Members in the News
- Shirakawa signals readiness to offer monetary stimulus
- February 6, 2012
- Pursuing price stability and financial system stability at the same time is one of the biggest challenges that central banks in advanced economies will have to face. Masaaki Shirakawa, Governor of the Bank of Japan, has signaled the central bank's readiness to offer further monetary stimulus if economic recovery remains threatened by deflation and a strong yen. The BOJ has pledged to keep near-zero rates until price stability, considered as consumer inflation of roughly around 1 percent, is attained.
- Members Present at 2012 Herzliya Conference
- February 1, 2012
- G30 members Prof. Stanley Fischer and Dr. Jacob A. Frenkel recently spoke at the 2012 Herzliya Conference, Israel’s premier global policy gathering of international leaders from the highest levels of government, business and academia. The Conference proceedings, reports and recommendations provide authoritative assessments and policy recommendations for pertinent geopolitical, economic and social developments. Details of the presentations can be found here and here.
- No Delay to Basel III
- January 27, 2012
-
At the World Economic Forum in Davos, Jaime Caruana, general manager of the Bank for International Settlements, argued against extending the phase-in period for new global regulations. Basel III, which will take effect gradually until the beginning of 2019, will require banks to increase the amount of capital they hold in reserve and take other steps to become less vulnerable to financial crises.
- China Takes on the Big Three Ratings Agencies
- January 24, 2012
-
The big three ratings agencies are the subject of criticism by the Chinese central bank governor, Zhou Xiaochuan. Mr Zhou has called for an overhaul of the international credit ratings regime. He warned Chinese companies to rely less on the credit assessments of the three giants and urged them to do more of their own due diligence.
- Too Big to Save?
- January 19, 2012
-
In the past few decades, deregulation was necessary to free bankers to take on the greater risk of innovative new ventures. Raghuram Rajan argues that this downside has now diminished, exacerbating an asymmetry in incentives. His solutions include encouraging a greater variety of financial institutions and requiring large banks to diversify holdings of “safe” assets so as to reduce their mutual dependence.
- Smart Reinvention, Not Destruction
- December 20, 2011
-
Former US Treasury Secretary, Larry Summers, discusses the sour public opinion of market capitalism and argues that a renewed focused attention on macro-economic policies, rather than large-scale structural measures, will address many of the concerns.
- A Fight to Make Banks More Prudent
- December 20, 2011
-
Philipp M. Hildebrand, the president of the Swiss central bank, has played a major role in a struggle between bankers and regulators over Basel III rules. Mr. Hildebrand has vigorously supported increased leverage ratios in response to the faulty regulation that contributed to the financial crisis and the European sovereign debt crisis.
- An Interview with Kenneth Rogoff on Financial Crises and the Recession
- December 20, 2011
-
In an interview for the McKinsey Quarterly, Kenneth Rogoff explains his academic work on historical financial crises and its applications to the current recession and financial crisis. His conclusion, that climbing out of the downturn is still rife with risks, is sobering but "essential reading for business leaders and policy makers" alike. A print version of the article will be available in the January 2012 Quarterly.
- China to Adopt IMF Suggestions
- December 12, 2011
-
Governor Zhou Xiaochuan, the head of China's central bank, says the country will implement changes to its financial system suggested by the International Monetary Fund "as appropriate." In a statement, the IMF said international financial standards were "critical" to reducing risk and urged policymakers to allow state-owned banks to make lending decisions based on commercial risk rather than government policy.
- Bank of Israel Cuts 2012 Growth Forecast
- December 7, 2011
-
The Bank of Israel will cut its growth forecast for 2012 citing falling exports, lower tax revenue and a small current account deficit. Governor Stanley Fischer noted the situation in Europe had improved slightly in terms of decision-making, but warned that if countries quit the Eurozone, "there will be a big mess" and it will be impossible for Israel not to be affected by the global economy.
- Trichet and Zhou Named Top 100 Global Thinkers
- November 29, 2011
-
Foreign Policy Magazine named Former European Central Bank chief Jean-Claude Trichet and People's Bank of China Governor Zhou Xiaochuan among its Top 100 Global Thinkers. The members, along with Federal Reserve Chairman Ben Bernanke, were recognized as "three wise men" who have helped steer the world amid the financial crisis.
Member Publications
- November 17, 2010
-
Guillermo de la Dehesa, the former deputy director of the Bank of Spain addresses the twelve failures that lead to the financial crisis of 2008-2009.
- Growing Together Beats Falling Apart
- November 1, 2010
-
William Rhodes addresses the process of making Asian economic integration work for Asia, the United States and the World.
- A Review of Corporate Governance in UK Banks
- July 16, 2009
-
Sir David Walker, examines and recommends ways to improve corporate governing of British Banks.