Addressing the Current Financial Crisis

Morris Goldstein, Peterson Institute
C. Fred Bergsten, Peterson Institute
William R. Cline, Peterson Institute
Simon Johnson, Peterson Institute
Michael Mussa, Peterson Institute
Adam S. Posen, Peterson Institute

Peterson Institute for International Economics, Washington, DC

October 7, 2008

Senior Fellow Morris Goldstein presented his diagnosis of the global financial crisis and his 10-point program for financial regulatory reform for responding to it at a Peterson Institute event held October 7, 2008. C. Fred Bergsten, William R. Cline, Simon Johnson, Michael Mussa, and Adam S. Posen joined Goldstein in a panel discussion.

Goldstein anticipated many of the recent policy reactions at the Institute's global economic prospects meeting in April 2008. He has been responsible for a wide range of innovative proposals through his Institute publications, including the international banking standard that was adopted in the wake of the Asian financial crisis and a new system of early warning indicators to anticipate future crises. In an op-ed in the Financial Times in May, he made the original proposal for a liquidity pool among the world's major private financial institutions that has now been adopted as part of the response to the global crisis. His forthcoming book on this topic is entitled Financial Regulation after the Subprime and Credit Crisis.

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