The world economic crisis has revealed vulnerabilities in the global financial system and significant fault lines in global regulation. While many economies are beginning to recover and the causes of the crisis are now better understood, recent events such as Europe’s sovereign debt crisis illustrate continued global financial instability and the need for more robust global financial coordination.
On June 21, the Brookings Institution hosted Lord Adair Turner, chairman of the U.K. Financial Services Authority, for a discussion on the global economic crisis, the ongoing recovery, and the role of international regulation in ensuring a stable world financial system. Lord Turner gave his views on whether economists, bankers, regulators and government leaders have a full understanding of the causes of the crisis and whether international and regional policy responses have been sufficiently robust. Brookings Senior Fellows Martin Baily and Mauricio Cárdenas participated in a panel discussion following Lord Turner’s remarks. Kemal Derviş, vice president and director of Global Economy and Development at Brookings, provided introductory remarks and moderated the discussion.
Lord Adair Turner, Chairman of the U.K. Financial Services Authority