TOMMASO PADOA-SCHIOPPA

The Short View

A Conversation with Beda Romano on the Great Financial Crash

This book is an attempt to understand and interpret the current economic and financial crisis, the most disruptive in recent memory due to the fact that it is also a political, institutional, and cultural crisis. The pre-existing framework of rules, checks, and government activities - that is a necessary complement of a market economy and counterbalances individuals' and businesses' pursuit of profit - evidently failed. In particular, there has been a considerable reduction in the time horizon which guides markets, governments, media, businesses, families, and our psychological outlooks. It is this "short view", this inability to rise above short-term reckoning and contemplate our long-term future, that lies at the origin of the current crisis, as Tommaso Padoa-Schioppa asserts in this extended and intense conversation with Beda Romano.

Tommaso Padoa-Schioppa is the president of the Notre Europe research centre, founded by Jacques Delors. He is a former minister of Economics and Finance in Italy, a former central banker in both Rome and Frankfurt, and an official of the European Commission.

series "Contemporanea"
pp. 192, 978-88-15-13097-6
publication year 2009