Notre Europe: Tommaso Padoa-Schioppa: "This is the crash of the financial system" - Interview

Tommaso Padoa-Schioppa: "This is the crash of the financial system" - Interview - Handelsblatt

Tribune | 14/10/2008

Interview by Marietta Kurm-Engels, Handelsblatt, 13 October 2008.

The renowned banker of the European Central Bank and former Italian Finance Minister, Tommaso Padoa-Schioppa, calls for a global approach to fight against the "systemic crisis ". He criticises that the politicians have far too long let themselves be influenced by the interests of the markets.

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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

The EU and the Financial Crisis by Tommaso Padoa-Schioppa

Notre Europe's viewpoint | 14/10/2008

In the last few weeks the financial turmoil originated in the United States in the spring of 2007 has precipitated the world economy in the worse crisis since the end of World War II. At this moment it is hard to assess whether the current wave of panic has come to an end and what shape the financial system and the global economy will take after its passage. From a European perspective, however, two elements are emerging with great clarity.