[ad_1]
In late October of 2023 greater than 40 of Europe’s strongest bankers convened on the palatial Dolder Grand lodge overlooking Zurich for 3 days of discussions in regards to the state of their trade. Attendees
got the possibility to quiz Switzerland’s finance minister Karin
Keller-Sutter and central financial institution governor Thomas Jordan, simply over six
months after the pair performed key roles within the rescue of Credit score Suisse by
its rival UBS. The talks, which weren’t publicly disclosed, have been
organized by a extremely influential organisation whose existence is barely
recognized exterior its rarefied membership.
» This isn’t like Davos, the place anybody should purchase their method in. This actually is unique. «
[…] In one of many few publicly disclosed speeches given to the IIEB, European Central Financial institution vice-president Lucas Papademos started addressing the October 2006 IIEB assembly in Athens by quoting Adam Smith’s warning in opposition to collusion from ‘The Wealth of Nations‘: “Individuals of the identical commerce seldom meet collectively even for merriment and diversion, however on these events after they meet the dialog ends in a conspiracy in opposition to the general public or some contrivance to boost costs. If he might have seen this gathering of prime bankers from throughout Europe, would he have expressed such an opinion, which might even be a explanation for alarm for a central banker due to the potential ‘contrivance to boost costs’? I very a lot doubt it.”
[ad_2]