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The Global Economic Emergency

Webinar |
Speakers include:
Martin Wolf CBE

Martin Wolf CBE

Financial Times

Rain  Newton-Smith

Rain Newton-Smith

Confederation of British Industry

Lord Adair Turner

Lord Adair Turner

Institute for New Economic Thinking

Overview

What should policy-makers, both in the UK and globally, do to avert a potential depression and get our economies on the road to recovery?

If you were unable to attend the FT Digital Dialogues webinar on The Global Economic Emergency, the video is now available to view on-demand until 31 May 2020. 

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fallback Add to my Calendar 04/01/2020 15:45:0004/01/2020 16:50:00falseThe Global Economic EmergencyWhat should policy-makers, both in the UK and globally, do to avert a potential depression and get our economies on the road to recovery?If you were unable to attend the FT Digital Dialogues webinar on The Global Economic Emergency, the video is now available to view on-demand until 31 May 2020. The-Global-Economic-Emergencyb5282ce55a44aa368203686584871138MM/DD/YYYY

Full overview

The coronavirus pandemic is having a major impact on the global economy, with massive disruption to both the demand and supply sides and forecasts of a significant recession. The crisis is affecting businesses across every sector, with concerns increasing about the levels of corporate debt, a rise in bankruptcies and a surge in unemployment. Supply chains are being hit by the impact on trade, transport and manufacturing, reinforcing a significant slowdown in productive activity. Travel, hospitality, retail and other consumer-facing service sectors have also been hit. And the financial system is under pressure from extreme capital market volatility.

What should policy-makers, both in the UK and globally, do to avert a depression and ensure a relatively rapid recovery? Can anything be learned from previous economic and financial upheavals? To what extent is the crisis exposing the limits of the normal tools of policy-makers to influence markets and domestic demand? Is there a limit to the "helicopter money" approach to rescuing economies? Once the pandemic has abated, what will be the long-term impact on supply chains, trade and globalisation? Should we prepare for a "new normal" in economic policy post-coronavirus? To what extent will the crisis affect capitalism itself?

In the first of a series of exclusive FT Digital Dialogues looking at the long-term impact of the pandemic on the economy, business and society, the Financial Times is bringing together leading economists to discuss the depth of the economic crisis, the medium to long-term outlook, and what policy-makers can do to ensure the optimal conditions for recovery in a post-coronavirus world. 

This session will be available to view on-demand immediately after the live show ends.

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Speakers (3)

Martin Wolf CBE

Martin Wolf CBE

Associate Editor and Chief Economics Commentator
Financial Times

Martin Wolf is Associate Editor and Chief Economics Commentator at the Financial Times. He was awarded the CBE (Commander of the British Empire) in 2000 “for services to financial journalism”. He was a member of the UK government’s Independent Commission on Banking between June 2010 and September 2011. Mr Wolf is an honorary fellow of Nuffield College, Oxford University, Corpus Christi College, Oxford University and King’s College, London. He is also an honorary professor at the University of Nottingham. In 2014, he was made a University Global Fellow of Columbia University, and a Senior Fellow in Global Economic Policy at its School of International Public Affairs. He is a member of the International Media Council of the World Economic Forum.
Mr Wolf has been included in Foreign Policy’s list of the Top 100 Global Thinkers. He has won the Wincott Foundation senior prize for excellence in financial journalism, the RTZ David Watt memorial prize, the Journalism Prize of the Fundacio Catalunya Oberta (Open Catalonia Foundation), Commentator of the Year at the Business Journalist of the Year Awards, the “Ludwig-Erhard Preis für Wirtschaftspublizistik” (“Ludwig Erhard Prize for economic commentary”), and “Commentariat of the Year” at the Editorial Intelligence Comment Awards. The Society of American Business Editors and Writers recognised Mr Wolf in its Best in Business Journalism competition. He has also won the Ischia International Journalism Prize and the Overseas Press Club of America’s prize for “best commentary on international news in any medium”.
His most recent publications are Fixing Global Finance (Washington D.C: Johns Hopkins University Press, and London: Yale University Press, 2008 and 2010) and The Shifts and The Shocks: What we’ve learned – and have still to learn – from the financial crisis (London and New York: Allen Lane, 2014). Mr Wolf was educated at Oxford University. He has honorary doctorates from Nottingham University, Kingston University, Macquarie University, the London School of Economics, Warwick University and KU Leuven.

Rain  Newton-Smith

Rain Newton-Smith

Chief Economist
Confederation of British Industry

Rain Newton-Smith is the Chief Economist at the Confederation of British Industry. She and her team provide business leaders with advice on the UK economic outlook and global risks. Previously, Rain was head of Emerging Markets at Oxford Economics where she managed a large team of economists and was the lead expert on China. Prior to that, Rain worked on the international forecast for the Monetary Policy Committee at the Bank of England and also led a team with responsibility for developing a risk assessment framework for the UK financial system. While at the Bank, she also went on secondment to the International Monetary Fund in Washington D.C. where she was an adviser to the UK executive director. Rain was honoured by the World Economic Forum in 2012 as a Young Global Leader.

Lord Adair Turner

Lord Adair Turner

Senior Fellow
Institute for New Economic Thinking

Lord Turner is a Senior Fellow at the Institute for New Economic Thinking, where he was Chairman until January 2019. He currently chairs the Energy Transitions Commission, a global coalition of major power and industrial companies, investors, environmental NGOs and experts working out achievable pathways to limit global warming. 

From 2008 to 2013, Lord Turner chaired the UK’s Financial Services Authority, and played a leading role in the post-crisis redesign of global banking and shadow banking regulation.

He has held other high profile roles in public policy: he was Director General of the Confederation of British Industry (1995-2000); Chairman of the UK Low Pay Commission (2002-2006); Chairman of the Pensions Commision (2003-2006); and the first Chairman of the Climate Change Committee (2008-2012), an independent body to advise the UK Government on tackling climate change. He became a crossbench member of the House of Lords in 2006.

Lord Turner is Chairman of Chubb Europe, and a Trustee at the British Museum. He is on the Advisory Board of Envision Energy, a Shanghai-based group focused on renewable energy, batteries and digital systems.

Amongst his business roles, Lord Turner worked at McKinsey & Company (1982-1995), and was Vice-Chairman of Merrill Lynch Europe (2000-2006) and a Non-Executive Director of a number of companies, including Standard Chartered plc (2006-2008).

He is a Senior Fellow at the Centre for Financial Studies (Frankfurt) and a Visiting Fellow at the People’s Bank of China School of Finance, Tsinghua University (Beijing). He writes regularly for Project Syndicate, and has published Between Debt and the Devil (Princeton 2015), and Economics after the Crisis (MIT 2012). He is an honorary fellow of The Royal Society, and received an Honorary Degree from Cambridge University in 2017.

Moderated by (1)

Chris Giles

Chris Giles

Economics Editor
Financial Times

‪Chris Giles is the Economics Editor of the Financial Times. He leads the reporting of economics in the newspaper and on FT.com, and has been Economics Editor since 2004. 

He reports on international economic trends and the British economy, and contributes comment to FT.com’s premium blog, dedicated to central banking and money supply. He was previously the FT’s leader writer on economic affairs. 

Mr Giles was named Business Journalist of the Year at the British Journalism Awards 2012. He has also won the Royal Statistical Society’s prize for excellence in journalism in 2008 and 2012. He was a member of the 2014 advisory board of the Journal of the European Economic Association. 

Before becoming Economics Editor, he spent a year at the communications regulator, Ofcom, writing reports about digital switchover and public service broadcasting. 

Prior to joining the Financial Times in 2000, Mr Giles was an economics reporter at the BBC. He started his career in research, spending seven years as an economist for the Institute for Fiscal Studies and has a wide publications record. At the IFS he led or worked on projects for clients including the Treasury, the OECD and the European Commission. 

Mr Giles is a graduate of Cambridge University and holds a Master’s degree in Economics from Birkbeck College, London University.

Key talking points

  • What should policy-makers, both in the UK and globally, do to avert a depression and ensure a relatively rapid recovery?
  • Can anything be learned from previous economic and financial upheavals? 
  • To what extent is the crisis exposing the limits of the normal tools of policy-makers to influence markets and domestic demand?
  • Is there a limit to the "helicopter money" approach to rescuing economies? 
  • Once the pandemic has abated, what will be the long-term impact on supply chains, trade and globalisation? 
  • Should we prepare for a "new normal" in economic policy post-coronavirus? 
  • To what extent will the crisis affect capitalism itself?
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Agenda - 1st Apr

  • 3:45pm
    Access to webinar opens
  • 4:00pm
    The Global Economic Emergency - Discussion begins

    Speakers:
    Rain Newton-Smith, Chief Economist, Confederation of British Industry (CBI)
    Lord Adair Turner, Senior Fellow, Institute for New Economic Thinking, and former Chairman, UK Financial Services Authority
    Martin Wolf, Chief Economics Commentator, Financial Times

    Moderator: Chris Giles, Economics Editor, Financial Times

  • 4:50pm
    Discussion closes

Presented by (1)

The Financial Times is one of the world’s leading business news organisations, recognised internationally for its authority, integrity and accuracy. The FT has a record paying readership of one million, three-quarters of which are digital subscriptions. It is part of Nikkei Inc., which provides a broad range of information, news and services for the global business community.