This lunch-time event saw ODI's Supporting Economic Transformation (SET) programme join forces with DEGRP to host former chairman of the Financial Services Authority Lord Turner, as well as DEGRP researcher and advisory committee member Stephany Griffith-Jones, Financial Markets Program Director at the Initiative for Policy Dialogue, Columbia University.
At the height of the global financial crisis in 2008/9, Lord Turner argued that the City in London’s financial sector had become 'socially useless'. In the following years, he played a leading role in the redesign of global banking regulation as Chairman of the International Financial Stability Board’s major policy committee.
In his latest book Between Debt and the Devil: Money, Credit and Fixing Global Finance (Princeton), he explains how our addiction to private debt has caused a global financial crisis. The talk explored questions such as:
How can we fix finance so that it is socially useful and helps to transform developing economies?
How did the financial crisis affect developing nations and how can they ensure economic growth without sanctioning debt?
An event video is available on the SET event page.