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The Global Credit Crisis: How Bad Will It Get?

Michael Klein, Chairman and Co-CEO Markets & Banking, Citi
Adam S. Posen, Peterson Institute for International Economics
Nouriel Roubini, New York University, Stern School of Business
Nikolaus Piper, Süddeutsche Zeitung
Garrick Utley, Levin Institute and American Council on Germany

Levin Institute, New York, NY

April 14, 2008

A panel of distinguished experts, hosted by the American Council on Germany and the Levin Institute on April 14, 2008, discussed whether the end of the global credit crisis has been reached or if the worst is yet to come.

Panel discussants were Michael Klein, chairman and co-CEO, Citi Markets & Banking, and member of the Peterson Institute board of directors; Adam Posen, senior fellow and deputy director, Peterson Institute; Nouriel Roubini, professor of economics at New York University, chairman of the RGE Monitor, and Peterson Institute author; and Nikolaus Piper, correspondent, Süddeutsche Zeitung. The moderator was Garrick Utley, president of the Levin Institute, and chairman of the American Council on Germany.

Adam Posen, on the optimist side, and Nouriel Roubini, on the pessimist side, debated whether the US economy will recover quickly from the current financial turmoil, and how much US financial problems will be transmitted to the global economy. Michael Klein provided a practitioner's perspective. The panel discussed in particular the resilience of European finance and the prospects for export-led growth by the United States.