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Aspen Seminars for Leaders

Towards a new financial system: reviving the global economy

    • Venice
    • 22 May 2009

          At the May 2009 Aspen Seminars for Leaders, leading representatives from financial institutions and public authorities discussed the financial crisis and the emerging challenges in the structure and dynamics of international financial markets.

          The massive provision of liquidity by central banks and the measures undertaken by governments across the globe are starting to have some positive effects on the financial markets. However, the existence of possible vulnerabilities in the economic and financial landscape and the emergence of an adverse feedback loop between the real economy and the financial sector call for prudence and avoiding any complacency. The effective implementation of planned government support measures to the financial sector and the economy at large would be of crucial importance.

          In this context, the leaders expressed broad support for the initiatives planned for strengthening the regulatory and supervisory framework and stressed the importance of effective coordination at the international level. In this respect, the agreement reached at the G20 goes in the right direction.

          During the seminar it was also discussed the extent to which the financial crisis may fundamentally reshape the financial landscape as regards both the structure of the financial sector and the role played by central banks and public authorities.

          The leaders emphasised that priority should be given to address the following key issues:

          – The timing and possible terms of an exit strategy of both central banks and governments from the extraordinary supporting role currently played for financial markets and institutions;
          – The evolution of the financial sector in the medium term and its future contribution to the growth of the economy.

          In this respect, a continuous and open dialogue between policy makers and market participants is of utmost importance.

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