Publications and Research


Callum McCarthy

Document Type

Working Paper

Publication Date



In this paper, the WCIB is publishing remarks delivered by Sir Callum McCarthy, Former Chairman of the U.K. Financial Services Authority (FSA) from September 2003 until September 2008 at the Mitsui USA Lunch-Time Forum held at the Zicklin School of Business, Baruch College/CUNY on December 8, 2010 about the financial crisis: what went wrong and what is needed to make it right. He frames his remarks with the following introduction: I want to address the question that the Queen famously asked at the London School of Economics of an assembly of economist there: why did none of you see this coming? And to answer the question I want to talk about the world as it was in the first half dozen years of this century; what has gone wrong; and what is going to be needed to put it right. I shall concentrate on the issues raised for central banks and regulators, rather than the wider economic issues, for the very good reason that it is the world which I inhabited as chairman of the FSA, the UK regulator between 2003 and 2008, and about which I can therefore speak with some confidence.


This paper was originally published as Vol. 1 No. 4 in the WCIB Occasional Paper Series.

Mitsui USA Lunchtime Forum;91


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