The outlook for the global economy remains fragile. While there are certainly encouraging signs of recovery, particularly in Asia, significant risks remain around global imbalances, deleveraging in the West and the unintended consequences of stimulus packages and regulatory changes. Unemployment across many countries remains stubbornly high.
Meanwhile, questions continue to be asked about the role of banks in society and how best to structure the financial sector to facilitate growth, investment, trade and job creation. We must do our bit as bankers to restore trust in the financial system. This means acknowledging what went wrong during the financial crisis and articulating the essential part banks play in the economy.
