CURRICULUM VITAE
Rosa María Lastra
PERSONAL DATA
Born: 2 December 1964, Salamanca, Spain
Married to Mats Kummelstedt; four children: Alejandro, Eric, Roberto and Anna
Office Address: Centre for Commercial Law Studies, Queen Mary, University of London,
67-69 Lincoln’s Inn Fields, London WC2A 3JB. Tel: + 44 (0) 20 7882 8070
E-mail: r.lastra@qmul.ac.uk
Webpage: http://www.law.qmul.ac.uk/staff/lastra.html
APPOINTMENTS HELD
Professor in International Financial and Monetary Law, Centre for Commercial Law
Studies, CCLS, Queen Mary University of London, QMUL, 2007 - .
LLM courses taught: Regulation of Financial Markets, Law of Finance and Foreign
Investment in Emerging Economies, EU Financial Law, International Economic Law.
Other responsibilities: administration and coordination of LLM courses and contribution to
the Msc in Law and Finance, the LLM in Law and Economics and the LLM in Paris;
supervision of LLM and Msc in Law and Finance essays; supervision and examination of
PhD students and Director of Graduate Studies at CCLS; organization of high-level
conferences and seminars; development of collaborative programs and projects with other
academic institutions, such as the University of Stockholm - including the Programme in
International Financial Law - Shanghai University of Finance and Economics, Strathmore
Law School in Kenya, and Paris LLM; active involvement in the administration of CCLS
and Queen Mary, chairing the Banking and Finance Law Group and participating in other
CCLS and QMUL committees.
Visiting Professor of the University of Stockholm (2008 - 2010).
Senior Lecturer in International Financial and Monetary Law, Centre for Commercial
Law Studies, Queen Mary University of London, 2000-2007; Lecturer, Centre for
Commercial Law Studies, Queen Mary University of London, 1997 – 2000. Teaching and
Research fellow at CCLS, September 1996 - 1997.
Assistant Professor of International Banking and Finance, Columbia University School
of International and Public Affairs in the City of New York, 1993 – 1996.
Postgraduate courses taught: International Banking, International Banking Regulation and
Central Banking, Workshop in International Finance and Business.
Other responsibilities: principal academic adviser for over 200 students; Director of the
International Business and Finance Programs within the Master of International Affairs
Program (1993-1995), with responsibility for developing collaborative projects and courses
with other Schools. Academic Co-director of the Center for International Business
Education, Columbia University (1993 - 1995). Also taught in the Program for Economic
Policy Management, sponsored by Columbia University in co-operation with the World
Bank (aimed at central bank and minister of finance officials from developing countries).
Consultant, International Monetary Fund, Washington DC, Legal Department 1992 – 93.
Responsibilities: Participated in numerous programs of legal technical assistance in the fields
of banking and central banking in countries in Eastern Europe, Former Soviet Union, Latin
America, South East Asia and Africa. Researched and consulted on monetary and financial
Rosa M. Lastra
1
developments in the EC. Worked directly with the then General Counsel, François Gianviti,
in a project for economic integration in West Africa.
ACADEMIC QUALIFICATIONS
PhD in Law
Universidad Autónoma de Madrid, 1991
PhD thesis on ‘Central Banking and Banking Regulation’. Awarded the Spanish Ministry of
Education Fellowship for Doctoral Studies. Research conducted in part at the London
School of Economics and Political Science with a grant by Banco de España.
LLM
Harvard Law School, 1991 (Fulbright Fellow)
Field of specialization: banking and financial law and regulation.
LLB, MA
Universidad de Valladolid, 1987, Licenciado en Derecho (LL.B) with First Class Honors
(‘Premio Extraordinario de Licenciatura’); MA, Law and Economics of the EEC.
PROFESSIONAL ADVISORY AND CONSULTATIVE WORK
31 January 2013 – Invited to speak at a seminar organized by the House of Lords European
Union Committee, Sub-Committee A as part of the Committee’s evidence gathering on the
impact of austerity in the EU <http://www.parliament.uk/documents/lords-committees/eu-subcom-a/EACJan2013/Seminar%20note.pdf >The Committee sent a letter to the Government with
its views on the issue on 13 February 2013.
November 2012 – Invited to submit written and oral evidence to the joint Parliamentary
Commission on Banking Standards in November 2012. The Commission was appointed by
both Houses of Parliament to consider and report on professional standards and culture of the
UK banking sector, and their implications for regulation and for Government policy and to make
recommendations for legislative and other action. The report of the Parliamentary Commission
on Banking Standards, where Professor Lastra’s evidence is cited, is available at
<http://www.publications.parliament.uk/pa/jt201213/jtselect/jtpcbs/98/98.pdf>
October 2012 – Invited to submit written evidence (twice) and to give oral evidence to the
House of Lords European Union Committee, Sub-Committee A, with regard to the
Committee's inquiry on the EU banking sector and the proposals to establish a banking union.
The report - where Professor Lastra’s evidence is cited – was published in December 2012 and is
available at <http://www.publications.parliament.uk/pa/ld201213/ldselect/ldeucom/88/88.pdf>
April 2012 – Invited to provide an expert legal view to the European Commission (DG Markt)
as part of the Commission’s proposal for a European Framework for Bank Recovery and
Resolution, in particular regarding resolution and bail-in (design of a debt write-down tool).
Took part in a workshop of experts in banking and insolvency law on 19 April 2012 in Brussels
and subsequently submitted at their request a written response with my advice. The Draft
Directive was published on 6 June 2012: Proposal for a Directive of the European Parliament
and the Council establishing a framework for the recovery and resolution of credit institutions
and investment firms and amending Council Directives 77/91/EEC and 82/891/EC, Directives
2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC and 2011/35/EC and
Regulation (EU) No 1093/2010 [COM(2012) 280/3].
December 2011 – External Legal Counsel of the European Central Bank. Provided legal
consultancy services to the European Central Bank at the request of the ECB General Counsel.
June 2011 – Invited to give oral evidence to the Treasury Committee of the House of
Commons, as part of the Committee’s inquiry into the accountability of the Bank of England.
Rosa M. Lastra
2
The report HC 874 (21st report of Session 2010-12) was published on 8 November 2011 and is
available at http://www.publications.parliament.uk/pa/cm201012/cmselect/cmtreasy/874/874.pdf
March 2011 – Invited to offer an expert view to the U.S. Government Accountability Office
(GAO) with regard to its study of the effectiveness of the U.S. bankruptcy code for facilitating
orderly liquidations or reorganizations of financial institutions and international coordination in
bankruptcies of financial companies, as mandated by the Dodd-Frank Wall Street Reform and
Consumer Protection Act 2010. The GAO report ‘Bankruptcy: Complex Financial Institutions
and International Coordination Pose Challenges’ (GAO-11-707) was published in July 2011 and
is available at http://www.gao.gov/new.items/d11707.pdf
2010-11 - Invited to take part in the consultation by Her Majesty’s Treasury (HMT) concerning
the Government’s proposals for financial regulatory reform. As part of that consultation process,
in November 2010, I co-organized with Charles Goodhart a Seminar with HMT to discuss the
proposed new supervisory structure in the UK.
2009 – 2010. Technical Assistance Advisor (‘expert’) to the International Monetary Fund
(Legal Department) in Washington DC, to perform research and writing for a Board paper
dealing with legal and policy issues associated with cross-border bank insolvency. The Board
approved the paper (soft law recommendations) on ‘Resolution of Cross-Border Banks—A
Proposed Framework for Enhanced Coordination’ in July 2010. The document is available at
http://www.imf.org/external/np/pp/eng/2010/061110.pdf. In connection with this project, I
participated as a Technical Assistance Expert in the IMF Cross Border Resolution – Experts
Group Meetings in Washington DC on 28-29 January 2010.
2008 – 2009. Specialist Adviser to the House of Lords, European Union Committee [SubCommittee A] regarding its inquiry into EU Financial Regulation and responses to the financial
crisis. Contributed to the writing of the Report of the Lords' European Union Committee on the
Future of EU Financial Regulation and Supervision, published in June 2009,
<http://www.publications.parliament.uk/pa/ld200809/ldselect/ldeucom/106/106i.pdf>
2009 - Invited to take part in Her Majesty’s Treasury (HMT) consultation workshops on the
Government’s paper ‘Reforming Financial Markets’ that led to the introduction of the Financial
Services Bill. Invited to brief the clerk of the House of Commons Treasury Committee on issues
related to its inquiry into European macro and micro prudential regulation.
2008 - Provided advice to the Bank of England and the Financial Services Authority with regard
to the consultation paper, “Financial Stability and Depositor Protection: Strengthening the
Framework” (Report presented to Parliament by the Chancellor of the Exchequer by Command
of Her Majesty, published by HM Treasury, FSA and Bank of England in Jan. 2008, Cm 7308),
with an invitation by the Governor of the Bank of England (‘as a recognized expert in the field of
financial stability’) to attend a workshop on the design of a ‘Special Resolution Regime’ for
failing banks on 8 April 2008. The banking reform process culminated in the Banking Act 2009.
Member of the informal workshop (co-chaired by M. Krimminger and Eva Hüpkes) on CrossBorder Resolution of Banking Crises from its inception in 2006 till December 2007 that led to
the ‘formal’ on Cross Border Resolution Group of the Basel Committee of Banking Supervision.
Technical Assistance Advisor to the International Monetary Fund in Washington DC, under
the technical assistance program of the IMF, to provide comments and opinions on legal issues
and draft financial legislation concerning member countries, as requested by the [IMF] Legal
Department. Review of the Romanian draft Central Banking Law in 2004.
Consultant to the Asian Development Bank (2003), as part of the technical assistance provided
by the International Law Institute to the People’s Bank of China under TA No. 3890-PRC
with regard to the reform of the central bank law and the commercial banking law of the
People’s Republic of China.
Rosa M. Lastra
3
Consultant to the World Bank (2002). Commissioned by the Banking and Financial
Restructuring Department to write a paper on “Bank Liquidation. Legal Implications in the Case
of Banks Operating in Different Jurisdictions”. The paper was presented at a Regional Seminar
(co-sponsored by the World Bank, the International Monetary Fund, the Andean Development
Corporation and the Central Bank of Uruguay) on Comparative Experiences in Confronting the
Banking Sector Problems in Latin America and the Caribbean, held in Uruguay in March 2002.
Consultant to the Federal Reserve Bank of New York (1997-1998). Expert witness in Bank
Markazi Iran v. Federal Reserve Bank of New York, Case No. 823 presented before the Iran-United
States Claims Tribunal at the Hague, the Netherlands (1997-1999). I was asked by the General
Counsel of the FRBNY, Thomas Baxter, to assess the independence of the Federal Reserve Bank of
New York and of the Federal Reserve System. To this effect I wrote an expert opinion on the
nature, independence and operations of the Federal Reserve System, including a comparison with
other central banks. I was a member of the legal team of the FRBNY in subsequent hearings, held at
the Hague (December 1998) and was subject to cross-examination by the lawyers representing Bank
Markazi Iran. The Tribunal, chaired by Judge Gaetano Arangio Ruiz, reached its decision on 16
November 1999, Award No 595-823-3.
Submitted written evidence to the UK House of Commons at the request of the Treasury
Committee regarding its inquiry into the accountability of the Bank of England (1997). My written
evidence, The Parliamentary Accountability of the Bank of England, was ordered by the House of
Commons to be printed, 23 October 1997, House of Commons, Session 1997-98, HC 282.
PUBLICATIONS
Authored Books
Legal Foundations of International Monetary Stability, Oxford University Press, Oxford, June 2006,
547+lii pages, ISBN: 0199269343.
A treatise on international monetary law and related aspects of financial regulation, which includes a
detailed analysis of the law of the IMF and the law of the European Central Bank. It fills a gap in
the current public international law literature for a comprehensive and systematic text on the
international monetary and financial system.
Book reviews of Legal Foundations of International Monetary Stability have been published
in: Common Market Law Review (Vol. 43, No. 6, December 2006, pp.1782-1785, by JeanVictor Louis), Journal of Banking Regulation (Vol. 8, No. 2, 2007, pp. 198-200, by Geoffrey
Wood), Journal of International Banking Law and Regulation (Vol. 33, No. 1, 2007, p. 67,
by Gabriel Gómez Giglio), Central Banking (Vol. XVII, No. 3, 2007, pp. 70-71, by
Nikolas Lavranos), Juridisk Tidskrift, JT (Vol.18 2006/07 No. 2, pp 458-464, by Lars
Gorton), Revista de Derecho Bancario y Bursátil (Issue 106, Mayo-Junio 2007, pp. 245249, by Maria Nieto), Public Law (forthcoming, by Andrew Campbell), European Business
Law Review (Vol. 8, Issue 4, 2007, pp. 815-817, by Charles Proctor), International and
Comparative Law Quarterly (forthcoming), Buffalo Law Review (by Jean-Marc Gollier,
Vol. 55, No.2, July 2007, pp. 613-633), Finance and Development (by Thomas Laryea,
September 2007, Vol. 44, No. 3, p. 53). Banking and Finance Law Review (by Christian
Johnson, Volume 24, No. 2, 2008, pp. 373-377), European Business Organization Law
Review (Issue 8:3, 2008, pp. 461-463, by Kern Alexander), European Law Journal (Vol.
13, No. 2, March 2008, pp. 267-269, by Gilles Thieffry), Zeitschrift fuer Bankrecht und
Bankwirtschaft (by Christoph Ohler, (Vol. 2, 2009, pp. 174-176).
Central Banking and Banking Regulation, Financial Markets Group, London School of Economics,
London, September 1996, 329 + viii pages, ISBN: 0753007258.
A comprehensive study of central banking, which analyzes the relations between central banks and
governments, the changing nature of the bank regulatory and supervisory process and the emerging
Rosa M. Lastra
4
framework for international banking regulation. Combining legal concepts and economic principles,
the book presents a template for the legal articulation of ‘accountable independence’.
Book reviews of Central Banking and Banking Regulation have been published in:
Economic Affairs (Vol.18, No.4, December 1998, pp.61-62, by Geoffrey Wood);
Butterworths Journal of International Banking and Finance Law (Vol.12, No.11,
December 1997, pp. 539-540, by EPM Gardener); Journal of International Banking Law
(Vol.13, No.11, November 1998, p.374) by Andrew Campbell); Finance and
Development, (March 1997, p.54 by Manuel Guitián).
Central Banking and Banking Regulation has been translated into Portuguese by Dan M.
Kraft and published in Brazil by Editora del Rey under the title of Banco Central e
Regulamentação Bancária in March 2000 (ISBN 85-7308-320-4).
This book has been influential in the reform of central banking legislation in a number of
countries. For example, the Swiss Federal Council Bill on the revision of the Swiss
National Banking Act dated 26 June 2002 refers to it in footnotes 22 and 167. The book
has been cited with approval nationally and internationally. E.g., Howard Davies,
‘European Central Banking – East and West, Where Next’, Bank of England Quarterly
Bulletin, Vol. 37, No.2, May 1997, at p. 229; William Blair, ‘The Legal Status of Central
Bank Investments under English Law’, [1998] Vol 57, Cambridge Law Journal, at p.375,
fn 3; Geoffrey Miller, ‘An Interest Group Theory of Central Bank Independence’, The
Journal of Legal Studies, Vol. XXVII, June 1998, at p. 446, fn 25: Marc Quintyn and
Michael Taylor, ‘Regulatory and Supervisory Independence and Financial Stability’,
CESifo Economic Studies, Vol. 49, 2/2003, 259-94, at p. 271 and 273.
Edited Books
International Law in Financial Regulation and Monetary Affairs, (co-edited with John Jackson
and Thomas Cottier), Oxford University Press, Oxford, 2012, 472 pages, ISBN: 9780199668199,
This book analyses why the lack of formal international financial regulation was a
contributing factor to the global financial crisis. By providing a comparative approach
with international trade regulation, which has an established institutional and legal
framework, the book presents the foundations of solutions that could fill the existing gaps
in international financial law.
Cross-Border Bank Insolvency, Oxford University Press, Oxford, February 2011, 489 + xl pages,
ISBN: 978-0-19-957707-1.
This book has become an authoritative reference in the field of bank insolvency and has
already been influential in a number of soft law initiatives, notably the Financial Stability
Board’s Key Attributes of Effective Resolution Regimes for Financial Institutions
http://www.financialstabilityboard.org/publications/r_111104cc.pdf, as well as in the
recently published Draft Directive of the European Parliament and the Council
establishing a framework for the recovery and resolution of credit institutions and
investment firms, available at http://ec.europa.eu/internal_market/bank/docs/crisismanagement/2012_eu_framework/COM_2012_280_en.pdf. The book has been cited by
the Scottish appeal court in ongoing proceedings re HERITABLE BANK PLC v
LANDSBANKI ISLANDS (1st Div, SCOTS LAW TIMES: ISSUE 09: 9 -3 -2012, p.
250E and 252K) (The proceedings have to date taken place in Scotland, but are en route
to the UK Supreme Court. The appeal before the Supreme Court has been listed for
February 2013).
The Reform of the International Financial Architecture, Kluwer Law International, London,
January 2001, 370 + xxvi pages, ISBN: 9041198024.
Rosa M. Lastra
5
Bank Failures and Bank Insolvency Law in Economies in Transition (co-edited with Henry
Schiffman), Kluwer Law International, London, April 1999, 333 + xvi pages, ISBN: 9041197141.
Refereed Articles
Lastra, “Banking Union and Single Market: Conflict or Companionship?” Fordham International
Law Journal, Vol. 36, No. 5, 2013, pp. 1189-1223.
Lastra, “Defining forward-looking judgement-based supervision”,
Regulation, Vol. 14, No. 3/4, July 2013, pp. 221-227.
Journal of Banking
Lastra and Jean Victor Louis, “European Economic and Monetary Union: History, Trends and
Prospects”, Yearbook of European Law (2013), pp. 1-150.
http://yel.oxfordjournals.org/content/early/2013/03/27/yel.yet003.full.pdf
Lastra, “The Evolution of the European Central Bank”, Fordham International Law Journal, Vol.
Volume 35, Special Issue, Spring 2012, ‘From Maastricht to Lisbon: the Evolution of European
Union Institutions and Law’, pp. 1260-1281.
Lastra and Thomas Huertas, “Living Wills”, Estabilidad Financiera, No. 11, Banco de España,
November 2011, pp. 23-39.
Lastra, “Systemic Risk, SIFIs and Financial Stability”, Capital Markets Law Journal, Vol. 6, No.
2, April 2011, pp.197-213.
Lastra and Charles Goodhart, “Border Problems”, Special Issue of the Journal of International
Economic Law, on the Quest for International Law in Financial Regulation and Monetary Affairs,
Vol. 13, No. 3, September 2010, pp. 705-718.
Lastra and Geoffrey Wood, “The Crisis of 2007-2009: Nature, Causes and
Reactions”, Journal of International Economic Law, Vol. 13, No. 3, September 2010, pp. 531-550.
Lastra and Luis Garicano, ‘Towards a new Architecture for Financial Stability: Seven Principles’,
Journal of International Economic Law, Vol. 13, No. 3, September 2010, pp. 597-621.
Lastra, and Rym Ayadi, “Proposals for reforming deposit guarantee schemes in Europe”, Journal
of Banking Regulation, Vol. 11, No. 3, June 2010, pp 210-222.
Lastra, “Central Bank Independence and Financial Stability”, Estabilidad Financiera, No. 18,
Banco de España, May 2010, pp. 49-66.
Lastra and Andrew Campbell, “Revisiting the Lender of Last Resort”, Banking and Finance Law
Review, Vol. 24, No. 3, June 2009.
Lastra, Gillian Garcia and Maria Nieto, “Bankruptcy and Reorganization Procedures for crossborder banks in the EU: Towards an Integrated approach to the reform of the EU safety net”,
Journal of Financial Regulation and Compliance, Vol. 7, No. 3, 2009.
Lastra, “Northern Rock, UK Bank Insolvency and Cross-Border Insolvency”, Journal of Banking
Regulation, Vol. 9, No.3, May 2008, pp. 165-186.
Lastra and Lee Buchheit, “Lending into Arrears – A Policy Adrift”, The International Lawyer,
Vol. 41, No. 3, Fall 2007, pp. 939-955.
Lastra, “Risk-based Capital Requirements and their Impact upon the Banking Industry: Basel II
and CAD III”, Journal of Financial Regulation and Compliance 12/3, 2004, pp. 225-239.
Lastra, “The Governance Structure for Financial Supervision and Regulation in Europe”,
Columbia Journal of European Law, Volume 10, No. 1, Fall 2003, pp. 49-68.
Rosa M. Lastra
6
Lastra, “Cross-Border Bank Insolvency: Legal Implications in the Case of Banks Operating in
Different Jurisdictions in Latin America”, Journal of International Economic Law, JIEL, Volume 6,
Issue No. 1, 2003, pp. 79-110.
Lastra, “IMF Conditionality”, Journal of International Banking Regulation, Volume 4, Issue No. 2,
2002, pp. 167-182.
Lastra, “The International Monetary Fund in Historical Perspective”, Journal of International
Economic Law, JIEL, Vol.3, No.3, September 2000, pp. 507-523.
Lastra. “The Division of Responsibilities between the European Central Bank and the National
Central Banks within the European System of Central Banks”, Columbia Journal of European
Law, Vol. 6, No. 2, Spring 2000, pp.167-180.
Lastra, “Central Banks as Lenders of Last Resort, Lessons from the Asian Contagion”, Journal of
Financial Regulation and Compliance, Vol 7, No.3, Sept 1999, pp. 234-242.
Lastra, “Lender of Last Resort, an International Perspective”, International and Comparative Law
Quarterly, ICLQ, Volume 48, 1999, April 1999, pp. 340-361.
Lastra, “The Independence of the European System of Central Banks”, Harvard International Law
Journal, HILJ, Vol. 33, No. 2, Spring 1992, pp. 475-519.
Book Chapters
Lastra, “Regulatory Responses to the Financial Crisis”, book chapter [Chapter 6] in Financial
Crisis Containment and Government Guarantees (ed. by J. Raymond LaBrosse, Rodrigo OlivaresCaminal and Dalvinder Singh), Elgar, 2013, pp. 75-89.
Lastra. “Modelos de Regulación en el Derecho Comparado: Organización de la Supervisión por
Funciones twin peaks y Organización por Sectores Supervisados: Reunión o Separación de
Funciones en el Banco Central” book chapter [Chapter 5] in Derecho de la Regulación Bancaria
(ed. by Santiago Muñoz Machado and Juan Manuel Vega Serrano), Iustel, 2013, pp. 261-284.
ISBN 978-84-9890-231-0.
Lastra and Charles Goodhart, ‘The Boundary Problems in Financial Regulation’, [Chapter 17] in
Research Handbook on International Banking and Governance (ed. by James R. Barth, Clas
Wilhborg and Chen Lin), Elgar, 2012, pp. 321-331.
Lastra, ‘Money Laundering and Financial Regulation’ in Money Laundering (ed. by Jan
Kleineman and Lars Gorton), Stockholm Centre for Commercial Law, Jure, 2012, pp. 35-43.
Lastra and Rodrigo Olivares Caminal, ‘From Consolidated Supervision to Consolidated
Resolution’, book chapter [Chapter 17] in Managing Risk in the Financial System, John Raymond
LaBrosse, Rodrigo Olivares-Caminal and Dalvinder Singh (eds), Elgar, 2011, pp. 308-332.
Lastra, ‘Principles of Financial Regulation’, in Liber Amicorum for Gaspar Ariño Ortiz, Derecho
Administrativo y Regulación Económica, La Ley (Wolturs Kluwer España), 2011, pp. 1275-1298.
Lastra, ‘The Role of the IMF as a Global Financial Authority’, book chapter in European
Yearbook of International Economic Law (EYIEL), edited by Christoph Herrman and Jörg Philipp
Terhechte, Springer, Vol 2 (2011), pp. 121-136.
Lastra, and Andrew Campbell, ‘Revisiting the Lender of Last Resort. The Role of the Bank of
England’, book chapter (Ch. 10) in The Future of Financial Regulation, edited by Iain G MacNeil
and Justin O'Brien, Hart Publishing, 2010, pp. 161-178,
Rosa M. Lastra
7
Lastra and Rodrigo Olivares-Caminal, ‘Cross-Border Insolvency: The Case of Financial
Conglomerates’ chapter 17 in Financial Crisis Management and Bank Resolution edited by
Raymond LaBrosse, Rodrigo Olivares-Caminal and Dalvinder Singh, Informa, London, 2009, pp.
269-289.
Lastra, ‘Northern Rock and Banking Law Reform in the UK’, in The Failure of Northern Rock: a
Multi-Dimensional Study, edited by Franco Bruni and David Llewellyn, SUERF Studies 2009/1,
SUERF, Vienna, pp. 131-154.
Lastra, and Fabian Amtenbrink, ‘Securing Democratic Accountability of Financial Regulatory
Agencies – A Theoretical framework’ in Mitigating Risk in the Context of Safety and Security.
How Relevant is a Rational Approach?, edited by R.V. de Mulder (Rotterdam: Erasmus School of
Law & Research School for Safety and Security (OMV) 2008, pp 115-132, ISBN 987-90-56770686-6.
Lastra, ‘Cross Border Resolution of Banking Crises’, book chapter in Douglas D. Evanoff, John
Raymond LaBrosse, and George G. Kaufman (eds.), International Financial Instability: Global
Banking and National Regulation, Vol. 2, Singapore, World Scientific Publishing Company Pte
Ltd, 2007, pp. 311-330.
Lastra, “Regulating European Securities Markets: Beyond the Lamfalussy Report”, Chapter 8 in
Mads Andenas and Yannis Avreginos (eds.), Financial Markets in Europe: Towards a Single
Regulator? London, Kluwer Law International, 2003, pp. 211-222.
Lastra and Douglas Arner, “Comparative Aspects of Depositor Protection Schemes:
Comparative”, Chapter 19 in D. Arner and J. Lin (eds.), Financial Regulation – A Guide to
Structural Reform, Hong Kong, Thomson Sweet and Maxwell Asia, 2003, pp. 463-478.
Lastra, “Cross-Border Trade in Banking Services”, Book chapter in Guido Alpa and Francesco
Capriglione (eds.), Diritto Bancario Comunitario, Le Leggi Commentate, UTET, Turin, 2002, pp.
433-455.
Lastra, “Cross-Border Trade in Financial Services”, Chapter 27 in Ian Fletcher, Marise Cremona and
Loukas Mistelis (eds.), Foundations and Perspectives of International Trade Law, Sweet & Maxwell,
London, 2001, pp. 428-436.
Lastra and Heba Shams, “Public Accountability in the Financial Sector”, Chapter 12 in Eilis Ferrán
and Charles Goodhart (eds.), Regulating Financial Services and Markets in the XXIst Century, Hart
Publishing, Oxford, 2001, pp. 165-188.
Lastra and Geoffrey Miller, “Central Bank Independence in Ordinary and Extraordinary Times”,
Chapter 3 in Jan Kleineman (ed.), Central Bank Independence. The Economic Foundations, the
Constitutional Implications and Democratic Accountability, Kluwer Law International, The
Hague, 2001, pp. 31-50.
Lastra, “The Bretton Woods Institutions in the XXIst Century”, Ch.3 in Lastra (ed.), The Reform of
the International Financial Architecture, Kluwer Law, London, January 2001, pp. 67-90.
Lastra, “The Role of the European Central Bank with Regard to Financial Stability and Lender of
Last Resort Operations”, Chapter 5 in Charles Goodhart (ed.), Which Lender of Last Resort for
Europe? Central Banking Publications, London, 2000, pp.197-212.
Lastra, “Lender of Last Resort and Crisis Management”, book chapter in Lastra & Henry
Schiffmann (eds.), Bank Failures and Bank Insolvency Law in Economies in Transition, Kluwer Law
International, April 1999, pp. 21-35.
Lastra, “Recent Developments in International Regulatory Co-operation”, Yearbook of International
Financial and Economic Law 1996, Vol. I, Kluwer Law, London, 1998, pp. 405-418.
Rosa M. Lastra
8
Lastra, “Independence and Accountability of the European Central Bank”, published as Chapter 15 in
M. Andenas, L. Gormley, C. Hadjiuemmanuil and I. Hardent (eds.), European Economic and
Monetary Union: The Institutional Framework, Kluwer, London, 1997, pp. 289-329.
Lastra, “European Monetary Union”, in Robert C. Effros (ed.), Current Legal Issues Affecting
Central Banks, Vol. IV, International Monetary Fund, Washington DC, 1997, pp. 73-82.
Forthcoming Publications and Work in Progress
Books
Lastra, second edition of Legal Foundations of International Monetary Stability
(authored book), to be published by OUP, 2014.
Lastra and Lee Buchheit (co-edited book, to which Lastra also contributed a chapter),
Sovereign Debt Management, to be published by OUP, 2014.
Lastra, Thomas Cottier and Christian Tietje (co-edited book, to which Lastra also
contributed a chapter), The Rule of Law in Monetary Affairs, to be published by
Cambridge University Press, 2013-14.
Lastra and Geoffrey Wood (co-edited book), The Regulation and Governance of
Financial Institutions, Reference Collection to be published by Elgar.
Lastra, Global Issues in Financial Institutions Law (with Michael Molloy and Andrew
Chen), West Law Publishing.
Lastra, Fabian Amtenbrink, Donato Masciandaro, and Marc Quintyn (co-edited book),
The Governance of Central Banks and Financial Supervisors: Reshaping Independence
and Accountability, edited book to be published by Elgar.
Articles and Book Chapters
Lastra, “Global financial architecture and human rights”, book chapter in Making
Sovereign Financing & Human Rights Work (ed. by Juan Pablo Bohoslavsky & Jernej
Letnar Černič), to be published by Hart (2013).
Lastra, “Systemic/Macroprudential Risk Management”, book chapter in Oxford
Handbook of Financial Regulation (ed. by Eilis, Ferrán, Jennifer Hill, Niamh Moloney),
to be published in 2013-14.
Lastra, “Do we Need a World Financial Organization?” Liber Amicorum to honour
Professor John Jackson (to be published by Oxford University Press, 2014).
Other Publications
Lastra, Book Review of Dani Rodrik’s “The Globalization Paradox: Democracy and the Future of
the World Economy”, International Journal of Constitutional Law (OUP), Vol. 11 No. 3, 809–812,
2013.
Lastra, “Accountability and Governance – Banking Union Proposals”, Duisenberg School of
Finance, Policy Paper No.30, November 2012, http://www.dsf.nl/home/research/publications
Lastra and Geoffrey Wood, “Responses to the Financial Crisis”, Journal of International Banking
Law and Regulation, Vol. 26, Issue 7, 2011, pp. 307-312.
Rosa M. Lastra
9
Lastra, “Central Banking After the Crisis”, Review, International Finance, Vol. 13, No. 2, 2010,
pp. 321-340.
Lastra and Gabriel Gari, 'Assessing the Lamfalussy process: successes and failures' Butterworths
Journal of International Banking and Financial Law (JIBFL), July-Aug 2009, pp. 379-383.
Lastra, “Financial Law Reform in Emerging Economies”, Journal of International Banking Law
and Regulation, Issue 8, July 2008, pp. 413-421.
Lastra, “Cross Border Bank Insolvency”, Law in Transition, European Bank for Reconstruction
and Development, October 2007, www.ebrd.com/country/sector/law
Lastra and Clas Wihlborg, ‘Law and Economics of Crisis Resolution in Cross-Border Banking’
Special Paper edition (2007). Financial Markets Group of the London School of Economics
(edited by Charles Goodhart) with the proceedings of a conference on ‘Cross-Border
Supervisory Issues in Europe’ held at the LSE in November 2006.
Lastra, “How Much Accountability for Central Banks and Supervisors?” Central Banking
Publications, Volume XII, No. 2, November 2001, pp. 69-75.
Lastra, “The Governance Structure for Financial Regulation in Europe”, LSE Financial Markets
Group (FMG) Special Paper Series No. 133, December 2001.
Lastra and Geoffrey Wood, “A Constitutional Approach to Central Bank Independence”,
Central Banking Publications, London, Vol. X, No. 3, 1999-2000, pp.34-39.
Lastra, “Banking Regulation in the 1990s”, Journal of International Banking Law, Volume 14,
Issue No. 2, February 1999, pp. 45-49.
Contributed editorials to the Journal of International Banking Regulation (now Journal of Banking
Regulation) in Vol. 1. 2 (“New Challenges, New Initiatives”, April 1999), Vol. 1. 4 (“Cross Border
Trade in Financial Services”, 1999) and Vol. 6. 2 (“A Taxonomy on Banking Regulation”, 2005).
Other book reviews include Challenges for Central Banks in an Enlarged EMU, ed. by F. Breuss
and E.Hochreiter (SpringerWienNewyork, Vienna, 2005) published by Common Market Law
Review, February 2007; The Future of Central Banking, by Howard Davies and David Green
(forthcoming, Princeton University Press, 2009), “The Democratic Accountability of Central Banks.
A Comparative Study of the European Central Bank,” by Fabian Amtenbrink, Hart Publishing,
Oxford, published by Public Law, Spring 2000, pp. 151-153; and “Banking Regulation and the Bank
of England” by Christos Hadjiemmanuil (Lloyds of London Press, 1996), published by European
Business Law Review, July/Aug 1997, pp.182-183.
“The City’s Troubleshooter”, (Dr. Rosa M. Lastra Talks to the Chairman of the Financial
Services Authority, Howard Davies, about the Financial Regulation Changes Introduced by the
Labour Government), published by Parliamentary Brief, Vol 5, No 3, January 1998, pp 28-34.
Contributions to Parliamentary Brief, July 2008 (‘Banking Reform in the UK’), Oct 2008 (‘With
the Horses Back in the Stable, Lock the Door’), Dec 2008 (‘Take Great Care not to Stifle the
Markets), Dec 2009 (‘For this Bill to Succeed, it Needs to Think Global’), March 2010 (‘A
check book the banks cannot bounce’), Oct. 2010, Jan 2011, July 2011, Dec 2011, Jan 2012.
Professional and Academic Appointments, Affiliations and Editorial Responsibilities
Trustee of the British Institute of International and Comparative Law, BIICL (2011- )
Member (by invitation), Monetary Committee of the International Law Association, MOCOMILA
(2006 - ). MOCOMILA, currently chaired by William Blair QC, is a distinguished and influential
group of specialists in international monetary and financial law drawn from academia, international
Rosa M. Lastra
10
organizations, central banks, and private practice, which has significantly contributed to the
development and understanding of this field of law over the last fifty years. http://www.ila-hq.org
Observer, Sovereign Bankruptcy Group of the International Law Association (2013- ).
Member (by invitation), European Shadow Financial Regulatory Committee, ESFRC (1998 - ). The
ESFRC, chaired by Harald Benink, is a group of European professors and experts in the field of
banking, finance and regulation of financial services modeled along the lines of the US Shadow
Financial Regulatory Committee, with the aim to influence policy and legislative developments in
this field and to critically analyze EU and international proposals and rules.
Associate, Financial Markets Group, London School of Economics and Political Science (FMG
member 1996 - ). The London Financial Regulation Seminar (which I co-organize, and which has
run since 1999) is an inter-disciplinary and inter-collegiate group of experts in financial regulation
that holds a regular series of seminars, and occasional conferences, on topics relating to this field.
Affiliated Scholar, Center for the Study of Central Banks, New York University Law School ,
chaired by Geoffrey Miller (1996 - ). http://www.law.nyu.edu/centralbankscenter
Member (by invitation) of the Academic Advisory Panel of the International Association of
Deposit Insurers , IADI (2008 - ).
General Editor of the Journal of Banking Regulation (formerly JIBR), published by Palgrave
MacMillan in association with IALS. http://www.palgrave-journals.com/jbr/index.html
Member of the Editorial Board of the Journal of International Economic Law
Member of the Editorial Advisory Board of the Journal of Financial Economics
Member of the Editorial Advisory Board of the Journal of Financial Economic Policy
General Editor of the series ‘Research Handbooks in Financial Law’, published by Edward Elgar
Publishing Ltd.
Referee with regard to book proposals for Oxford University Press, Cambridge University Press,
Princeton University Press, Elgar, Routledge-Cavendish and others.
Member of the Founding Executive Council of the Society of International Economic Law
(2007- ). The vision for the Society is to foster co-ordination, collaboration and debate between
IEL scholars and practitioners and national or regional IEL organizations around the World.
Fellow, European Law Institute (2013- ).
Member, Société Universitaire Européenne de Recherches Financières, SUERF (2001- ).
Member, study group on private capital flows to developing and transitional economies, Council on
Foreign Relations, New York (1994 - 1996).
COMMUNITY CONTRIBUTIONS, GRANTS AND OTHERS
2013 PGR (Postgraduate Research) Supervisor of the Year at Queen Mary University of London
Students’ Union Education Awards 2013, http://www.law.qmul.ac.uk/news/2013/95144.html
2012 Draper’s Award for Excellence in Teaching at CCLS, nominated by Queen Mary students
Rosa M. Lastra
11
Governor (parent Governor, Governing Body) of the London Oratory School (2009 - )
Member of the Managing Committee of the Harvard Law School Association – UK (2009 - 2012)
Class Agent (Class of 1991) Harvard Law School (2008- )
Member, Advisory Board, Women in Sovereign Entities (WSE) organization, www.thewse.org
Invited to talk in the BBC World Service ‘In the Balance’ programme dealing with the European
banking black hole, http://www.bbc.co.uk/programmes/p0121841, December 2012.
Fulbright scholar, 1990-1991.
SELECTED RECENT CONFERENCES AND SEMINARS
Organized jointly with the Legal Committee (LEGCO) of the European Central Bank and
MOCOMILA a conference at the ECB on ‘The Future of Banking Regulation and Supervision in
the EU’, and contributed a paper on “SSM and the Single Market”, Frankfurt, 15 November 2013.
Invited to teach a seminar on “The Evolving Role of Central Banks” in Oxford University, Law
and Finance Seminar Series, 7 November 2013, http://www.law.ox.ac.uk/event=12578
Organized jointly with senior legal staff of the Bank of England and the Prudential Regulatory
Authority a meeting with the General Counsel of the Federal Reserve Bank of New York to
discuss monetary and financial stability after the financial crisis, London, 4 October 2013.
Keynote Speaker at the Bank for International Settlements, BIS Central Bank Legal Experts Meeting,
“Sovereign Debt Crisis and Central Banks - Legal Aspects”, Basel, Switzerland, 2-3 October 2013.
Organized jointly with Banco de España the academic sessions of the MOCOMILA meeting in
Madrid and contributed as a speaker on “Banking Union and Single Market”, 19 September 2013.
Speaker on “Supranational Supervision: Banking Union and Single Market” at the Central
Banking
Seminar,
Cambridge
University,
11
September
2013,
http://events.centralbanking.com/cambridge/static/OG-course
Contributed - as chair of one of the sessions - to the CCLS Roundtable on ‘Systemic Risk and the
Future of Insurance Regulation’, held at Lloyd’s, London, 27 June 2013.
Invited to talk on “The Responses to the Eurozone Crisis” at a conference on ‘Evolution of
Monetary Law & Policy’ at the University of Glasgow, 14 June 2013.
Organized jointly with David Bholat the first joint Legal Seminar at the Bank of England on 17
May 2013, bringing together experts and senior staff of the Bank of England and Prudential
Regulatory Authority to discuss the future of UK, EU and international financial regulation.
Organized two panels addressing the financial crisis and sovereign debt crises, as well as issues
relating to international trade and finance at the 13th WTO annual conference in London on 16
May 2013 and contributed as speaker. http://www.biicl.org/events/view/-/id/716/
Discussant in the session of “Regulatory Disarray” of the Workshop on ‘The Aftermath: Crisis
and Legal Change’ organized by the [Georgetown] Center for Transnational Legal Studies
London, 29 April 2013.
Rosa M. Lastra
12
Invited to present a paper on ‘Banking Union and Single Market: Conflict or Companionship’ at
the conference organized by ERA in association with the Irish Presidency of the EU on ‘The
European Banking Union: a Turning Point’, Dublin, 26 April 2013.
Invited to contribute a paper on “Latin-American Financial Reforms” (jointly written with
Enmanuel Cedeño-Brea) for the MOCOMILA meeting in Lima, Peru, April 5-6, 2013.
Visiting Professor, Global Law Programme, Universidad de Navarra (Spain), March 2013.
http://www.unav.edu/web/master-de-acceso-a-la-abogacia/detalle-noticiapestana?articleId=2594798
Invited to talk on “Defining forward looking, judgment based supervision” at the Bank of
England, Centre for Central Banking Studies Event, “The Future of Regulatory Data Analytics”,.
http://www.bankofengland.co.uk/education/Documents/ccbs/prospectus2013.pdf, 18 January 2013
Invited to talk on “Central Bank Independence and Accountability” at the Central Banking
Seminar organized by the Federal Reserve Bank of New York, New York, October 29- November
2, 2012. http://www.newyorkfed.org/banking/CBS_calendar_2012.pdf
Organized jointly with Thomas Cottier and Christian Tittje the World Trade Forum 2012 in Bern,
12-13 October 2012 on “The rule of Law in Monetary Affairs: Lessons from the Trade Field” and
presented a paper on “The role of central banks in monetary affairs: a global and comparative
perspective”. http://www.wti.org/world-trade-forum/
Organized jointly with Harald Benink and Charles Goodhart a conference on “Banking Union”
held at the London School of Economics and Political Science on 22 October 2012.
http://www2.lse.ac.uk/fmg/events/conferences/pastconferences/2012/European_Banking_Union/European-Banking-Union.aspx
Speaker on “Supranational Supervision Structure: the Case of Europe” at the Central Banking
Seminar,
Cambridge
University,
20
September
2012.
http://events.centralbanking.com/events/static/legal-risks-and-good-governance-for-central-banks
Speaker at a CCLS Roundtable Discussion on ‘The Reform of the UK Financial Regulation:
Progress and Next Steps’, London, 5 July 2012.
Organized jointly with Howell Jackson (Harvard Law School), Charles Randell (Slaughter &
May) and Jeffrey Jowell (Bingham Centre for the Rule of Law) in association with senior staff of
the Financial Stability Board and the International Monetary Fund a symposium on the FSB Key
Attributes of Effective Resolution Regimes for Financial Institutions, London, 18 June 2012.
http://www.law.qmul.ac.uk/events/items/72161.html
Organized two panels addressing the financial crisis and the Eurozone crisis, as well as issues
relating to trade and finance at the 12th WTO annual conference in London on 17 May 2012 and
contributed as speaker and chair. http://www.law.qmul.ac.uk/news/2012/71671.html
Convened an elite group of experts drawn from the fields of economics and finance, financial law
and international trade law to discuss the future of the international monetary and financial system,
from the perspective of its relationship with the international trading system on 18 May 2012 at
CCLS, Lincoln’s Inn Fields, London. http://www.law.qmul.ac.uk/events/items/71052.html
Invited to contribute a paper and to take part in an expert group meeting on global banking and
thechallenges of cross border resolution at Oxford University (Blavatnik School of Government)
on May 2nd, 2012, a roundtable with the Deputy Governor of the Bank of England, Paul Tucker.
http://www.bsg.ox.ac.uk/sites/blavatnik/files/CrossBorder_memos_May2012v2.pdf
Speaker at a QMUL/Vanderbilt conference on Perspectives on Anglo/American corporate
governance, London, 22 March 2012.
Rosa M. Lastra
13
Contributed as chair of a session at a conference organized by the United Nations Conference on
Trade and Development and UAM on ‘Responsible Sovereign Lending’, Madrid, 2 March 2012.
Speaker at a Conference on Financial Stability organized by ESRC/NIESR, “Never Again”, in
London, 10 February 2011.
Contributed to the organization, and participated a speaker in a conference organized by the UK
Financial Services Authority on Academic Input for Better Regulation, London, 18 January 2012.
Organized together with Charles Goodhart, Iain MacNeil and Emilios Avgouleas a conference in
London on 25 November 2011 “Banking Structure, Regulation and Competition”.
Speaker at a Symposium at OECD in Paris on ‘Crisis Management and the Use of Government
Guarantees’, 3-4 October 2011.
Contributed to the organization of a MOCOMILA conference in Rome on Sovereign Debt
Restructuring, on 22 September 2011.
Invited to deliver the keynote lecture on ‘The Quest for International Financial Regulation’ in the
‘Acto de Clausura’ (Acte de cloenda) of the Master IELPO, University of Barcelona, 27 June 2011.
Invited to deliver the keynote speech at BIICL Annual Conference on ‘Financial Regulation in a
Global Market: Moving Beyond the State’, London, 10 June 2011.
Organized a high-level study group on cross border resolution of financial crises with Jeffrey
Jowell (Bingham Centre for the Rule of Law), Howell Jackson (Harvard Law School), American
Law Institute, Charles Randell & Rodgin Cohen (Sullivan & Cromwell), London, June 2-3, 2011.
Organized two sessions on international monetary and financial law at the Annual WTO
conference at BIICL, 25-26 May 2011, and contributed as speaker and chair in those two sessions.
Invited to give a presentation on ‘Systemic Risk in the EU’ at a MOCOMILA Conference at the
Federal Reserve Bank of New York, New York, on 29 April 2011.
Organized a conference with Charles Goodhart and Harald Benink on ‘Reforming Financial
Regulation and Supervision: the Road Ahead’, London School of Economics, on 24 January 2011.
Speaker at a ECRI/CEPS-seminar on ‘Skating on Thin Ice: What deposit insurance scheme for
Europe?’ CEPS, Brussels, Belgium, 13 January 2011.
Presented a paper on ‘Money Laundering’ at a conference on Money Laundering organized by
Stockholm University Centre for Commercial Law, Stockholm, 3 December 2010.
Organized together with Charles Goodhart a Seminar with HM Treasury at the LSE to discuss the
Government’s approach to the reform of financial regulation on 24 November 2010.
Keynote Speaker at the Bank for International Settlements, BIS Central Bank Legal Experts Meeting,
‘Legal Aspects of the Central Bank’s Role in a Financial Crisis’, Basel, 6-7 October 2010.
References upon request
Rosa M. Lastra
14