“The explosion of financial innovation unaccompanied by credible systemic regulation has made the financial system vulnerable. The resulting crisis of confidence threatens global prosperity in the increasingly interdependent world in which we live. There is, therefore, a need for a new international initiative to bring structural reform in the world's financial system with more effective regulation and stronger systems of multilateral consultations and surveillance. This must be designed in as inclusive a manner as possible.”

— Manmohan Singh

On the financial crisis of 2007–08, as quoted in "Full text of Manmohan Singh's speech at UN General Assembly" http://www.hindustantimes.com/world-news/full-text-of-manmohan-singh-s-speech-at-un-general-assembly/article1-340789.aspx, Hindustan Times (27 September 2008)
2006-2010

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "The explosion of financial innovation unaccompanied by credible systemic regulation has made the financial system vulne…" by Manmohan Singh?

Manmohan Singh 27

13th Prime Minister of India 1932

Related quotes

“The global crisis is caused by pathologies inherent in the global financial system itself.”

George Soros (1930) Hungarian-American business magnate, investor, and philanthropist

The Crisis of Global Capitalism (1998)

“The IMF and World Bank are still appalling, and now the World Trade Organisation too. All over the world people die unnecessarily because of the international financial system. Every year the international financial system kills more people than World War II. But at least Hitler was mad.”

Ken Livingstone (1945) Mayor of London between 2000 and 2008

NME, 15 April 2000
Source: https://web.archive.org/web/20000529082432/http://www.nme.com/newsdesk/20000411113543.html

“Unless the Social System does not come till then the financial crisis will remain as it exist in the present system for Dalits.”

Ravindra Prabhat book Taki Bacha Rahe Loktantra

Taki Bacha Rahe Loktantra (Novel), Hindyugm Books, 2011.

“A new global financial environment has unfolded in several stages since the collapse of the Bretton Woods system of fixed exchange rates in 1971.”

Michel Chossudovsky (1946) Canadian economist

Source: The Globalization of Poverty and the New World Order - Second Edition - (2003), Chapter 20, Global Financial Meltdown, p. 309

“It is time to recognize that financial markets are inherently unstable. Imposing market discipline means imposing instability, and how much instability can society take? … To put it bluntly, the choice confronting us is whether we will regulate global financial markets internationally or leave it to each individual state to protect its interests as best it can. The latter course will surely lead to the breakdown of the gigantic circulatory system, which goes under the name of global capitalism.”

George Soros (1930) Hungarian-American business magnate, investor, and philanthropist

The Crisis of Global Capitalism (1998)

“We have a massive system to regulate creativity. A massive system of lawyers regulating creativity as copyright law has expanded in unrecognizable forms, going from a regulation of publishing to a regulation of copying.”

Lawrence Lessig (1961) American academic, political activist.

OSCON 2002

“But the problem is that the boundaries of tax havens themselves can become very blurred. London is an international financial system that sees trillions of dollars from all over the world go through it each year, and that offers the most sought after financial services. This alone would be enough to make this city a desired anchorage for those looking to launder and reinvest unlawful funds. But there is more; besides this, the British capital is at the heart of the world’s most important offshore system.”

Roberto Saviano (1979) Italian journalist, writer and essayist

Dirty Money in London event (2016)

“In sharp contrast (with the traditional social planning) the systems design approach seeks to understand a problem situation as a system of interconnected, interdependent, and interacting issues and to create a design as a system of interconnected, interdependent, interacting, and internally consistent solution ideas.”

Béla H. Bánáthy (1919–2003) Hungarian linguist and systems scientist

Source: Designing Social Systems in a Changing World (1996), p. 46; as cited in: Charles François (2004), International Encyclopedia of Systems and Cybernetics. p. 164

“The world is full of self-organizing systems, systems that form structures not merely in response to inputs from outside but also, indeed primarily, in response to their own internal logic. Global weather is a self-organizing system; so, surely, is the global economy.”

Paul Krugman (1953) American economist

Source: The Self-Organizing Economy (1996), Chapter 9. Concluding Thoughts

“… the organization chart will initially reflect the first system design, which is almost surely not the right one [… ] as one learns, he changes the design [… ]. Management structures also need to be changed as the system changes…”

Fred Brooks (1931) American computer scientist

The Mythical Man-Month: Essays on Software Engineering (1975, 1995)

Help us to complete the source, original and additional information

Manmohan Singh 27

Related quotes

Related topics