Professor Rosa Maria Lastra
Professor of International Financial and Monetary Law
Tel: +44 (0)20 7882 8070
Dr Rosa María Lastra is Professor in International Financial and Monetary Law at the Centre for Commercial Law Studies (CCLS), Queen Mary University of London. She is a member of Monetary Committee of the International Law Association (MOCOMILA), a founding member of the European Shadow Financial Regulatory Committee (ESFRC), an associate of the Financial Markets Group of the London School of Economics and Political Science, and an affiliated scholar of the Centre for the Study of Central Banks at New York University School of Law. From 2008 to 2010 she was a Visiting Professor of the University of Stockholm. She has served as a consultant to the International Monetary Fund, the European Central Bank, the World Bank, the Asian Development Bank and the Federal Reserve Bank of New York. From November 2008 to June 2009 she acted as Specialist Adviser to the European Union Committee [Sub-Committee A] of the House of Lords regarding its Inquiry into EU Financial Regulation and responses to the financial crisis. In 2015 she became a member of the Monetary Expert Panel of the European Parliament. Since 2016 she is a member of the Banking Union (Resolution) Expert Panel of the European Parliament.
Prior to coming to London, she was Assistant Professor of International Banking at Columbia University School of International and Public Affairs in New York (1993-1996). From January 1992 to September 1993 she was a consultant in the Legal Department of the International Monetary Fund in Washington D.C. She studied at Valladolid University, Madrid University, London School of Economics and Political Science and Harvard Law School (Fulbright Fellow). Her publications include numerous articles in internationally refereed journals and several books: International Financial and Monetary Law (Oxford University Press, 2015, authored), Sovereign Debt Management (OUP, 2014, co-edited), The Rule of Law in Monetary Affairs (Cambridge University Press, 2014, co-edited), International Law in Financial Regulation and Monetary Affairs, (OUP, 2012, co-edited), Cross-Border Bank Insolvency (OUP, 2011, edited), Legal Foundation of International Monetary Stability (OUP, 2006, authored), The Reform of the International Financial Architecture (Kluwer, 2001, edited), Bank Failures and Bank Insolvency Law in Economies in Transition (Kluwer, 1999, co-edited), Central Banking and Banking Regulation (LSE, 1996, authored).
LLB, MA (Valladolid), LLM (Harvard), PhD (Madrid)
Professor Rosa Maria Lastra is module convenor for:
- QLLM366 Regulation of Financial Markets (sem 1)
- QLLM367 International Financial Regulation (sem 2) (Not running 2016-17)
- QLLM377 EU Financial and Monetary Law (sem 1).
She also teaches on the following modules:
Financial law and regulation, central banking, international banking, international monetary law, law reform in emerging economies, law and economics, EU financial law, commercial law, banking law, sovereign debt, international economic law, bank resolution and insolvency and financial crisis management.
- International Financial and Monetary Law, second edition of Legal Foundations of International Monetary Stability, Oxford University Press, Oxford, January 2015, 688 pages, ISBN 978-0-19-967109-0
- Legal Foundations of International Monetary Stability, Oxford University Press, Oxford, June 2006, 547+lii pages, ISBN: 0199269343.
- Central Banking and Banking Regulation, Financial Markets Group, London School of Economics, London, September 1996, 329 + viii pages, ISBN: 0753007258
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).
- Sovereign Debt Management, (co-edited with Lee Buchheit), Oxford University Press, Oxford, 2014, 487 + lvi pages, ISBN: 978-0-19-967110-6
- The Rule of Law in Monetary Affairs, World Trade Forum (co-edited with Thomas Cottier, Christian Tietje and Lucia Satragno), Cambridge University Press, Cambridge, 2014, 614 + xix pages, ISBN: 978-1-107-06363-1
- International Law in Financial Regulation and Monetary Affairs, (co-edited with John Jackson and Thomas Cottier), Oxford University Press, Oxford, 2012, 472 + xiv pages, ISBN: 978-0-19-9668199
- Cross-Border Bank Insolvency, Oxford University Press, Oxford, February 2011, 489 + xl pages, ISBN: 978-0-19-957707-1.
- The Reform of the International Financial Architecture, Kluwer Law International, London, January 2001, 370 + xxvi pages, ISBN: 9041198024
- 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.
Lastra, “Do We Need a World Financial Organization?” Journal of International Economic Law, Vol .17, No. 4, December 2014, pp.787–805
- 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”, Journal of Banking Regulation, Vol. 14, No. 3/4, July 2013, pp. 221-227
- Lastra and Jean-Victor Louis, 'European Economic and Monetary Union', Yearbook of European Law, (2013), pp. 1–150
- R. M. Lastra. Evolution of the European Central Bank, Fordham Internationa Law Journal, Vol. 35, Issue 5 (June 2012), pp. 1260-1281
- Lastra, 'Systemic Risk, SIFIs and Financial Stability', Capital Markets Law Journal, Vol. 6, No. 2, April 2011, pp.197-213
- Journal of International Economic Law -'The Quest for International Law in Financial Regulation and Monetary Affairs', Volume 13 Issue 3:
- Table of contents
- Article with Geoffrey Wood on The Crisis of 2007-2009: Nature, Causes and Reactions, J Int Economic Law (2010) 13(3)pp. 531-550
- Article with Charles Goodhart on Border Problems J Int Economic Law (2010) 13(3) pp 705-718
- Article with Luis Garicano on Towards a New Architecture for Financial Stability: Seven Principles J Int Economic Law (2010) 13(3) pp 597-621
- Lastra, and Rym Ayadi, “Proposals for reforming deposit guarantee schemes in Europe”, Journal of Banking Regulation volume 11, number 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 cross-border 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
- Risk-based Capital Requirements and their Impact upon the Banking Industry: Basel II and CAD III  12(3) Journal of Financial Regulation and Compliance 225-239, ISSN: 1358-1988
- The Governance Structure for Financial Supervision and Regulation in Europe  10(1) Columbia Journal of European Law 49-68, ISSN: 1076-6715
- Cross-Border Bank Insolvency: Legal Implications in the Case of Banks Operating in Different Jurisdictions in Latin America  6(1) Journal of International Economic Law 79-110, ISSN: 1369-3034
- IMF Conditionality  4(2) Journal of International Banking Regulation 167-182, ISSN: 1465-4830.
Lastra, “Systemic Risk and Macro-prudential Supervision”, Chapter 11 in Oxford Handbook of Financial Regulation (ed. by Eilis, Ferrán, Jennifer Hill and Niamh Moloney), OUP, 2015, pp. 309-33
- Lastra, “Macro Prudential Supervision, Systemic Risk and Insurance Companies”, Chapter 3 in Systemic Risk and the Future of Insurance Regulation (ed. by Andromachi Georgosouli and Miriam Goldby) published by Routledge/INFORMA, Lloyd’s Insurance Law Library series, 2015, pp 23-31
- Lastra, “Financial Institutions and Accountability Mechanisms”, [Chapter 2] in Building Responsive and Responsible Financial Regulators in the Aftermath of the Financial Crisis (ed. by Pablo Iglesias Rodríguez), Intersentia, Cambridge – Antwerp – Portland, 2015, pp. 31-43
- Lastra, “Global financial architecture and human rights”, [Chapter 9] in Making Sovereign Financing & Human Rights Work (ed. by Juan Pablo Bohoslavsky & Jernej Letnar Černič), Hart Publishing, Oxford, 2014, pp. 129-138
- Lastra, “Regulatory Responses to the Financial Crisis”, book chapter [Chapter 6] in Financial Crisis Containment and Government Guarantees (ed. by J. Raymond LaBrosse, Rodrigo Olivares-Caminal 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), 2011, pp. 308-332
- 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 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, Rosa and Fabian Amtenbrink, 'Securing Democratic Accountability of Financial Regulatory Agencies - A theoretical framework', book chapter in Mitigating Risk in the Context of Safety and Security. How Relevant is a Rational Approach? Edited by RV de Mulder (rotterdam: Erasmus School of Law and Research School for Safety and Security (OMV) 2008, pp 115-132, ISBN 987-90-5677-0686-6
- Lastra, 'Cross Border Resolution of Banking Crises', Douglas D Evanoff, John Raymond LaBrosse and George G Kaufman (eds.), Book chapter in International Financial Instability: Global Banking and National Regulation, Vol. 2, Singapore, World Scientific Publishing Company Pte Ltd, 2007, pp. 311-330
- Regulating European Securities Markets: Beyond the Lamfalussy Report, in M. Andenas and Y. Avreginos (Editors), Financial Markets in Europe: Towards a Single Regulator?, London: Kluwer Law International, 2003, 211-222, ISBN: 9041121595
- Comparative Aspects of Depositor Protection Schemes: Comparative (Co-author with D. Arner) in D. Arner and J. Lin (Editors), Financial Regulation: A Guide to Structural Reform, Hong Kong: Thomson Sweet & Maxwell Asia, 2003, 463-478, ISBN: 9626611979
- Cross-Border Trade in Banking Services, in G. Alpa and F. Capriglione (Editors), Diritto Bancario Comunitario: Le Leggi Commentate, Turin: UTET, 2002, 433-455, ISBN: 8802059209
- Cross-Border Trade in Financial Services, in I. Fletcher, M. Cremona and L. Mistelis (Editors), Foundations and Perspectives of International Trade Law, London: Sweet & Maxwell, 2001, 428-436, ISBN: 0421741007
- Public Accountability in the Financial Sector (Co-author with H. Shams), in E. Ferran and C. Goodhart (Editors), Regulating Financial Services and Markets in the 21st Century, Oxford: Hart Publishing, 2001, 165-188, ISBN: 1841132799
- Central Bank Independence in Ordinary and Extraordinary Times (Co-author with G. Miller), in Jan Kleineman (Editor), Central Bank Independence: The Economic Foundations, the Constitutional Implications and Democratic Accountability, Stockholm: Norstedts Juridik, 2001, 31-50, ISBN: 9139006867
- The Bretton Woods Institutions in the XXIst Century, in R. Lastra (Editor), The Reform of the International Financial Architecture, London: Kluwer Law International, 2001, 67-90, ISBN: 9041198024.
Other Selected Publications
- The Governance Structure for Financial Regulation in Europe, London: LSE Financial Markets Group, 2001
- 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
- How Much Accountability for Central Banks and Supervisors?  12(2) Central Banking 69-75, ISSN: 0960-6319
- Central Banking and Banking Regulation, London: Financial Markets Group, London School of Economics, 1996, 329, ISBN: 0753007258.
- 20 - 21 June - She will co-host the 4th Annual CCLS Bank of England Conference
- 28 April 2016 - She was invited to speak on “Gaps in Governance: the Banking Union” at a conference organized at the European University Institute on “Filling the Gaps in Governance: the Case of Europe”, Florence (Italy), 28 April 2016.
- 11 February 2016 - She was invited to give a special presentation at the International Monetary Fund. The presentation, titled 'Legal Underpinnings of the International Monetary and Financial System: The Key Role of the IMF', will draw on her latest book, 'International Financial and Monetary Law' (OUP, 2016), and will 'be discussing issues pertaining to the impact of the global financial crisis upon the international monetary and financial system, the European banking union and developments in the Eurozone, and the relevance of Fund law and central banking law in the pursuit of monetary and financial stability'.
- 10 February 2016 - She was invited to participate in a high level international conference on Lender of Last Resort in Washington DC organised by the Committee of Capital Markets Regulation.
- 15 July 2015 - She was invited to provide oral evidence to the House of Lords (Select Committee on the European Union, Financial affairs Sub-Committee) as part of an expert panel of witnesses participating in a seminar to discuss the current crisis in Greece.
- 28 January 2015 - She is a member of the Monetary Expert Panel of the European Parliament. The European Parliament awarded the Framework Contract No IP/A/ECONMD/FWC/2014-026 to a consortium (of which she is a core team member) led by the German Institute for Economic Research (DIW Berlin). As part of this EU grant, she coordinated a briefing paper on the “Interaction between monetary policy and bank regulation” which the ECON Committee of the European Parliament officially requested in July 2015 in view of the Monetary Dialogue of 23 September 2015 with ECB President Mario Draghi.
- 11 December 2014 - She was invited to address the Legislative Committee (LEGCO) of the European Central Bank (ECB) to discuss the separation between the monetary policy and the supervisory responsibilities of the ECB and the provision of emergency liquidity assistance in the Single Supervisory Mechanism.
- October 2014 - She was invited to submit written evidence to the House of Lords’ European Union Committee – EU Economic and Financial Affairs Sub-Committee – with regard to its inquiry reviewing the EU Financial Regulatory Framework.
- September 2014 - She was invited to submit written evidence to the Treasury Committee in response to the letter by its Chairman, Andrew Tyrie MP (dated 23 July 2014) with regard to the Government’s secondary legislation on the ring fence.
- 25 September 2014 - Invited to speak at the European Commission (title to be announced)
- 2 July 2014 - Invited to lecture at a special seminar organised by Banco de Espana in Madrid on 'Banking Union: SSM, SRM and the missing pillar'.
- 16 May 2014 - Organised a conference in association with the Bank of England Legal Directorate on 'Financial and Monetary Law', held at the Bank of England Conference Centre, London. This conference convened an elite group of general counsel and other senior lawyers from central banks, regulators and international organisations, senior academics from the US, Europe and UK, and leading practitioners, together with economists and policy experts.
- 5 May 2014 - Speaker on 'Home and Host Country Responsibilities in the Single Supervisory Mechanism' at a meeting of the CEPS Task Force on ECB Banking Supervision and Beyond, CEPS, Brussels.
- 25 April 2014 - Speaker at a conference on 'Sovereign Debt Restructuring: the Road Ahead', organised by the Bank of England and the United Nations (Finance for Development Office, Department of Economic and Social Affairs), held at the Bank of England
- 21 January 2014 - Contributed to a roundtable discussion organised on the Single Resolution Mechanism organised by NicolasVerón (Bruegel), Brussels.
- 14 January 2014 - Delivered inaugural lecture of the LLM in Paris programme on the topic of 'Banking Union: will it solve the next crisis'.
- 15 November 2013 - Organised 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.
- 7 November 2013 - Invited to teach a seminar on “The Evolving Role of Central Banks” in Oxford University, Law and Finance Seminar Series.
- 4 October 2013 - Organised 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.
- 2-3 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.
- 19 September 2013 - Organised 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”.
- 11 September 2013 - Speaker on “Supranational Supervision: Banking Union and Single Market” at the Central Banking Seminar, Cambridge University.
- 27 June 2013 - 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.
- 14 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.
- 26 April 2013 - Invited to present a paper on ‘Banking Union and Single Market: Conflict or Companionship’ at the conference organised by ERA in association with the Irish Presidency of the EU on ‘The European Banking Union: a Turning Point’, Dublin.
- View the e-Presentation for this paper [requires registration and payment by credit card]
- March 2013 - Visiting Professor, Global Law Programme, Universidad de Navarra (Spain), March 2013.
- 18 January 2013 - 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”.
- 29 October - 2 November 2012 - Invited to talk on “Central Bank Independence and Accountability” at the Central Banking Seminar organised by the Federal Reserve Bank of New York, New York.
- 18 June 2012 - Financial Services Board - Key Attributes of Effective Resolution Regimes
- 18 May 2012 - We need an international monetary system which facilitates international trade
- 23 March 2011 - Inaugural lecture: The Quest for International Financial Regulation
- 28 October 2015 - Invited to speak on European Banking Union (“La Unión Bancaria Europea. Luces y sombras del nuevo pilar de la estabilidad financiera en Europa”) at the Universidad Autónoma de Madrid, Spain.
- 8 September 2015 - Invited to speak on “The ECB, Monetary policy and Banking Supervision” at the 2nd Law and Monetary Theory Conference - Sheffield University.
- 9 September 2015 - Invited to speak on “Financial stability – some difficulties in identifying and containing systemic risk” at the Banking Law Symposium organized by CCLS.
- 4 September 2015 - Invited to speak on “Monetary Stability and Financial Stability – EBC Mandate” at the conference organized by the Bundesbank to celebrate the 100th Anniversary of MOCOMILA, in Berlin.
- 1 September 2015 - Invited to speak on “Supervisory Discretion and the Domain of Monetary Policy: Challenges for the ECB” at the ECB Legal Conference, “From Monetary Union to Banking Union: new Opportunities for European Integration”, European Central Bank, Frankfurt.
- 2 July 2015 - Invited to speak on “Structural Reforms: a Comparative Perspective” at the Structural Reform of Banking Symposium, organized by the University of Liverpool in London.
- 10 June 2015 - Organized together with Charles Goodhart (and chaired one of the sessions) a conference on Bank Structural Reforms (London Financial Regulation Seminar) held at the LSE, London.
- 19 May 2015 - Invited to speak at Slaughter & May on EU Banking Union.
- 15 May 2015 - Organised the third Annual CCLS - Bank of England conference on Financial and Monetary Law together with Jonathan Grant, David Bholat and Charles Randel, which was followed by the book launch of International Financial and Monetary Law.
Member of the Institute of International Financial Law
Member of the Centre for Law and Society in a Global Context (CLSGC)
Professor Lastra and Dr Russo to present at Banking Law Conference
8 September 2014
European Banking Union Conference on 22 October
15 October 2012