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Appointment of Mr Sébastien Maillard as Director of the Jacques Delors Institute
4/09/2017 - nconti
Enrico Letta Appointed President of the Jacques Delors Institute
5/07/2016 - nconti
New European report calls for the protection of film diversity
20/11/2014 - sbaz
The European Initiative Prize 2014 awarded to Y. Bertoncini & T. Chopin
27/06/2014 - lmarnas
The European Union, its legislations and its powers
20/05/2014 - lmarnas
Press reviews
Yves Bertoncini in the media in 2016
9/05/2017 - nconti
The Jacques Delors Institute in the media in 2016
2/05/2017 - nconti
Jacques Delors in the media in 2015
13/05/2016 - nconti
Yves Bertoncini in the media in 2015
31/03/2016 - nconti
The Jacques Delors Institute in the media in 2015
31/03/2016 - nconti
Author
Tommaso Padoa-Schioppa

Tommaso Padoa-Schioppa

Tommaso Padoa-Schioppa has died on 18th December 2010 in Rome. He was 70 years old. He was ...
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Medias

Tommaso Padoa-Schioppa on the Financial Crisis - La Stampa

on October 14, 2008, 09:22
Interview - Tommaso Padoa-Schioppa



Interview with Stefano Lepri, La Stampa, 17 September 2008





Q. Wall Street investment banks go broke or struggle to survive; Communist China has enough dollars in its coffers to buy them all. To what kind of world globalization is leading us to?





A. «Globalization is in fact at a crucial juncture, made more difficult by too long delays in adopting corrective actions. Today's difficulties arise from three sources: financial instability, dearth of savings in the US, rise of Asia both as a low cost producer and a voracious consumer of fuel and food. The financial turmoil is only a part of the larger picture».





Q. Some years ago, globalization critics were pointing to the danger of a thoroughly Americanized world. On the contrary, the US is losing weight in the global economy.



A. «In the next few years, I believe, US contribution to global growth shall become scant. If a country needs to save more - it's quite obvious - its growth slows».



Q. After 1991, in a unipolar world, US power appeared bound to no limits. Wall Street investment bankers, too, were confident to them everything was allowed?





A. «Business people aren't always able to keep their heads cold when their business is in full flourish. It would be sad, though, if the current turmoil turned to arrogance all those who didn't make big mistakes up to this point»...



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