World economic crisis

The Euro has attained an equivalence to the dollar and has stabilised Europe, while bankers' and regulators' lack of acumen has thrown the world into turmoil, according to 'elder statesmen' Schmidt and Giscard.

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Helmut Schmidt gives world view on opening panel

Helmut Schmidt, West German Chancellor (1974-1982)

Bankers lack acumen

"The CEOs of banks, the chairmen of their supervisory boards and the supervisory and regulatory authorities did not understand the individual risks and the order of magnitude of the aggregated risks. I already lost part of my confidence in bankers in the late 1990’s. Since then their infectious greed has destroyed an additional part of my confidence." Download speech

Island of stability

“In ten years, the Euro created concrete solidarity between member countries, and established itself as the world's second currency after the dollar. In a disturbed world, in an ocean of financial greed and banking incoherence, the Euro zone is an island of rationality. The Euro is managed with great expertise and discipline.” Download speech

Setting the scene

"The ZEIT-Stiftung and the German-British Forum are delighted to welcome Helmut Schmidt and Valéry Giscard d'Estaing at such a timely moment in history. The circumstances could not be more imperative to a discussion on European monetary policy and world capital markets, and we are delighted that so many authoritative figures on the subject are here today."

Prof. William Paterson, Chairman, German-British Forum

Honouring a statesman

“Helmut Schmidt's outstanding competence in economic policy made him the most admired European leader in Britain. The coincidence of his imminent 90th birthday and the current financial crisis provided an unmissable oppportunity to honour him and to reflect on the financial crisis.” Download speech