Enoch, Charles --- "Foreword: The 2010 Banking Law Symposium on Managing Systemic Risk" [2011] ELECD 482; in LaBrosse, Raymond John; Olivares-Caminal, Rodrigo; Singh, Dalvinder (eds), "Managing Risk in the Financial System" (Edward Elgar Publishing, 2011)

Book Title: Managing Risk in the Financial System

Editor(s): LaBrosse, Raymond John; Olivares-Caminal, Rodrigo; Singh, Dalvinder

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9780857933812

Section Title: Foreword: The 2010 Banking Law Symposium on Managing Systemic Risk

Author(s): Enoch, Charles

Number of pages: 9

Extract:

Foreword
The 2010 Banking Law Symposium on
Managing Systemic Risk
Charles Enoch1

The symposium covered a great deal of ground. Given the severity of the
recent crisis and the need for a massive response, there will continue to
be debate for some time. Many of the issues raised are fundamental and
still controversial. One can divide the discussion into a number of broad
topics. Some of them ­ such as the future of bank regulation ­ aim at
limiting the occurrence of systemic crisis in the future as well as its con-
sequences; others ­ for instance the explosion in the size of central bank
balance sheets ­ are amongst the by-products of the handling of crisis, and
may or may not have consequences that would need to be addressed later.
The macroeconomic aspects are the most visible and immediate sign
of the global banking crisis, with the world having fallen into the deepest
recession since the 1930s, and still struggling to recover. The long period of
uninterrupted growth backed by the `great moderation' came to an abrupt
end in 2008. Massive Keynesian-type fiscal expansion was carried out in
response pretty much everywhere, to avoid a recession that would lead to
something even worse. In some places, such as the US, the stimulus was
illuminated with high media visibility; in others, such as China, the stimu-
lus was introduced relatively quietly. The public emphasis was on `shovel
ready' projects, rather than well-planned overall programmes. Whilst the
stimuli were introduced pretty much ...