MES 2010: Review from 29 - 30 April 2010

9TH MUNICH ECONOMIC SUMMIT

The Financial Crisis: The Way Forward

29 April - 30 April 2010

The 2010 Summit examined the roots of the near-meltdown of the financial system and delineated a possible new global financial architecture to prevent a recurrence.

The primary topics discussed the linkage between the financial crisis and Globalisation; managing the crisis, and banking regulation.

PROGRAMME

Thursday, 29 April 2010

by Invitation of the City of Munich, Atrium

Welcome Address

Christian Ude

Lord Mayor of the City of Munich

Welcome

Jürgen Chrobog

Chairman of the Board of Directors, BMW Stiftung Herbert Quandt, Berlin and Munich

Keynote Address

Horst Köhler

President, Federal Republic of Germany

Keynote Address

Jean-Claude Trichet

President, European Central Bank, Frankfurt

Introduction

Hans-Werner Sinn

Professor of Economics and Public
Finance, University of Munich;
President, Ifo Institute for Economic Research, Munich

Coffee Break

The Financial Crisis and Globalisation – What Linkages?

For antiglobalisation warriors, the financial and economic crises confirmed the problems of unfettered markets. They made it possible for American toxic assets to be gobbled up by banks in many countries, and then helped to spread the malaise far and wide. The collapse of the US housing bubble brings Iceland and Ireland to their knees. Debt repayment difficulties in Dubai make the US and European stock exchanges stumble. Bank subsidiaries in one country bring their foreign parents to the brink of insolvency. Write-off losses, according to the IMF, have wiped out about half of the equity capital of the European banking system. What does the crisis really say about globalisation? Did the globalisation of the supply chain exacerbate the crisis’s effects or its scope? Given that trade barriers are usually easier to erect than to dismantle, what is the outlook for globalisation in the coming years? Will finance become a more local affair?

Chairman

Europe Editor, The Economist, London

Introduction

Barry Eichengreen

Professor of Economics and Political Science, University of California, Berkeley

Speakers

Martin Zeil

Bavarian State Minister of Economy, Infrastructure, Transport and Technology and Deputy Minister-President

Lady Barbara Judge

Former Commissioner, US Securities and Exchange Commission, Washington, DC; Chairman, UK Atomic Energy Authority, Harwell, Oxfordshire

Martin Blessing

Chairman of the Board of Managing Directors, Commerzbank AG, Frankfurt

Theo Waigel

Former Federal Minister of Finance, Federal Republic of Germany; Compliance Monitor, Siemens AG, Munich

Discussion

by Invitation of the Bavarian Minister-President

represented by

 

 

Martin Zeil

Bavarian State Minister of Economy, Infrastructure, Transport and Technology and Deputy Minister-President

PROGRAMME

Friday, 30 April 2010

Managing the Crisis

The speedy initial reaction after the Lehman Brothers debacle and the huge rescue packages enacted by governments around the world do appear to have averted a catastrophic meltdown. However, while an upswing seems to be underway in the US and elsewhere, the US is still reeling from the obliteration of its mortgage securitization market: private issues of mortgage-backed securities and the CDOs built on them collapsed to a single-digit percentage by 2009. Public debt will reach alarming proportions in many countries: in the US, it will exceed 100% of GDP in 2011, while in the G-20 countries, according to the IMF, it will reach 115% of GDP on average by 2014. Furthermore, credit default swaps guaranteeing tens of trillions of dollars are still outstanding. Are there any strategies to defuse the ticking bombs? Is it too early to wind down governments’ stimulus packages? How can the US secure its recovery? Will China profit from this crisis enough to overtake the US even more quickly?

Keynote Address

Prime Minister, Republic of Latvia

Chairman

Brian Carney

Editorial Page Editor, The Wall Street Journal Europe, London

Introduction

Giancarlo Corsetti

Professor of Economics, European University Institute, Florence

Manfred J.M. Neumann

Professor of Economics, Institute for International Economics, University of Bonn

Speakers

Konstantinos Simitis

Former Prime Minister, Hellenic Republic

Georg Fahrenschon

Minister of Finance, Free State of Bavaria, Munich

Jochen Sanio

President, German Federal Financial Supervisory Authority, Bonn

Theodor Weimer

Board Spokesman, HypoVereinsbank, Munich; Country Chairman Germany, UniCredit Group

Discussion

Coffee Break

Banking Regulation

When a game offers you potential profits without a ceiling but potential losses limited to a manageable, known quantity, you will be tempted to gamble. What could possibly go wrong? Shareholders, bank managers and homeowners alike were offered such a game, with profits fuelled by a spiralling web of securitisations and losses restricted by limited liability. The result was seemingly limitless wealth creation that induced peoples and countries to live beyond their means, big bonuses to be given to bank managers, and huge dividends to be paid out to shareholders. The downside? A crater in public finances that may take a couple of generations to patch up. What regulatory approaches are now called for? Which transition strategy leads best to sound banking? What should be permitted, what should be prohibited? How crucial is it to harmonise regulation across countries?

Keynote Address

Axel A. Weber

President, Deutsche Bundesbank, Frankfurt

Introduction

Markus K. Brunnermeier

Professor of Economics, Princeton University

Chairman

Anatole Kaletsky

Chief Economics Commentator, The Times, London

Speakers

Robert Kimmitt

Chairman, Deloitte Center for Cross-Border Investment, Washington, DC; Former Deputy Secretary of the Treasury, United States of America

Takamasa Hisada

General Manager for Europe and Chief Representative, Bank of Japan, London

Leszek Balcerowicz

Chairman of the Board, Bruegel; Former President, National Bank of Poland; Former Deputy Prime Minister and Minister of Finance, Poland

Karolina Ekholm

Deputy Governor, Sveriges Riksbank, Stockholm

Discussion

The available speeches of the Munich Economic Summit 2010 can be downloaded here. However, please keep in mind that the valid word is the spoken word.

Leszek Balcerowicz

pdf

Markus K. Brunnermeier

pdf

Valdis Dombrovskis

pdf

Barry Eichengreen

pdf

Takamasa Hisada

pdf

Lady Barbara Judge

pdf

Horst Köhler

pdf

Manfred J.M. Neumann

pdf

Jochen Sanio

pdf

Konstantinos Simitis

pdf

Jean-Claude Trichet

pdf

Axel Weber

pdf

Theodor Weimer

pdf

Martin Zeil

pdf

Abberger, Klaus

Head of President's Office, Ifo Institute for Economic Research, Munich

Angermeyer, Regine

Head of Investor Relations, HypoVereinsbank - UniCredit Group, Munich

Arthur, Sir Michael

Ambassador of the United Kingdom of Great Britain and Northern Ireland, Berlin

Baader, Uto

Chief Executive Officer, Baader Wertpapierhandelsbank AG, Unterschleißheim

Balcerowicz, Leszek

Chairman of the Board, Bruegel, Brussels; Former President, National Bank of Poland

Bartels, Robin

Managing Director, Deutsche Bank, Munich

Bayern, Herzog Franz von

Head of the Wittelsbach Family, Nymphenburg Palace, Munich

Bellettini, Giorgio

Professor, Department of Economics, University of Bologna

Berger, Roland

Chairman of the Supervisory Board, Roland Berger Strategy Consultants, Munich

Blessing, Martin

Chairman of the Board of Managing Directors, Commerzbank AG, Frankfurt

Boadway, Robin W.

Professor, Department of Economics, Queen's University, Ontario

Bordignon, Massimo

Professor, Catholic University of Milano, DEFAP Graduate School Director, Milan

Borggreve, Hendrik

Member of the Supervisory Board, The Royal Bank of Scotland (Germany) AG, Frankfurt

Bortenlänger, Christine

Member of the Board, Bayerische Börse AG, Munich

Brabänder, Bernd

Member of the Executive Board, Bundesverband Deutscher Banken e.V., Berlin

Breitsprecher, Andreas

Chief of Public Affairs, Corporate Communications, Vattenfall Europe AG, Berlin

Breuling, Karl H.

KG Allgemeine Leasing GmbH & Co., Munich

Broschulat, Ralf

Managing Partner Region Bavaria, Ernst & Young AG, Munich

Brunnermeier, Markus K.

Professor of Economics, Princeton University

Bürger, Michaela

Director, Comites GmbH, Munich

Calhoun-Senghor, Keith

Senior Counsel, Fulbright & Jaworski L.L.P., Munich

Caporale, Guglielmo Maria

Director of the Centre for Empirical Finance, Brunel University West London, Uxbridge

Carney, Brian

Member of the Editorial Board, Editorial Page Editor, The Wall Street Journal, Dow Jones & Company, New York

Carstensen, Kai

Head of Department Business Cycle Analyses and Surveys, Ifo Institute for Economic Research, Munich

Cheung, Yin-Wong

Professor, Department of Economics, University of California, Santa Cruz

Chrobog, Jürgen

State Secretary (ret.); Chairman of the Board of Directors, BMW Stiftung Herbert Quandt, Berlin and Munich

Chrobog, Fabian

Partner, Warwick Capital Partners, London

Corsetti, Giancarlo

Professor of Economics, European University Institute, Florence

Daveri, Francesco

Professor, Department of Economics, University of Parma

Davis, James

Professor of Political Science, Director, Institute of Political Science, University of St. Gallen

Dieter, Heribert

Senior Fellow, German Institute for International and Security Affairs, Berlin

Doerner, Ulf

Owner and Managing Director, Consulting, Engineering Office for Environmental Technology, Munich

Doesburg, Tonnis R.

Chief Executive Officer, Alliander Group, Berlin

Dolderer, Sabine

Member of the Board, Denic eG, Frankfurt

Dombrovskis, Valdis

Prime Minister, Republic of Latvia

Eichengreen, Barry

Professor of Economics and Political Science, University of California, Berkeley

Ekholm, Karolina

Deputy Governor, Sveriges Riksbank, Stockholm

Erlen, Hubertus

Vice-Chairman of the Supervisory Board, Bayer Schering Pharma AG, Berlin

Fabricius, Michael

Managing Director, Fabricius Vermögensverwaltung GmbH, Frankfurt

Fahrenschon, Georg

Bavarian State Minister of Finance

Fidrmuc, Jarko

Austrian National Bank, Vienna

Flaig, Gebhard

Professor, Department of Economics, University of Munich

Föller, Andreas

Chief Executive Officer, Comites GmbH, Munich

Frey, Peter

Former Chairman of the Executive Board, Swiss Re Germany AG, Unterföhring

Fritsch, Rüdiger Freiherr von

Director General for Economic Affairs and Sustainable Development and G8 Sous-Sherpa, Foreign Office, Federal Republic of Germany

Fugger, Alexander

Managing Director, Fürst Fugger Zentralverwaltung, Augsburg

Funke, Michael

Professor, Department of Economics, University of Hamburg

Gäbel, Johannes

Partner, Fulbright & Jaworski L.L.P, Munich

Gfrerer, Anne

Head Identity & Communications, HypoVereinsbank - UniCredit Group, Munich

Haan, Jakob de

Head of Research Department, De Nederlandsche Bank, Amsterdam

Hacker, Thomas

Chairman of the FDP parliamentary group, Bavarian Parliament, Munich

Härle, Birgit

Head COM4, HypoVereinsbank - UniCredit Group, Munich

Hartmann, Jens Alexander

Director of Marketing, Gallup Deutschland GmbH, Potsdam

Häusler, Gerd

Chief Executive Officer, BayernLB, Munich

Heilmann, Dirk

Chief Economist, Handelsblatt, Duesseldorf

Heller, Michael

Member of the Executive Board, Otto GmbH & Co KG, Hamburg

Hellström, Mats

Governor, County of Stockholm; Chairman, Swedish Institute for European Policy Studies, Stockholm

Hess, Thomas

Chief Economist, Swiss Reinsurance Company, Zurich

Hesse, Martin

Business Editor, Frankfurt Office, Süddeutsche Zeitung

Hipp, Markus

Executive Director, BMW Stiftung Herbert Quandt, Berlin and Munich

Hisada, Takamasa

General Manager for Europe and Chief Representative, Bank of Japan, London

Hoang, Daniel

University of Karlsruhe (Handelsblatt Summit Fellow)

Hogrefe, Jürgen

Chairman, Hogrefe Consult, Berlin

Hohenthal, Carl Graf von

Partner, Brunswick Group GmbH, Berlin

Hüfner, Martin

Chief Economist, HF Economics Ltd, Krailling

Illing, Gerhard

Professor, Department of Economics, University of Munich

Irmen, Andreas

Professor, Department of Economics, University of Heidelberg

Irwin, Fred B.

President, American Chamber of Commerce, Frankfurt; Vice Chairman, Citigroup Global Markets Deutschland AG & Co. KGaA, Frankfurt

Jörges, Hans-Ulrich

Deputy Editor-in-Chief, Stern, Hamburg

Lady Judge, Barbara

Former Commissioner, US Securities and Exchange Commission, Washington, DC; Chairman, UK Atomic Energy Authority, Harwell, Oxfordshire

Kaletsky, Anatole

Chief Economics Commentator, The Times, London

Kaps, Carola

Freelance Economic Correspondent, Munich

Kaps, Franz H.

Senior Partnership Advisor (ret.), World Bank Europe and Central Asia Region, Munich

Karl, Annette

Vice-Chairwoman of the Bavarian SPD and Member of the Bavarian Parliament, Munich

Kasper-Claridge, Manuela

Head of Business Department, Deutsche Welle TV, Berlin

Kiessler, Richard

Editor-in-Chief and Senior Editor Foreign Affairs, WAZ Media Group, Essen

Kimmitt, Robert M.

Chairman, Deloitte Center for Cross-Border Investment, Washington, DC; Former Deputy Secretary of the Treasury, United States of America

Klava, Ilgvars

Ambassador of the Republic of Latvia, Berlin

Kleekämper, Heinz

Honorary Professor, University of Augsburg

Köhler, Horst

President, Federal Republic of Germany

Köppen, Nina

Journalist, Dow Jones Newswires, Frankfurt

Kornelius, Stefan

Foreign Editor, Süddeutsche Zeitung, Munich

Kraß, Volker

Chairman of the Board, Krass Capital Group, Gräfelfing

Kuhnert, Felix C.

Partner, PricewaterhouseCoopers, Munich

Künn, Steffen

Resident Research Affiliate, Institute for the Study of Labor, Bonn (Handelsblatt Summit Fellow)

Laidler, David

Professor emeritus, The University of Western Ontario, Department of Economics, Ontario

Lamla, Bettina

Ruhr University Bochum (Handelsblatt Summit Fellow)

Lee, Jill

Chief Diversity Officer, Siemens AG, Munich

Maassen, Oliver

Head of Human Resources Corporate Banking, HypoVereinsbank - UniCredit Group, Munich

Maihöfer, Rolf D.

Managing Director, Citigroup Global Markets, Frankfurt; Head Public Sector, Germany and Austria, Citigroup, Frankfurt

Mangold, Klaus

Chairman of the Board, Committee on Eastern European Economic Relations; Executive Advisor to the Chairman of DaimlerChrysler AG

Mariathasan, Mike

PhD Candidate, Department of Economics, European University Institute, Florence (Handelsblatt Summit Fellow)

Marquardt, Steffen

Head of Wealth Management, HypoVereinsbank - UniCredit Group, Munich

Martinsohn, Udo

Former Chairman of the Board of Management, Swiss Re Germany Holding AG, Unterföhring

Matuschka, Albrecht

Co-Founder, Matuschka Group, Königstein

Menhart, Michael

Head of Economic Research, Munich Re AG, Munich

Mettenheimer, Alexander

Personally Liable Partner and Management Spokesman, Merck Finck & Co Privatbankiers, Munich

Mikus, Anja

Managing Director, Chief Investment Officer, Union Investment, Frankfurt

Milberg, Joachim

Chairman of the Board of Trustees, BMW Stiftung Herbert Quandt, Berlin and Munich; Chairman of the Supervisory Board, BMW AG, Munich

Mittnik, Stefan

Professor, Department of Economics, University of Munich

Mosdorf, Siegmar

State Secretary (ret.); Partner, Communication and Network Consulting AG, Berlin

Moutos, Thomas

Professor, Department of International and European Economic Studies, Athens University of Economics and Business, Athens

Muendler, Marc-Andreas

Professor, Department of Economics, University of California, San Diego, La Jolla

Neumann, Manfred J. M.

Professor of Economics, Institute for International Economics, University of Bonn

Niepelt, Dirk

Professor, Study Center Gerzensee, Gerzensee

Northoff, Thomas

Managing Partner, Industry Leader "Life Science, Health Care and Public Sector", Deloitte & Touche GmbH, Munich

Osawa, Yuji

Chief Representative, Bank of Japan Representative Office, Frankfurt

Parigi, Bruno Maria

Professor, Department of Economics, University of Padova

Peet, John

Europe Editor, The Economist, London

Pfister, Jürgen

Chief Economist, Bayerische Landesbank, Munich

Pflüger, Michael

Professor, Department of Economics, University of Passau

Quandt, Stefan

Deputy Chairman of the Supervisory Board, BMW AG; Member of the Board of Trustees, BMW Stiftung Herbert Quandt, Berlin and Munich

Ramthun, Christian

Editor, WirtschaftsWoche; Co-Founder, Freedom and Responsibility Initiative, Berlin

Razin, Assaf

Professor of Economics, Tel Aviv University and Cornell University, Ithaca

Reich, Hans W.

Chairman of the Supervisory Board, Citigroup Global Markets Deutschland AG & Co. KGaA, Frankfurt

Reiche, Katherina

Parliamentary State Secretary, Deputy Chairwoman of the CDU/CSU parliamentary group, German Bundestag, Berlin

Reichelt, Frank

Managing Director, Swiss Re Europe S.A., Unterföhring

Riezman, Raymond

Professor, Department of Economics, University of Iowa, Iowa City

Rossi, Vanessa

Senior Research Fellow, International Economics Programme, Chatham House, London

Ruokanen, Tapani

Editor-in-Chief, United Magazines Ltd/Suomen Kuvalehti, Helsinki

Ryan, John

Professor, Center for Economic Policy Analysis, University of Venice

Sadka, Efraim

Henry Kaufman Professor of International Capital Markets, University of Tel Aviv

Sanio, Jochen

President, German Federal Financial Supervisory Authority, Bonn

Schäfer, Ulrich

Editor-in-Chief, Economic and Financial Department, Süddeutsche Zeitung, Munich

Schleicher, Hans

Secretary General, Bavarian Ministry of Economic Affairs, Munich

Schmidt, Albrecht

Former Chairman of the Supervisory Board, Bayerische Hypo- und Vereinsbank AG, Munich

Schnitzer, Monika

Professor, Department of Economics, University of Munich

Schöb, Ronnie

Professor, Department of Economics, Free University Berlin

Schreckenberg, Stephan

Head of Risk Research Relations, Swiss Reinsurance Company, Zurich

Schü, Joachim

Chief Executive Officer, Consileon Business Consultancy GmbH, Munich

Siemens, Oltmann G.

Co-Chairman, Advisory Board, First Trust Portfolios LP, Berlin

Simitis, Konstantinos

Former Prime Minister, Hellenic Republic

Sinn, Hans-Werner

Professor of Economics and Public Finance, University of Munich; President, Ifo Institute for Economic Research, Munich

Stahl, Gerhard

Secretary General, Committee of the Regions of the EU, Brussels

Stolper, Anno

Department of Economics, University of Munich (Handelsblatt Summit Fellow)

Sturm, Hermann

President, Union of Medium-Sized Companies, Munich

Teltschik, Horst

International Consultant, Munich

Teubel, Ulf

Corporate Communications, HypoVereinsbank - UniCredit Group, Hamburg

Tichy, Roland

Editor-in-Chief, WirtschaftsWoche, Duesseldorf

Trichet, Jean-Claude

President, European Central Bank, Frankfurt

Ude, Christian

Lord Mayor, City of Munich

Unger, Mark

Managing Director, Russell Reynolds Associates Inc., Frankfurt

Waigel, Theodor

Former Federal Minister of Finance, Federal Republic of Germany; Compliance Monitor, Siemens AG, Munich

Waldenberger, Franz

Professor of Japanese Economy, University of Munich

Weber, Axel A.

President, Deutsche Bundesbank, Frankfurt

Weimer, Theodor

Board Spokesman, HypoVereinsbank, Munich; Country Chairman Germany, UniCredit Group

Westermann, Frank

Professor, Institute for International Economic Policy, University of Osnabrück

Wiechers, Ralph

Chief Economist, Verband Deutscher Maschinen- und Anlagenbau e.V., Frankfurt

Wieczorek, Bernd J.

Chairman, Egon Zehnder International GmbH, Berlin

Wollmershäuser, Timo

Senior Economist, Ifo Institute for Economic Research, Munich

Wolter, Manfred

Head of the Office of the Minister, Bavarian State Ministry for Economic Affairs, Infrastructure, Transport, and Technology, Munich

Wörner, Herbert

Senior Advisor, Monitor Group, Munich

Zadrozny, Peter A.

Research Economist, Division of Price Index Number, Bureau of Labor Statistics, Washington, DC

Zeil, Martin

Bavarian State Minister of Economic Affairs, Infrastructure, Transport and Technology and Deputy Minister-President

ORGANISERS

The BMW Foundation Herbert Quandt brings together people from across communities, cultures and countries to drive social innovation, facilitate global dialogue, and promote responsible leadership.We believe that our approach breaks down barriers between politics, business, academia, and non profits and allows society to benefit from the energy and creativity that result from cross-sector collaboration.

The CESifo Group Munich links the Department of Economics of the University of Munich and the Ifo Institute with the international economic research community. It also supports the international CESifo Research Network, an independent academic research community now numbering over 1270 internationally-renowned economists from around the world.

SPONSORS

MEDIA Partner

Published in the United Kingdom since 1785, The Times has been regarded for much of its history as Britain’s newspaper of record. It plays an influential role in politics and shaping public opinion about foreign events.

The Wall Street Journal is the world’s leading business publication. Founded in 1889, it has won the Pulitzer Prize 33 times for outstanding journalism. Its European edition, The Wall Street Journal Europe, provides indispensable global business news and analysis to 220,000 corporate readers and decision-makers in more than 50 countries.

Handelsblatt is the leading German-language financial and business newspaper, founded 1946. Handelsblatt readers belong to the decision-makers and opinion leaders in German business and society. Around 150 reporters and correspondents around the world have become a byword for critical and analytical journalism and exclusive up-to-date reports on national and global events backed up by in-depth research. Handelsblatt is published every trading day from Monday to Friday with sections on „business and politics“ and „companies and markets“ as well as a wide range of financial and investment information.

.