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The Future of Finance: The LSE Report

Date: Tuesday 24 May 2011 
Time: 7-9.30pm
Venue:  Tokyo Room, Japan Tower, Taunustor 2, D-60311 Frankfurt am Main. 
Keynote Speakers: Professor Charles Goodhart and Dr Paul Woolley
Panellists: Mark Schieritz, Dr Holger Schmieding, Hiltrud Thelen-Pischke
Moderator: Dr Friedrich Thelen

What is the financial system for? What is the future of finance?

The Future of Finance report presents a novel approach to the reform of the world's financial system, starting with the basic question, what is a financial system for? It shows that the existing system has become far more complicated than it needs to be to discharge its functions – and dangerously unstable into the bargain. It proposes some drastic remedies.

The Future of Finance: The LSE Report is the work of a group of leading academics, financiers, journalists and officials from the UK's Financial Services Authority, the Bank of England and the Treasury. They met twelve times, for what many of those present described as the best and most searching discussions they had ever participated in. More details on the report can be found here. You can also visit the Future of Finance Report website.

Professor Charles Goodhart, CBE, FBA is a member of the Financial Markets Group at the London School of Economics, having previously, 1987-2005, been its Deputy Director. Until his retirement in 2002, he had been the Norman Sosnow Professor of Banking and Finance at LSE since 1985. Before then, he had worked at the Bank of England for seventeen years as a monetary adviser, becoming a Chief Adviser in 1980. In 1997 he was appointed one of the outside independent members of the Bank of England's new Monetary Policy Committee until May 2000. Earlier he had taught at Cambridge and LSE. Besides numerous articles, he has written a couple of books on monetary history; a graduate monetary textbook, Money, Information and Uncertainty (2nd Ed. 1989); two collections of papers on monetary policy, Monetary Theory and Practice (1984) and The Central Bank and The Financial System (1995); and a number of books and articles on Financial Stability, on which subject he was Adviser to the Governor of the Bank of England, 2002-2004, and numerous other studies relating to financial markets and to monetary policy and history. In his spare time he is a sheep farmer (loss-making).

Mark Schieritz is the Financial Correspondant for Die Zeit. Mark has a Masters in European Studies (2000) from the LSE and a degree in Economics and Political Science from the University of Freiburg. Previous to working for Die Zeit Mark spent 7 years working for Financial Times Deutschland, working up to position of Editor Finance and Markets.  

Dr Holger Schmieding is Chief Economist at Berenberg Bank in London. Before joining Germany's oldest private bank in October 2010, he worked as chief Economist Europe at Merrill Lynch, Bank of America and at Bank of America-Merrill Lynch in London. Having studied economics in Munich, London and Kiel, he holds a doctorate from the University of Kiel. Before taking up his first role as financial market economist in 1993, he also worked as a journalist at "Westfälische Nachrichten" in Germany, as head of a research group on east-central Europe at the Kiel Institute of World Economics and as a desk economist at the International Monetary Fund in Washington, DC.

Dr. Friedrich Thelen founded Thelen-Consult in 2006, his career spans nearly 30 years as a dedicated political journalist. Prior to this he was parliamentary editor of "Business Week". Frederick made a name as a presenter and eloquent guest speaker and appears regularly on radio and television. Before Friedrich Thelen began his journalistic career in 1974, he studied law, economics and philosophy in Marburg, London and Strasbourg. He completed his studies in 1974 with state examination and promotion. Friedrich Thelen has been a fellow of Harvard University since 1988.
In addition, Friedrich Thelen engaged at the German Council on Foreign Relations (DGAP), at the Atlantic Bridge and Tönnissteiner circle as well as Mars and Mercury.

Hiltrud Thelen-Pischke is director in PwC`s Financial Services Assurance Practice in Frankfurt ,Germany. She has specialised in banking regulatory issues since 1994 and currently deals with the development and implementation of the Basel III regulations within the banking sector. Hiltrud Thelen-Pischke has more than 25 years of experience with PwC, including the membership in the institute of public auditors (BFA/IDW)  "Developing a new ordinance for auditors". She participated in the Basel I&II implementation process in Germany regarding capital requirements and provides great expertise in different EU-Directives . She is a member of the European Banking Authority`s (EBA) stakeholder group and is supporting the EU-Commission on CRD IV issues within the Group of banking experts (GEBI). She is a lecturer at the Frankfurt School of Finance and Management , attends expert panels as guest speaker, has published several papers about regulatory issues regarding accounting standards, capital requirements,  financial crisis management and is actually running the PwC Regulatory Blog (Germany).  She received a diploma in economics (Diplom Volkswirt) at the University of Bonn.

Dr Paul Woolley's career has spanned the private sector, academia and policy-orientated institutions. After several years of practical experience in a firm of stockbrokers, latterly as a partner in his firm, he studied Economics at the University of York (UK) receiving BA (1970) and D Phil (1976). He held the Esmée Fairbairn Lectureship in Finance at York 1970-76, also serving as Specialist Advisor to the House of Lords Committee on the EEC 1975-6. He then moved to the International Monetary Fund 1976-83, initially as an Economist and later as Advisor and then head of the Division responsible to the Fund's borrowing and investment activities. Returning to the UK, he was for four years a Partner and Director on the main board of merchant bank, Baring Brothers and its various subsidiaries. In 1987 he co-founded, and was Managing Director of, GMO Woolley, the London affiliate of GMO, the Boston-based fund management firm. He was a Partner and served on the main GMO board (1998 – 2003). He retired as Chairman of GMO Europe in 2006. He returned to academic life in 2007, funding the Paul Woolley Centre for the Study of Capital Market Dysfunctionality at the London School of Economics. He is Chairman of the Advisory Board for the Centre and a full-time member of the research team. Similar centres have been set up at the University of Toulouse and at UTS in Sydney. He is an Honorary Professor of the University of York, Senior Fellow at LSE and an Adjunct Professor at UTS.

This event is kindly supported by McKinsey.

Purchase the report

The Future of Finance, The LSE Report is now available to buy as a paperback book. The authors include: Adair Turner, Andrew Haldane, Paul Woolley, Sushil Wadhwani, Charles Goodhart, Andrew Smithers, Andrew Large, John Kay, Martin Wolf, Peter Boone, Simon Johnson and Richard Layard.  

The book details are as follows: 978‐0‐85328‐458‐1 Paperback £14.99, 288 pages August 2010. You can order directly from Central Books, 99 Wallis Road, London E9 5LN, UK, details via the webpage, you can also purchase it from all good bookshops.


A podcast of this event is available to download from The Future of Finance: The LSE Report.

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