Part Two: Pros and Cons of Stable Monetary Value

Charles Goodhart, Ben Dyson, Marusa Freire, Alderman Professor Michael Mainelli

A panel discussion with Professor Charles Goodhart, Ben Dyson and Marusa Freire, chaired by Professor Michael Mainelli.

Charles Goodhart, CBE, FBA is Emeritus Professor of Banking and Finance with the Financial Markets Group at the London School of Economics, having previously, 1987-2005, been its Deputy Director. Until his retirement in 2002, he had been the Norman Sosnow Professor of Banking and Finance at LSE since 1985. Before then, he had worked at the Bank of England for seventeen years as a monetary adviser, becoming a Chief Adviser in 1980. In 1997 he was appointed one of the outside independent members of the Bank of England's new Monetary Policy Committee until May 2000. Earlier he had taught at Cambridge and LSE. Besides numerous articles, he has written a couple of books on monetary history; a graduate monetary textbook, Money, Information and Uncertainty (2nd Ed. 1989); two collections of papers on monetary policy, Monetary Theory and Practice (1984) and The Central Bank and The Financial System (1995); and a number of books and articles on Financial Stability, on which subject he was Adviser to the Governor of the Bank of England, 2002-2004, and numerous other studies relating to financial markets and to monetary policy and history. His latest books include The Basel Committee on Banking Supervision: A History of the Early Years, 1974-1997, (2011), and The Regulatory Response to the Financial Crisis, (2009).

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Ben Dyson is a specialist in money and banking. He has spent 5 years researching the creation of credit and money by the banking system and building up an understanding of unstable debt-based money supply on the economy and society as a whole. He is the founder and director of Positive Money, a not-for-profit dedicated to raising awareness of problems with our monetary system amongst the general public, policy makers, think tanks, charities, academics and unions. Ben has also worked on proposals and draft legislation that would apply Irving Fisher's full-reserve banking solution to a modern, digital-age banking system.

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Marusa Vasconcelos Freire is legal counsel at the Central Bank of Brazil since 1994, having held the position of Vice General Counsel (2010-2011), Deputy General Counsel (2009-2010) and Chief Counsel of the Center for Legal Studies (2006-2009). Previously, she held the position of General Counsel for the Administrative Council of Economic Defense, the Brazilian Competition Law Agency (1996-1999). She is a specialist in Central Banking, Financial and Monetary Law and Financial Sector Regulation, as well as in Microfinance, Electronic Money, Social Economy, Social Money (Complementary Currencies) and Creative Economy. In 1998 she completed her Masters Degree in Law and The State and in 2011 she completed her PhD in Law, The State and The Constitution, both at the Faculty of Law, University of Brasília.  During this period, she was a Visiting Scholar at Stanford University (California, USA), affiliated with the Center for Latin American Studies (2001-2002), and completed an advanced course of study on Financial Law, International Economic Law and Economic Community Law at the Faculty of Law, University of Lisbon (Portugal).

At the Brazilian Central Bank she was responsible for participating, on behalf of the Legal Department of the Central Bank of Brazil, at meetings and discussions for the ratification of the Hague Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary, and for the draft of UNIDROIT Convention on Harmonized Substantive Rules Regarding Intermediated Securities, as well as on the Project to Study Social Money (Complementary/Community Currency Systems) and on the Financial Inclusion Project and the Social and Environmental Responsibility of the Financial System Project. From March 2012 to February 2013 she will be a Visiting Fellow at the London School of Economics where she will be based in the Legal Department researching “Smart Social Money for Inclusive and Sustainable Finance”.

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Alderman Professor Michael Mainelli is Emeritus Mercers' School Memorial Professor of Commerce at Gresham College, having held the chair from 2005 to 2009. His first degree was in Government from Harvard, followed by mathematics and engineering studies at Trinity College Dublin and a PhD from the London School of Economics in chaotic systems, where he was also a Visiting Professor.

Professor Mainelli is Executive Chairman of Z/Yen, the City of London’s leading commercial think-tank and venture firm, which he co-founded in 1994 to promote societal advance through better finance and technology. A qualified accountant (FCCA), securities professional (FCSI), computer specialist (FBCS) and management consultant (FIC), Michael began his career as a research scientist in aerospace (rockets) and computing (architecture & mapping). He later became a senior partner with accountants BDO Binder Hamlyn directing global consulting projects. During the 1990s he worked for the UK Ministry of Defence as Corporate Development Director for Europe’s then largest R&D firm, the Defence Evaluation & Research Agency leading to two privatisations. Career highlights include directing Z/Yen’s Long Finance initiative with Gresham College and the City of London Corporation asking “when would we know our financial system is working?” as well as creating the Global Financial Centres Index, Global Intellectual Property Index, London Accord and Farsight Award. Michael also conceived and produced the first complete digital map of the world in 1983, Mundocart (a 1980’s Google Earth), and the $20 million Geodat consortium cartography project.

Michael is non-executive Director of the United Kingdom Accreditation Service (UK’s national body for standards and laboratories), AIM-listed Sirius Minerals plc (potash mining), AIM-listed Wishbone Gold Plc; Alderman for Broad Street Ward (elected) at the City of London Corporation; Almoner for Christ’s Hospital School; Trustee of International Fund for Animal Welfare. Michael has held numerous advisory posts, for example with Hitachi UK, City University and HM Treasury. Michael won a 1996 UK Foresight Challenge award for the Financial Laboratory, 2003 UK Smart Award for prediction software, 2005 British Computer Society Director of the Year, 2011 Technology Strategy Board Challenge Award for financial avatars, and was awarded Gentiluomo of the Associazione Cavalieri di San Silvestro in 2011. Michael is a Liveryman, Worshipful Company of World Traders, Freeman, Watermen & Lightermen, and represents the Financial Services Group of Livery Companies.

Michael has published over 40 journal articles, 150 commercial articles and four books. Michael’s humorous risk/reward management novel, Clean Business Cuisine: Now and Z/Yen, written with Ian Harris, was a Sunday Times Book of the Week in 2000; Accountancy Age described it as “surprisingly funny considering it is written by a couple of accountants”. Their third co-authored book, The Price of Fish: A New Approach to Wicked Economics and Better Decisions, based on his Gresham lectures, won the 2012 Independent Publisher Book Awards Finance, Investment & Economics Gold Prize. Michael plays bagpipes, loves skiing and sailing and, with his wife, Elisabeth, he races and restores the 1923 Thames Sailing Barge Lady Daphne and sits on the world’s oldest sailing racing body, the Thames Match Committee. With an international family, Michael speaks English, German, French and Italian poorly, but even worse Spanish and Chinese.

To access all of Professor Mainelli's previous Gresham College lectures, please click here.

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