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Summers, Lawrence


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Polska - Poland | 16/06/2009

Timothy Geithner and Lawrence Summers on the background to the financial crisis

Timothy Geithner und Lawrence Summers, both advisers to US President Barack Obama, express their views on the financial crisis in the Polish daily Polska. They remain determined but stress the scale of the problems to be faced: "Over the past two years, we have faced the most severe financial crisis since the Great Depression. The financial system failed to perform its function as a reducer and distributor of risk. Instead, it magnified risks, precipitating an economic contraction that has hurt families and businesses around the world. We have taken extraordinary measures to help put America on a path to recovery. But it is not enough to simply repair the damage. The economic pain felt by ordinary Americans is a daily reminder that, even as we labor toward recovery, we must begin today to build the foundation for a stronger and safer system. This current financial crisis had many causes. It had its roots in the global imbalance in saving and consumption, in the widespread use of poorly understood financial instruments ... . But it was also the product of basic failures in financial supervision and regulation."

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