Group of Thirty
- G30 redirects here. For other uses, see G30 (disambiguation).
Group of Thirty |
Consultative Group on International Economic and Monetary Affairs, Inc. |
Established |
1978 |
Chairman |
Paul Volcker |
Executive Director |
Stuart P. M. Mackintosh |
Faculty |
30 |
Staff |
5[1] |
Budget |
$448k (FY07) |
Location |
Washington, D.C. |
Address |
1726 M Street, NW, Suite 200
Washington, DC 20036 USA |
Website |
www.group30.org |
The Group of Thirty, often abbreviated to G30, is an international body of leading financiers and academics which aims to deepen understanding of economic and financial issues and to examine consequences of decisions made in the public and private sectors related to these issues. Topical areas within the interest of the group include:
The group is noted for its advocacy of changes in global clearing and settlement.
The group consists of thirty members and includes the heads of major private banks and central banks, as well as members from academia and international institutions. It holds two full meetings each year and also organises seminars, symposia, and study groups. It is based in Washington, D.C.
The Group of Thirty was founded in 1978 by Geoffrey Bell at the initiative of the Rockefeller Foundation,[2] which also provided initial funding for the body. Its first chairman was Johannes Witteveen, the former managing director of the International Monetary Fund. Its current chairman of trustees is Paul Volcker.
The Bellagio Group, formed by Austrian economist Fritz Machlup, was the immediate predecessor to the Group of Thirty.[3] It first met in 1963, to investigate international currency problems, particularly the balance of payments crisis which America faced throughout the early 1960s.
Work Programs
The Group of Thirty establishes study groups to analyze issues of particular or systemic importance to the global financial markets. Study group membership is typically broader than that of the G30, comprising experts in the specific field from the regulatory, financial and academic communities, and chaired by a leading figure. Currently the Group of Thirty’s Work Program is focused on financial regulatory systems.
The 2008 Financial Crisis and Its Aftermath: Addressing the Next Debt Challenge
In June 2011, The Group of Thirty released its latest occasional paper: The 2008 Financial Crisis and It's Aftermath: Addressing the Next Debt Challenge.[1] This report examines the most recent developments in the 2008 Financial Crisis, including the causes, responses and the future outlook for the United States and other markets.
Enhancing Financial Stability and Resilience: Macroprudential Policy, Tools and Systems for the Future.
The Working Group on Macroprudential Policy published Enhancing Financial Stability and Resilience: Macroprudential Policy, Tools and Systems for the Future [2] in late 2010. The report calls on public officials to empower systemic financial regulators with new tools to enhance economic stability and potentially lessen the severity of future economic crises. These tools would address leverage, liquidity, credit and supervision. The report underscores the fact that while policy action may be difficult and controversial, robust action is necessary.
Other Publications
Some recent publications released by the G30 are
- It's Not Over 'Til It's Over: Leadership and Financial Regulation, by Thomas M. Hoenig
- Twelve Market and Government Failures Leading to the 2008-2009 Financial Crisis, by Guillermo de la Dehesa
- Regulatory Reforms and Remaining Challenges, by Mark Carney, Paul Tucker, Phillipp Hildebrand, Jacques de Larosière, William Dudley, Adair Turner, Roger W. Ferguson, Jr.
- Financial Reform: A Framework for Financial Stability, by G30 Working Group.
- Lessons Learned from Previous Banking Crises: Japan, Spain and Mexico, by Stefan Ingves, Goran Lind, Masaaki Shirakawa, Jaime Caruana, Guillermo Ortiz Martinez
Membership
The current members of the Group of Thirty are:
- Paul Volcker - Chairman of the Board of Trustees; former Chairman of the Federal Reserve
- Jacob A. Frenkel - Chairman, JPMorgan Chase International
- Geoffrey L. Bell - Executive Secretary; President Geoffrey Bell and Company
- Leszek Balcerowicz - Former President, National Bank of Poland
- Jaime Caruana - General Manager, Bank for International Settlements
- E. Gerald Corrigan - Managing Director, Goldman Sachs, former President of the Federal Reserve Bank of New York
- Guillermo de la Dehesa - Director and Member of the Executive Committee, Grupo Santander
- Mario Draghi - President, European Central Bank
- William Dudley - President, Federal Reserve Bank of New York
- Roger W. Ferguson, Jr. - President and Chief Executive Officer, TIAA-CREF
- Stanley Fischer - Governor, Bank of Israel
- Arminio Fraga Neto - Partner, Gávea Investimentos; former President of the Central Bank of Brazil
- Mark J. Carney - Governor, Bank of Canada
- Domingo Cavallo - Chairman and CEO, DFC Associates, LLC; Former Argentine Minister of the Economy
- Martin Feldstein - President, National Bureau of Economic Research
- Abdulatif Al-Hamad - Chairman, Arab Fund for Economic and Social Development
- Philipp Hildebrand - Chairman of the Governing Board, Swiss National Bank
- Gerd Häusler - CEO, Bayerisch Landesbank, former Director of International Capital Markets at the IMF
- Mervyn Allister King - Governor of the Bank of England
- Paul Krugman - Professor of Economics, Woodrow Wilson School, Princeton University
- Guillermo Ortiz Martinez - Former Governor, Banco de México
- Kenneth Rogoff - Professor, Harvard University
- Tharman Shanmugaratnam - Minister of Finance, Deputy Prime Minister Singapore
- Masaaki Shirakawa - Governor, Bank of Japan
- Lawrence Summers - Charles W. Eliot University Professor, Harvard University
- Jean-Claude Trichet - Former president, European Central Bank
- Lord Adair Turner - Chairman, Financial Services Authority
- Sir David Walker - Senior Advisor Morgan Stanley
- Yutaka Yamaguchi - Former Deputy Governor, Bank of Japan
- Zhou Xiaochuan - Governor, People's Bank of China
- Ernesto Zedillo - Director, Yale Center for the Study of Globalization, Yale University, and former President of Mexico
Senior Members
Emeritus members
- Erik Hoffmeyer - Former Chairman, Danmarks Nationalbank
- Shijuro Ogata - Former Deputy Governor, Bank of Japan
- Richard A. Debs - Advisory Director, Morgan Stanley
- Wilfried Guth - Former Spokesmen of the Board of Managing Directors, Deutsche Bank
- Sylvia Ostry - Distinguished Research Fellow, Munk Centre for International Studies, Toronto
- Gerhard Fels - Former Director, Institut der deutschen Wirtschaft
- John G. Heimann - Senior Advisor, Financial Stability Institute
- Toyoo Gyohten - President, Institute for International Monetary Affairs
- Peter Kenen - Senior Fellow in International Economics, Council on Foreign Relations
- Jacques de Larosière - Conseiller, BNP Paribas
Other former members
Other former members include:
See also
References
- ^ estimated from $233,607 salary expenditure, p. 24, http://www.group30.org/pubs/annualreport0607.pdf
- ^ Karen Epper Hoffman (March 25, 2005). "G30 Members Discuss Critical Concerns For American Corporations". AFP Online. Archived from the original on September 27, 2007. http://web.archive.org/web/20070927205401/http://www.afponline.org/pub/res/news/ns_20050325_g30.html.
- ^ Gottfried Haberler. "Fritz Machlup: In Memoriam" (PDF). Cato Journal. Cato Institute. http://www.cato.org/pubs/journal/cj3n1/cj3n1-2.pdf.
External links