PHOTOS
SEMINAR REPORT
Moderator: Guillermo Ortiz, Chairman of Per Jacobsson Foundation
Panelist: Mervyn King, Former Governor, Bank of England
During the great economic crises of the 20th century, there were periods of intellectual and political upheaval. Keynesian and rational expectations revolutions changed economic policy. The current environment of “extreme” uncertainty should lead to a fundamental questioning of the basic ideas underpinning economic policy. The failure to re-examine those ideas risks another financial crisis.
Key Points:
Quotes:
“With extreme uncertainty, expectations are a dragging anchor on spending.” Mervin King.
“Following the Great Inflation, the Great Stability and the Great Recession, we have entered the Great Stagnation”. Mervyn King
“Until France and Germany can resolve their differences over structural reforms to the monetary union, monetary stimulus on a larger scale is not just papering over the cracks, but widening those cracks. ” Mervyn King
“Multilateral institutions are needed today, to find a way back to the path of sustainable growth that meets the aspirations of so many who today feel left out” Mervyn King
Contributor: Alex Lalor
OVERVIEW
Following the Great Depression, and again after the collapse of the Bretton Woods system, there was a period of intellectual and political upheaval. Keynesian and rational expectations revolutions changed economic policy. No-one can doubt that we are once more living through a period of political turmoil. But there has been no comparable questioning of the basic ideas determining economic policy. The failure to re-examine those ideas risks another financial crisis.
Moderator:
Guillermo Ortiz, Chairman of Per Jacobsson Foundation
Panelists:
Mervyn King, Former Governor, Bank of England
Join the conversation: #PerJacobsson #EconPolicy Learn more here.
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