The Future of Finance

IMF Seminar

imf seminars event

DATE: October 12, 2014

DAY: Sunday

1:30 PM - 3:00 PM

LOCATION: George Washington University, Jack Morton Auditorium

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As recovery takes hold and we put the crisis behind us challenges and opportunities are being posed for the financial sector and finance as a whole. We have witnessed a depletion of trust and a loss of faith in markets, a deficit that still needs to be addressed. Meanwhile banks are adapting to new market and regulatory realities and are being challenged by the expansion of nonbanks while technology raises the prospect for enhancing financial inclusion but also the potential for disruption. There are evident implications for financial stability, economic growth, and social cohesion from these changes. As a result, economists and policymakers are increasingly coming to the view that economic concerns cannot be divorced from financial changes and ethical concerns. The central question is: how do we make the financial sector not only safer but of better service to all members of society? This seminar will 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 will reflect upon the continued tendency of the financial sector to prize short-term personal gain over longer-term social purpose; strengthening and de-risking of bank balance sheets with implications for future bank business models; the opportunity for nonbanks and shadow banking to add to economic growth while raising the need to expand the regulatory perimeter; 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 1: Ethics and Finance
Session 2: The Changing Role of Banks
Session 4: Technology and Financial Inclusion

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The Future of Finance

Session 3: Expanding Role of Nonbanks


Moderator: Vitor Constâncio


Vítor Constâncio is Vice-President of the European Central Bank since 1 June 2010. He was Governor of Banco de Portugal from 1985 to 1986 and from February 2000 to May 2010.   He graduated in Economics from Universidade Técnica de Lisboa. Before having been appointed Governor of Banco de Portugal, he was Executive Director of Banco Português de Investimento (1995-2000) and non-executive Director of Electricidade de Portugal (EDP), the Portuguese national power utility (1998-2000).

Chitra Ramkrishna


Ms. Chitra Ramkrishna is the MD and CEO of the National Stock exchange. As part of the core team which set up NSE, she has contributed significantly to making the exchange a world class institution and bringing major reforms in the Indian markets. Ms. Chitra has played a key role in introducing cutting edge technology, innovative products to meet the needs of different classes of investors and in increasing financial literacy and retail participation in India

Nouriel Roubini


Nouriel Roubini is the cofounder and chairman of Roubini Global Economics, an independent, global macroeconomic and market strategy research firm. He is also a professor of economics at New York University’s Stern School of Business. Dr. Roubini received an undergraduate degree at Bocconi University in Milan, Italy, and a doctorate in economics at Harvard University.

Lord Adair Turner

Lord Adair

Adair Turner, now Senior Fellow at the Institute for New Economic Thinking, became Chairman of the UK Financial Services Authority in September 2008, and played a leading role in the redesign of the global banking and shadow banking regulation at the International Financial Stability Board’s policy committee.  He became a member of the House of Lords in 2005 and has chaired the UK Climate Change Committee (2008-2012), and the Pensions Commission (2003-2006).

Nor Shamsiah Mohd Yunus

Nor Shamsiah Mohd

Nor Shamsiah, Deputy Governor, Bank Negara Malaysia oversees the supervision of commercial and investment banks (including Islamic banks), and the insurance and Takaful companies. She also oversees enforcement and anti-money laundering supervision and Human Capital Management. She has extensive experience in formulating prudential regulations and legislations for the financial sector, including financial sector resolution initiatives and the preparation of the two Financial Sector Master plans.