Managing International Financial Instability

LSE public lecture

Financial instability is increasingly due to boom-and-bust credit cycles originated by the monetary policies of major countries, amplified and propagated by global financial markets. To counter this, authorities should give greater weight to financial stability objectives in monetary and regulatory policies; the IMF should strengthen its framework to deal with global payments imbalances and exchange rate misalignments.

Fabrizio Saccomanni is Director General of the Bank of Italy, a position he has held since 2006, prior to which he was Vice President of the European Bank for Reconstruction and Development. Mr. Saccomanni is member of the Board of the Bank for International Settlements and Alternate member of the Governing Council of the European Central Bank. He graduated in Economics from the Bocconi University in Milan, and then attended postgraduate courses in monetary and international economics at Princeton University.

Tommaso Padoa Schioppa was Minister of Economy and Finance, Italy (May 2006- May 2008) and member of the Executive Board of the European Central Bank (1998-2005). Philipp Hildebrand is Vice Chairman of the Governing Board, National Bank of Switzerland, prior to which he held senior positions in several private financial institutions in the US and Switzerland.

This event celebrates the publication of Fabrizio Saccomanni’s book Managing International Financial Instability: National Tamers versus Global Tigers (Edward Elgar, 2008).

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