Is Global Financial Reform Possible?
To commemorate its founding 25 years ago, PS will be republishing over the coming months a selection of commentaries written since 1994. In the following commentary, Paul Volcker called for an international consensus on changes to the financial sector and the world’s monetary system.
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HONG KONG – Nowadays there is ample evidence that financial systems, whether in Asia in the 1990s or a decade later in the United States and Europe, are vulnerable to breakdowns. The cost in interrupted growth and unemployment has been intolerably large.