The latest attempt by the government to rehabilitate the battered reputation of the City of London takes place on Wednesday when Mark Carney, the governor of the Bank of England, invites the public to have their say on the future of financial markets.
Carney has invited the chancellor, George Osborne, and the president of the European Central Bank, Mario Draghi, to be the guests of honour at a day-long event at the Guildhall in London.
Half the 400-strong audience will be made up of members of the public who were allocated their seats by ballot and will have the chance to sit alongside representatives of the banks blamed for crashing the economy and besmirching the reputation of the financial sector.
Carney announced the Open Forum following the Libor and foreign exchange scandals. When he unveiled the idea during his Mansion House speech in June, Carney had said “the age of irresponsibility” that has gripped the financial sector needed to end.
Members of the public will be asked to give their ideas to make changes to the way markets operate on the theme of “building real markets for the good of the people”.
A series of panel events will take place on which the Financial Conduct Authority’s acting chief executive, Tracey McDermott, will appear alongside Bank of England deputy governors Sir Jon Cunliffe, Andrew Bailey and Minouche Shafik. Top bankers will also be speaking, including the chairman of Royal Bank of Scotland, Sir Howard Davies, and Axel Weber, chairman of the Swiss bank UBS.
The Bank is concerned about the impact that the $150bn (£96bn) worth of fines imposed on major banks since the 2008 crisis is having on the world economy. The cost could be depriving the global economy of $3tn of credit, according to Theadneedle Street.
This article was written by Larry Elliott and Jill Treanor, for theguardian.com on Wednesday 11th November 2015 06.00 Europe/Londonguardian.co.uk © Guardian News and Media Limited 2010