dr Leef H. Dierks and dr Ulf J. Timm, professors at the department mechanical engineering and economics, invited to their tenth panel discussion at the Technical University of Lübeck. This time the guest was an economic celebrity: Klaus Reglingfrom 2010 to 2012 Managing Director of the European Financial Stability Facility (EFSF) and from 2012 to 2022 Managing Director of the European Stability Mechanism (ESM) – born in Lübeck and recognized expert for the economic relationships within the eurozone.
Supported by the numerous questions and comments from more than 100 listeners developed under knowledgeable Moderation by Prof. Timm A lively discussion quickly ensued: while Prof. Dierks repeatedly pointed out the risks to financial market stability arising from the current macroeconomic situation (such as the numerous interest rate hikes in the G7 countries), Klaus Regling emphasized that the financial institutions in the euro zone are faring much better than before the 2008 financial crisis.
There was also a need for discussion about bankruptcy Greece’s 2010. Dierks: “In my opinion, there is no monocausal economic connection; Rather, it is a structural crisis that was favored by several factors, including speculative attacks by international investors.” Regling, who was directly involved in the rescue of Greece, pointed to the different competitiveness of the member states as the cause of the crisis, which the shook the Eurozone to its foundations, culminating in the creation of the EFSF.
Tim Sonnenburg, Alumnus of the Technical University of Lübeck took part in the panel discussion and sums it up: “A very successful event, which allows you to gain deep insights into a sometimes quite complex subject.”
Further information
Bachelor of Business Administration, Masters in Business Administration