‘Ultimately, the financial crisis is a moral crisis’ Says Dutch Finance Minister

By Peter Valk
Peter Valk
Peter Valk
Peter Valk is a tea expert who has extensively travelled in Asia, interrupted by odd jobs and a short spell of studying anthropology in the Netherlands. In his travels, he steeped himself in Asian culture, learned Chinese, met his wife and found his passion. He has been in tea business over seven years, selling Chinese tea and giving workshops on Chinese tea and culture. Currently, he is living in the Netherlands where he is busily but mostly happily making up for his travel time.
February 19, 2009 Updated: October 1, 2015

Dutch Finance Minister Wouter Bos    (Mark Renders/Getty Images)
Dutch Finance Minister Wouter Bos (Mark Renders/Getty Images)
HONG KONG—During a sparkling guest lecture at the Erasmus University in Rotterdam on Monday, the Dutch Minister of Finance Wouter Bos confronted the origin of the present financial crisis.

According to estimates the Netherlands Bureau for Economical Policy Analysis released on Tuesday the Dutch economy will shrink with 3.5% in 2009, while the unemployment will be doubled by 2010. The world wide economical crisis and recession have a much greater impact on the Dutch economy than initially was anticipated.

“Do not only blame the fast boys in their pinstripe suits. Certainly the Bush administration, former Fed-president Alan Greenspan, all have trusted too much on the self-regulating ability of the financial markets. But what does this crisis tell us about ourselves?”

“A bank in Iceland only has to offer an additional half a percent of interest and hundred thousands of Dutch people all bring their savings over there. If consumers only want more and push the risks of their decisions to the background, then you are evoking this kind of behaviour from financial market participants” de Volkskrant reports Bos as saying,

“'Ultimately, the financial crisis is a moral crisis” Dutch media quoted Bos as saying.

 

Peter Valk
Peter Valk
Peter Valk is a tea expert who has extensively travelled in Asia, interrupted by odd jobs and a short spell of studying anthropology in the Netherlands. In his travels, he steeped himself in Asian culture, learned Chinese, met his wife and found his passion. He has been in tea business over seven years, selling Chinese tea and giving workshops on Chinese tea and culture. Currently, he is living in the Netherlands where he is busily but mostly happily making up for his travel time.