OVERCOMING THE CRISIS

"My five courses of action"

Summer 2009

Three words encapsulate my view of the way forward: transparency, supervision and ethics. They mean that we need to take five clear-cut courses of action:

  • We must ensure global oversight of financial markets and their functioning so that their virtual nature can no longer lead to systemic crisis. Whatever institution is responsible for this, it must be a public entity set up by the international community. 
  • We have to make sure that banks’ balance sheets reflect the reality of their financial commitments, instead of allowing the externalization of their liabilities. 
  • We must set up a global supervisory system based on a network of national bodies. 
  • Tax havens have to be eliminated so that states have the resources and financial strengths needed to play their role at national and international levels. 
  • We need to seek to increase the profits for all stakeholders in a business, whether they be owners, managers or employees, because ultimately they are all consumers.


Further articles in this  OVERCOMING THE CRISIS section
   
  • Edmond Alphandéry 
 "It's up to Europe to set a global example of concertation"
  • Jerzy Buzek
 "Let's return to the grassroots and base growth on savings and productivity"
  • Mark Eyskens
“My 10 point rulebook for the globalised economy”
  • Franz Fischler
“What we need first and foremost is a change in public consciousness”
  • Nicole Gnesotto
 "We need a new global political deal now the West is no longer master of the world"
  • Béla Kádár
 “To save the market economy and democracy, governance has to step in where corporations ruled and markets failed”
  • Noëlle Lenoir  
 "My five courses of action"
  • John Monks
 “The financial markets are where the re-building must start”
  • Poul Nyrup Rasmussen
 "The EU must pull its weight and demonstrate real leadership"

  • Klaus Regling
 “Better regulation and supervision, and the greater legitimacy of international financial institutions”
  • Onno Ruding
“Implement de Larosière and then consider further reform”
  • André Sapir
 "Restoring the health of banking is no longer a financial problem but a political one"
  • Tøger Seidenfaden
 “We urgently need much stronger international institutions"
  • Constantine Simitis
 “Fiscal stimuli, yes. But social goals are also crucial”
  • Loukas Tsoukalis
 "To be a major player on the new global architecture, Europe must end its IMF over-representation"
  • Alvaro de Vasconcelos
 "Now it's the West that needs the Rest"

  • George Vassiliou
 "How to beat this crisis and head-off another"
  • Nicolas Véron
“Institutional innovation, not streamlining, is today’s priority”
  • Stephen Wall
 “We need a eurozone regulatory structure, and if Britain wants a role it must manage its eurozone entry”
 
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