Session: Plenary Session 2 / Regency Room
Date/Time: April 22, 2014 / 17:30-18:45
Philip Stephens, The Financial Times
Kwon Goohoon, Goldman Sachs
Patrick Messerlin, Sciences Po
Benn Steil, Council on Foreign Relations
Zhang Jun, Fudan University
The global financial crisis of 2008 was the world’s greatest financial catastrophe since the Wall Street Crash of 1929. Decades of destructive financial behavior, from subprime lending and derivatives trading to unsustainable debt accumulation enabled by easy credit, nearly brought down the entire financial system. Tens of millions were left jobless and financial institutions and corporations the world over bankrupted overnight. Out of the crisis came new terms like sequestration, quantitative easing, and currency wars. While the worst trade protectionist instincts were successfully averted, the global economy has nonetheless suffered. The developed West has declined relative to emerging economies and global economic leadership is missing. More than five years since the crisis began, what kind of financial order will emerge?