Financial Competition, Risk and Accountability

FORREST CAPIE Professor of Economic History, City University Business School MARTIN DONNELLY Deputy Head of the European Secretariat of the Cabinet Office JOHN G. ELLIS Financial Ethics Division, Financial Services Authority STEP.HAN HERTEN Lecturer, Wolverhampton University GLENN HOGGARTH Senior Economist, Financial Intermediaries Division, Bank of England JENS HA-LSCHER Visiting Commerzbank Chair of Money and Finance, Chemnitz University of Technology, Germany BARRY HOWCROFT Professor of Retail Banking and Director of Loughborough University Banking Centre ELIAS KARAKITSOS Professor of Economics and Head of the Economics Section, Management School, Imperial College, London NORBERT KLOTEN Member of the Economic Advisory Council, Federal Ministry of Economics BENEDIKT KOHLER General Manager, London Branch of Norddeutsche Landesbank JAN KREGEL Professor of Economics, University of Bologna, Italy ALISTAIR MILNE Lecturer, University of Surrey and Adviser to the Bank of England MATHIAS MOERSCH Senior Economist, Deutsche Genossenschaftsbank AG, Frankfurt IAN MORISON previously Director of Loughborough University's Banking Centre ERIC OWEN SMITH Senior Lecturer in Economics, Loughborough University JULIANE PFAU Senior Research Officer, Institute for Financial Services, Hamburg UDO REIFNER Director, Independent Institute for Financial Services, and Professor of Commercial Law, University of Hamburg LEO SCHA STER Professor of Banking and Finance, Catholic University of Eichstatt, Ingolstadt, Germany JAN TOPOROWSKI Reader in Economics, South Bank University ANDREW TYLECOTE Professor of Economics and Management of Technological Change, University of Sheffield ANDREAS WAGNER Strategy Specialist, Bayerische Landesbank, Munich NORBERT WALTER Chief Economist, Deutsche Bank AG JUSTIN WELBY previously worked in Treasury Department at major London banks GEOFFREY E. WOOD Professor of Economics, City University, London

Recent decades have seen a sharp increase in financial competition, intensified by globalisation. This volume attempts to analyse and explain financial market developments at the turn of the millennium with the emphasis on the need for greater responsibility and a more ethical approach to financial decision-making.Recent decades have seen a sharp increase in financial competition, intensified by globalisation. Excessive risk-taking leading to inevitable business failures at times reached worrying proportions. A contributing factor arose from the complexities of the derivative and other new markets. This volume attempts to analyse and explain financial market developments at the turn of the millennium with the emphasis on the need for greater responsibility and a more ethical approach to financial decision-making.