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Abstract only
Oonagh McDonald

understand what was taking place in the markets and, as a result of that obligation, had to maintain effective channels of communication with the FSA, and indeed with the major financial institutions, regulation and supervision were the responsibility of the FSA, not the Bank. However, frequent references in the media to lowballing, and in particular Barclays’ disclosure of the number of contacts it had with the FSA between 6 December 2007 and 30 September 2008 and references by external parties to their communications with the FSA about LIBOR, led to the decision by the

in Holding bankers to account
Joe Earle, Cahal Moran and Zach Ward-Perkins

technocrats operating behind closed doors but experts who help citizens understand the discipline and who facilitate public discussion. To achieve this, they could learn from the Science Communication movement and establish ‘Economics Communication’ as a discipline in itself. Science Communication has grown up in the past few decades and attempts to educate the public about key areas of science, with the multiple aims of improving society by educating its citizens, sharing knowledge and making science itself more democratic. This has resulted in a large movement, with

in The econocracy
Abstract only
Costas Simitis

possible. So unusually frequent discussions at the highest level prevailed and decisions were rushed on the basis that ‘we cannot do it differently’. Greece’s presence in important organs of the EU was low calibre. Its representatives had ‘political instructions’. They could not deal with their European colleagues, who had participated in negotiations for years. ‘Technocrats’ of the other countries determined decisions. The governing party’s communication tactics up till then had a negative effect. Domestically it was triumphal with regard to its efforts, and accusing

in The European debt crisis
The resurgence of Route 128 in Massachusetts
Michael H. Best

services unified by the integration of hardware and software required to move data, voice and video over networks. While the region has historically been a centre for communication switching equipment (ex-AT&T’s Lucent Technology’s 2 million-square foot manufacturing site is in nearby North Andover), many of the new firms can be traced to the technological capability and skill base created at Cascade Communications. Cascade specialises in frame relay technology for ‘efficiently directing the congested streams of data flowing across phone lines’. Sycamore, likewise

in Market relations and the competitive process
Oonagh McDonald

help boost capital in the future. ‘How did you make money in your trading operations over the last five years, and how are you planning to make money over the next several years?’ asked one partner. ‘I don't know how I made it over the last five years’, he replied. He was also unclear about the future. He had ‘hired some people to study the matter’. 3 Glucksman tried to explain it all away by saying that Fuld had difficulties with communication. It seems that he did not learn all that much more about

in Lehman Brothers
Oonagh McDonald

regular meetings with the Governor and senior Treasury officials. Despite all the arrangements for maintaining constant communi­ cation and awareness of what the other knew or did not know at the relevant times, the system did not work in the severe international financial crisis of 2007–8. The so-called tripartite system was deemed a failure and after the financial crisis it was replaced. Communication problems were also a factor in the failure to recognise warning signs in relation to LIBOR, as we shall see later. From the beginning, the workload of the FSA was

in Holding bankers to account
Joe Earle, Cahal Moran and Zach Ward-Perkins

­communication, analytical, and problem-solving skills; and the ­demonstrated ability to apply knowledge and skills in real-world settings.7 We use this definition as a basic guide to what we mean when we call for a liberal education in economics. We take liberal education to be an ideal, which is to be valued and sought after, but recognise that it is difficult for individuals and institutions to achieve this, as we explore in the next section. However, the degree to which they do is, in our view, a mark of their quality.8 The AACU argues that liberal education is a way of

in The econocracy
Oonagh McDonald

. Initially, no outside communication was allowed during the proceedings and Johnson Matthey was not involved, but was later allowed to join the proceedings. Over time, telephones were installed, allowing brokers to maintain communication with their own offices. The term ‘flag up’ was adopted at some point to signal a desire to halt the proceedings for a time. Later, small Union Jacks were used, apparently a gift from George Matthey. The Bank of England insisted that the gold should continue to arrive in London, but it should be sold there through brokers, and the practice

in Holding bankers to account
Open Access (free)
Stan Metcalfe and Alan Warde

between the participants and that this interaction has to be organised. To the extent that social interaction is a mechanism for the transfer of information about market opportunities, the functioning of markets is socially contingent. Market activities are information generating and communication based. They are therefore kinds of networks that are regenerated through the process of exchange. Market activities codify and make publicly available the relevant information to facilitate transactions, but much information remains uncodified and is transmitted outside of

in Market relations and the competitive process
Costas Simitis

.8 The real tampering with statistical data in 2009 On 4 October 2009, elections were to be held to elect a new Parliament. On 30 September 2009 the New Democracy administration of the day sent incomplete tables of data to Eurostat, missing all data for 2008 and 2009. It was obvious that the government did not wish to reveal data which would highlight its own shortcomings. On 2 October a new communication to Eurostat was sent, which claimed that the budget deficit was estimated at 6% of GDP. This calculation did not bear any relation to the figures produced by the

in The European debt crisis