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
12.00 pm
Luncheon
by Invitation of the City of Munich, Atrium
Welcome Address
Christian Ude
Lord Mayor of the City of Munich
1.30 pm
Opening of the Conference
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
3.15 PM
Panel 1
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
John Peet
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
7.30 PM
Dinner at the Munich Residence
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
9.00 AM
Panel 2
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
Valdis Dombrovskis
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
11.15 AM
Panel 3
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
Markus K. Brunnermeier
Valdis Dombrovskis
Barry Eichengreen
Takamasa Hisada
Lady Barbara Judge
Horst Köhler
Manfred J.M. Neumann
Jochen Sanio
Konstantinos Simitis
Jean-Claude Trichet
Axel Weber
Theodor Weimer
Martin Zeil
Photo Gallery
List of Participants
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
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