The Future of Finance

IMF Seminar

imf seminars event

DATE: October 12, 2014

DAY: Sunday

9:20 AM - 10:50 AM

LOCATION: George Washington University, Jack Morton Auditorium

Sunday, October 12 AT 09 20 AM

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The overarching focus will be the contours of the future financial system. Global financial markets and the provision of financial services have already been deeply impacted by the crisis and are expected to further be affected by enhancements of micro- and macro-prudential policy frameworks and tools and by the anticipated evolution of monetary policies in the post-crisis new normal. Within this broad canvas, a number of specific themes will be explored: (i) will these forces result in a more fragmented global financial system; (ii) will banks permanently cede space to non-banks and shadow banks; (iii) how will technological enhancements impact financial inclusion, particularly access to provision of the fundamental financial services of payments, credit and insurance; and (iv) what can be done to enhance integrity and corporate governance in the financial industry.

Session 1: Especially in the wake of the crisis, we are witnessing a depletion of trust and a loss of faith in markets – with evident implications for financial stability, economic growth, and social cohesion. As a result, economists and policymakers are increasingly coming to the view that economic concerns cannot be divorced from ethical concerns. This seminar would facilitate a discussion of these issues, bringing together leading policymakers and other thinkers on the topic from a broad range of fields including the financial sector, academia and religion. The discussion would reflect upon the continued tendency of the financial sector to prize short-term personal gain over longer-term social purpose; it will also explore implications of the idea that financial markets (and capitalism in general) are only sustainable if there is trust in the system, which in turn requires minimal standards of ethics and integrity.

View other sessions:

Session 2: The Changing Role of Banks
Session 3: Expanding Role of Nonbanks
Session 4: Technology and Financial Inclusion

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The Future of Finance

Session 1: Ethics and Finance


Moderator: Sean Hagan


Sean Hagan is General Counsel and Director of the Legal Department at the International Monetary Fund. In this capacity, Mr. Hagan advises the Fund’s management, Executive Board and membership on all legal aspects of the Fund’s operations, including its regulatory, advisory and lending functions. Mr. Hagan has published extensively on both the law of the Fund and a broad range of legal issues relating to the prevention and resolution of financial crisis, with a particular emphasis on insolvency and the restructuring of debt, including sovereign debt.

Mark Carney


Mark Carney is Governor of the Bank of England and Chairman of the Monetary Policy Committee, Financial Policy Committee and the Prudential Regulation Committee. His appointment as Governor was approved by Her Majesty the Queen on 26 November 2012. The Governor joined the Bank on 1 July 2013. 


In addition to his duties as Governor of the Bank of England, he serves as Chairman of the Financial Stability Board (FSB), First Vice-Chair of the European Systemic Risk Board, a member of the Group of Thirty and the Foundation Board of the World Economic Forum.


Mark Carney was born in Fort Smith, Northwest Territories, Canada in 1965. He received a bachelor’s degree in Economics from Harvard University in 1988. He went on to receive a master’s degree in Economics in 1993 and a doctorate in Economics in 1995, both from Oxford University.


After a thirteen-year career with Goldman Sachs in its London, Tokyo, New York and Toronto offices, Mark Carney was appointed Deputy Governor of the Bank of Canada in August 2003. In November 2004, he left the Bank of Canada to become Senior Associate Deputy Minister of Finance. He held this position until his appointment as Governor of the Bank of Canada on 1 February 2008. Mark Carney served as Governor of the Bank of Canada and Chairman of its Board of Directors until 1 June 2013. 

Philipp Hildebrand


Philipp Hildebrand is Vice Chairman of BlackRock and Chairman of Multi-Asset Strategies. Until January 2012, he served as Chairman of the Governing Board of the Swiss National Bank. In that capacity, he was a Director of the Bank for International Settlements (BIS), the Swiss Governor of the International Monetary Fund (IMF) and a member of the Financial Stability Board (FSB). He has also served as a Senior Visiting Fellow at Oxford University’s Blavatnik School of Government.

Christine Lagarde


Christine Lagarde has been Managing Director of the International Monetary Fund since July 2011. She held various ministerial positions within the French government, including Finance and Economy Minister (2007–11), Minister for Foreign Trade, and Minister for Agriculture and Fisheries. She was also Chairman of the Global Executive Committee and Global Strategic Committee of Baker & McKenzie.

Peter Ng Kok Song

Peter Ng

Peter Ng Kok Song is Chairman of Singapore-based Avanda Investment Management, and was previously CIO of the Government of Singapore Investment Corporation, capping a 42-year career in investment of Singapore’s foreign reserves. He serves on the Monetary Authority of Singapore’s Capital Markets Committee and is a board director of the Singapore Exchange and founder Chairman of the Wealth Management Institute.

The Most Reverend Justin Welby

The Most Reverend Justin

Born in 1956 in London, the Most Reverend Justin Welby was educated at Eton College and Trinity College, Cambridge, where he studied history and law. Previous to that, for 11 years he worked in the oil industry, becoming group treasurer of a large British exploration and production company. He focused mainly on West African and North Sea projects. He was installed as the 105th Archbishop of Canterbury on 21st March 2013, having previously been Bishop of Durham and Dean of Liverpool.