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Thursday, 21 September 2006, 12:00AM

Productivity and Capital Markets: Globalization Meets Parish-Pump Politics

Professor Werner G Seifert

How do we attain Joseph Schumpeter’s ideal of market forces, “creative destruction”, rather than slowly stagnate? In Europe, we have particular problems balancing economic policy with labour productivity. Are we in danger of Europe landing on the ‘scrapheap’ of the global economy? Is current European policy neglecting capital productivity as a superior effect on the “wealth of nations”?

Professor Seifert intends to explore the relationship between productivity and the capital markets. He will argue that while it is essential to have an integrated perspective of all factors that determine the wealth of nations, only if its capital markets unfold their full potential will Europe not fall further behind its global competitors.

This is the 2006 Sir Thomas Gresham Docklands Lecture.

Other Sir Thomas Gresham Docklands Lectures can be accessed here:
2015 - Mark Hoban
2014 - Verena Ross
2013 - David Weaver
2012 - Charles Taylor
2011 - Andy Haldane
2010 - Anne Craine
2009 - Charles McCreevy
2008 - Bill Emmott
2007 - David Blood
2005 - Sir David Tweedie
2004 - Callum McCarthy

professor-werner-g-seifert

Professor Seifert began his career with McKinsey & Co, moving later to Swiss Re. From 1993 to 2005 Professor Seifert was CEO of Deutsche Börse. As CEO, Professor Seifert transformed the Frankfurt market from a local market into one of the most important exchanges in the world. He developed the successful electronic trading platform Xetra and integrated the futures exchange Eurex into the firm. Professor Seifert has a reputation as a visionary and strategic thinker, but he has also shaped thinking about what it means to be a financial market, for instance Deutsche Börse floated well before its main rivals, the London Stock Exchange and Euronext.

Of course Professor Seifert particularly caught the attention of the City of London when he tried to merge Deutsche Börse with the London Stock Exchange in 2000 and led Deutsche Börse’s controversial takeover discussions with the London Stock Exchange in 2005. Professor Seifert resigned from Deutsche Börse last year, though he remains active in a number of professional capacities, for instance as a Member of the Advisory Board for the Monetary Authority of Singapore and as a Professor for Capital Market Theory at the European Business School.

Professor Seifert is a modern renaissance man and a noted jazz musician. He has published frequently including a sweeping new vision in his (co-authored) book “European Capital Markets” published in English in 2000 and a factual thriller about hedge funds and markets, “Invasion der Heuschrecken” (“Invasion of the Locusts”), coming out in 2006.

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21 September 2006

Productivity and Capital Markets: Globalization Meets Parish-Pump Politics
Professor Werner G Seifert

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