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"Origins and solutions to the crisis"

Michel Camdessus

With postgraduate degrees in economics at the Institute of Political Studies of Paris and the prestigious National School of Administration, Michel Camdessus is considered to be one of the most relevant personalities in the world economy He was deputy Governor and Governor of the Bank of France from November 1984 until he was appointed Managing Director of the International Monetary Fund (IMF) in 1987.

Nowadays he is managing the capitalization founds for the Bank of France, approved on Oct 2008 by the frech President, Nicolás Sarkozy, to help the national financial entities.

"At the early of 2010 North American economy will begin a positive and slow recovery process, Spain will begin a little bit later"

Interview to Michel Camdessus at the "XX Enterprise Meeting" organized by Elkargi, San Sebastián, 26th March 2009. With the title "Financial aspects of the crisis: how to get over it", Michel Camdessus explained the measures proposal to the next G20 meeting.

Mr. Camdessus speech was leading at the economical proposal given by him and several experts to help to the European Authorities to debate the economical crisis solutions at the next G20 chamber.

The following are the proposal changes:

1. EEUU role. It will relinquish its "right of veto" at the International Financial Institutions, for instance the IMF
2. Emerging countries role. They must own more power at the International Financial Institutions
3. Climate change. New institutions will be created to the rules and regulations establishment to avoid the toxic emissions. The aim is to find out urgent and effective solutions to minimize the effects of the climate change

Mr. Camdessus has emphasized that the crisis origin has been the ethic foults at the financial system

"We need a more human economy. This concept is the same that Adam Smith thought would happen in the game of the market rules".
He ended his presentation with a perfect finale, "we have to return to the old ethical values, in special to three of them: global responsibility, solidarity and sense of global citizenship. This is the unique way to follow to overcome this crisis"

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