Zak Summerscale
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- Milken Institute55 min
2014 London Summit - Have Central Banks Created an Asset Bubble?
Willem Buiter, Ousmène Mandeng, Robert Seminara, Zak Summerscale, Staci Warden, David Zervos, Wilhelm Stelzenmüller
Panelists led by Wilhelm Stelzenmüller argue that asset bubbles stem from private sector responses to forced central bank liquidity due to fiscal paralysis, rather than direct central bank creation. The discussion contrasts risks in leveraged private equity and covenant-lite loans with the broader credit market, while identifying ineffective post-2008 monetary frameworks and Eurozone structural deficits as key drivers of stagnation. Experts conclude that sustainable recovery requires comprehensive fiscal stimulus and structural reforms, warning that reliance on monetary expansion alone will eventually force a burst of the current credit bubble.
- Milken Institute40 min
MI Summit 2013 - London: Reviving and Recapitalizing Europe
Andrew Goldberg, Peter Guenter, Yann Le Pallec, Keith Savard, Howard Shore, Zak Summerscale, Jan Lepelik
J.P. Morgan's Andrew Goldberg, S&P's Jan Lepelik, and other panelists analyze the ongoing European sovereign and banking crisis, noting that while contagion risks have been contained, fundamental structural deficits and a persistent link between sovereign and bank stability remain unresolved. Experts including Peter Gunter of Sanofi and Keith Savard of the Milken Institute warn that austerity measures are proving self-defeating, arguing that sustainable recovery requires Germany to reflate spending and the EU to address weak consumer demand alongside labor market imbalances. Ultimately, the panel concludes that achieving the necessary political and fiscal integration to stabilize the Eurozone is a multi-decade project fraught with uncertainty, as current divergence between Northern and Southern member states threatens the long-term viability of the monetary union.