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"The crisis born of greed and unethical behavior of banks and financial institutions and their solution is a thorough reform of both realities," he said today in UCAM Professor of Applied Economics, UNED, Director of the Chair BBVA and former director of CUNEF, Jaime Requeijo, who has ruled the conference "The global economic crisis: reflections from the Ethics."
The paper is framed in the informative program of the Chair in Ethics, Politics and Humanities UCAM-FAES.
Jaime Requeijo, has placed the origins of the serious economic situation we are facing at the beginning of the nineties, when we attended the start of full freedom of movement of capital in the developed world and part of the emerging, which sparked a major revolution in the markets.
"Today, anyone can move money freely at will.
The global financial market is unified, creating a fierce competition.
The application of computers is the second driver of change in finance, by allowing a transfer and speed operations. "
Requeijo added that "the third vector of change revolves around the existence of a shadow financial system, composed of investment banks and hedge funds, less regulated than traditional financial systems."
The professor has been highlighted as triggers of the financial crisis, puncture the bubble of risk, appropriate behavior and confidence.
The economist said that the future of the economy is not at all clear, and that globally there is a large debt moratorium, which must be overcome.
"The greed and lack of ethics, have led us to this situation and the solution is to reform the banking and financial system and to regulate more wisely in the process of financial intermediation," he assured.
Source: UCAM
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