On this page some of my more recent presentations and publications are shown.
As an expert on the list of legal and financial experts of P.R.I.M.E. Finance, René Smits participated in its 2018 Conference, held at the Peace Palace in The Hague, international city of peace and justice and the seat of the Dutch government. He spoke at the panel devoted to sustainable finance and emerging markets about his research on African banking regulationand the need for its harmonisation across Africa, also in the context of (developing) monetary unions and on the link between sustainable development and financial sector regulation and supervision.
His presentation African regulatory and monetary developments, sustainable finance, outlook can be found here.
René Smits participated in this roundtable.
During the Conference Judicial review in the banking Union and in the EU financial architecture, jointly organized by the Banca d’Italia and the European Banking Institute in Rome on 21 November 2017, René Smits presented a paper Interplay of administrative review and judicial protection in European prudential supervision Some issues and concerns. His presentation can be found here.
During the Conference The European Banking Union and its relationship with the law: reflections three years on in London (UK) on 23 October 2017, René Smits presented a paper Reflections on Euro Area banking supervision: context, transparency, review and culture A contribution to the conversation on the SSM after three years. His presentation can be found here. The conference was concluded with a keynote speech by Danièle Nouy, Chair of the Supervisory Board of the European Central Bank: Everything is connected – the international dimension of banking regulation.
At the Conference The New ECB in Comparative Perspectives held at the European University Institute in Florence (I) on 19-20 September 2017, René Smits presented a paper Competences and alignment in an emerging future After L-Bank: how the Eurosystem and the Single Supervisory Mechanism may develop. His contribution, summarised below, is published as an ADEMU paper.
René Smits participated in this Conference.
At a at the panel on Developments in Europe during the 5th Annual CCLS-Bank of England Conference, together with MOCOMILA, on “Accountability”, held at the Bank of England, London (UK, EU) on 6-7 July 2017, René Smits spoke on Judicial and administrative review of the ECB’s prudential supervisory decisions. The slides for this brief contribution can be found here.
At a conference organized by the ADEMU Project with the European Stability Mechanism, the International Monetary Fund and the Banco de España on 18-19 May 2017 on A fiscal union for the EMU?, René Smits participated in the Policy Panel “Are current fiscal rules credible? What is the role of fiscal rules and of independent fiscal councils?” and contributed observations. Brief interviews with René and other participants can be seen at:
At the conference on The Principle of Proportionality & Its Applicability in EU Banking Regulation, held on 13 February 2017 at the Bank of Greece and co-organised with the European Banking Institute and the University of Piraeus, René Smits presented a paper on proportionality in the banking union. His contribution Proportionate reflections Unconventional considerations on an established principle expanded into the application of the principle of proportionality in the area of monetary policy and economic governance. His presentation can be found here.
On 11 October 2016, René Smits participated in a workshop organised by the Law department of the European University Institute on The Single Supervisory Mechanism - Experience from the First Years of an Interplay with National Banking Supervision, with a presentation focusing on The EU perspective, the Single Rulebook and bank holding regulation.
The presentations at this workshop by Professor Concetta Brescia Morra and René Smits subsequently led to an article, co-authored with Andrea Magliari: The Administrative Board of Review of the European Central Bank: Experience After 2 Years, Eur Bus Org Law Rev (2017) 18:567–589; DOI 10.1007/s40804-017-0081-3.
On 10 October 2016 René Smits gave the ADEMU Lecture on Economic and Monetary Union (EMU) at the European University Institute in Fiesole under the title: Sustainable Economic and Monetary Union in Europe in Turbulent Times. ADEMU (A Dynamic Economic and Monetary Union) is a European Commission-funded Horizon 2020 research project on resilience of the EMU. The text and slides of his presentation can be found here.
On 17 September 2016, René Smits participated in a workshop organised by the European Banking Institute and hosted by the Università degli Studi di Bologna on Reflections on the design and implementation of the European Banking Union. His notes from the workshop can be found here.
On 12 August 2016, René Smits together with John Taylor, of the Centre for Commercial Law Studies Queen Mary University of London, gave an extensive presentation on Bank Holding Regulation from an African comparative law perspective at the South African Reserve Bank. The results of their joint research has been published as an academic contribution under the title: Bank Holding Company Regulation in Kenya, Nigeria and South Africa: A Comparative Inventory and A Call for Pan-African Regulation. Available at the Journal of Banking Regulation or SSRN.
During the International Law Association’s 77th biennial conference, held in Johannesburg (South Africa) from 7-11 August 2016, René Smits, together with John Taylor, of the Centre for Commercial Law Studies Queen Mary University of London, gave a brief presentation on Bank Holding Regulation from an African comparative law perspective at the meeting of MOCOMILA, the ILA’s committee on international monetary law.
On 23 June 2016, René Smits participated in the CIRSF Annual International Conference 2016, held in Lisbon (Portugal) and organised by the Centro de Investigação sobre Regulação e Supervisão do Sector Financeiro (Research Center on Regulation and Supervision of the Financial Sector) with a presentation on EMU Law developments.
During the kick-off conference of the research project into A Dynamic Economic and Monetary Union (ADEMU) in Cambridge (GB) on 8-9 October 2015, Professor Smits contributed to the Round Table on "Strengthening the EMU in the aftermath of the Greek crisis".
On 23 September 2015, Professor Smits gave an introductory lecture on EMU law in the course Principles and Foundations of EU Law for law students at the University of Amsterdam. His presentation can be found here
During the 100th meeting of the Committee on International Monetary Law of the International Law Association (ILA), Professor Smits gave a presentation on Recent Events in Europe’s Monetary Union, which may be found here
At the CIRSF summer conference on New Trends of Regulation and Supervision in the Financial Sector, held in Lisbon on 25 June 2015, Professor Smits presented an initial assessment of experience with the Single Supervisory Mechanism (SSM) of Europe’s ‘banking union’. His presentation, under the title Some SSM experiences and challenges, may be found here
During the 2015 conference of BAFT on 19-21 January in Amsterdam, Professor Smits participated in a panel on Regulatory Reform and Transaction Banking: Key Measures and Future Outlook. His presentation can be accessed here. BAFT is the association for financial sector companies actively engaged in international transaction banking.
During the ACELG Conference on Ten Years of Decentralized EU Competition Law Enforcement – Success or Failure?, Professor Smits chaired a Round Table with Jeroen Capiau from the EU Commission’s Directorate General Competition, Šarūnas Keserauskas, Chairman of the Competition Council of Lithuania, Mariana Tavares, head of cabinet of the President of the Autoridade da Concorrência (the Portuguese Competition Authority) and Prof. Jacques Steenbergen, President of the Belgian Competition Authority. The presentations of the panellists and other speakers and background documentation on the first decade of decentralised enforcement can be found on the conference website.
On 21 October 2014, Professor Smits gave a presentation on the changing functions of central banks after the crisis at a seminar on Legal aspects of central bank's tasks organised by Narodowy Banka Polski, the Polish central bank, near Warsaw (PL). His presentation can be found here.
On the very day of the hearing before the European Court of Justice in the case on the ECB's monetary policy powers, Professor Smits gave a presentation at the Université de Luxembourg on Review of ECB decisions – legal protection in the Euro Area. He discussed judicial review of the ECB's competences in recent and on-going cases, including C-62/14 (Gauweiler and Others v ECB) on the announced Outright Monetary Transactions, and administrative and judicial review against the ECB. His presentation can be found here.
During the Autumn meeting of MOCOMILA, Professor Smits gave a presentation on the review mechanism instituted in the new European supervisory landscape, comparing legal protection against the European Banking Authority with legal protection against the ECB. His presentation can be found here.
On 16 September 2014, Professor Smits gave a presentation on transparency and accountability of central banks and financial supervisors, under the title: "Ending 30 years of secrecy?", at the Young DNB Seminar on Transparency at the Dutch central bank in Amsterdam.
From 9-12 September 2014, Professor Smits chaired, for the 13th time, an annual seminar on Legal Risks and Good Governance for Central Banks in Cambridge (UK). High-level central bankers, academics and attorneys presented the current state of law and practice in central banks' core areas to delegates from central banks across the globe.
On 19 June 2014, Professor Smits spoke at the summer conference on Current Trends and Prospects of Regulation of the Financial Sector in the EU and Worldwide, organised by Professor Luís Morais, Jean Monnet Chair, Universidade de Lisboa, together with the Banco de Portugal, the Instituto de Seguros de Portugal and the Association CIRSF – Research Centre on Regulation and Supervision of the Financial Sector. The conference was held at the Banco de Portugal, Lisbon.
The programme can be found here. The presentation by Professor Smits can be found here.
A report by MOCOMILA, the Committee on International Monetary Law of the International Law Association (ILA), to which Professor Smits contributed on the issue of European 'banking union' has been presented during the joint conference of the ILA and the American Association of International Law (ASIL), held in Washington, D.C. from 9-14 April 2014.
On 17 January 2014, Professor Smits chaired a seminar at the European Banking Authority (EBA) in London (GB) on the regulatory tools of the European Financial sector supervisory authorities.
The legal workshop on regulatory tools and the EU institutional architecture for the financial sector brought together policymakers, supervisors, and legal academics to discuss the latest developments in the EU's regulatory and institutional landscape. The meeting discussed the regulatory tools of the European Supervisory Authorities (EBA, ESMA and EIOPA) and the latest case law and legislation on the EU's institutional setting for financial regulation, with a special focus on the so-called Meroni doctrine.
The ECB’s accountability for its traditional role as guardian of the single currency’s stability (monetary stability) and its new functions in the area of financial stability – its role in the ESRB and its functions as bank supervisor in the Single Supervisory Mechanism – were the focus of the contribution by Professor Smits at the Third ACELG Annual Conference on Postnational Democracy: Beyond Representation in the EU, held in Amsterdam (NL) on 22 November 2013. Professor Smits was a discussant in the session devoted to Institutional implications: the European Council, the Council and the European Central Bank, where Dr. Chiara Zilioli spoke on the ECB’s accountability and its communications policy. The contribution of Professor Smits can be found here. He referred to the Interinstitutional Agreement between the ECB and the European Parliament in the context of the new role of the ECB in ‘banking union’ and to the Memorandum of Understanding between the Council and the ECB on the latter’s role in banking supervision.
On 14 and 15 November, the European System of Central Banks’ Legal Committee and the ILA’s Committee on International Monetary Law (MOCOMILA) jointly organised a conference on the The Future of Banking Regulation and Supervision in the EU in honour of Antonio Sáinz de Vicuña, the retiring general counsel of the ECB. Speakers included Dr. Bini Smaghi, former Board member of the ECB, Dr. Vítor Constãncio, Vice President of the ECB and many others, including Sean Hagan, General Counsel and Director of the Legal Department of the International Monetary Fund, Thomas C. Baxter, general counsel of the Federal Reserve Bank of New York, Li Bo, Director, Monetary Policy Department at the People's Bank of China, and Frank Elderson, member of the Governing Council of De Nederlandsche Bank, the central bank of The Netherlands and Manuel Conthe, formerly personal representative of Spain in the 1991 Intergovernmental Conference on EMU and currently of-counsel at Bird & Bird. The latter's presentation can be found here. The event was co-hosted by Chiara Zilioli, deputy general counsel of the ECB, and Professor Rosa Maria Lastra of the Centre for Commercial Law Studies at Queen Mary, University of London. Professor Smits gave a presentation Fiscal backstop: the missing pillar of the Banking Union? His presentation can be found here. The conference was held at the premises of the ECB in Frankfurt am Main (D).
To celebrate the twentieth anniversary of the entry into force of the Treaty of Maastricht, on 1 November 2013, Maastricht University and the City of Maastricht (NL) jointly organised a conference Twenty Years Treaty on European Union: Reflections from Maastricht at the City Hall in Maastricht on 25 October 2013. Professor Smits presented his views on The Euro Yesterday, Today and Tomorrow. Click here for the text of his speech and here for the accompanying power point presentation. More on the conference can be found on the website of Maastricht University, including an interview with Professor Smits on the Euro's prospects. Video's of this conference can be watched here.
On 25 September 2013, Professor Smits led a discussion on the single market and the single currency in a series of debates, organised by Amsterdam Centre for European Law and Governance (ACELG) at the academic and cultural forum the Spui25 in Amsterdam (NL). The other panelists were Lex Hoogduin, Professor of Monetary Economics at the University of Amsterdam, Dr. Aerdt Houben, Director Financial Stability at De Nederlandsche Bank, the central bank of the Netherlands, and Professor Fabian Amtenbrink, professor of European law at the Erasmus University in Rotterdam. The introductory remarks of Professor Smits can be found here (in Dutch).
On 19 and 20 September 2013, Professor Smits participated in the Autumn meeting of MOCOMILA, the Committee on International Monetary Law of the International Law Association. During this meeting, which was held at the offices of the Banco de España in Madrid (ESP) in honour of the vice-chair of MOCOMILA, Dr. Antonio Sáinz de Vicuña, the retiring general counsel of the ECB, his American colleague Tom Baxter honoured the latter with a speech on the lender of last resort (or: emergency liquidity assistance) function of central banks. Professor Smits gave a presentation on a fiscal backstop to a European Resolution Mechanism, one of the three elements of ‘banking union’.
On 6 September 2013, Professor Smits gave a presentation on the legal aspects of the financial crisis during the closing session of this summer’s public international law programme of The Hague Academy of International Law. He spoke about financial sector supervision, the application of competition law during the crisis and the developments towards ‘banking union’ in Europe.
In September 2013, Professor Smits chaired, for the twelfth time, an annual seminar on Legal Risks and Good Governance for Central Banks in Cambridge (UK). High-level central bankers, academics and attorneys gave presentations on the recent state of the law and practice in central banks’ core areas to delegates representing central banks from across the globe. Among the speakers were Tom Baxter, general counsel of the Federal Reserve Bank of New York, who spoke about lessons learned from the crisis, and Professor Rosa Lastra of the Centre for Commercial Law Studies at Queen Mary, University of London, who discussed the emerging banking supervisory structure in the Euro Area. Charles Proctor, partner at Fladgate LLP, and the editor of the 7th edition of the major handbook on monetary law Mann on the Legal Aspect of Money), presented developments in supervisory liability. Among the other speakers were Ceda Ogada, Assistant General Counsel at the Legal Department of the International Monetary Fund, Ms. Grace Koshie, formerly Secretary to the Board of the Reserve Bank of India, Jonathan Maphosa, Assistant General Counsel of the South African Reserve Bank, and Professor Dalvinder Singh of Warwick School of Law. The four day (10-13 September) seminar for central bank lawyers is organised by Central Banking Publications, a division of Incisive Media.
On 28 June 2013, Professor Smits spoke about current developments in EU regulation and supervision at the annual conference of the Centro de Investigação sobre Regulação e Supervisão Financeira at the Instituto Europeu da Faculdade de Direito de Lisboa / European Institute of the Law School of Lisbon (PT). The conference was devoted to: Current Challenges of Regulation and Supervision of the Financial Sector. His presentation can be found here.
On 25 June 2013, Professor Smits gave a presentation on legal issues concerning ‘banking union’ in the EU and to participate in a panel discussion during a one-day in-house training event organised by the Europäische Rechtsakademie (Academy of European Law) for lawyers of the European Central Bank in Frankfurt am Main (D). His presentation can be found here.
On 21 June 2013, Professor Smits spoke about the role of central banking in the EU at the Annual Conference 2013 of the Graduate Programme “Global Financial Markets” of the Universities of Jena and Halle, held in Jena (D). His presentation can be found here.
On 7 June 2013, Professor Smits spoke at a workshop about Corporate Social Responsibility and production standards viewed through the lens of EU competition law, organised Amsterdam’s Vrije Universiteit. You can access the programme of the event which is devoted to the broader policy implications of EU competition law for environmental and social interests here.
On 18 April 2013, Professor Smits gave a presentation on the current state of affairs in respect of 'banking union', the set of measures to centralise supervision and resolution of banks in the EU. He spoke in Lisbon (P) in the Law Faculty's Annual Cycle of International Seminars and Workshops on Financial Regulation. A recording of his presentation, under the title "European Banking Union: Where Are We Currently?", and the discussion with the audience can be found here. The presentation itself can be read here. In an interview in Diáro Económico, Professor Smits outlined his views on banking union. The interview can be read here (in Portuguese only).
On 30 January 2013, Professor Smits took part in a panel on Managing the Eurozone Challenges at the BAFT-IFSA Bank to Bank Forum in Frankfurt am Main. He spoke about ‘banking union’, critically examining the legislative proposals for a ‘Single Supervisory Mechanism’ (SSM), in which the ECB is to assume executive functions for prudential supervisions of banks in the Euro Area and other Member States that wish to opt in. His assessment of the original draft legislative texts and the currently agreed text was less appraising than that of ECB Vice President Vítor Constâncio who spoke on the same subject on the first day of the event. In his introduction, Professor Smits also discussed the Icesave judgment that the EFTA Court has given on 28 January 2013. BAFT-IFSA is the trade association for firms engaged in international transaction banking.
His presentation can be viewed here.
On 9 November 2012, Professor Smits was a discussant at the Second ACELG Annual Conference in Amsterdam, an event that he co-organised and co-hosted with fellow academics Amsterdam Centre for European Law and Governance at the University of Amsterdam. The conference was devoted to discussing the EU’s new role in economic governance in the wake of the crisis, with lessons from existing models (competition law enforcement and food law) set against emerging models (financial sector supervision and economic governance in EMU). Professor Smits commented on a paper by Professor Fabian Amtenbrink on economic governance. Read the ACELG blog for a report of the conference and for Professor Smits’ summary of the Pringle judgment of the European Court of Justice.
On 30 October 2012, Professor Smits gave a presentation on the euro area debt crisis at a meeting of the Legal Council of the Conference Board in Paris (F). This presentation contained an update on economic governance in the European Union and on the ‘banking union’ proposals plus a critique thereof and some philosophical remarks about Europe and the world in these times. An accompanying hand-out covered the cases in which the constitutionality of crisis measures have been put to the test in Karlsruhe, Tallinn, and Luxembourg.
On Tuesday 9 October 2012, Prof. Smits taught a class on topical developments in EMU law at Queen Mary, University of London, in the course on Banking and Finance Law taught by Prof. Rosa Lastra. He discussed economic governance in EMU as it is developing since 2009.
On 1-2 October 2012 Professor Smits gave a seminar on EU budgetary rules in Tallinn, Estonia, at the request of the Estonian Chancellor of Justice.
From 18 to 21 September 2012, Prof. Smits chaired, for the 11th time, an annual seminar on legal issues and developments for central bank lawyers in Cambridge, organised by Central Banking Publications, a division of Incisive Media. During the seminar, eminent legal officers from the central banks of the USA and India and prominent academics and practitioners from Europe presented their experience with the changing mandates of central banks and other consequences of the financial crisis, and discussed the latest developments on supervisory structures and supervisory liability, plus a host of other issues concerning central banks. Delegates from across the globe helped to make the seminar a truly interactive event.
The 75th biennial Conference of the International Law Association (ILA) was held in Sofia, Bulgaria, from 26-30 August 2012. Professor Smits attended the conference and the meetings of the ILA Committee on International Monetary Law (MOCOMILA). Click here for his report of the Conference. A brief note on judicial challenges to euro area crisis measures, an issue discussed in Sofia, can be found here.
On Friday 29 June 2012, Professor Smits gave a presentation on “Further steps of integration of financial regulation and supervision in the EU” in Lisbon before the Summer Conference of the Centro de Investigação sobre Regulação e Supervisão Financeira, Instituto Europeu da Faculdade de Direito da Universidade de Lisboa. The conference - Estado actual e Perspectivas de Reforma da Regulação Financeira na UE e em Termos Internacionais / The current state and prospects of reform of financial regulation in the EU and worldwide was held at the Fundação Calouste Gulbenkian, Lisboa.
In April and May 2012, Prof. Smits was teaching his annual Spring 2012 lectures on the law of Economic and Monetary Union (EMU) at the University of Amsterdam. Details are available on the University’s Blackboard site.
An overview of the developments in economic governance of the monetary union in Europe before the winter meeting of the Committee on International Monetary Law of the International Law Association (MOCOMILA), held in Riyadh, Saudi Arabia, 7 January 2012.
Presentation before the Seminar Regulation of financial services in the EU: Surveillance – Resilience – Transparency, held in Frankfurt am Main, Germany, 20 October 2011.
Bank activity in the EU (pdf)
At the Spring 2011 meeting of the International Monetary Law Committee of the International Law Association, in New York, Professor Smits gave a presentation on legislative developments in de-regulation of banking activity in the European Union.
Presentation before the Conference 10 years of European Monetary Union: a legal perspective,
organised by the Legal Committee of the ESCB, Frankfurt am Main, Germany, 30 January 2009.
On Tuesday 25 November 2008 Prof. Smits gave a presentation before an event (State Aid and Financial Services: Impact of the Credit Crisis?) organised by the British Institute for International and Comparative Law. A brief report of the event can be found here.
On 21 April 2008, Prof. Smits gave a presentation entitled Towards borderless markets in securities post-trading: Issues of competence and competition on before Joint ECB-Commission conference on The Safety and Efficiency of Post-Trading Arrangements in Europe, Frankfurt, 21-22 April 2008.