The fifth and last event focused on the financial sector and was titled “Challenges for the Financial System in Times of Crisis”.

Speakers included:

• Eduardo Ávila. Head of Global Supervisors Relations, BBVA
• Christos Gortsos. President of the Academic Board, European Banking Institute
• Rosa Lastra. Sir John Lubbok Chair in Banking Law, QMUL
• Martín Martínez. Référendaire, Court of Justice of the EU
• Rodrigo Olivares-Caminal. Chair in Banking and Finance, QMUL. International Consultant.

The main findings were that in the current post-global financial crisis, Banks are in a better position as they have increased their capital and liquidity ratios compared to previous crises, and thus now there is a more resilience financial system. In the EU, the fact that we now have cross-border legislation that brings together financial institutions operating across borders under the same umbrella, is an amazing achievement. However, still, there is something missing: a common guaranteed deposit scheme. However, experts agreed that it would be in place in the near to mid-term future (i.e., within the next seven years or sooner). The panellists differed when talking about a possible non-performing loans’ crisis, some stating that eventually it will arrive, some denying that possibility.