Time: 6.30pm - 7:45pm
Venue: Hong Kong Theatre, Clement House, LSE (Map)
Speaker: Jaime Caruana (Bank for International Settlements)
Chair: Professor Sir Charlie Bean (LSE)
The global economy finds itself at the confluence of three major economic developments: (i) slowing growth, especially in emerging economies as credit cycles mature in some of them, (ii) large adjustments in exchange rates, again especially in emerging economies, and (iii) fall in commodity prices accompanied by bouts of financial turbulence. Although these elements are sometimes seen as separate exogenous shocks, they are better seen as outward manifestations of deeper underlying forces. The lecture draws on BIS research to draw together these three developments. A longer-term, global perspective is essential in understanding current events and to understand the nature of the vulnerabilities facing financial markets and the global economy. Addressing the underlying causes of the vulnerabilities will entail more than applying palliatives to the symptoms. The lecture concludes with a number of policy implications.
Full text of the speech and graphs
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Jaime Caruana became General Manager of the Bank for International Settlements on 1 April 2009. Previously, Mr Caruana was Financial Counsellor to the Managing Director and Director of the Monetary and Capital Markets Department of the International Monetary Fund. From 2000 to 2006, Mr Caruana was the Governor of the Bank of Spain, Spain's central bank, and in that capacity, served on the Governing Council of the European Central Bank. He was also the Chairman of the Basel Committee on Banking Supervision from 2003 to 2006 and has been a member of the Financial Stability Forum (now the Financial Stability Board) since 2003. Prior to joining the Bank of Spain, Mr Caruana worked in the private financial sector for nearly 10 years. Mr Caruana is also a member of the Group of Thirty.
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