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Sunday, May 10, 2009

Morality and the financial crisis - CSM takes the debate forward

The financial crisis has been such a shock that it has prompted many to think afresh about the values which underpin the global financial system. Gordon Brown and Australian Prime Minister Kevin Rudd debated this in St Paul's Cathedral just before the G20 summit. Last week, CSM (Christian Socialist Movement) carried the debate further.

The occasion was CSM's annual Tawney Dialogue. This year it was between Bishop of Hulme Stephen Lowe and John McFall MP, chair of the House of Commons Treasury Committee.

Bishop Lowe called for a return to 'relationship banking' where customer and bank manager know each other over many years. John McFall highlighted the collapse in trust which was behind the crisis. In future, the financial sector would have to recognise there is a difference between ethics and mere compliance with rules.

CSM is posting up information about the event last week. It is planning to continue the debate and to that end has posted up a series of questions for further discussion by its members and others, with opportunity to return comments.

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