Summit Notebook

Exclusive outtakes from industry leaders

from Funds Hub:

A “remote, silent whirlwind”?

We may have just lived through the biggest financial crisis in 80 years, but its impact may still not have been big enough for people to learn the right lessons for next time.

rtr1t6liPhilip Wood, special global counsel at Allen & Overy, told today's Reuters Restructuring Summit in London's Canary Wharf that the effects on the Western world's populace of the credit crisis, while large, have simply not reached the proportions of 80 years ago.

"Do people remember (the lessons from a crisis)? Sometimes they do."

It took 140 years for the British to get over the South Sea Bubble of 1720 and introduce the Companies Act in 1862, he said.

"German inflation of the 1920s still casts a shadow over the German folk memory," he added.