The financial crisis and the future of financial regulation
Thursday, January 22, 2009 at 10:21AM Speech by Adair Turner, Chairman, FSA, The Economist's Inaugural City Lecture
21 January 2009
It is stating the obvious to say that over the last eighteen months and even more so the last four the world financial system – and particularly but not exclusively the world banking system – has suffered a crisis as bad as any since the stock market crashes of 1929 and the various banking crises that followed. As a result banking systems in many countries are suffering from an impaired ability to play their vital role in credit extension to the real economy and a process of deleveraging threatens severe adverse effects on real economic prospects. The crisis therefore presents the financial authorities – central banks, regulators and finance ministries – with two challenges:
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