On Friday 13 May, the London School of Economics and Political Science (LSE) held a special event in Madrid. It was attended by over 50 top business and policy representatives. Dr José Viñals, Financial Controller and Director of the Capital Markets and Monetary Policy at the IMF, gave a talk on the ´Global Financial Situation´ at the law firm Gómez-Acebo & Pombo.
Dr Viñals completed a Master´s degree at the LSE in Economics, before moving to Harvard for his PhD. He spent a part of his career at the Bank of Spain, as Head of International Relations and then Deputy Governor, before moving to his current post at the IMF to take over from Jaime Caruana. Dr Viñals is also President of the LSE Alumni in Spain, taking time out of his busy schedule to join LSE Enterprise´s Spanish-led projects around the world. This has included recent events in Miami, Washington DC, London and Madrid. Dr Viñals also recently helped create collaborations between the IMF and LSE´s Systemic Risk Centre, sharing expertise and research on crucial issues related to global macro-prudential policy.
Dr Viñals spoke about the fragility of the global financial system, which is still prone to political risk shocks, for example: ISIS, Brexit, US elections, and Venezuela. He also discussed the outcomes of QE; scenarios for the Chinese economy; and the continued low price for commodities affecting the ability of emerging markets. Dr Viñals concluded that domestic consumption, one of the main drivers of growth in economies such as the United States and Europe, is still at lower levels since the crisis. Well-structured monetary policy is needed to continue to stimulate global demand.
The event was hosted and introduced by LSE alumnus Manuel Martín Martín, Chairman of Gómez-Acebo & Pombo, and chaired by Adam Austerfield, Secretary-General of the LSE Alumni in Spain and LSE Enterprise Director of Global Market Development.
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