'Global Financial Crisis and Future Outlook' conference kicks off at ECSSR

  • 27 November 2012

'The Global Financial Crisis and Future Outlook' conference', organized by the Emirates Center for Strategic Studies and Research (ECSSR), in collaboration with the University of Maine, kicked off today to deliberate on a number of issues The 2-day event which was attended by an elite group of experts and specialists, both from the UAE and the US, commenced with welcoming remarks by Dr. Jamal Sanad Al-Suwaidi, Director-General of the ECSSR.

Al-Suwaidi cited globalized financial and economic systems, immigration of capital, high openness of the financial markets and non-guaranteed and non-regulated real estate loaning as major causes of the global financial crisis which forced governments around the world to directly intervene to counter the consequences.

The efforts of experts, thinkers and academicians could ease the 'compound crisis' which mandates joint global efforts to come up with practical and realistic solutions, according to Al-Suwaidi.

In 2008, the crisis which began in the USA resulted in the threat of total collapse of large financial institutions, the bailout of banks by national governments, and downturns in stock markets around the world.

The conference's Panel I will discuss the economic and institutional impact of the financial crisis, while Panel II will delve into the political and social consequences of the financial meltdown, in terms of the shift in global centers of power, the ensuing political and social unrest and the impact of the crisis on the education process.

Day Two will open Panel III of the Conference entitled: 'The Future of World Economy After The Crisis' to cover the political, economic and social dimensions of the subject. The discussion panel will conclude with the role of the GCC in the new world economy and the affect of the shift in power centers on GCC countries.