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COVID-19 has caused a global collapse in activity and loss of jobs that is probably unprecedented in its scale and speed.

Small and large businesses across every country in the world have had to close their doors to customers and employees. The sharp accompanying decrease in firms’ revenues and households’ incomes will result in the first global recession since 2009. It will also present the global financial system with its largest stress event since at least the global financial crisis.

Dr Julia Giese, Bank of England, and Professor Cameron Hepburn, INET Oxford, will discuss that banks are now part of the solution, rather than part of the problem, thanks to regulatory and institutional reforms over the past decade. Heeding the lessons from the Global Financial Crisis has paid dividends. They will outline some early lessons from the COVID-19 crisis for the financial system going forward.

This talk is in conjunction with The Smith School of Enterprise and the Environment at the University of Oxford and the Oxford Review of Economic Policy.

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Julia Giese

Dr Julia Giese
Head of the International Surveillance Division, Bank of England

Julia Giese is an experienced central bank economist. Following a stint at Lehman Brothers in 2005/06 and later at the Financial Times, she joined the Bank of England in 2008 and is currently Head of the International Surveillance Division, responsible for monitoring global macroeconomic developments and financial stability risks on the horizon.

Besides working on international issues, Julia takes a keen interest in macroeconomic policy design, in particular around unconventional monetary policies and macroprudential policies. Julia holds a DPhil in Economics from the University of Oxford and has published in academic journals.

Cameron Hepburn

Professor Cameron Hepburn
Director, Smith School of Enterprise and the Environment

Cameron Hepburn is Professor of Environmental Economics at the University of Oxford; Director of the Smith School of Enterprise and the Environment; and Managing Editor of the Oxford Review of Economic Policy. He also serves as the Director of the Economics of Sustainability Programme, based at the Institute for New Economic Thinking at the Oxford Martin School and Lead Researcher on the Oxford Martin School Post-Carbon Transition Project & Oxford Martin Programme on the Future of Plastics.

Cameron has published widely on energy, resources and environmental challenges across disciplines including engineering, biology, philosophy, economics, public policy and law, drawing on degrees in law and engineering (Melbourne University) and masters and doctorate in economics (Oxford as a Rhodes Scholar). He has co-founded three successful businesses and has provided advice on energy and environmental policy to government ministers (e.g. China, India, UK and Australia) and international institutions (e.g. OECD, UN).


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