we are here to celebrate an anniversary probably you are not totally aware of
probably you are not totally aware of
probably you are not totally aware of that but it’s been exactly 10 years that
that but it’s been exactly 10 years that
that but it’s been exactly 10 years that the so called subprime crisis which then
the so called subprime crisis which then
the so called subprime crisis which then became the Greek crisis and the euro
became the Greek crisis and the euro
became the Greek crisis and the euro crisis and so many forms of crisis
crisis and so many forms of crisis
crisis and so many forms of crisis started made you know seven that when
started made you know seven that when
started made you know seven that when exactly the first cracks appear we
exactly the first cracks appear we
exactly the first cracks appear we thought is just one of these crises
thought is just one of these crises
thought is just one of these crises again nothing different this time we
again nothing different this time we
again nothing different this time we always say yes you know we’ve seen that
always say yes you know we’ve seen that
always say yes you know we’ve seen that before but I strongly believe this
before but I strongly believe this
before but I strongly believe this crisis is of the same magnitude even if
crisis is of the same magnitude even if
crisis is of the same magnitude even if not the company was a consequence of
not the company was a consequence of
not the company was a consequence of exactly the same as a big depression of
exactly the same as a big depression of
exactly the same as a big depression of the 1920s and 30s so this crisis once
the 1920s and 30s so this crisis once
the 1920s and 30s so this crisis once again was a good wake-up call in many
again was a good wake-up call in many
again was a good wake-up call in many respects in our behavior with money in
respects in our behavior with money in
respects in our behavior with money in our relationship with finance and it’s
our relationship with finance and it’s
our relationship with finance and it’s time to think about a very old saying we
time to think about a very old saying we
time to think about a very old saying we all know sometimes we don’t want to
all know sometimes we don’t want to
all know sometimes we don’t want to listen to it but we all know that as we
listen to it but we all know that as we
listen to it but we all know that as we know money is a good servant and a poor
know money is a good servant and a poor
know money is a good servant and a poor poor poor master
poor poor master
poor poor master and I could stop here just think about
and I could stop here just think about
and I could stop here just think about it and in your everyday life just adjust
it and in your everyday life just adjust
it and in your everyday life just adjust this to your thinking money Promaster
this to your thinking money Promaster
this to your thinking money Promaster money great servant so the crisis really
money great servant so the crisis really
money great servant so the crisis really MP demonstrated that money was a
MP demonstrated that money was a
MP demonstrated that money was a terrible terrible master the point is
terrible terrible master the point is
terrible terrible master the point is not to review the old crisis but really
not to review the old crisis but really
not to review the old crisis but really to see what happened what have we done
to see what happened what have we done
to see what happened what have we done what what have we done in the crisis
what what have we done in the crisis
what what have we done in the crisis happen what could we do now to avoid the
happen what could we do now to avoid the
happen what could we do now to avoid the next one and prepare a better world
next one and prepare a better world
next one and prepare a better world these are the questions so can we
these are the questions so can we
these are the questions so can we understand what happened with this poor
understand what happened with this poor
understand what happened with this poor master with this thing that we let out
master with this thing that we let out
master with this thing that we let out of the bottle the genuis out of the
of the bottle the genuis out of the
of the bottle the genuis out of the bottle how can we regain control and I
bottle how can we regain control and I
bottle how can we regain control and I say we it’s not they it’s we in this
say we it’s not they it’s we in this
say we it’s not they it’s we in this room it’s me and you how can we regain
room it’s me and you how can we regain
room it’s me and you how can we regain control over our money to make a better
control over our money to make a better
control over our money to make a better world that’s really is a big issue and
world that’s really is a big issue and
world that’s really is a big issue and let me let me mention as a reference one
let me let me mention as a reference one
let me let me mention as a reference one of the greatest economists of the last
of the greatest economists of the last
of the greatest economists of the last millennium Center as a favela in Spain
millennium Center as a favela in Spain
millennium Center as a favela in Spain at this great description of money she
at this great description of money she
at this great description of money she say money is a dung of ever
say money is a dung of ever
say money is a dung of ever an experiment of AVL I don’t want to use
an experiment of AVL I don’t want to use
an experiment of AVL I don’t want to use a more colorful world but money is also
a more colorful world but money is also
a more colorful world but money is also an amazing menu an amazing fertilizer
an amazing menu an amazing fertilizer
an amazing menu an amazing fertilizer and we have to place a balance between
and we have to place a balance between
and we have to place a balance between these two things so what happened what
these two things so what happened what
these two things so what happened what happened in two thousand seven eight
happened in two thousand seven eight
happened in two thousand seven eight nine ten until now again plenty of books
nine ten until now again plenty of books
nine ten until now again plenty of books have been written plenty of PhD students
have been written plenty of PhD students
have been written plenty of PhD students will work forever on the causes and
will work forever on the causes and
will work forever on the causes and consequences of all this that’s not my
consequences of all this that’s not my
consequences of all this that’s not my point
point
point I just want to highlight the fact that
I just want to highlight the fact that
I just want to highlight the fact that this crisis is really rooted in for
this crisis is really rooted in for
this crisis is really rooted in for dysfunction that really were appear
dysfunction that really were appear
dysfunction that really were appear appearing in the very first year of the
appearing in the very first year of the
appearing in the very first year of the millennium first we are the crisis of
millennium first we are the crisis of
millennium first we are the crisis of regulation I mean we add this sequence
regulation I mean we add this sequence
regulation I mean we add this sequence in 1971 the dollar could not be
in 1971 the dollar could not be
in 1971 the dollar could not be converted into gold
converted into gold
converted into gold anymore and then we move to the free
anymore and then we move to the free
anymore and then we move to the free float of currency so everything was kind
float of currency so everything was kind
float of currency so everything was kind of moving around and market was deciding
of moving around and market was deciding
of moving around and market was deciding then you open the borders free capital
then you open the borders free capital
then you open the borders free capital flows not that everything was bad the
flows not that everything was bad the
flows not that everything was bad the primary that when you let these things
primary that when you let these things
primary that when you let these things go without really control and this when
go without really control and this when
go without really control and this when the the conservative revolution or
the the conservative revolution or
the the conservative revolution or neoliberal revolution started and and we
neoliberal revolution started and and we
neoliberal revolution started and and we basically let this happen and that’s
basically let this happen and that’s
basically let this happen and that’s where people started to also go more
where people started to also go more
where people started to also go more into depth etc and this concept that you
into depth etc and this concept that you
into depth etc and this concept that you know light regulation is okay because
know light regulation is okay because
know light regulation is okay because the bankers know because capitalism no
the bankers know because capitalism no
the bankers know because capitalism no market knows better and government which
market knows better and government which
market knows better and government which is sometimes – but let me put it this
is sometimes – but let me put it this
is sometimes – but let me put it this way not always and that’s really what
way not always and that’s really what
way not always and that’s really what happens so regulation was less and less
happens so regulation was less and less
happens so regulation was less and less adapted to a fast economic to a fast
adapted to a fast economic to a fast
adapted to a fast economic to a fast changing economic and financial
changing economic and financial
changing economic and financial landscape so crisis of regulations the
landscape so crisis of regulations the
landscape so crisis of regulations the rules we’re in many circumstances –
rules we’re in many circumstances –
rules we’re in many circumstances – lacks and not adapted second crisis of
lacks and not adapted second crisis of
lacks and not adapted second crisis of supervision it’s like when you’re
supervision it’s like when you’re
supervision it’s like when you’re driving it’s not just to have a code
driving it’s not just to have a code
driving it’s not just to have a code it’s also needed to have good radars and
it’s also needed to have good radars and
it’s also needed to have good radars and policemen so supervision was pretty weak
policemen so supervision was pretty weak
policemen so supervision was pretty weak in many countries so regulation
in many countries so regulation
in many countries so regulation supervision not adapted innovation I
supervision not adapted innovation I
supervision not adapted innovation I mean people were selling innovation
mean people were selling innovation
mean people were selling innovation which in many cases were useless I mean
which in many cases were useless I mean
which in many cases were useless I mean I wonder if somebody in this room know
I wonder if somebody in this room know
I wonder if somebody in this room know what was the purpose of a CDO square
what was the purpose of a CDO square
what was the purpose of a CDO square based on subprime
based on subprime
based on subprime which basically mobilized I mean
which basically mobilized I mean
which basically mobilized I mean hundreds of billions of dollars at that
hundreds of billions of dollars at that
hundreds of billions of dollars at that time was it really useful for us what I
time was it really useful for us what I
time was it really useful for us what I see your silence is quite obvious so
see your silence is quite obvious so
see your silence is quite obvious so innovation really was also Unleashed
innovation really was also Unleashed
innovation really was also Unleashed limited control and emitted impact on
limited control and emitted impact on
limited control and emitted impact on people it was very money making money
people it was very money making money
people it was very money making money between money with his money
between money with his money
between money with his money so globalization supervision innovation
so globalization supervision innovation
so globalization supervision innovation and of course an issue with
and of course an issue with
and of course an issue with globalization on the one hand the
globalization on the one hand the
globalization on the one hand the capitalistic globalization the economic
capitalistic globalization the economic
capitalistic globalization the economic globalization the financial
globalization the financial
globalization the financial globalization was really moving very
globalization was really moving very
globalization was really moving very fast while at the same time the legal
fast while at the same time the legal
fast while at the same time the legal and social globalization was not moving
and social globalization was not moving
and social globalization was not moving that fast and so you had growing tension
that fast and so you had growing tension
that fast and so you had growing tension and all this basically coalesce in 2007
and all this basically coalesce in 2007
and all this basically coalesce in 2007 to produce that crisis and of course on
to produce that crisis and of course on
to produce that crisis and of course on top of that too much debt as always I
top of that too much debt as always I
top of that too much debt as always I mean free money is always attractive
mean free money is always attractive
mean free money is always attractive until I mean you jump out of the wagon
until I mean you jump out of the wagon
until I mean you jump out of the wagon at the last minute so that’s really the
at the last minute so that’s really the
at the last minute so that’s really the big picture big consequence it has been
big picture big consequence it has been
big picture big consequence it has been said and I will repeat it the major
said and I will repeat it the major
said and I will repeat it the major concentrate the major consequence the
concentrate the major consequence the
concentrate the major consequence the major capital loss in the crisis not so
major capital loss in the crisis not so
major capital loss in the crisis not so much money it’s trust
much money it’s trust
much money it’s trust I mean capitalism finance is built on
I mean capitalism finance is built on
I mean capitalism finance is built on trust we need trust to make transaction
trust we need trust to make transaction
trust we need trust to make transaction if we don’t have trust you double-check
if we don’t have trust you double-check
if we don’t have trust you double-check triple-check you organize you know sign
triple-check you organize you know sign
triple-check you organize you know sign of compliance requirement etc it’s much
of compliance requirement etc it’s much
of compliance requirement etc it’s much slower much less efficient so you need
slower much less efficient so you need
slower much less efficient so you need trust and Trust is gone and Trust I mean
trust and Trust is gone and Trust I mean
trust and Trust is gone and Trust I mean you dicing to make our market economy
you dicing to make our market economy
you dicing to make our market economy work to make our democracies work you
work to make our democracies work you
work to make our democracies work you need an absolute level of trust and my
need an absolute level of trust and my
need an absolute level of trust and my conviction also is difficult to measure
conviction also is difficult to measure
conviction also is difficult to measure is a trust as diminished during these
is a trust as diminished during these
is a trust as diminished during these past 10 years and we I mean very
past 10 years and we I mean very
past 10 years and we I mean very seriously need to rebuild that trust for
seriously need to rebuild that trust for
seriously need to rebuild that trust for the future they have also been some
the future they have also been some
the future they have also been some technical adjustments what do I mean
technical adjustments what do I mean
technical adjustments what do I mean with that the actors the financial
with that the actors the financial
with that the actors the financial actors the banks in particular but
actors the banks in particular but
actors the banks in particular but totally the banks have been shaking a
totally the banks have been shaking a
totally the banks have been shaking a lot throughout that crisis I mean people
lot throughout that crisis I mean people
lot throughout that crisis I mean people see that banks still make good profits
see that banks still make good profits
see that banks still make good profits but they make good profits out of a much
but they make good profits out of a much
but they make good profits out of a much more much bigger capital base so to make
more much bigger capital base so to make
more much bigger capital base so to make six billion dollar per annum
six billion dollar per annum
six billion dollar per annum out of 20 billion capital base is not
out of 20 billion capital base is not
out of 20 billion capital base is not the same as doing six billion out of
the same as doing six billion out of
the same as doing six billion out of sixty billion capital base so basically
sixty billion capital base so basically
sixty billion capital base so basically the return on equity the return of the
the return on equity the return of the
the return on equity the return of the banks has diminished severely banks are
banks has diminished severely banks are
banks has diminished severely banks are struggling believe it or not to maintain
struggling believe it or not to maintain
struggling believe it or not to maintain a sustainable profitability to this
a sustainable profitability to this
a sustainable profitability to this attacked by the fintechs they’re nervous
attacked by the fintechs they’re nervous
attacked by the fintechs they’re nervous about blockchain they are nervous about
about blockchain they are nervous about
about blockchain they are nervous about tribulation and of course they are
tribulation and of course they are
tribulation and of course they are nervous with a low interest rates
nervous with a low interest rates
nervous with a low interest rates because this is something which is
because this is something which is
because this is something which is really not very banker friendly so
really not very banker friendly so
really not very banker friendly so that’s really something where they have
that’s really something where they have
that’s really something where they have to add that and it’s difficult for them
to add that and it’s difficult for them
to add that and it’s difficult for them to find their ways in that environment
to find their ways in that environment
to find their ways in that environment and look at that in many countries banks
and look at that in many countries banks
and look at that in many countries banks are shutting down branches what is very
are shutting down branches what is very
are shutting down branches what is very important is that the institutional
important is that the institutional
important is that the institutional investors are taking control I mean
investors are taking control I mean
investors are taking control I mean money managed by support meant by
money managed by support meant by
money managed by support meant by investors managing sub party money is
investors managing sub party money is
investors managing sub party money is going to undo a trillion dollar I guess
going to undo a trillion dollar I guess
going to undo a trillion dollar I guess nobody has a clue what Android
nobody has a clue what Android
nobody has a clue what Android trillion-dollar is try to figure out the
trillion-dollar is try to figure out the
trillion-dollar is try to figure out the number of zeros and what you can buy
number of zeros and what you can buy
number of zeros and what you can buy with that but that’s what is happening
with that but that’s what is happening
with that but that’s what is happening you have people managing today one two
you have people managing today one two
you have people managing today one two three four five trillion dollar so
three four five trillion dollar so
three four five trillion dollar so that’s scary but it’s also promising if
that’s scary but it’s also promising if
that’s scary but it’s also promising if these guys do the right thing I mean we
these guys do the right thing I mean we
these guys do the right thing I mean we never add these tools at our disposal
never add these tools at our disposal
never add these tools at our disposal that’s part of my my be so big shift so
that’s part of my my be so big shift so
that’s part of my my be so big shift so the good news is that we are we are
the good news is that we are we are
the good news is that we are we are alive 10 years after 2007 in 2017 we are
alive 10 years after 2007 in 2017 we are
alive 10 years after 2007 in 2017 we are not in 1939 ten years after 1929 I don’t
not in 1939 ten years after 1929 I don’t
not in 1939 ten years after 1929 I don’t think we are facing the prospect of a
think we are facing the prospect of a
think we are facing the prospect of a world war the system is working you can
world war the system is working you can
world war the system is working you can still good go to the bakery with money
still good go to the bakery with money
still good go to the bakery with money and pay with your credit card extra all
and pay with your credit card extra all
and pay with your credit card extra all this is OK the bad news is and that’s an
this is OK the bad news is and that’s an
this is OK the bad news is and that’s an important bad news we just patched up
important bad news we just patched up
important bad news we just patched up the system we repaired we fixed the
the system we repaired we fixed the
the system we repaired we fixed the whole thing but we don’t add annalistic
whole thing but we don’t add annalistic
whole thing but we don’t add annalistic view what is the backup that you need to
view what is the backup that you need to
view what is the backup that you need to develop the promising technology that we
develop the promising technology that we
develop the promising technology that we are discussed before that’s really what
are discussed before that’s really what
are discussed before that’s really what is missing today so how do we move there
is missing today so how do we move there
is missing today so how do we move there because if we don’t move there I mean
because if we don’t move there I mean
because if we don’t move there I mean look at what’s going on today we are
look at what’s going on today we are
look at what’s going on today we are still very much in unchartered
still very much in unchartered
still very much in unchartered territories we don’t know where we’re
territories we don’t know where we’re
territories we don’t know where we’re heading to I mean the recovery is there
heading to I mean the recovery is there
heading to I mean the recovery is there but it’s F what it was before the crisis
but it’s F what it was before the crisis
but it’s F what it was before the crisis so we are satisfied with gross weight of
so we are satisfied with gross weight of
so we are satisfied with gross weight of 1 to 2 percent the advanced economy
1 to 2 percent the advanced economy
1 to 2 percent the advanced economy compared to 2 to 3 percent before that’s
compared to 2 to 3 percent before that’s
compared to 2 to 3 percent before that’s an issue you have political and social
an issue you have political and social
an issue you have political and social unrest
unrest
unrest you have a tepid recovery and you have
you have a tepid recovery and you have
you have a tepid recovery and you have never stressed also fueled by technology
never stressed also fueled by technology
never stressed also fueled by technology current sightings that are so it’s it’s
current sightings that are so it’s it’s
current sightings that are so it’s it’s a difficult moment so my point and
a difficult moment so my point and
a difficult moment so my point and that’s my second part is finance was
that’s my second part is finance was
that’s my second part is finance was definitely at the art of the problem
definitely at the art of the problem
definitely at the art of the problem finance was part of the problem but
finance was part of the problem but
finance was part of the problem but finance is a tool it’s nothing more than
finance is a tool it’s nothing more than
finance is a tool it’s nothing more than a tool so as in any tool you can use it
a tool so as in any tool you can use it
a tool so as in any tool you can use it for the good things so I have a strong
for the good things so I have a strong
for the good things so I have a strong conviction and I don’t say that for the
conviction and I don’t say that for the
conviction and I don’t say that for the forgiveness of my sins again I have the
forgiveness of my sins again I have the
forgiveness of my sins again I have the strong conviction that finance properly
strong conviction that finance properly
strong conviction that finance properly utilize can be part of the solution and
utilize can be part of the solution and
utilize can be part of the solution and get the ads out of the solution Swiss
get the ads out of the solution Swiss
get the ads out of the solution Swiss things that I’d like to address as I
things that I’d like to address as I
things that I’d like to address as I said I could pyramid first of all we
said I could pyramid first of all we
said I could pyramid first of all we have to consider finance as a tool that
have to consider finance as a tool that
have to consider finance as a tool that we use on our daily life as individuals
we use on our daily life as individuals
we use on our daily life as individuals as companies as company owners as
as companies as company owners as
as companies as company owners as businessman excetera the finance that we
businessman excetera the finance that we
businessman excetera the finance that we use every day second we need money for
use every day second we need money for
use every day second we need money for this sustainable world that we are
this sustainable world that we are
this sustainable world that we are expecting and it will not just be
expecting and it will not just be
expecting and it will not just be finance like this we really need to pry
finance like this we really need to pry
finance like this we really need to pry the appropriate financial system and
the appropriate financial system and
the appropriate financial system and serve we need really also to discuss
serve we need really also to discuss
serve we need really also to discuss what is the level of international
what is the level of international
what is the level of international cooperation we need to frame this whole
cooperation we need to frame this whole
cooperation we need to frame this whole thing so resetting finance for all
thing so resetting finance for all
thing so resetting finance for all that’s that’s critical and again it’s
that’s that’s critical and again it’s
that’s that’s critical and again it’s not just regulation of course you need
not just regulation of course you need
not just regulation of course you need to change the regulation of course you
to change the regulation of course you
to change the regulation of course you need to make sure the supervisors are
need to make sure the supervisors are
need to make sure the supervisors are doing the right job but it’s also about
doing the right job but it’s also about
doing the right job but it’s also about education and it’s not just MBA students
education and it’s not just MBA students
education and it’s not just MBA students also it’s very important that they
also it’s very important that they
also it’s very important that they understand what ethics means but it’s
understand what ethics means but it’s
understand what ethics means but it’s also primary school students and it’s
also primary school students and it’s
also primary school students and it’s also all of us as clients as investors
also all of us as clients as investors
also all of us as clients as investors we are all a little bit schizophrenic I
we are all a little bit schizophrenic I
we are all a little bit schizophrenic I mean we all say oh I like my my to do
mean we all say oh I like my my to do
mean we all say oh I like my my to do good things but if I can get 0.5% on top
good things but if I can get 0.5% on top
good things but if I can get 0.5% on top of my savings oh maybe I should take it
of my savings oh maybe I should take it
of my savings oh maybe I should take it and we all are like this it’s a
and we all are like this it’s a
and we all are like this it’s a difficult position so that’s really to
difficult position so that’s really to
difficult position so that’s really to revisit the values behind this not just
revisit the values behind this not just
revisit the values behind this not just as the excuse of regulation first point
as the excuse of regulation first point
as the excuse of regulation first point second point we really also have to
second point we really also have to
second point we really also have to really focus on core principles the
really focus on core principles the
really focus on core principles the first one simplicity make sure you
first one simplicity make sure you
first one simplicity make sure you understand what we are discussing this
understand what we are discussing this
understand what we are discussing this is the same we have to understand don’t
is the same we have to understand don’t
is the same we have to understand don’t create kind of complex artificially
create kind of complex artificially
create kind of complex artificially complex on what issues make sure that
complex on what issues make sure that
complex on what issues make sure that people understand so simplicity
people understand so simplicity
people understand so simplicity intelligibility and accountability of
intelligibility and accountability of
intelligibility and accountability of course you can’t have people say oh not
course you can’t have people say oh not
course you can’t have people say oh not my fault I was not there I don’t know
my fault I was not there I don’t know
my fault I was not there I don’t know it’s say so we have to restore
it’s say so we have to restore
it’s say so we have to restore accountability this is really a key
accountability this is really a key
accountability this is really a key building block for restoring trust we
building block for restoring trust we
building block for restoring trust we have also to let innovation positive
have also to let innovation positive
have also to let innovation positive innovation flourish so I’m not fooling
innovation flourish so I’m not fooling
innovation flourish so I’m not fooling myself I know that green finance is just
myself I know that green finance is just
myself I know that green finance is just a tiny part of Finance I know that
a tiny part of Finance I know that
a tiny part of Finance I know that impact investment is just a tiny part of
impact investment is just a tiny part of
impact investment is just a tiny part of investment that is true social impact
investment that is true social impact
investment that is true social impact bonds great products but a billion per
bonds great products but a billion per
bonds great products but a billion per annum
annum
annum remember hundred trillion dollar are
remember hundred trillion dollar are
remember hundred trillion dollar are managed a billion and were trillion so
managed a billion and were trillion so
managed a billion and were trillion so but these innovations are critical and
but these innovations are critical and
but these innovations are critical and they were very visible on around the
they were very visible on around the
they were very visible on around the discussion on cop21 so climate change is
discussion on cop21 so climate change is
discussion on cop21 so climate change is a big driver for innovation we have to
a big driver for innovation we have to
a big driver for innovation we have to let this innovation flourish
let this innovation flourish
let this innovation flourish so that’s really
so that’s really
so that’s really the way we should capture finance in its
the way we should capture finance in its
the way we should capture finance in its core principle then we make the decision
core principle then we make the decision
core principle then we make the decision to finance a more system very well and I
to finance a more system very well and I
to finance a more system very well and I say we made the decision because in 2015
say we made the decision because in 2015
say we made the decision because in 2015 we all agreed and we might remember
we all agreed and we might remember
we all agreed and we might remember several things in particular the United
several things in particular the United
several things in particular the United Nations and Nike nation is not a bunch
Nations and Nike nation is not a bunch
Nations and Nike nation is not a bunch of people in New York United Nations are
of people in New York United Nations are
of people in New York United Nations are all the EDS of states which are
all the EDS of states which are
all the EDS of states which are basically committing their country so
basically committing their country so
basically committing their country so which are physically committing all of
which are physically committing all of
which are physically committing all of us to basic eradicate poverty to develop
us to basic eradicate poverty to develop
us to basic eradicate poverty to develop access to water to Exeter I mean all all
access to water to Exeter I mean all all
access to water to Exeter I mean all all these end to defeat climate change the
these end to defeat climate change the
these end to defeat climate change the 17 global goals so the roadmap is there
17 global goals so the roadmap is there
17 global goals so the roadmap is there second thing we know that when the
second thing we know that when the
second thing we know that when the second building block sorry is cop21 so
second building block sorry is cop21 so
second building block sorry is cop21 so we have the roadmap we know this
we have the roadmap we know this
we have the roadmap we know this sustainable world that we want to build
sustainable world that we want to build
sustainable world that we want to build by 2030 or by 2050 for some from some of
by 2030 or by 2050 for some from some of
by 2030 or by 2050 for some from some of these things but will not get there
these things but will not get there
these things but will not get there without money will not get there without
without money will not get there without
without money will not get there without redesigning the financial system and
redesigning the financial system and
redesigning the financial system and it’s extremely difficult again I don’t
it’s extremely difficult again I don’t
it’s extremely difficult again I don’t want to delude you with figures again
want to delude you with figures again
want to delude you with figures again coincidentally the global GDP so the
coincidentally the global GDP so the
coincidentally the global GDP so the wealth created by the world every year
wealth created by the world every year
wealth created by the world every year and read trillion dollar and read
and read trillion dollar and read
and read trillion dollar and read trillion dollar public aid every year
trillion dollar public aid every year
trillion dollar public aid every year and read 40 billion dollar that’s you
and read 40 billion dollar that’s you
and read 40 billion dollar that’s you compare there is no way you will finance
compare there is no way you will finance
compare there is no way you will finance the fight against climate change you
the fight against climate change you
the fight against climate change you will eradicate poverty etc just with
will eradicate poverty etc just with
will eradicate poverty etc just with this billions to get 200 trillion dollar
this billions to get 200 trillion dollar
this billions to get 200 trillion dollar economy so how do we move from billions
economy so how do we move from billions
economy so how do we move from billions to trillions and that’s where you need
to trillions and that’s where you need
to trillions and that’s where you need to learn cooperation that’s where you
to learn cooperation that’s where you
to learn cooperation that’s where you need to learn new finance how do you
need to learn new finance how do you
need to learn new finance how do you combine public and private people public
combine public and private people public
combine public and private people public and private money to make a difference
and private money to make a difference
and private money to make a difference be it in health I wish you have
be it in health I wish you have
be it in health I wish you have discussed was interesting to see that
discussed was interesting to see that
discussed was interesting to see that even on the small things you need also
even on the small things you need also
even on the small things you need also public money and private money etc
public money and private money etc
public money and private money etc combined that’s that’s very important
combined that’s that’s very important
combined that’s that’s very important that we should not fool ourselves again
that we should not fool ourselves again
that we should not fool ourselves again it’s very difficult if you ask private
it’s very difficult if you ask private
it’s very difficult if you ask private people this oh I don’t want to work with
people this oh I don’t want to work with
people this oh I don’t want to work with the public people these guys are slow
the public people these guys are slow
the public people these guys are slow they don’t like conservative and they
they don’t like conservative and they
they don’t like conservative and they are correct if you ask the public people
are correct if you ask the public people
are correct if you ask the public people about the private but all these guys
about the private but all these guys
about the private but all these guys they want to the reward without taking
they want to the reward without taking
they want to the reward without taking the risk and it’s not just in France or
the risk and it’s not just in France or
the risk and it’s not just in France or in some countries it’s all over the
in some countries it’s all over the
in some countries it’s all over the world with a different perspective so we
world with a different perspective so we
world with a different perspective so we really have to address this to build a
really have to address this to build a
really have to address this to build a necessary skills to build and this is
necessary skills to build and this is
necessary skills to build and this is very understanding that we will not
very understanding that we will not
very understanding that we will not finance a certain labor world if
finance a certain labor world if
finance a certain labor world if don’t address this at the roots if we
don’t address this at the roots if we
don’t address this at the roots if we don’t find the way to combine and join
don’t find the way to combine and join
don’t find the way to combine and join our forces in an appropriate manner if
our forces in an appropriate manner if
our forces in an appropriate manner if we don’t find the way that these five
we don’t find the way that these five
we don’t find the way that these five trillion dollar managed by a single
trillion dollar managed by a single
trillion dollar managed by a single entity are not properly channel to do
entity are not properly channel to do
entity are not properly channel to do the right thing and that’s important
the right thing and that’s important
the right thing and that’s important this money is not some money managed out
this money is not some money managed out
this money is not some money managed out of New York
of New York
of New York or I would have any places in the world
or I would have any places in the world
or I would have any places in the world this is your money this is the money you
this is your money this is the money you
this is your money this is the money you put in your life insurance this is the
put in your life insurance this is the
put in your life insurance this is the money you put in your pension fund in
money you put in your pension fund in
money you put in your pension fund in your banking account don’t separate this
your banking account don’t separate this
your banking account don’t separate this from your mind this is you in this room
from your mind this is you in this room
from your mind this is you in this room this is me that’s a very important
this is me that’s a very important
this is me that’s a very important message so if we want to move to channel
message so if we want to move to channel
message so if we want to move to channel the resources in that direction we have
the resources in that direction we have
the resources in that direction we have to basically play our act certainly I
to basically play our act certainly I
to basically play our act certainly I will finish with that it’s really the
will finish with that it’s really the
will finish with that it’s really the overall framework we need because money
overall framework we need because money
overall framework we need because money is if I if I can say the most universal
is if I if I can say the most universal
is if I if I can say the most universal currency or the most universal value
currency or the most universal value
currency or the most universal value everywhere on earth you have money
everywhere on earth you have money
everywhere on earth you have money almost everywhere on earth you have
almost everywhere on earth you have
almost everywhere on earth you have money so there is no way you can add and
money so there is no way you can add and
money so there is no way you can add and when 90s we approach to what I’ve
when 90s we approach to what I’ve
when 90s we approach to what I’ve discussed money is circulating so you
discussed money is circulating so you
discussed money is circulating so you need a level of cooperation and that is
need a level of cooperation and that is
need a level of cooperation and that is what is at risk to this are tensions I
what is at risk to this are tensions I
what is at risk to this are tensions I mean we see them everywhere so we have
mean we see them everywhere so we have
mean we see them everywhere so we have to make sure that we find a way to
to make sure that we find a way to
to make sure that we find a way to cooperate and design the appropriate
cooperate and design the appropriate
cooperate and design the appropriate framework again how do we work want to
framework again how do we work want to
framework again how do we work want to finance our economies to more what is
finance our economies to more what is
finance our economies to more what is the role of banks what is all of pension
the role of banks what is all of pension
the role of banks what is all of pension funds what is all of investors how do we
funds what is all of investors how do we
funds what is all of investors how do we organize this four type of regulations
organize this four type of regulations
organize this four type of regulations behavior component that will not come
behavior component that will not come
behavior component that will not come out of nowhere so we have to organize a
out of nowhere so we have to organize a
out of nowhere so we have to organize a conversation we also have to find global
conversation we also have to find global
conversation we also have to find global ways to end all issues like health on
ways to end all issues like health on
ways to end all issues like health on the mix let me take an example I mean I
the mix let me take an example I mean I
the mix let me take an example I mean I worked at extensively when I was at the
worked at extensively when I was at the
worked at extensively when I was at the World Bank and the on the fight against
World Bank and the on the fight against
World Bank and the on the fight against Ebola there is no way into this world
Ebola there is no way into this world
Ebola there is no way into this world that you will define an insurance
that you will define an insurance
that you will define an insurance product to ensure Liberia against Ebola
product to ensure Liberia against Ebola
product to ensure Liberia against Ebola doesn’t fly but I mean since the Great
doesn’t fly but I mean since the Great
doesn’t fly but I mean since the Great Plague in certain 48 we know what
Plague in certain 48 we know what
Plague in certain 48 we know what pandemics are so you can really you have
pandemics are so you can really you have
pandemics are so you can really you have series etc so you can really imagine the
series etc so you can really imagine the
series etc so you can really imagine the systems to which you insure the all
systems to which you insure the all
systems to which you insure the all world against the pandemic and of course
world against the pandemic and of course
world against the pandemic and of course we will not ask Liberia to contribute as
we will not ask Liberia to contribute as
we will not ask Liberia to contribute as much as Germany or France or the US but
much as Germany or France or the US but
much as Germany or France or the US but that’s a type of thing where you can
that’s a type of thing where you can
that’s a type of thing where you can build the tools insurance is a great
build the tools insurance is a great
build the tools insurance is a great tool capital markets are great also use
tool capital markets are great also use
tool capital markets are great also use them in that direction I worked on Road
them in that direction I worked on Road
them in that direction I worked on Road Safety you can exactly do the same how
Safety you can exactly do the same how
Safety you can exactly do the same how do you mobilize money for road safety
do you mobilize money for road safety
do you mobilize money for road safety for education except every time you can
for education except every time you can
for education except every time you can combine the right tools and mobilize the
combine the right tools and mobilize the
combine the right tools and mobilize the right money
right money
right money I was at Zorich in long time ago of the
I was at Zorich in long time ago of the
I was at Zorich in long time ago of the tax on the plane ticket so-called chiraq
tax on the plane ticket so-called chiraq
tax on the plane ticket so-called chiraq tax in France this tax when you pay one
tax in France this tax when you pay one
tax in France this tax when you pay one you or whenever you fly is used to
you or whenever you fly is used to
you or whenever you fly is used to finance unit aid and by vaccines for
finance unit aid and by vaccines for
finance unit aid and by vaccines for instance so there are plenty of ways
instance so there are plenty of ways
instance so there are plenty of ways that we can address the question of
that we can address the question of
that we can address the question of financing global public goods and
financing global public goods and
financing global public goods and defeating global public bats we have
defeating global public bats we have
defeating global public bats we have everybody around the table the 20 most
everybody around the table the 20 most
everybody around the table the 20 most powerful aides of states the 20 most
powerful aides of states the 20 most
powerful aides of states the 20 most powerful bankers the 20 most powerful
powerful bankers the 20 most powerful
powerful bankers the 20 most powerful ministers of finance and so on and so
ministers of finance and so on and so
ministers of finance and so on and so forth so if they come make a decision
forth so if they come make a decision
forth so if they come make a decision who can make a decision but these guys
who can make a decision but these guys
who can make a decision but these guys are responsible and accountable busily
are responsible and accountable busily
are responsible and accountable busily you and that’s what I want to conclude
you and that’s what I want to conclude
you and that’s what I want to conclude we are to crossroads the temptation to
we are to crossroads the temptation to
we are to crossroads the temptation to kind of renege on the commitment we made
kind of renege on the commitment we made
kind of renege on the commitment we made in 2015 welcome 21 you know Global
in 2015 welcome 21 you know Global
in 2015 welcome 21 you know Global Gore’s odds are great ambitious but can
Gore’s odds are great ambitious but can
Gore’s odds are great ambitious but can we get there not sure and so on so forth
we get there not sure and so on so forth
we get there not sure and so on so forth so this is really the kind of natural
so this is really the kind of natural
so this is really the kind of natural tendency other side of the crossroads is
tendency other side of the crossroads is
tendency other side of the crossroads is really to take I mean the eye line and
really to take I mean the eye line and
really to take I mean the eye line and say no we really want finance to be a
say no we really want finance to be a
say no we really want finance to be a different tool in our daily life we
different tool in our daily life we
different tool in our daily life we really want to be capable of mobilizing
really want to be capable of mobilizing
really want to be capable of mobilizing these trillions of dollars which are
these trillions of dollars which are
these trillions of dollars which are available which now borrow zero percent
available which now borrow zero percent
available which now borrow zero percent interest rate German bonds or japanese
interest rate German bonds or japanese
interest rate German bonds or japanese bond or Swiss bond and we run this money
bond or Swiss bond and we run this money
bond or Swiss bond and we run this money to be utilized for energy else
to be utilized for energy else
to be utilized for energy else agriculture in Africa India Latin
agriculture in Africa India Latin
agriculture in Africa India Latin America this is a crossroads we are at
America this is a crossroads we are at
America this is a crossroads we are at we have to choose this way because if
we have to choose this way because if
we have to choose this way because if not we have a real problem collectively
not we have a real problem collectively
not we have a real problem collectively and I don’t want as people say that
and I don’t want as people say that
and I don’t want as people say that their generation to question what have I
their generation to question what have I
their generation to question what have I done and it’s not a question for the g20
done and it’s not a question for the g20
done and it’s not a question for the g20 leaders it’s a question for all of us we
leaders it’s a question for all of us we
leaders it’s a question for all of us we have the capacity including through
have the capacity including through
have the capacity including through social networks both etc to be
social networks both etc to be
social networks both etc to be responsible investors consumers citizens
responsible investors consumers citizens
responsible investors consumers citizens and it’s not just they it’s you it’s me
and it’s not just they it’s you it’s me
and it’s not just they it’s you it’s me it’s we together we have one life and
it’s we together we have one life and
it’s we together we have one life and one world thank you very much
one world thank you very much
one world thank you very much [Applause]
”
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