Group of Thirty

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Group of Thirty

Consultative Group on International Economic and Monetary Affairs, Inc.
Established 1978
Chairman Jean-Claude Trichet
Executive Director Stuart P. M. Mackintosh
Staff 4
Budget $448k (FY07)
Members 30
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:

  • Foreign exchange, currency, etc.
  • International capital markets
  • International financial institutions
  • Central banks and supervision of financial services and markets
  • Macroeconomic issues such as product and labor markets, etc.

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,[1] which also provided initial funding for the body. Its first chairman was Johannes Witteveen, the former managing director of the International Monetary Fund. The G30's current Chairman is Jean-Claude Trichet.[2] Its current Chairman of the Board of Trustees is Jacob Frenkel, and Paul Volcker is Chairman Emeritus.

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 Central Banking.[4] The project titled, The Fundamentals of Central Banking, is led by a Steering Committee with Jacob Frenkel (Chair), Arminio Fraga, and Axel Weber. The new project will look at the wide ranging institutional and policy challenges facing the central banking community following their extraordinary responses to the 2008-09 crisis. Among other things, central bank independence is under increasing pressure, and the report aims to find ways to ensure central banking effectiveness for the long-term.

A New Paradigm: Financial Institution Boards and Supervisors

In October 2013, the G30 Working Group on Corporate Governance Banking Supervisors released its report, A New Paradigm: Financial Institution Boards and Supervisors,[5] which provides recommendations designed to enhance the overall effectiveness of supervision by identifying specific initiatives and processes both to assist supervisors directly in discharge of their responsibilities and to promote alignment of boardroom expectations and responses to such initiatives and processes

Long-term Finance and Economic Growth

In February of 2013, the Group of Thirty released a report on Long-term Finance and Economic Growth. The G30 report [6] makes a series of specific recommendations regarding the need for international and national financial regulatory bodies to develop new approaches that can ensure that investors are better able to take a long-term horizon in their investment decisions. The Working Group examines critical constraints on the supply of long-term finance and calls for reforms that can strengthen the flow of capital into long-term investments by governments, institutional and individual investors.

Toward Effective Governance of Financial Institutions

The previous working group focused on Corporate Governance. Drawing lessons from the financial crisis, the G30 called on boards of directors to do far more to strengthen governance in the newly released report, Toward Effective Governance of Financial Institutions. The report [6] stressed that values influence the behavior of those with governance responsibilities and the key to reform is to promote changes in the ways in which these individuals think about their responsibilities.

Macroprudential Policy: Addressing the Things We Don’t Know

In the Group of Thirty's latest occasional paper[7] Alastair Clark and Sir Andrew Large outline ten chief considerations that remain as national authorities address macroprudential policy. The authors speak to the need for a clear institutional focus of authority, address the tensions between macroprudential policy and other regulatory policies, and urge the development of effective policy tools, as well as appropriate transparency and accountability.

The 2008 Financial Crisis and Its Aftermath: Addressing the Next Debt Challenge

In June 2011, The Group of Thirty released a 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.[8]

Membership

The current members of the Group of Thirty are:[9]

Senior Members

Emeritus members

Other former members

Other former members include:[18]

See also

References

  1. ↑ Karen Epper Hoffman (March 25, 2005). "G30 Members Discuss Critical Concerns For American Corporations". AFP Online. Archived from the original on September 27, 2007. 
  2. ↑ "G30 November 22 11 Press Release FINAL" (PDF). Group of Thirty. Retrieved October 13, 2013. 
  3. ↑ Gottfried Haberler. "Fritz Machlup: In Memoriam" (PDF). Cato Journal. Cato Institute. 
  4. ↑ "Work Program". Group of Thirty. Retrieved September 24, 2013. 
  5. ↑ "A New Paradigm: Financial Institution Boards and Supervisors" (PDF). Group Of Thirty. Retrieved 2013-10-28. 
  6. ↑ 6.0 6.1 G30 Working Group (2012). "Toward Effective Governance of Financial Institutions" (PDF). Washington, D.C.: The Group of Thirty. ISBN 1-56708-156-8. Retrieved September 24, 2013. 
  7. ↑ "Macroprudential Policy: Addressing the Things We Don’t Know" (PDF). Group of Thirty. Retrieved October 13, 2013. 
  8. ↑ Russo, Thomas A.; Katzel, Aaron J. "The 2008 Financial Crisis and It's Aftermath: Addressing the Next Debt Challenge" (PDF). Group of Thirty. Retrieved October 13, 2013. 
  9. ↑ "Members". Group of Thirty. Retrieved October 13, 2013. 
  10. ↑ "Gerd Häusler Biography". Group of Thirty. Retrieved January 1, 2014. 
  11. ↑ "Al-Hamad Biography". Group of Thirty. Retrieved January 1, 2014. 
  12. ↑ "Fels Biography". Group of Thirty. Retrieved January 1, 2014. 
  13. ↑ "Gyohten Biography". Group of Thirty. Retrieved January 1, 2014. 
  14. ↑ "Hoffmeyer Biography". Group of Thirty. Retrieved January 1, 2014. 
  15. ↑ "Ogata Biography". Group of Thirty. Retrieved January 1, 2014. 
  16. ↑ "Stern Biography". Group of Thirty. Retrieved January 1, 2014. 
  17. ↑ "Emeritus Members". Group of Thirty. Retrieved October 13, 2013. 
  18. ↑ "Past Members". Group of Thirty. Retrieved September 24, 2013. 
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