Annegeke Jansen completed three studies in Rotterdam, but it was her experience at EFR that taught her how to apply that knowledge in a way that is both effective and enjoyable. Interviewer Madeleine Kemna of Erasmus School of Economics followed up on her current employment. As a civil servant at the Ministry of Finance she combines the best of both worlds: analysing major government investments and staying abreast of exciting developments in the private sector. One of the projects, called Backbone, may help us all to take a major step towards clean energy.
During my high school years it was already clear to me that I wanted to study Economics. I was looking for an international angle so the International Bachelor Economics and Business Economics (IBEB) programme seemed a logical choice. Halfway I started following classes in Philosophy as well because I found IBEB rather theoretical on its own. I was very pleased that the university could accommodate this. My Master was in International Economics and the combination of these three studies has really influenced my outlook on life. I am able to process data to construct a vision that helps us understand the world better and that is a great feeling.
In your experience, what distinguishes Erasmus School of Economics?
I found the extent to which Erasmus School of Economics appreciates and facilitates extracurricular activities extraordinary. There are many opportunities to enjoy your study beyond the classroom. Everything is very well organised and you are encouraged to make the most of your time by blending student life with activities that prepare you for your future career. In my case that involved several roles at the Economic Faculty Association Rotterdam (EFR). As a board member of EFR, I was very eager to do a good job, but I learned to put things into perspective and pace myself. The experience taught me not to take on too much in my enthusiasm. This helped me to find the right balance when I started working.
One of the fun things of being an EFR board member is that you meet many well-known opinion leaders. Apart from all the interesting things they have to say, you also get more comfortable in dealing with such important figures. In my current job at the Ministry of Finance, I am no longer nervous when I meet a cabinet minister for example. Hosting an event for Ban Ki-moon, Secretary-General of the United Nations, was a very special experience. My predecessor on the EFR board had invited him because she wanted to award him the EFR World Leader Cycle Award for outstanding accomplishments in international politics, society and economics. As it happened, Mr Ban planned to visit The Hague later that year and was willing to make a detour. We could never have envisaged the excitement this caused. It was a great way to learn how to deal with different stakeholders. Students from all over the Netherlands wanted to attend the event and we had to liaise with many dignitaries including Ahmed Aboutaleb, the mayor of Rotterdam, and former Prime Minister Jan Peter Balkenende. The Secretary- General’s main message was that we should be world citizens to tackle the challenges we face together. It was very special to provide this opportunity to so many students. The positive feedback we received from Sigrid Kaag, who worked for the UN at the time, was also very gratifying.
'I found the extent to which Erasmus School of Economics appreciates and facilitates extracurricular activities extraordinary'
What is it like to be a civil servant?
I knew that I wanted to find a job that involved applying my economic knowledge, preferably with an international outlook, but without moving abroad. When weighing up these components, it turned out that they all came together in the International Affairs Directorate at the Ministry of Finance, which prepares the Dutch input for the IMF and the Worldbank for instance. I managed to get a traineeship that took me to many different areas within the ministry. While rotating from one assignment to another, I found out that content is not the only thing that determines job satisfaction. Your colleagues and the dynamics at work are equally important. This discovery was an added benefit of the traineeship for me and I ended up in a different part of the ministry than I had expected originally.
Currently, I am overseeing the government’s state-ownership in Gasunie (an energy network operator that manages and maintains the infrastructure for large-scale transport and storage of gas) and FMO (the Dutch entrepreneurial development bank). Part of my job is to assess investment cases if the amount surpasses a certain level, so that it has an influence on the strategy of the state-owned enterprise. In the case of Gasunie there is ongoing research to see if the Dutch infrastructure of pipelines for gas transportation can be used for hydrogen. Coincidentally, this potential hydrogen network is called The Backbone. It is very exciting to be a part of this. The Netherlands is in an advantageous position to play a big role in the hydrogen sector because of its extensive pipeline infrastructure and our location close to industrial clusters in the Netherlands, Germany and Belgium. This makes it feasible to transport hydrogen from the port of Rotterdam to its destination. In addition, we can generate green energy from the North Sea. The state does not invest money without extensive research and many double checks, but at the same time we need to make rapid progress and take unprecedented steps in order to battle climate change. As a representative of the Ministry of Finance I am in touch with Gasunie on a weekly basis, sometimes even daily. This combination of the public sector and the business world is one of the things that make my job so interesting.
The call for increasing transparency in Dutch politics means that civil servants will see a change as well. We are anticipating that the briefings we supply to cabinet ministers will have a more public character, including the notes with background information. It will be very important to qualify them as “preliminary” or “for discussion” so that they cannot be taken out of context. Of course, transparency is positive, but we should make sure it does not lead to hesitation to put your thoughts on paper. I hope careful consideration will prevail over panic reactions.
'The state does not invest money without extensive research and many double checks, but at the same time we need to make rapid progress’
Can you tell us about your affinity with research?
It was a wonderful experience to be able to work on a paper that built on my thesis with my supervisor professor Casper de Vries. We looked at the systemic risk in the banking sector, which increased during the financial crisis in 2008, but has not declined substantially afterwards. Since it is caused by problems that spread from one bank to another, it is important to assess the individual contribution of each bank. We did so by using the Marginal Expected Shortfall measure (MES). The results can help regulators to determine the correct level of reserves by differentiating between banks where appropriate.
Personally, I am very pleased to see that banks have managed to weather the corona storm so far. Still, I do think a creative response will be needed to face additional challenges such as the emergence of crypto currencies and other Fintech products or competition from financial activities deployed by Big Tech companies such as Amazon and Facebook. For banks, it will be important that a certain level playing-field is maintained when it comes to regulation. For example, we should not overlook the fact the financial sector is doing a lot of work to prevent money laundering and other criminal activities. This topic gets attention when banks make headlines because they have not complied with all the rules, but I doubt whether new entrants are willing or able to fulfil this gatekeeper’s role to the same extent.
My current job involves some research, but I would also like to start up another project in economics or philosophy again. This would mean diving into a new body of existing literature, which could be a challenge on top of my full time job, so for the time being it is only something to keep in the back of my mind.
If I were to conduct research again, I would understand the relationship between my work and the environment in which it takes place better. My background in philosophy has enabled me to put something in the context of its time. I think it is good to disengage from the here and now to look for broader long-term trends such as described in the books of Yuval Noah Harari for example. A development that has been manifesting itself for a while now is the objectification of everything. Heidegger notes that the world views things and people as a means to an end instead of valuing them for what they are. Even relaxation is seen as something on a to-do-list. It has made me conscious of the fact that this is not how I want to live my life. My studies at Erasmus University are a good example: they were not simply education in order to find a job, but formed an experience I enjoyed intrinsically.