The third and final preparatory meeting of the Warwick Commission on International Financial Reform took place in Ottawa, Canada last week. The two-day summit saw the Commissioners debate some of the key issues of the current crisis including macro-prudential regulation, the politics behind asset booms, and international financial institutions.
Director of the Commission, Professor Len Seabrooke, said “this has been a positive learning process for everyone and a particularly intense few days here in Ottawa. Our Commissioners are all very committed and we are all determined to put forward some truly workable and innovative solutions with the aim of re-organising global finance to better meet social and economic needs in a more sustainable manner”.
“We have covered many issues over the three meetings from host vs. home country regulation to complex financial instruments but we all agree that any kind of reform needs to consider politics as well as economics”.
“We are immensely proud of the work that has been done to date and are sure that our recommendations will provide a good starting point for ensuring greater financial stability within and across countries.”
After an intense series of meetings and evidence sessions, which have taken place across the EU, Asia and North America over the past six months, the Commissioners have come to a consensus over their key recommendations to reform the financial system. These recommendations will be written up into a report which will be launched in the Autumn of this year.