Overview of the current economic crisis
Han De Jong gave an overview of (the run-up to) the current economic crisis and discussed which steps could be taken to resolve this crisis.
- Han de Jong
- 25 March 2014
Han de Jong
Han de Jong is an influential economist. He used to work as a teacher and he occupied various positions within and outside of ABN AMRO. He was head of the research unit on fixed-income at the bank. He worked as Chief Economist at a Dublin stockbroker and was head of the Investment Strategy team at ABN AMRO Asset Management. De Jong also worked from 2001 to 2012 as a financial and economic columnist at “Het Financieele Dagblad”. In his columns and on television he comments on almost all aspects of the financial markets, including interest rates, stock prices and emerging markets. He is notable for this with refreshing insights.
De Jong demonstrated his own manner of public speaking by his opening words: “Please do interrupt me, it has been a long time since this did not happen, and I was probably home alone then.” This statement turned out to be indicative of his way of speaking. He refers often to his own personal life experiences. De Jong discussed his acquaintance with Rob Hazelhoff, whom he knew well. This was particularly interesting for the students and alumni of the master financial law and for the Hazelhoff Centre for Financial Law staff, since both the Hazelhoff Centre for Financial Law as the master financial law would not have existed without Hazelhoff.
According to De Jong the (financial) system is out of balance. The deregulation of the financial sector has, among other things, gone too far. The financial sector focuses on short term gain and shareholder value and there is a mutual distrust between the government and market, De Jong said. How to stop this crisis, or at least minimize its consequences in the future? De Jong calls for rebalancing the financial system and a transformation of capitalism, but it may be that it is not possible to fully eliminate banking crises.
The tremendous amounts of European organisations that try to cope with the crisis cause a lack of clarity. Han de Jong pleads for a functioning Banking Union and a change of culture within banks. It is up to the current students to achieve this cultural change. By the end of the lecture, everyone was eager to ask a lot of questions. A lively discussion took place which continued during the reception sponsored by SBR.
Hazelhoff Centre for Financial Law
De Hazelhoff Guest Lectures are organized by the The Hazelhoff Centre for Financial Law provides academic education and performs research in the field of financial law.