Money Makes the World Go Around? CIFR’s Financial System Inquiry
By Scott Donald, UNSW
Liza Minelli got it wrong. Money does not make the world go around. The sun’s gravity does that. But the government’s current Financial System Inquiry is reviewing in great detail the role played by the financial system in the economy and in society.
UNSW Law researchers are playing a key role in ensuring that the Inquiry has the benefit of academic input into its analysis. Professors Justin O’Brien, Dimity Kingsford Smith, Ross Buckley and Dr. Scott Donald all chaired specialist sessions at a recent Workshop hosted by the Centre for International Finance and Regulation on behalf of the Inquiry. Professor O’Brien also moderated a Panel of industry experts and conducted an interview with Professor Patrick Honohan, Governor of the Central Bank of Ireland. Drs. Megan Bowman, Rob Nicholls and George Gilligan, from UNSW Law’s Centre for Law Markets and Regulation also presented papers.
The Workshop was a great success. It was attended by over 200 participants drawn from the senior ranks of policy and regulatory circles, from the professions and from the academy itself. As CIFR CEO Professor David Gallagher noted: ‘The event was a great success and really showcased what the academy has to offer to public policy reforms in the financial sector.’ Notably, there were more contributions from UNSW Law than any other source.
Perhaps the most important message that emerged from the Workshop was the role played by culture in the way financial markets are regulated. The experiences of recent years has seen notions of fairness, ethics accountability and fiduciary responsibility re-emerge as priorities in financial market regulation. Not coincidentally, these also happen to be areas in which UNSW Law researchers are recognised leaders in Australia and globally, so there is much more to be done.
For full details of the Workshop, including podcasts of the key sessions and summaries of proceedings, please visit: cifr.edu.au
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