Singapore Global Dialogue 2011 - Opening Keynote Address

"Rebalancing the International Economic Order"

Lord Peter Mandelson
Chairman, Global Counsel LLP

Lord Mandelson addressed the imbalances of the current global economy. He argued they would be better tackled as a matter of economic policy rather than viewed through national stereotypes or as economic conspiracy. This is because patterns of spending and savings are often the result of specific policy choices and incentives affecting the relationship between production and consumption in individual countries. Hence if these imbalances flow from public policy choices, they are, in principle, possible to fix. One way to address this issue is to alter savings rates in different countries. To this end, there needs to be policies that would shift the balance between production and consumption in both the deficit and surplus economies.

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Education

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