Lord Adair Turner talked about some of the factors leading to the crisis, and highlighted the unanswered questions and priorities for the future. He looked at how mortgage credit booms and after-effects of securitisations had affected certain markets and how regulation should deal with the economic factors that have led to significant deleveraging of the financial sector balance sheet. He concluded that highly leveraged shadow banks are likely to disappear. He said he felt the world had learnt lessons from the early 1930s and in his view the worst that will happen is growth which is slightly negative or at best very small over the next couple of years.