teaching awards, including the University of Pennsylvania’s highest teaching honor, the Lindback Prize, in 2000.
Josef Joffe is the publisher-editor of the German weekly Die Zeit. He was a columnist and editorial-page editor of Süddeutsche Zeitung from 1985 to 2000. In 2007, he was appointed senior fellow of Stanford’s Institute for International Studies (a professorial position). At Stanford, he is also Courtesy Professor of Political Science and a fellow in international relations at the Hoover Institution. Mr. Joffe has taught at Harvard University, Johns Hopkins University, and the University of Munich, and lectured at Princeton and Dartmouth. In 2005, he cofounded the foreign policy journal The American Interest in Washington, D.C., and now serves on its executive committee. His essays and reviews have appeared in numerous publications, and he is a regular contributor to the op-ed pages of the Wall Street Journal, the New York Times, the Washington Post, Time, and Newsweek. He is the author of The Limited Partnership: Europe, the United States, and the Burdens of Alliance (Ballinger, 1987) and The Future of International Politics: The Great Powers (Phoenix, 1998), and coauthor of Eroding Empire: Western Relations with Eastern Europe (Brookings Institution, 1987). His most recent book is Überpower: America’s Imperial Temptation (Norton, 2006).
Christian Kirchner has been a professor at Humboldt University School of Law and School of Business and Economics since 1999. This fall, he is a visiting professor at St. Gallen University in Zurich. He has also taught as a visiting professor at the University of Haifa in Israel and at Tongji University in Shanghai. Mr. Kirchner’s specializations include legal methodology, Japanese law, institutional economics, and economic theory of law and the state. He received an honorary doctorate from St. Gallen University in May 2010. Mr. Kirchner has performed legal consultation in central and eastern Europe in the field of competition law, business law, and bankruptcy law.
Martin Klingst is the Washington, D.C. bureau chief of the German weekly paper Die Zeit. In 2006, he was a fellow at the Center for European Studies at Harvard, where he lectured on the German reform process, terrorism and civil rights, and Europe’s engagement in the Middle East. Before assuming his current position in 2007, Klingst worked as a journalist and senior political editor at Die Zeit, where he wrote on topics including Israel, Palestine, and the political impact of high and constitutional courts.
William Kristol is the editor of the Weekly Standard. He is also a regular panelist on Fox News Sunday, a contributor for the Fox News Channel, and a monthly columnist for the Washington Post. Before starting the Weekly Standard in 1995, Mr. Kristol led the Project for the Republican Future, where he helped shape the strategy that produced the 1994 Republican congressional victory. Prior to that, Mr. Kristol was chief of staff to Vice President Dan Quayle during the first Bush administration and to Education Secretary William Bennett under President Reagan. Before coming to Washington in 1985, Mr. Kristol was on the faculty of Harvard University’s Kennedy School of Government and the Department of Political Science at the University of Pennsylvania.
Adam Lerrick is a visiting scholar at AEI. From 2001 to 2009, Mr. Lerrick was the Friends of Allan H. Meltzer Professor of Economics at the Tepper School of Business at Carnegie Mellon University. Mr. Lerrick created and led the Argentine Bond Restructuring Agency that united the interests of thirty-five thousand European retail investors to create the largest foreign creditor in the $100 billion Argentina debt restructuring. From 2001 to 2007, Mr. Lerrick was the adviser on international economic policy to the Joint Economic Committee of the U.S. Congress. He was also adviser on international economic policy to the majority leader of the House of Representatives from 2001 to 2003. Formerly head of product development for the international capital markets at Salomon Brothers and then at Credit Suisse First Boston, Mr. Lerrick designed and executed pioneering instruments to meet the large-scale financing needs of many governments, including Germany, France, Belgium, and Sweden.
Michael McConnell is a professor of law at Stanford Law School, the director of the Stanford Constitutional Law Center, and a senior fellow at the Hoover Institution. From 2002 to 2009, he was a judge on the United States Court of Appeals for the Tenth Circuit, where his notable opinions included O Centro Espirita Beneficiente Uniao do Vegetal v. Ashcroft (2006) and Fernandez-Vargas v. Gonzales (2008). Before he took the bench, Mr. McConnell was a law professor at the University of Chicago, an assistant to the solicitor general at the U.S. Department of Justice, and a law clerk for Associate Justice William Brennan of the U.S. Supreme Court. He has argued twelve cases before the Supreme Court, including the landmark First Amendment case Rosenberger v. University of Virginia (1995). Mr. McConnell is a leading authority on freedom of speech and religion, the relation of individual rights to government structure, originalism, and various other aspects of constitutional history and law. He is the author of numerous articles and coauthor of two casebooks: The Constitution of the United States (Foundation Press, 2010) and Religion and the Constitution (Aspen, 2002).
Allan H. Meltzer is the Allan H. Meltzer University Professor of Political Economy at Carnegie Mellon University. He is the author of History of the Federal Reserve, Volume I: 1913–1951 (University of Chicago Press, 2002), a definitive research work on the Federal Reserve System. He has been a member of the President’s Economic Policy Advisory Board, an acting member of the President’s Council of Economic Advisers, and a consultant to the U.S. Treasury Department and the Board of Governors of the Federal Reserve System. In 1999 and 2000, he served as the chairman of the International Financial Institution Advisory Commission, which was appointed by Congress to review the role of the International Monetary Fund, the World Bank, and other institutions. The author of several books and numerous papers on economic theory and policy, Mr. Meltzer is also a founder of the Shadow Open Market Committee.
Wolfgang Nardi is a banking partner in the Munich office of Kirkland & Ellis International LLP. He advises national and international clients in acquisition and corporate-finance transactions, restructuring, and general finance matters. Mr. Nardi has particular focus on advising institutional investors on the financing aspects of private-equity transactions and restructuring in a private-equity environment. The Legal 500 calls him “very attuned to ever-changing market conditions.” He has recently represented Dura Automotive Systems Inc., Visteon Inc., ATS International GmbH, Bäumler GmbH, the Lenders to the PHP Group, the Mezzanine Lenders of Orion Cable, Bain Capital, Bridgepoint Capital, and Gilde Buy Out Partners.
Manfred J. M. Neumann is professor emeritus of economics at Bonn University, where he directed the Institute for International Economics from 1981 to 2006. He has published extensively in the fields of monetary and international economics. Mr. Neumann was president of the Northrhine-Westphalian Academy of Sciences and Arts from 2006 to 2009 and chaired the academic advisory council to the German federal ministry of economics and technology from 1996 to 2000. He has published extensively in the fields of monetary and international economics. Currently, Mr. Neumann advises both the Federal Ministry of Economics and Technology (Berlin) and the research department of the Deutsche Bundesbank.
Louis W. Pauly holds the Canada Research Chair in Globalization and Governance at the University of Toronto, where he also directs the Center for International Studies in the Munk School of Global Affairs. He has been a visiting professor at Oxford University, Northwestern University, and Osaka City University. Before his appointment as a professor, he held management positions at the Royal Bank of Canada, won an international-affairs fellowship from the Council on Foreign Relations, and served on the staff of the International Monetary Fund. His publications include Global Ordering: Institutions and Autonomy in a Changing World (UBC Press, 2009); Global Liberalism and Political Order: Toward a New Grand Compromise? (SUNY Press, 2007); Complex Sovereignty: Reconstituting Political Authority in the Twenty-First Century (University of Toronto Press, 2005); Governing the World’s Money (Cornell University Press, 2002); and other books, as well as many journal articles and book chapters. With Emanuel Adler, he edits International Organization, a top-ranked journal in the fields of international relations and international political economy. His current research interests include the political economy of financial stability, the development of international financial centers, and the politics of technological innovation in Asia.
Alex Pollock joined AEI in 2004 after thirty-five years in banking. He was president and chief executive officer of the Federal Home Loan Bank of Chicago from 1991 to 2004. He is the author of numerous articles on financial systems and the organizer of the “Deflating Bubble” series of AEI conferences. In 2007, Mr. Pollock developed a one-page mortgage form to help borrowers understand their mortgage obligations. At AEI, he focuses on financial policy issues, including housing finance, government-sponsored enterprises, retirement finance, corporate governance, accounting standards, and the banking system. He is a director of the Chicago Mercantile Exchange, the Great Lakes Higher Education Corporation, and the International Housing Union for Housing Finance, and chairman of the board of the Great Books Foundation.
Jeremy Rabkin is a professor of law at George Mason School of Law, where he teaches international law and American constitutional history. He serves on the board of directors for the U.S. Institute of Peace (a nonpartisan federal agency) and for the Center for Individual Rights (a private legal advocacy organization in Washington, D.C.). Before joining George Mason University in 2007, Mr. Rabkin was a professor in the Department of Government at Cornell University for many years. His most recent book is Law without Nations? Why Constitutional Sovereignty Requires Sovereign States (Princeton University Press, 2007).
Hal S. Scott is the Nomura Professor and director of the Program on International Financial Systems at Harvard Law School, where he has taught since 1975. He teaches courses on capital-markets regulation, international finance, and securities regulation and works on a range of projects including annual U.S.-Japan, U.S.-Europe, and U.S.-China symposia on “Building the Financial System of the 21st Century” and a concentration in international finance for LLM students at Harvard Law School. He is the director of the Committee on Capital Markets Regulation, which in May 2009 released a comprehensive report entitled The Global Financial Crisis: A Plan for Regulatory Reform. Mr. Scott is cochair of the Council on Global Financial Regulation, which was formed in 2010. He is an independent director of Lazard Ltd., a past president of the International Academy of Consumer and Commercial Law, and a past governor of the American Stock Exchange. He also clerked for Justice Byron White. Mr. Scott’s books include the law school textbook International Finance: Transactions, Policy, and Regulation, 17th ed. (Foundation Press, 2010); and The Global Financial Crisis (Foundation Press, 2009).
Alec Stone Sweet is the Leitner Chair of Law, Politics, and International Studies at Yale University. His research interests include comparative and international politics, comparative and international law, and European integration. He recently coedited the book A Europe of Rights: The Impact of the ECHR on National Legal Systems (Oxford University Press, 2008). He has edited or written numerous other books, including European Integration and Supranational Governance (Oxford, 1998); Governing with Judges (Oxford, 2000); The Institutionalization of Europe (Oxford, 2001); The Politics of Delegation (Routledge, 2003); On Law, Politics, and Judicialization (Oxford, 2002), coauthored with Martin Shapiro; and The Judicial Construction of Europe (Oxford, 2004). Before coming to Yale, he was an official fellow at Nuffield College-Oxford. He has held visiting professorships at universities in Paris, Aix-en-Provence, Florence, Madrid, Stockholm, and Vienna.
Alastair Sutton practices European and international law in Brussels, where he is the principal of Sutton European Legal Services. Before establishing his own practice, he worked for twenty years as a partner at Forrester Norall & Sutton and White & Case. Mr. Sutton also spent six years teaching international and European law at University College London and was an official in the European Commission, where he worked as a trade negotiator (notably on multilateral trade policy in the GATT), a diplomat in the commission’s delegation in Japan, legal advisor to the commission’s vice president for the single market, and a senior official in the financial services department. Mr. Sutton litigates before the European courts and advises companies and governments from around the world on a wide range of European Union (EU) law and policy issues. His current practice covers the internal and external law of the EU, including financial services, competition, state aids, the Economic and Monetary Union, economic crime, and taxation. He has published widely on European and international law and is a visiting professor at King’s College London, the Europa Institute of the University of Edinburgh, and Reykjavik University in Iceland. Mr. Sutton has chaired working groups in the Centre for European Policy Studies on topics including EU financial regulation and supervision beyond 2005, the consolidation of retail financial markets in the EU, the tax regime of the European Company Statute, a more integrated system of financial oversight in the EU, and, currently, banking state aids.
Christian von Sydow is a partner at McDermott Will & Emery LLP, based in its Munich office. He is a member of the corporate department, where his practice focuses on capital markets, mergers and acquisitions, private equity, restructuring, and corporate dispute resolution. He has advised various foreign and German strategic and financial investors on many issues, including mergers and acquisitions activities within Germany and the formation of several international joint ventures. Mr. von Sydow is a member of the International Bar Association and the supervisory board of Softline AG. He chairs the Bavarian regional committee of the American Chamber of Commerce.
Peter J. Wallison, a codirector of AEI’s program on financial policy studies, researches banking, insurance, and securities regulation. As general counsel of the U.S. Treasury Department, he had a significant role in the development of the Reagan administration’s proposals for the deregulation of the financial services industry. He also served as White House counsel to President Ronald Reagan and is the author of Ronald Reagan: The Power of Conviction and the Success of His Presidency (Westview Press, 2002). His other books include Competitive Equity: A Better Way to Organize Mutual Funds (AEI Press, 2007); Privatizing Fannie Mae, Freddie Mac, and the Federal Home Loan Banks (AEI Press, 2004); The GAAP Gap: Corporate Disclosure in the Internet Age (AEI Press, 2000); and Optional Federal Chartering and Regulation of Insurance Companies (AEI Press, 2000).
Diane P. Wood is a circuit judge on the United States Court of Appeals for the Seventh Circuit and a senior lecturer in law at the University of Chicago Law School. After graduation from law school, she clerked for Judge Irving L. Goldberg on the U.S. Court of Appeals for the Fifth Circuit and for Justice Harry A. Blackmun of the U.S. Supreme Court. She then spent a brief period at the Office of the Legal Adviser in the U.S. Department of State. In 1980, she began her career as a legal academic at Georgetown University Law Center. She moved to the University of Chicago Law School in 1981, serving as a full-time professor until 1995 and as associate dean from 1989 through 1992. In 1990, she was named to the Harold J. and Marion F. Green Professorship in International Legal Studies, becoming the first woman to hold a named chair at the school. From 1993 to 1995, she was deputy assistant attorney general in the Antitrust Division of the U.S. Department of Justice. Judge Wood is a fellow of the American Academy of Arts and Sciences and is on the Council of the American Law Institute.
Michael Zöller is a professor of political sociology at Bayreuth University and president of the Council on Public Policy. He worked at a broadcasting station and then a national newspaper before pursuing his academic career. He has been a visiting professor or visiting scholar at Notre Dame University, the University of Chicago, the Hoover Institution, the Catholic University of America, the International Center of Economic Research in Torino, and the Woodrow Wilson Center in Washington, D.C. At the new University of Erfurt (in former East Germany), he was the founding director of the Max Weber Kolleg, and he currently serves as vice president on the board of the Mont Pelerin Society.
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Transatlantic Law Forum: Audio and Video
Luncheon Address: The Financial Crisis and the Constitution
Transatlantic Law Forum