Unfinished Business: The Unexplored Causes of the Financial Crisis
Tamim Bayoumi, Deputy Director, Strategy, Policy, Review Department, International Monetary Fund (IMF)
Charlie Bean, Deputy Governor for Monetary Policy, Bank of England (2008-14)
Rachel Lomax, Senior Adviser, Chatham House; Non-Executive Director, HSBC; Deputy Governor, Monetary Policy, Bank of England (2003-08)
The Lord Macpherson of Earl's Court GCB, Permanent Secretary, HM Treasury (2008-16)
Chair: Stephen Pickford, Associate Fellow, Global Economy and Finance, Chatham House; Managing Director, International Finance, HM Treasury (2007-10)
August 2017 marks 10 years since the beginning of the North Atlantic financial crisis: a stream of events that launched Western economies into the worst recession since the Great Depression. As a result, banks collapsed, unemployment soared and a number countries either defaulted on their debts or faced significant downgrades on their sovereign debt.
Drawing on the findings from his new book, Tam Bayoumi will outline the cumulative policy errors on either side of the North Atlantic that he believes undermined the stability of both the European and the US financial sectors, highlighting the crucial role that European banks lax regulations and sub-par loans played in catalysing the onset of the financial crisis. Our panel will respond to his key arguments and advance their own ideas about the causes of the financial crisis. Are policymakers ignorant of the causes of the financial crisis and, if so, what does this mean for the future of the global economy? What needs to be done to prevent future crises and is it already too late to put these measure in place before the next crisis?