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The Hot Seat: Wolf Klinz

Wednesday 9 June 2010 - by Nicola York


“There is a danger that this is true. The markets act quickly. They are very creative and innovative. I tend to agree that if there is a hole, and there always is, they will find it. There will certainly be a new crisis again at some time and the question is when and how. We are not saying that if you follow our recipe then you can be sure that there will never be another crisis. I think that the only thing we can do is make sure that if there is a crisis it will not be such a big one. We have had 146 or so crises since world war two. But each one was contained to a region or a few institutions or a country. We will never be able to eliminate them completely but we want to be sure that the likelihood that we will have a huge crisis like the one we’ve just had will not be big. It also means that we have to really respect the rules much better than we have done in the past and there has to be a sanction system and a warning system so that whenever somebody starts violating the rules, the others do not close their eyes and do not do anything for five or even more years but that the alarm clock goes off right away.”

Will the Cris committee survive for longer than its originally mandated time-period of 12 months?

“We don’t know yet. We haven’t finished our report yet so I think we have to do that work and see what it looks like.”



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