Film: Paul Volcker keynote speech

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Paul Volcker, American economist and former Chairman of the US Federal Reserve, addressed the Rule of Law Symposium at the IBA Annual Conference 2013. He spoke on corruption and the rule of law.

Respect for the rule of law is an essential component of democratic governance. Corruption on the part of state officials is calculated to undermine the rule of law and erode public confidence in government. As was famously stated by Justice Louis D Brandeis, ‘Our government teaches the whole people by its example. If the government becomes the lawbreaker, it breeds contempt for law: it invites every man to become a law unto himself; it invites anarchy’. The elimination of fraud and theft on the part of state officials is essential to safeguard the rule of law.

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