The Ghost of Bancor : The Economic Crisis and Global Monetary Disorder - Speech of Tommaso Padoa-Schioppa
Tribune | 18/03/2010 
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Speech at the Conference in Louvain-La-Neuve on 25 February 2010.

In this lecture I shall be addressing the monetary aspect of the present economic crisis. My argument can be summed up in the following few propositions. The deep causes of this crisis include the dollar policy and, in a broader sense, the monetary regime that has been in force in the world for almost 40 years. Like the Bretton Woods system, it is incapable of imparting an acceptable macro-economic discipline to the world's economy because, being devoid of collectively accepted anchors, it encourages the persistence of unsustainable dynamics which spawn increasingly serious crises. Triffin's criticism of an international monetary system based on an exclusively national monetary policy is still valid, although today it demands a broader formulation, capable of taking into account the exchange rate anarchy and a multiplicity of influential monetary policies. The issue of international monetary order is not being afforded due attention and it needs to be addressed. Paths of reform for the future are difficult to identify and even more difficult to pursue. That is precisely why it is urgent for the academic and scientific communities, and indeed for all of those who harbor concern for the future of the global economy, to explore them.


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Tommaso Padoa-Schioppa
Tommaso Padoa-Schioppa died on 18th December 2010 in Rome. He was 70 years old. He was President of Notre Europe and Chairman of Promontory Europe. He was appointed by Greek Prime Minister Counsel for issues related to management of the economic crisis and public debt in the financial system on August 3, 2010. He was Chairman of the Trustees of the IFRS Foundation & International Financial Reporting Standards. He was Italian Minister of Economy and Finance (2006-08) and Chairman of the Ministerial Committee of the International Monetary Fund (IMFC, 2007-2008). He was a former Chairman of the Trustees of the IASC Foundation (International Accounting Standard Committee, 2005-2006). In 1998-2005 he was member of the first Executive Board of the European Central Bank. Previously he was Chairman of Commissione Nazionale per le Società e la Borsa (CONSOB, 1997-98), Deputy Director General of the Banca d'Italia (1984-97) and Director General for Economic and Financial Affairs at the Commission of the European Communities (1979-83). He has been Joint Secretary to the Delors Committee (1988-89), Chairman of the Banking Advisory Committee of the EC (1988-91) , Chairman of the Basle Committee on Banking Supervision (1993-97) and Chairman of the Committee on Payment and Settlement Systems (2000-05). He graduated from the Luigi Bocconi University and has a M.Sc. from the Massachusetts Institute of Technology.
In view
Conference of Tommaso Padoa-Schioppa « The Ghost of Bancor. the Economic Crisis and Global Monetary Disorder »
Agenda | 17/02/2010
Conference at the launch of the Initiative Triffin 21 on reforming the international monetary system, The International Foundation Triffin, in collaboration with the Institute of European Studies, UCL, , 25February 2010 at Louvain-la-Neuve.