Making Markets Fair and Effective

Contributor(s): Dr Minouche Shafik | The wholesale financial markets are some of the largest in the world, and matter to all of us. But public confidence in these markets has been rocked by a series of misconduct scandals in recent years, such as those affecting LIBOR. How far have the underlying causes of this misconduct been identified and tackled? And what is left to be done? Minouche Shafik, Deputy Governor of the Bank of England, will discuss how the Fair and Effective Markets Review – launched by the Chancellor of the Exchequer and the Governor of the Bank of England this summer – is seeking to answer these questions. Nemat (Minouche) Shafik became Deputy Governor of the Bank of England on 1 August 2014. She is Deputy Governor for Markets & Banking. She represents the Bank in international groups and institutions, including as G7 Deputy and in the Bank's engagement with the IMF, overseas central banks and the Bank for International Settlements (BIS). Dr Shafik sits on the Monetary Policy Committee, and attends the Financial Policy Committee and the Bank's Court of Directors. Prior to joining the Bank, she was Deputy Managing Director of the International Monetary Fund from 2011-2014 where she was responsible for the IMF’s work in Europe and the Middle East, the IMF’s $1 billion administrative budget, human resources policies for its 3,000 staff and the IMF’s training and technical assistance on a variety of macroeconomic and financial stability issues. She regularly chaired the Board of the IMF and represented the organization in a variety of global fora. Minouche Shafik was Permanent Secretary of the Department for International Development from March 2008 to March 2011 where she was chief executive of the department responsible for all UK development efforts. Prior to joining DFID in 2004, Minouche Shafik was Vice President at the World Bank where she improved the performance of a private sector and infrastructure portfolio of investments worth about $50 billion and managed global groups to provide both policy advice, debt and equity investments jointly with the International Finance Corporation in the areas of oil, gas and mining, telecommunications, small and medium enterprises, project finance and guarantees. Minouche Shafik has also chaired six international consultative groups and served on seven boards on a wide range of sectors and issues. She has held academic appointments at the Wharton Business School of the University of Pennsylvania and the Economics Department at Georgetown University. Minouche Shafik attained her BA in Economics and Politics from the University of Massachusetts-Amherst, her MSc in Economics from the London School of Economics and Political Science, and a DPhil in Economics from St. Antony's College, Oxford University. Minouche Shafik has authored, edited, and co-authored a number of books and articles on a wide variety of economic topics. Nicholas Stern is IG Patel Professor of Economics and Government, chair of the Grantham Research Institute and chair of the Centre for Climate Change Economics and Policy.Credits: Tom Sturdy (Audio Post-Production), LSE AV Services (Audio Recording).