The Turner Review

Author: 
Financial Services Authority
Report Type: 
Report
Editor's Pick: 
No

Over the last 18 months, and with increasing intensity over the last six, the world’s financial system has gone through its greatest crisis for a least a century, indeed arguably the greatest crisis in the history of finance capitalism. Specific national banking crises in the past have been more severe – for instance, the collapse of the US banking system between 1929 and 1933. But what is unique about this crisis is that severe financial problems have emerged simultaneously in many different countries, and that its economic impact is being felt throughout the world as a result of the increased interconnectedness of the global economy.

This does not mean that the economic recession which many countries in the world now face will be anything like as bad as that of 1929-33. The crisis of the early 1930s was made worse by policy responses which can be – and are being – avoided today. But it is clear that however effective the policy response, the economic cost of the financial crisis will be very large.We therefore need to ask profound questions about what went wrong, whether past intellectual assumptions about the nature of financial risk were seriously mistaken, and what needs to be done to reduce the probability and the severity of future financial crises.

The Chancellor of the Exchequer asked me in October 2008 to review the causes of the current crisis, and to make recommendations on the changes in regulation and supervisory approach needed to create a more robust banking system for the future. This Review responds to that remit, focusing on the fundamental and long-term questions. It does not address the short-term challenge of macroeconomic management over the next few years, though it does comment on ways in which the transition path to new more stable arrangements must be managed in the light of that short-term challenge. And its focus is on banking and bank-like institutions, and not on other areas of the financial services industry. The FSA Discussion Paper which accompanies this review considers possible implications for other financial services.

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Posted : Thursday 19 March 2009 | FinReg21 Editor

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