David Scharfstein (Harvard Business School) delivering his Keynote Address on 'Dollar Funding and the Lending Behavior of Global Banks.' This keynote address analyzes the role played by European banks in the US loan market, in particular the syndicated loan market. European banks over the past 10 years have aggressively expanded their foothold in the US loan market, relying almost exclusively on wholesale funding provided by US money market funds and other players in the shadow banking system. In the wake of the financial crisis, and in particular during the aggravating eurozone crisis of 2011, those wholesale funding sources dried up, forcing the European banks to look for other sources of funds and to partially retreat from the market.