Past event


Deleveraging the West: The impact on global growth

A Chatham House City Series Conference

Chatham House, London

How will the West’s deleveraging affect the global economy?

The West needs to deleverage, reform its economies and achieve fiscal sustainability whilst stimulating economic growth and maintaining the social compact. How will this work?

This conference will ask whether the eurozone’s deleveraging will be orderly or chaotic. What role will banks and other financial intermediaries play in the European and the global economy?

What will be the impact of deleveraging on the global economy?  Are new imbalances forming?


Suggested Twitter hashtag: #CHCity

  • David Lipton

    • First Deputy Managing Director
  • Lorenzo Bini Smaghi

    • Visiting Scholar, Weatherhead Center for International Affairs, Harvard University and
  • Rory Cullinan

    • CEO, Non-core Division
  • Adam Farkas

    • Executive Director
  • Chris Giles

    • Economics Editor
  • Andy Haldane

    • Executive Director for Financial Stability
  • Stephen Jen

    • Managing Partner
  • Patrick Jenkins

    • Banking Editor
  • Fernando Jiménez Latorre

    • Secretary of State for Economic and Business Affairs
  • Spencer Lake

    • Co-Head of Global Markets
  • Gerard Lyons

    • Chief Economist and Group Head of Global Research
  • David Owen

    • Managing Director and Chief European Financial Economist
  • Stuart Popham

    • Chairman
  • Charles Roxburgh

    • Director
  • Huw van Steenis

    • Managing Director and Head, EMEA Bank and Diversified Financials
  • David W Wilcox

    • Director, Division of Research and Statistics

This conference will be held under the Chatham House Rule. Information for journalists
Press can request a press pass using the form below.

If you are interested in becoming a sponsor for this event, please contact Alison Archer on +44 (0)20 7314 3643 or email [email protected]







Chatham House

[email protected]

Telephone: +44 (0)20 7957 5729
Fax: +44 (0)20 7957 5710

If you wish to book the venue for your event please phone +44 (0)20 7314 2764

Conference Unit
Chatham House
10 St James's Square

Chatham House Location Map


Although we cannot book accommodation for delegates, we have arranged a reduced rate at some nearby hotels, where you can book your own accommodation. Please inform the hotel that you will be attending a conference at Chatham House (The Royal Institute of International Affairs) to qualify for the Institute's reduced rate.

Please note all rates are subject to availability.

Flemings Mayfair
Half Moon Street
London W1Y 7RA
Tel: + 44 (0)20 7499 2964
Fax: + 44 (0)20 7499 1817
Standard Single £180 + VAT

The Cavendish London
81 Jermyn Street
Tel: + 44 (0)20 7930 2111
Fax: + 44 (0)20 7839 2125
Standard Single £200 + VAT
To book The Cavendish online

The Stafford London by Kempinski
St James's Place
Tel: 020 7518 1125 
Fax: 020 7493 7121
Standard Single £230 +VAT

Session One
Restoring Confidence and Growth in Developed Economies

  • Whilst imposing austerity measures, what can governments do to restore growth, credit, and confidence?
  • What will be the effect of the Federal Reserve’s ‘QE3’ stimulus?
  • In the US, will political agreement be reached on the so-called ‘fiscal cliff’?

Chris Giles
Economics Editor
Financial Times

Andy Haldane
Executive Director, Financial Stability
Bank of England

David Wilcox
Director of Research and Statistics
Federal Reserve System

Charles Roxburgh
McKinsey Global Institute

Questions and discussion

11.00 - 11.30 Refreshments

Session Two
The EU in Crisis

Will the European Union come to agreement on its fiscal and political future?  Can it avoid a ‘lost decade’?

  • Can deleveraging occur in the context of the eurozone’s fiscal and political crisis? If so, how can deleveraging occur without any prospect of growth?
  • What further steps, if any, should the European Central Bank take to restore liquidity and stability?
  • How will Europe balance its creditor and debtor economies?
  • How long will monetary easing continue to be effective?

High level conversation

Lorenzo Bini Smaghi
Visiting Scholar on Transatlantic Relations, Weatherhead Center for International Affairs, Harvard University and
Former Member of the Executive Board, European Central Bank

Fernando Jiménez Latorre
Secretary of State for Economic and Business Affairs

David Owen
Chief Financial Economist
Jefferies & Co

Questions & Discussion

12.30 - 13.30 Lunch

Session Three
Financial Services and Growth

What will be the role of financial services organizations in creating growth?

  • What steps is Europe taking to develop its capital markets in response to the ‘credit crunch’?
  • What sources of finance will there be for growth companies?
  • How will the European Central Bank’s regulatory role develop? What form will banking union take?
  • What impact is pressure to deleverage having on banks’ structures, operations, remuneration systems, ownership and solvency?
  • What is progress on resolution plans?  Are banks still ‘too big to fail’?

Patrick Jenkins
Banking Editor
Financial Times

Adam Farkas
Executive Director
European Banking Authority

Huw van Steenis
Managing Director, Bank Analyst
Morgan Stanley
Rory Cullinan
CEO, Non-Core Division
Royal Bank of Scotland

Spencer Lake
Co-head, Global Markets

Questions & Discussion

15.00 - 15.30 Refreshments

Session Four
A New Global Economic Order?

There is a desire for a new economic order, but much remains to be done.

  • What will be the impact of the West’s economic slowdown on emerging economies?
  • Where will growth come from?
  • Are new imbalances forming?
  • What will be the role of international banks?
  • Will there be effective global governance in this emerging economic order?

Stuart Popham
Chatham House

Stephen Jen
Founding Partner
SLJ Macro Partners

Gerard Lyons
Chief Economist and Group Head of Global Research
Standard Chartered Bank

Questions & Discussion

Keynote Speaker
David Lipton (on the record)
First Deputy Managing Director
International Monetary Fund

Questions & Discussion

17.00    End of conference and drinks reception hosted by Chatham House

© The Royal Institute of International Affairs 2012