Oct 10

Past Event

Global Perspectives on the U.S. Financial Crisis

Event Materials

Video

Highlights

  • Wayne Swan, MP

    As nations around the world grapple with growing economic challenges, Swan says we need to meet this crisis with a plan borne of intelligence, common sense and democratic values.

  • Wayne Swan, MP

    Swan says there''s a key role for global institutions such as the G-20 and the IMF to be both proactive and reactive in situations like the growing financial crisis.

  • Mauricio Cardenas

    Cardenas says much of Latin America is waiting to assess how the U.S. economy fares after government actions. He adds that Mexico has already enacted measures to shore up its economy.

    Mauricio Cárdenas

  • Eswar Prasad

    In the wake of the growing fiscal crisis, Prasad assesses some differences between the economies of emerging markets and the United States.

    Eswar Prasad

  • Brad Setser

    Sester says current global economic woes resulted from a series of complex events among bellwether nations and emerging economies alike.

Summary

The impact of the U.S. financial crisis has rippled across the globe, prompting concerns about the growth of emerging markets, the future for developing countries and the need for enhanced regulation and a new global financial architecture. On October 10, in advance of the annual meetings of the World Bank and the International Monetary Fund, Global Economy and Development and the Wolfensohn Center for Development at Brookings hosted a discussion on the global implications of the U.S. financial crisis.

The Honorable Wayne Swan, MP, treasurer of the Commonwealth of Australia, provided keynote remarks on “Adapting our Architecture to Challenging Global Times.” James Wolfensohn, former president of the World Bank, and chairman and chief executive officer of Wolfensohn & Company, provided introductory remarks. A panel discussion focused on the global impact of the financial crisis followed. Additional panelists included Brookings Senior Fellow Eswar Prasad, Brookings Senior Fellow and Director of the Latin America Initiative Mauricio Cárdenas, and Brad Setser from the Council on Foreign Relations. Brookings Senior Fellow Homi Kharas moderated the discussion.

Transcript excerpts:

The Honorable Wayne Swan, MP

“Blind faith in markets is of course no substitute for being hard-headed. And blind faith in complete regulation all of the time is also no substitute for being hard-headed. The answer lies not in more or less regulation, but in better regulation.”

Eswar Prasad, Senior Fellow

"Not surprisingly, the instinct of the average policymaker in emerging markets right now is to batten down the hatches, disappear into a deep hole, and stay there until everything blows over. But I think the time for that has past in some sense…"

Mauricio Cárdenas, Director, Latin America Initiative

"Certainly some countries will suffer more, Mexico and Central American being a case of larger impacts, but the region as a whole is a lot more resilient…"

Event Agenda

Details

October 10, 2008

9:30 AM - 11:30 AM EDT

The Brookings Institution

Falk Auditorium

1775 Massachusetts Ave., NW

Map

For More Information

Brookings Office of Communications

(202) 797-6105