Policy Seminar on the Response to the Financial Crisis during 2008 from the Perspective of Inside the Treasury

Wilkinson began his presentation by reviewing the extraordinary interventions taken by the Treasury during the turbulent period from the time of the Bear Stearns rescue until the market panic of September and October. His insider’s view was particularly useful in giving the perspective of how and why the decisions were made. The difficulty in coordinating actions between different agencies of government and the private sector, the extreme stress and the fast pace of the changes in the market, and the unprecedented events need to be taken into account in evaluating the policy during the period and drawing lessons for the future.