The Current State Of Finance In The EU: Prospects And Alternatives




Nicos Poulantzas Institute

46, Kerameikou Str.


transform! europe supports this workshop, which aims to critically assess the state of the European financial system following the 2007/2008 global financial crisis.


Areas under discussion include the US-EU financial nexus, new developments and associated risks, addressing the non-performing loans problem. Furthermore, alternative proposals to the current state of affairs will be discussed.


For registration, please contact the Nicos Poulantzas Institute:


please find the participants’ abstracts and the programm on the right (pdf);


Thursday, 28.03.2019

15:00-15:30_Welcoming address

Haris Golemis, Scientific and Strategic Advisor to the Board of transform! europe

Danai Koltsida, Nicos Poulantzas Institute Director


15:30-17:30_Session 1: The EU’s financial and banking system – Global Considerations


Gary Dymski, Professor of Applied Economics, Leeds University Business School

“The US-EU Financial Paradox and the Crisis of Europe: Interconnected Balance Sheets, Disconnected Risks”

John Grahl, Professor Emeritus in Economics, Middlesex University

“The Coming Dollarisation of the Eurozone”


17:30-17:45_Coffee Break


17:45-19:45_Session 2: Financial developments in the EU


Stefanos Ioannou, Postdoctoral Research Associate in Finance and Geography, University of Oxford

“Current state of affairs in European banking: A critical assessment”

Marica Frangakis, Member of the Board of Nicos Poulantzas Institute and member of the Steering Committee of the EuroMemo Group

“The European leveraged loans market – Developments, risks and policy implications”


Friday, 29.03.2019

10:00-12:00_Session 3: Addressing the Non-Performing Loans (NPLs) problem


Jan Toporowski, SOAS School of Oriental and African Studies, University of London

“Non-Performing Loans over the Business Cycle”

Konstantinos Loizos, Centre of Planning and Economic Research (KEPE)

“Alternative policy choices related to NPLs: Is there a theoretical perspective”


12:00-13:00_Lunch Break


13:00-15:00_Session 4: Socioeconomic implications of NPLs


Emilia Marsellou, PhD in Economics, Special Economic Advisor at the Office of the Vice President of the Government

“Socioeconomic characteristics of the Greek bankrupt households.  Evidence from the first years of implementation of the personal insolvency law”

Apostolos Fasianos, Hellenic Ministry of Finance, Council of Economic Advisors & Cyprus International Institute of Management and Anastasios Evgenidis, Newcastle University Business School

“Monetary Policy and Wealth Inequalities in the UK: Assessing the role of unconventional policies for a decade of household data”


15:00-15:15_Coffee Break


15:15-17:15_Considering alternatives – Roundtable discussion

Main speaker:

 – Judith Dellheim, Senior fellow at Rosa Luxemburg Foundation, Berlin

“The EU as a producer of causes for financial crises – what can be a productive debate on left alternatives, and what could be meaningful left alternatives?”

 – Nicos Theocarakis, Chairman of the Board of Directors & Scientific Director, Centre of Planning and Economic Research (KEPE) and Associate Professor, Department of Economics, National and Kapodistrian University of Athens

Discussion Paper: Finance: State of Power Report, 2019, Transnational Institute).


17:15-17:30_Coffee Break


17:30-18:30_Concluding Session – Next Steps