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The Financial Sector : Redefining a Broader Sense of Purpose
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eBook - ePub
The Financial Sector : Redefining a Broader Sense of Purpose
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Information
Publisher
INTERNATIONAL MONETARY FUNDYear
2019eBook ISBN
9781498301978Christine Lagarde: The Financial Sector - Redefining a Broader Sense of Purpose
International Monetary Fund
Washington, D.C.
Washington, D.C.
INTERNATIONAL MONETARY FUND
CHRISTINE LAGARDE
The Financial Sector - Redefining a Broader Sense of Purpose
Address at Guildhall London ā¢ February 28, 2019
International Monetary Fund Managing Director Christine Lagarde delivered this address at Guildhall as part of the World Tradersā Tacitus Lecture series in London on February 28, 2019.
Copyright Ā© 2019
International Monetary Fund
Washington, D.C. 20090, U.S.A.
All Rights Reserved
ISBN: 978-149830197-8(paper)
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The Financial Sector - Redefining a Broader Sense of Purpose
I am honored to have been invited to deliver the Tacitus lecture in this magnificent Guildhall. I am also fortunate to be among so many friends, including former colleagues, who know that I have a weakness for good stories.
Let me start with a Hollywood story. As you may know, Disney was recently faced with the challenge of creating a sequel to the original Mary Poppins movie, which has delighted children and adults for more than half a century.
The producers of the new film recreated the magical nanny from P.L. Traversā books, but they also featured a new cast of charactersāincluding a villain who could give everybody a good scare. That villaināyes, you guessed itāis a slick banker who is cheating his way to fortune. In the end, of course, the villain is defeated with a touch of magic.
So here is the question: why is the banker the villain? After all, a healthy economy requires a healthy financial sector that is at the service of people as they pursue better lives for themselves and their children.
āA healthy economy requires a healthy financial sector that is at the service of people ā¦ helping families buy a home or save for retirement; helping businesses raise capital to support growth and employment ā¦ā
You might call it the āeveryday magicā of finance: helping families buy a home or save for retirement, helping businesses raise capital to support growth and employment, and helping ordinary people manage risks and prepare for a rainy day. That is what most financial professionals do every day, with dedication and a sense of pride.
And yet, despite these good aspects, the caricature of the ābad bankerā has resonated with audiences since the dawn of civilization. And its latest versionāseen by millions of children around the worldāis telling us something about the deeply felt sense of unease about the role of finance in todayās world.
It does not take magic to trace much of this most recent frustration back to the global financial crisis, which has left painful economic and psychological scars on millions of people. We know also that many people are angry about the stea...
Table of contents
- Cover Page
- footnotes