Lagarde Says World Finance Not Safe Enough 10 Years After Lehman

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Scott M. Long
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(Bloomberg) — A decade after the worldwide disaster with economic systems “more secure but not safe sufficient,” the regulatory pendulum has started to swing back toward looser oversight, International Monetary Fund Managing Director Christine Lagarde warned.
In a weblog publish on Wednesday, Lagarde presented a brief listing of concerns over lingering vulnerabilities inside the international economic system. She said too many banks, particularly in Europe, continue to be vulnerable and require extra capital, even as institutions’ accelerated size and complexity means “too-huge-to-fail” stays a problem.
“Perhaps most worryingly of all, policymakers are dealing with the widespread strain from industry to roll back submit-disaster policies,” she wrote.
Sept. 15 will mark the tenth anniversary of the disintegration of investment financial institution Lehman Brothers Holdings Inc., which paralyzed worldwide credit score markets and helped cause a downturn in the economic activity known as the Great Recession. Lagarde became France’s finance minister from 2007 to 2011, earlier than leaving to be the IMF leader.
In her weblog post, Lagarde mentioned that most economists did not predict the crisis, missing warning symptoms that today seem obvious, including “frenzied” risk-taking by banks, lower lending standards, and an over-reliance on short-time period funding.
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The coordinated global reaction to the crisis changed into, but, greater dazzling, she said. It’s ironic, then, deep scars from one’s events have made worldwide coordination greater tough.
“The fallout from the disaster — the heavy financial fees borne by regular humans mixed with the anger at seeing banks bailed out and bankers enjoying impunity, at a time whilst actual wages persevered to stagnate — is among the key elements in explaining the backlash against globalization, specifically in superior economies, and the erosion of trust in authorities and different establishments,” Lagarde wrote.

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