S5 Ep13: Director’s Cut: How to reform and fortify the global financial system

Bruegel director Guntram Wolff is joined by Tharman
Shanmugaratnam, deputy prime minister of Singapore and chair of
the G20 Eminent Persons Group, and Jean Pisani-Ferry, mercator
senior fellow at Bruegel, for a conversation about the growth and
stability challenges facing the global financial system, and how
the system can be better equipped to deal with the significant
and novel problems of the future.


In this Director’s Cut of ‘The Sound of Economics’ Guntram Wolff
is joined by Bruegel’s mercator senior fellow Jean Pisani-Ferry,
and by Tharman Shanmugaratnam, deputy prime minister of Singapore
and chair of the G20 Eminent Persons Group.


A report from the Eminent Persons Group looks into how the global
financial system can adapt to meet the sizeable challenges the
future will pose, with particular reference to growth and
financial stability.


Small episodes of growth scarcity accumulate to make for a
significant reduction worldwide, and the current model is not
going to achieve the necessary uptick in growth in the next
decade. Meanwhile, financial stability remains elusive, despite
the positive changes made – particularly in the banking sector –
since the most recent crisis.


But the report from the G20 Eminent Persons Group is not without
hope, and in fact sees a practical way forward by which the gaps
in the current system can be plugged before new foundations are
laid for the future.


For further reading, we recommend Jean Pisani-Ferry’s Bruegel
Policy Contribution on the question of whether we should give up
on global governance in such turbulent times.