Topics of Discussion
·
The
sudden nature of the crisis
o
Have
there been warnings before?
o
Are the
past 2 years the actual historical track of the crisis?
·
Do we
know what will happen in the next couple of years or not?
o
Will
improvements occur by the end of 2010?
·
Can we be
optimistic or pessimistic?
o
The G20
leaders do not know EITHER where we are
o
The Great
Depression taught us how not to believe the first signs of optimism
o
Despite
the great activities by the G20, there does not seem to be a unified
approach to the crisis
·
Proposal
to pull out from under:
o
The role
of the State (i.e, devaluation of the currency) – should it be increased
now?
o
Worse
case scenario – protectionism
o
Greater
governance?
o
There is
no universal solution…that is clear
·
Who
survived the crisis?
o
The
insurance company (aside from AIG) is doing OK… why? Because they industry
is risk averse by nature
·
Banks may
not have enough information about their clients, so can they assess their
risk?
o
This
presents a “moral hazard”… the banks are sitting on a lot of money they
cannot lend anymore due to great uncertainties concerning their customers
·
Learning
which sectors have done poorly and which have not should be studied for the
future!
·
Macedonia
has been more exposed than other countries to the crisis
o
Is the
crisis an opportunity? Every company in Macedonia and the world should use
it as a possibility for improvement
·
Do we
need more regulations to fight this crisis or should the reverse occur?
o
Regulations cannot change the culture.
o
Natural
occurrence is a crisis is that regulations will follow
o
Did
deregulation of the American economy contribute to the crisis?
o
Should
there be a change in IMF?
o
Abolish
tax havens and tax incentives at this time
o
Regulation can provide a false sense that “things are OK, which can be
misleading
·
Innovation is key since it thrives in a crisis situation
o
Governments in the region should promote collaboration and share in
resources
o
Will
there be new financial instruments created just like before who may lead to
another crisis?
·
What will
change as a result?
o
The
underlying capitalistic system with its trade models is here to stay for
awhile
o
We are
afraid because we are in the midst of the event itself, but if we gain
perspective, we know that crisis will occur and their impact in a lot longer
than 2 years
·
We always
try to solve the PREVIOUS crisis and by that create the groundwork for the
next crisis!
o
As humans
we are limited in our ability to predict the next crisis
·
A
security crisis is related closely to the economic crisis and now we need to
enter the ECOLOGICAL one too
·
The role
of leaders in a time of crisis needed to be discussed too
·
Next
conference might want to deal with changes in a state of mind in the
region….
