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Former Finance Ministers Speak Their Minds at Summit
CNBC.com | September 09, 2008 | 02:29 PM EDT

Global financial leaders have convened for a conference at the University of Virginia, hoping to design a blueprint for solving shared economic problems—such as the subprime mortgage crisis and rising fuel and food costs.

Watch the videos below for interviews with conference attendees by CNBC Senior Economics Reporter Steve Liesman.

International Economy

“I think [the take over of Freddie Mac and Fannie Mae] was a very important move and it was probably necessary to calm down the markets. It also opens some questions for the future—what will the U.S. authorities are going to do with Fannie and Freddie . We hope that these decisions will be followed by changes in the regulation.”

—Rodrigo de Rato, former Spanish Minister of Finance

“The U.S. economy is so large that the impact of the problems is felt around the world—not just in the financial system, but in the real economy as well. And the fear that everybody had was that without a resolution, of Fannie and Freddie, the U.S. housing market was going to further weaken and that has deep implications for the real economy.”

—John Manley, former Canadian Finance Minister

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