In such a manner, the central banks’ objective at the time was to prevent the occurrence of a financial panic and to contribute to economic development by ensuring stability of the financial system. This situation gradually changed after the start of the 20th century. In particular, the international gold standard collapsed in the 1930s and each country shifted to a fiat money system.
Financial markets: The current landscape I would like to start with the current scenery in the financial markets. As portfolio managers and investment managers, analysing the financial markets is your day-today business. The agenda for tomorrow’s conference gives you a great opportunity to exchange views on the outlook and trends in financial markets.