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About the Speech:
Lord Turner assessed the appropriate role for monetary financing by central banks of governments’ fiscal deficits. He argued that while the economic effectiveness of monetary financing is not in question, the issue is to design aset of political economy rules which deal with both the benefits and constraints of monetary financing. Lord Turner contended that this would be a less risky way to achieve stimulation of demand than any alternative policy lever.
About the Speaker:
Lord Turner became Chairman of the Institute for New Economic Thinking in 2015. Prior to that he chaired the UK Financial Services Authority from 2008 until 2013. During this time he played a leading role in the redesign of the global banking and shadow banking regulation as Chairman of the International Financial Stability Board’s major policy committee. Lord Turner led the McKinsey practice in East Europe and Russia in the early 1990s, and was Director General of the CBI (Confederation of British Industry) 1995-2000. He became a cross-bench member of the House of Lords in 2005. He is the author of several publications, the most recent of which is ‘Between Debt and the Devil: Money, Credit and Fixing Global Finance’ (Princeton 2015).