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Ensuring a responsible financial sector: how far is it possible?

Published: Tuesday, 22nd October 2013

For the first conference of the Autumn season, Ditchley travelled to Montebello, Quebec for a discussion around the subject of “Ensuring a responsible financial sector”.

Under the wise chairmanship of the Canadian Finance Minister, the lively debate never strayed too far from the conference topic: the impact of the financial crisis of 2007/8 and concerns about future resilience.  Whilst there was a broad consensus that the worst was over, there was less agreement about how far regulatory reform had taken us.  Part of the difficulty was the tension involved in largely national regulators grappling with increasingly international financial institutions, an issue to which discussions kept returning. Better coordination was part of the answer, but the lack of will at national level to move towards genuine international integration remained a major problem.

The issue of trust and confidence was also a strong theme.  Whilst the financial crisis was often described as “global”, in fact the reputations of the financial institutions of most of Asia, Latin America and Africa had not suffered in the same way as those of much of the developed world.  In countries where bankers were largely blamed for the crisis, two main causes were identified as excessive remuneration and deficient accountability. 

To read the full report click here.