Thomson Reuters, along with the Atlantic Council, the Rotman School of Management, and The Embassy of Canada hosted special event, The Financial Crisis: Lessons Learned From Canada and The Way Forward.
Closing out the day, Financial Times US Editor Robin Harding moderated a panel on global economic growth. Participants included Tim Adams, former Under Secretary of Treasury for International Affairs, now Managing Director at The Lindsey Group; Craig Alexander, SVP and Chief Economist at TD Bank Financial Group; Troy Davig, Senior US Economist for Barclays Capital; Peter Rashish, VP for Europe and Eurasia at the US Chamber of Commerce and Alan Schwartz, Executive Chairman at Guggenheim Partners.
Adams outlined the headwinds global growth faces, including ‘welfare states we can’t afford, aging demographics and mature economies – a short term loop that is capping growth.” Rashish sounded a bit more optimistic note, stating, “the reform path leads to growth through implementation.”
Several speakers addressed the challenges that politics and national self-interests pose and the necessity for balancing, with Schwartz saying “capital is global, but politics stay local” and Alexander highlighting the need for ‘firewalls to protect against contagion”.
Panelists appeared to agree that strong actions would be required. Alexander said, “financial markets are about faith and control…you have to be bold, over-deliver, but its hard to get confidence back if you keep saying ‘it’s not enough’.” Adams stated, “shock and awe (impact) actions will require a huge commitment.”
Katharine Ramsden is managing editor, Thomson Reuters.