DIPLOMAT MAYJUNE 2021 WEB READY - Flipbook - Page 24
24 PUBLIC POLICY PROJECTS
FROM THE PAST
Rt Hon Stephen Dorrell says it is important to reflect on policy successes
and failures as governments develop plans for COVID recovery
WE ARE OFTEN TOLD THAT “THINGS
WILL NEVER BE THE SAME AGAIN;”
UNFORTUNATELY, IT IS SELDOM TRUE.
In 2009, for example, it was a commonplace that the
financial crash made change inevitable. The problem is
that ‘desirable’ and ‘inevitable’ are not the same thing –
and too often they are not even related.
The crash certainly focussed attention on weaknesses
in the banking system – and it is not right to say that no
MAY/JUNE 2021 } DIPLOMATMAGAZINE.COM
lessons were learnt. Banking managers and regulators
have improved the resilience of financial structures
and the banking system has proved itself more resilient
during the COVID period than would previously have
been the case.
But many of the underlying causes of social and
political instability which were growing before 2008 have
not been addressed, and some have been exacerbated, by
the policy response to the crash.