Talk on banking reform, York, April 3rd
Hugo Radice, who participated in the workshops on ethics in financial services that I organised last year at IDEA, will be giving a talk on banking reform in York on 3rd April.
Hugo is a Life Fellow in the School of Politics & International Studies at the University of Leeds. The details of his talk are below, and all are welcome:
Taming the banks: is the new regulatory framework fit for purpose?
Yorkshire Philosophical Society
7.30 pm, Tuesday 3rd April, Tempest Anderson Hall, York
(for details see http://www.yorksphilsoc.org.uk/)
In September 2011, the Independent Commission on Banking under Sir John Vickers presented its final recommendations on reforms to improve stability and competition in UK banking. The most prominent proposal was the ‘ringfencing’ of risky investment activities, so that the mundane retail banking needs of businesses and households would not be threatened by future financial crises like that of 2007-9. Outside the UK, the Eurozone sovereign debt crisis that erupted in 2010 has revealed the continuing vulnerability of banking everywhere to the vagaries of financial markets, while the Basel III negotiations to provide a robust global regulatory framework for banks have proceeded at a snail’s pace. Meanwhile, on the fringes of the official debates, many critics are asking whether the present proposals can deliver a banking system oriented to social needs, rather than the redistribution of wealth and income from the poor to the rich.
This talk will examine the origins and consequences of the recent crisis; put the existing reform proposals in the context of broader changes in global capitalism and its governance; and outline more radical proposals to address financial exclusion and bring banking under popular democratic control.