Haben sich Teile der Finanzwirtschaft verselbständigt und die Bedürfnisse der Realwirtschaft vernachlässigt? Welche Rolle spielen dabei Regulierungsfehler und exzessive Staatsverschuldung? Wie kann eine Wiederholung einer solchen krisenhaften Entwicklung in Zukunft vermieden werden?
Vortragende
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Sandra NAVIDI
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Founder and Chief Executive Officer, Beyond Global, LLC, New York |
Abstract
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| Global growth has been weak and real economies remain fragile while stock markets have been rallying. This disconnect reflects the dichotomy between economic fundamentals and market speculation. Financial institutions have fueled speculation by engineering opaque financial instruments and employing massive leverage. Central banks have exacerbated this speculation and, by creating excess liquidity, potential bubbles. In addition, these policy measures have distorted fundamentals and market price mechanisms. In contrast, participants in the real economy have become more risk-averse due to uncertainty and the lack of confidence. The economy has become less dynamic as companies are abstaining from investments and individuals are shying away from entrepreneurial risks. More fundamentally, the underlying issue is the increasing wealth gap, which has been forming over the past 40 years. In the course of globalization, more power has been concentrated in the hands of ever fewer institutions and individuals. Meanwhile, pressing issues like low-growth, record unemployment and unfavorable demographics remain unresolved. We have borrowed wealth from the future and pay-day has arrived. Will we be able to tackle these problems, and if so, how? |
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Thierry PHILIPPONNAT
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Secretary General, Finance Watch, Brussels |
Abstract
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When we take a look at banks' balance sheets and macro figures about the European economy, it becomes quite apparent that large parts of the financial sector have become disconnected from the real economy: banks' balance sheets have grown much faster than the EU GDP over the past decade and the largest banks use less than a third of their balance sheet to serve non-financial corporations and households.
The problem is compounded by the fact that banks are not fully exposed to market forces: ultimately, taxpayers pay for the risks taken by institutions that are too big too fail, weakening public finances in the process. This was the case in 2008, and it still is today. The solution to this problem is threefold: making banks more resilient by requiring higher capital buffers and lower leverage, splitting essential activities that serve the real economy from purely financial activities, making sure in case of losses that when shareholders have been wiped out the losses are absorbed by creditors and not by tax payers. |
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Founder and Chief Executive Officer, Beyond Global, LLC, New York
| | Law degree, University of Cologne School of Law, Germany
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| | Master-of-Law in Banking Corporate and Finance law, Fordham University School of Law, USA
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| 1999-2001 | Manager, International Capital Markets Department, Deloitte & Touche
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| 2001-2006 | General Counsel, Muzinich & Company
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| 2006-2008 | Investment Banking, Scarsdale Equities, LLC
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| 2009-2011 | Director of Research Strategies, Roubini Global Economics, LLC
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| since 2011 | Founder and Chief Executive Officer, BeyondGlobal, LLC |
Secretary General, Finance Watch, Brussels
| 1990-1994 | Founding Partner, Exane stock brokers, Paris
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| 1994-1997 | Executive Director, UBS Ltd., London
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| 2001-2004 | Deputy Head of Equity Financing Structuring, BNP Paribas, Paris
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| 2004-2006 | Group Director and Head of Paris Strategic Business Unit, Member of Executive committee, Euronext, Paris and London
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| 2006-2010 | Business and Human Rights Campaigner, Member of Executive Board, Amnesty International France, Paris
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| 2010-2011 | Project Leader, Finance Watch project, Brussels
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| since 2011 | Secretary General, Finance Watch, Brussels |
Editor-in-Chief, Die Presse, Vienna
| 1992-1997 | Study of History and Political Science (without completing)
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| 1994 | Freelancer "Vorarlberger Nachrichten"
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| 1996 | Entry to "Die Presse"
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| 2002 | Editor, Domestic Policy Department, "Die Presse", Vienna
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| 2004 | Appointment to Department head "Chronik/Wien", "Die Presse", Vienna
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| 2009 | Appointment to Editorial Director for the new "Presse am Sonntag", Vienna
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| 2010 | Appointment to Head of Domestic Policy, "Die Presse", Vienna
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| since 2012 | Editor-in-Chief, "Die Presse", Vienna
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| since 2014 | Publisher, "Die Presse", Vienna
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| 2017 | Appointment as Managing Director, "Die Presse", Vienna |
