The crisis we are going through is no junctural accident. Beyond the crisis originated in modest households’ excessive debts and the growing complexity of risky financial products, another phenomenon has appeared: the crisis is the result of exaggerate short-term visions, unreasonable expectations of returns on equity, earnings disconnected with real economy and faulty control authorities.
With this crisis, States remembering 1929 terrible consequences have even come to be the insurer of last resort.
In order to learn the lessons thoroughly and re-create the right conditions for a sustainable and solidarity-based growth, we need to gain back trust in capitalism – this is regulation’s purpose - and his core values. Capitalism ought to be this well-acknowledged wealth creation system as well as a humanistic economic, social and organisation, able to create and fairly redistribute wealth while living up to its very principles: freedom and accountability, entrepreneurial risk valuation without sharing mistakes.
This crisis, like any other, could bring change. Time has come to draft a “new capitalism”, more responsible and ethical. Time has come to draw a “new world” of solidarity and multilateralism, where the coordinated economic governance initiated over the last few months will be strengthened and institutionalized.
Initiated by President Nicolas Sarkozy and former Prime Minister Tony Blair, this symposium gathers policy makers, economists, trade-unionists and business leaders.
I wish it a full and lasting success and hope for its continuation next year.
Eric BESSON