89. Tacitus Lecture, 28 February 2019

Now in its 32^nd year, the Tacitus Lecture organised by the Worshipful Company of World Traders is one of the academic highlights of the Livery year. Every guest speaker since its inception has been at the very forefront of their topic area and there have been some very ‘heavy-weight’ names on the list. And perhaps none more so that this year’s speaker, Madam Christine Lagarde, Managing Director of the International Monetary Fund (IMF). With such an illustrious speaker on offer, the Thames Warden and I made our way down to the Guildhall to take our places and await her arrival. We were not disappointed.

The event was sold out and the Great Hall was bursting at the seams with most of the Livery Companies represented, and with financiers, bankers and fin-tech entrepreneurs all rubbing shoulders with senior politicians, Sheriff the Hon Liz Green and the Governor of the Bank of England, to name but a few. Security was very tight and it took a while to get us all in.

We were welcomed by the Master World Trader, Dr Edwina Moreton OBE who gave a brief speech and explained that for the first time, this lecture was being live-streamed around the world. She then introduced Alderman Sir David Wootton, Locum Tenens for the Lord Mayor whose task it was to introduce our guest speaker. Madam Lagarde has been at the IMF since 2011 and is the first woman to hold the role of Managing Director. Previously she was the first female Finance Minster of a G-7 nation (France) and originally trained as a lawyer. She is a most engaging speaker.

Her theme was not only taking stock of finance right now in a fast-moving world, at the same time acknowledging the concerns many have about recent banking crisis, but also looking forward. Her lecture can be found in full on the World Traders website but she particularly wanted to emphasise the need to make finance more sustainable, safer and more inclusive. Without these three elements in place, the world would not be able to prosper for the mutual benefit of us all. She made some very challenging statements.

At the end of her speech questions were taken from the floor including two from young people engaged in the World Trader education programme. Theirs were perhaps the most challenging questions but Madam Lagarde dealt with them with compassion and empathy.

There then followed a drinks reception the Old Library and with so many people present it was a huge logistical exercise, but expertly handled. It was good to be able to discuss her speech with friends old and new.

A big vote of thanks must go to the Master World Trader and her Wardens for making the event possible. And to Madam Lagarde for her intellectual challenges.