U.S. universities are currently under fire. Professor Yermack’s talk will provide the background of the current debate and discuss possible solutions. Thereby, he will show that U.S. universities obtain significant research funding from government, especially in medicine and laboratory sciences. The Trump administration has upended this relationship, cancelling some grants, limiting overhead cost reimbursement, and leveraging future research funding to cause changes in universities’ culture and governance. Potential changes to tax laws also threaten universities’ funding from alumni donors. He will discuss the alternatives for universities to respond, including cutting ties with government and seeking alliances with commercial businesses. In the panel discussion we will add the European perspective. In particular, some already see the top positions of U.S. universities in research and teaching endangered, whereas others perceive a unique opportunity for European universities to attract the best minds in research and to build up a competitive alternative to the U.S. system. Join us for a lively debate!