Past event

Conference

Global Financial Forum: The New Global Economic Order

Chatham House, London

What is the evolving global economic, regulatory and monetary picture?

As governments have acted to promote economic growth after the global financial crisis, one result has been a massive increase in deficit financing by European governments and the United States. Now is a key moment to look at the evolving global economic, regulatory and monetary picture.

Leading figures from governments, regulatory bodies, financial institutions and international organizations will assess the impact of steps taken to mitigate the global financial crisis and focus on vital issues for the future, including:

  • Have global economic stimulus policies been effective in pulling national economies out of recession?
  • Have counter-cyclical fiscal policies pushed developed economies into a debt trap? What is the risk of a spreading sovereign debt crisis?
  • How should exits from crisis-driven stimulus measures be timed?
  • Is the independence of central banks threatened by their purchases of government bonds?
  • Are the Financial Stability Board and the G20 providing adequate support for macroprudential supervision, or is a more robust legal and institutional framework needed?

 

 

  • Dr Jamil Baz

    • Chief Investment Strategist
  • Mark Hoban MP

    • Financial Secretary
  • Alfredo Sáenz Abad

    • Second Vice Chairman and CEO of Santander
  • John Varley

    • Group Chief Executive
  • Andrew Balls

    • Managing Director
  • Dr Olivier Blanchard

    • Economic Counsellor and Director, Research Department
  • Angel Estrada

    • Director General of Macroeconomic Analysis and International Economics
  • Sir John Gieve

    • Senior Adviser, GLG and
  • Andrew Haldane

    • Executive Director for Financial Stability
  • Dr DeAnne Julius

    • Chairman
  • Dr Markus Kerber

    • Director General, Fiscal Policy and Macroeconomic Affairs
  • The Rt Hon Lord Myners CBE

    • Former City Minister
  • Elena Panaritis

    • Economist, Member of Parliament
  • Randal K Quarles

    • Managing Director
  • Dr Paola Subacchi

    • Research Director, International Economics
  • Nicolas Véron

    • Senior Fellow
  • Dr William R White

    • Chairman of the Economic and Development Review Committee
  • Professor Yao Yang

    • China Centre for Economic Research

This conference will be held under the Chatham House Rule. Information for journalists >>

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Session One
Restoring Growth

  • Have global economic stimulus policies been effective in pulling national economies out of recession? Which policies have helped and which did not? Were they worth the cost?
  • Have counter-cyclical fiscal policies pushed developed economies into a debt trap? What is the risk of a spreading sovereign debt crisis?
  • Where can best practice in exit strategies from crisis-driven stimulus measures be found? Will too-quick exits halt growth? What are the inflationary dangers?
  • The emerging economies appear to have ridden out the recession better than developed economies, but are prospects secure or are new risks developing?

Chair
Dr DeAnne Julius
Chairman
Chatham House

09.30
Opening remarks from the Chair

09.40
Opening Address
Alfredo Sáenz Abad (on the record)
Second Vice Chairman and CEO of Santander
Chairman of BSN Banif

10.10
Keynote Speaker
Dr Jamil Baz
Chief Investment Strategist
GLG Partners

Questions and discussion

10.40 Refreshments

Chair and Moderator
Dr Paola Subacchi
Research Director, International Economics
Chatham House

11.10
Moderated Discussion
William R White
Chairman of the Economic and Development Review Committee
Organisation for Economic Co-operation and Development

Angel Estrada
Director General of Macroeconomic Analysis and International Economics
Ministry of Economy and Finance, Spain

Markus Kerber
Director General, Fiscal Policy and Macroeconomic Affairs
Federal Ministry of Finance, Germany

Elena Panariti
Member of Parliament, Constituency State - PA.SO.K
Greece

Questions and discussion

12.45 Lunch

Session Two
Global Financial Governance

  • Is the emerging G20 package (including the Basel III agreement) enough to ensure that the financial markets no longer pose an unacceptable threat to global financial stability?
  • Are the Financial Stability Board and the G20 sufficiently authoritative to limit regulatory competition and to ensure adequate global prudential supervision, or is there a need for a more robust legal and institutional framework? To what extent will the G20 agree on future policy?
  • How should the role of the International Monetary Fund evolve?
  • Can governments credibly limit their commitment to act as guarantors of all large and complex financial firms? Where should they attempt to draw the line?
  • Do financial markets need to become more conservative? Is some reduction in market liquidity a price worth paying for more stability?

Chair
Sir John Gieve
Senior Adviser, GLG and
Former Deputy Governor, Bank of England

14.00
Keynote Speakers
Mark Hoban MP (on the record)
Financial Secretary
HM Treasury

Questions and discussion

14.30
John Varley
Group Chief Executive
Barclays

14.50
Speakers
Randal K Quarles
Managing Director
The Carlyle Group

15.00
Nicolas Véron
Senior Fellow
Bruegel, Brussels

John Varley

15.10 Questions and discussion

15.50 Refreshments

Session Three
The Politics of Money

  • Is the independence of central banks threatened by their purchases of government bonds?
  • What are the links between global imbalances and financial crises? Will past problems re-emerge as growth resumes?
  • What is the impact of the crisis on the dollar's role as the global reserve currency? What are the alternatives?
  • Has the Euro's credibility suffered from the sovereign debt problems in the Eurozone?

Chair

16.20
Speakers
Dr Olivier Blanchard
Economic Counsellor and Director, Research Department
International Monetary Fund

16.30
Andrew Haldane
Executive Director for Financial Stability
Bank of England

16.40
Professor Yao Yang
China Centre for Economic Research

16.50
Andrew Balls
Managing Director
PIMCO

17.10 Questions and discussion

17.40 End of conference and reception hosted by Chatham House

© The Royal Institute of International Affairs 2010