Banks after the bubble

What will happen to the banking system after the storm? His views on this subject before the students shared the chief financial officer of the largest Italian bank «Intesa Sanpaolo» Carlo Messina. Public Lecture held at the Russian Economic Academy. Plekhanov. Foreign visitor finds the main cause of the global financial crisis pawned in mid-2000's, when the price of real estate on both sides of the Atlantic has grown at a considerable pace. During this period swelled "bubbles" of the investment sector - the majority of players in the market allowed anyone wishing to purchase houses and apartments. Buyers overestimate their capabilities, and they did not have enough money to pay for mortgage loans. The market panic, which resulted in proved bankrupt some of the largest financial services companies. Banks have lost more than $ 1 trillion. Under pressure from the "bursting bubble" in the financial markets crisis has spilled over into the real economy. Here there was a paradox: at the epicenter of the financial tsunami - America's GDP fell by 4.1%, he staggered and in Germany at 6.6%, France at 3.9% in the UK at 6.4%, but most of all damaged Russia - we have the GDP fell to 23.9%. The reason for this guest did not name, but he smiled. To solve this problem the government decided to provide financial support to national banking systems. Here in pole position there was Russia. The country has resisted because of the low debt, estimated in 2008 at 11% of the gross domestic product (in other countries was much higher: U.S. - 84%, Germany - 73%, Italy - 116%, Greece - 115%) . Professor Messina insists that it is the global crisis unleashed a "war of currencies". Countries do not have the funds, and they were forced to depreciation of the national monetary systems. This happened in America and Europe, a stable policy of cheap yuan for several years already adheres to China. This practice started stepping and other market participants. Currently, the financial storm subsided and life returned to the bankers to normal. Carlo Messina defines the following situation: the customer has decreased confidence in the banking system decreased the demand for credit products, increased attention to value-oriented banks and increased the risks of investments. Foreign guest believes that in the next few years the banking industry waiting for larger lending institutions for a certain profile, reducing price risk, more stringent regulation of the state and the increased demands from customers. After completing an English speech professor, invited by asking him some questions. One of them is the possibility of a financial center in Moscow. Carlo Messina, frankly admitted that in the near future is unlikely to build it. However, the Russian banking market for «Intesa Sanpaolo» is the most attractive along with such countries as Poland and Turkey.