A New Age of State-Owned Finance Institutions? A Transatlantic Exchange with S. Griffith Jones, IDS, Sussex University & IPD, Columbia University, S. Omarova, Cornell University Law, E. Rubio, Jacques Delors Institute & M. Thiemann, Sciences Po, CEE
Seminar of the Key Theme "The transformations of capitalism"
Sciences Po, via Zoom, compulsory registration
The last decade has seen a come-back of state-owned finance institutions. With the Covid-induced recovery measures, the related idea of Building Back Better, and the public endorsements of a Green Recovery or even a Green New Deal, these institutions’ activities are highly visible and their expansion is high on the agenda. Even liberal Anglo-Saxon countries such as the UK and the US today actively consider establishing such institutions.
This current centrality, however, is not without precedent. Instead, it is the continuation of trends of the last decade, where State-owned Finance institutions, in particular in Europe have more than doubled their balance sheets and expanded their mode of operation, becoming central pillars of EU investment policies (EFSI). Based on an analysis of their actions in this last decade, this seminar asks which role State-owned Finance institutions can play in today’s conjuncture? Which institutional preconditions are needed such that they can be the intermediaries that catalyze transformational change? Which burdens can they reasonably be asked to carry and which tasks are simply beyond their individual reach? In how far can the fact that they have formed a field of mutually observing and cooperating banks help in this endeavor?
This event, held on the occasion of the publication of the book The Reinvention of Development Banking in the EU, edited by Daniel Mertens, Matthias Thiemann and Peter Volberding, Oxford University Press 2021 brings together leading scholars to hold a transatlantic exchange on these issues.
Stephany Griffith Jones, Emeritus Professorial Fellow, IDS, Sussex University and the Financial Markets Director, IPD, Columbia University
Saule Omarova, Cornell University Law
Eulalia Rubio, Jacques Delors Institute
Matthias Thiemann, Sciences Po, CEE
Daniel Mertens, University of Osnabrück