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O Ccasional P Aper 95
Is This the Beginning of the End of Central Bank Independence? Kenneth Rogoff Occasional Paper 95 GROUP OF THIRTY WASHINGTON, D.C. About the Author Kenneth Rogoff is Thomas D. Cabot Professor of Public Policy at Harvard University. From 2001 to 2003, Rogoff served as Chief Economist at the International Monetary Fund. His 2009 book with Carmen Reinhart, This Time is Different: Eight Centuries of Financial Folly, has been widely cited by academics, policymakers, and journalists. One regularity that Reinhart and Rogoff illustrate in their book is the remarkable quantitative similarities across time and countries in the run-up and the aftermath of severe financial crises. Rogoff’s most recent book is The Curse of Cash, which looks at the past, present, and future of currency, from the first standardized coinage to negative interest rate policy to the impact of cryptocurrencies on the global financial system. Rogoff is also known for his seminal work on exchange rates and on central bank independence. His treatise Foundations of International Macroeconomics (jointly with Maurice Obstfeld) is the standard graduate text in the field worldwide. His monthly syndicated column on global economic issues is published in over 50 countries. He is a member of the Council on Foreign Relations. Rogoff is an elected member of the National Academy of Sciences, the American Academy of Arts and Sciences, and the Group of Thirty. Rogoff is among the top eight on RePEc’s (Research Papers in Economics’) ranking of economists by scholarly citations. He is also an international grandmaster of chess. DISCLAIMER The views expressed in this paper are those of the author and do not represent the views of the Group of Thirty, its members, or their respective institutions. -
Club Model Politics and Global Financial Governance: the Case of the Group of Thirty
UvA-DARE (Digital Academic Repository) Club model politics and global financial governance: the case of the Group of Thirty Tsingou, E. Publication date 2012 Document Version Final published version Link to publication Citation for published version (APA): Tsingou, E. (2012). Club model politics and global financial governance: the case of the Group of Thirty. General rights It is not permitted to download or to forward/distribute the text or part of it without the consent of the author(s) and/or copyright holder(s), other than for strictly personal, individual use, unless the work is under an open content license (like Creative Commons). Disclaimer/Complaints regulations If you believe that digital publication of certain material infringes any of your rights or (privacy) interests, please let the Library know, stating your reasons. In case of a legitimate complaint, the Library will make the material inaccessible and/or remove it from the website. Please Ask the Library: https://uba.uva.nl/en/contact, or a letter to: Library of the University of Amsterdam, Secretariat, Singel 425, 1012 WP Amsterdam, The Netherlands. You will be contacted as soon as possible. UvA-DARE is a service provided by the library of the University of Amsterdam (https://dare.uva.nl) Download date:25 Sep 2021 Club model politics and global financial governance: governance: Club financial and global politics model Club model politics and global financial governance: The case of the group of thirty The case of the group of thirtyThe the group of of case Eleni Tsingou Eleni Eleni Tsingou CLUB MODEL POLITICS AND GLOBAL FINANCIAL GOVERNANCE: THE CASE OF THE GROUP OF THIRTY ACADEMISCH PROEFSCHRIFT Ter verkrijging van de graad van doctor aan de Universiteit van Amsterdam op gezag van de Rector Magnificus prof. -
Book Notices
Book notices Lauchlin Currie and focus in objectives and terms of refer- cal stability, a strong cadre of technicians, The Role of Economic Advisers ence; sensitivity to national goals and condi- and a sound resource base, Colombia en- in Developing Countries tions; modesty and feasibility of proposals joys many advantages over other countries Greenwood Press, Westport, CT, U.S.A., 1981, rather than recommendations for sweeping even at its per capita income level. Short- xiv + 270 pp., $27.50. reforms; and provision for policy imple- term macroeconomic measures are often mentation. The actual results of policy ad- more effective in steering growth there than Dr. Currie's book fills an important gap in vice, according to Dr. Currie, have been elsewhere. Dr. Currie's focus on markets development literature. After more than 40 mixed in Colombia. In fact, the contribution and demand expansion as a means to spur years' experience advising governments, he of development and aid agencies—in pro- growth is particularly well placed in the Co- tries to pull together the threads and to seek moting the physical integration of the coun- lombian situation, and it is also a message a greater consensus on appropriate devel- try, supporting macro and sectoral policies, worth emphasizing in many countries where opment objectives and policies. Dr. Currie and in fostering capital markets—has per- these factors are neglected. However, many played a central role in the formulation of haps been greater in Colombia than the others have severe supply constraints, not New Deal policies in the United States in the author recognizes. -
Program Handout
Brexit : What does it mean for Europe and its financial industry? with Christian Noyer, Former Governor of the Banque de France Monday, April 29, 2019 10:45 a.m. – 2:00 p.m. Cercle de l'Union Interalliée 33 rue du faubourg Saint-Honoré 75008 Paris Agenda 10:45 a.m. | Registration and Coffee • Welcome by Don Rissmiller, Chief Economist, Strategas & GIC Chair 11:00 a.m. – 12:00 p.m. | A Conversation with Governor Noyer Brexit : What does it mean for Europe and its financial industry? • Christian Noyer, Former Governor, Banque de France • Facilitated by Kathleen Stephansen, Senior Economic Advisor to the Boston Consulting Group Henderson Institute Center for Macroeconomics & GIC Vice Chair of Programs 12:00 – 2:00 p.m. | Lunch Duc de Luynes Dining Room - Ground floor Christian Noyer was born in 1950 near Paris. After obtaining a Bachelor of Laws (LL.B.), he received a Master’s Degree in Public Administration from the Paris Institute of Political Studies (“Scienc- es Po”). He then joined the Ecole Nationale d’Administration (ENA), of which he is a graduate. He entered the French Treasury in 1976, and spent two years in 1980-82 in Brussels as a financial attache at the French Delegation to the European Union. Back at the Treasury, he held various posi- tions, dealing both with domestic and international affairs, and was appointed Director of the Trea- sury in 1993. He also served as an adviser to Mr .Balladur, then Minister of Finance, in 1986-88, and as chief of staff to two other Finance Ministers in 1993 and 1995-97. -
Program Handout
2019 GLOBAL CITIZEN AWARD & ECONOMIC OUTLOOK Friday, December 13, 2019 FEDERAL RESERVE BANK OF PHILADELPHIA TABLE OF CONTENTS Agenda 2 2019 Global Citizen Award Recipient 3 • E. Martin Heldring, Senior Vice President and Managing Director, TD Bank & GIC Treasurer Speaker Biographies 5 • Michael Drury, Chief Economist, McVean Trading & Investments & GIC Chair Emeritus • Peter A. Gold, Esq., Principal, TheGoldGroup LLC & GIC Vice Chair • Dennis P. Lockhart, Former President and CEO of the Federal Reserve Bank of Atlanta • Stephanie Mackay, Chief Innovation Officer, Columbus Community Center & GIC Board Member • Charles I. Plosser, Ph.D., Former President and CEO of the Federal Reserve Bank of Philadelphia • Donald Rissmiller, Founding Partner of Strategas & GIC Chair 2018 College of Central Bankers 7 • Christian Noyer, Honorary Governor, Banque de France • Anthony Santomero, Former President of the Federal Reserve Bank of Philadelphia • William Poole, Senior Fellow, Cato Institute and Former President of the Federal Reserve Bank of St. Louis About the Global Interdependence Center 9 • 2019 Board of Directors • GIC Advisory Council • GIC Members Tribute Letters and Congratulatory Messages 13 Upcoming GIC Events 25 Notes 26 1 AGENDA 10:00 a.m. | Registration & Coffee 10:30 a.m. | Welcome • Don Rissmiller, Founding Partner & Chief Economist, Strategas and GIC Chair Presentation of the Global Citizen Award • E. Martin Heldring, Senior Vice President and Managing Director, TD Bank and GIC Treasurer – 2019 Global Citizen Award Honoree Announcement of the 2020 Board Officers and Remarks on Board Updates • Don Rissmiller, Founding Partner & Chief Economist, Strategas and GIC Chair • Stephanie Mackay, Chief Innovation Officer, Columbus Community Center and GIC Board Member 10:45 a.m. -
The International Monetary and Financial
April 2016 The Bulletin Vol. 7 Ed. 4 Official monetary and financial institutions ▪ Asset management ▪ Global money and credit Lagarde’s lead Women in central banks Ezechiel Copic on gold’s boost from negative rates José Manuel González-Páramo on monetary policy Michael Kalavritinos on Latin American funds Christian Noyer on threat to London’s euro role Paul Tucker on geopolitics and the dollar You don’t thrive for 230 years by standing still. As one of the oldest, continuously operating financial institutions in the world, BNY Mellon has endured and prospered through every economic turn and market move since our founding over 230 years ago. Today, BNY Mellon remains strong and innovative, providing investment management and investment services that help our clients to invest, conduct business and transact with assurance in markets all over the world. bnymellon.com ©2016 The Bank of New York Mellon Corporation. All rights reserved. BNY Mellon is the corporate brand for The Bank of New York Mellon Corporation. The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the Federal Reserve and authorised by the Prudential Regulation Authority. The Bank of New York Mellon London branch is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. Products and services referred to herein are provided by The Bank of New York Mellon Corporation and its subsidiaries. Content is provided for informational purposes only and is not intended to provide authoritative financial, legal, regulatory or other professional advice. -
Decision of the Representatives of the Governments of the Member States Appointing the Members of the Executive Board of the ECB (26 May 1998)
Decision of the Representatives of the Governments of the Member States appointing the members of the Executive Board of the ECB (26 May 1998) Caption: Decision taken by common accord of the Governments of the Member States adopting the single currency at the level of Heads of State or Government of 26 May 1998 appointing the President, the Vice-President and the other members of the Executive Board of the European Central Bank (98/345/EC). Source: Official Journal of the European Communities (OJEC). 28.05.1998, n° L 154. [s.l.]. "Decision taken by common accord of the Governments of the Member States adopting the single currency at the level of Heads of State or Government of 26 May 1998 appointing the President, the Vice-President and the other members of the Executive Board of the European Central Bank (98/345/EC)", p. 33. Copyright: All rights of reproduction, public communication, adaptation, distribution or dissemination via Internet, internal network or any other means are strictly reserved in all countries. The documents available on this Web site are the exclusive property of their authors or right holders. Requests for authorisation are to be addressed to the authors or right holders concerned. Further information may be obtained by referring to the legal notice and the terms and conditions of use regarding this site. URL: http://www.cvce.eu/obj/decision_of_the_representatives_of_the_governments_of_the_member_states_appointing_the_ members_of_the_executive_board_of_the_ecb_26_may_1998-en-7d52a340-40ed-4b38-99b0-03536fc4de5d.html -
What the Rest of the Eu Thinks About Brexit & The
WHAT THE REST OF THE EU THINKS ABOUT BREXIT & THE CITY OF LONDON Analysis of the main concerns, priorities and positions of policymakers in the 27 EU member states on the other side of the negotiating table April 2017 by Panagiotis Asimakopoulos and William Wright www.newfinancial.eu │ @NewFinancialLLP │ Tel : +44 20 3743 8269 What the rest of the EU thinks about Brexit and the City Introduction There are few issues more challenging for the City of London and the European New Financial is a think tank and fina ncial services industry than the potential implications of Brexit. But the debate in forum that believes Europe needs the UK over the past year has inevitably been UK-centric, focusing on what different bigger and better capital markets parts of the industry want, fear and expect from Brexit; what the impact of Brexit to help drive its recovery and will be on different sectors and how they will react; and what the UK government growth. should be asking for in the negotiations ahead. We think this presents a huge Too little attention has been paid to what the other 27 member states of the EU will be thinking about the future of the City and of financial services in the EU when opportunity for the industry and they take their seats on the other side of the negotiating table later this year - and its customers to embrace change why. Too often, their views are caricatured as attempts to ‘punish’ the UK, steal and rethink how capital markets market share from the City, and to shoot themselves in the foot. -
Concluding Remarks
CONCLUDING REMARKS William R. WHITE Chairman Economic and Development Review Committee, OECD I want to thank the Governor of the Bank of France “imbalances” of some kind are the essence of the for the invitation to make the concluding remarks problem, which is in fact a huge analytical leap. at this prestigious conference. I consider it an Today Lorenzo Bini Smaghi, Kiyohiko G. Nishimura honor. A number of years ago my BIS colleague, and Kenneth Rogoff have reminded us that the Andrew Crockett, was said to have given a brilliant macromodels commonly in use at universities, summing up at a conference at the Bank of Japan. central banks, and international fi nancial institutions, When I asked him how he did it, he joked in replying in fact, contain no imbalances of any signifi cant that “it was easier when you told people what they importance. The question which motivates this should have said, rather than what they did actually session implicitly says those models must change, say”. Today I will do mostly the latter, but I will not and change fundamentally. be able to resist doing some of the former as well. This is not to say that I think I fully understand Accepting that imbalances are an issue, should we what has precipitated the current crisis and where worry only about external imbalances (global trade it might be leading us.1 Rather the words of Keynes, imbalances) or are domestic imbalances also a source of written in 1931, seem to me to be still relevant today.2 concern. In their comments today, Olivier Blanchard, “We are in a colossal muddle. -
A Strange New Personal War Has Broken out Between IMF Head Horst
German vs. A strange new personal war has broken out between German IMF head Horst Köhler and bserving the start of Horst Köhler’s tenure as new managing director of the International Mon- German Finance Minister etary Fund (IMF) about three years ago (The In- ternational Economy, September/October 2000), we asked a pertinent question: Did the United Hans Eichel. But beneath States—by successfully blocking former World Bank executive Caio Koch-Weser, the first-ever the surface, even German candidate to head the IMF—eventually get what it deserved? Namely, a strong, independent-minded, highly qual- Oified, new managing director of the Fund from Germany, who will prob- larger issues—including ably stand his ground against even the almighty U.S. Treasury? When tak- ing over the helm of the IMF, Köhler was living up to the qualifications that former U.S. Treasury Secretary Larry Summers listed as benchmark: perceived American “Stature, expertise, ability to command global support, and commitment to a process of ongoing reform.” From what we have learned recently, heavy-handedness— things have been turned upside down in such a way that we should rephrase that three-year-old question: Did Germany get an IMF manag- ing director it never expected? Is the new IMF head one who hits hard at are at stake. his home country but wouldn’t dare test America’s new assertiveness? Is he an individual who had to table—from one day to the other—the ma- jor IMF project of the last two years, the Sovereign Debt Restructuring Mechanism (SDRM), because new U.S. -
The European System of Central Banks Quo Vadis?
THE EUROPEAN SYSTEM OF CENTRAL BANKS: QUO VADIS? Patrick Deller† TABLE OF CONTENTS I. INTRODUCTION ............................................................ 169 II. THE EUROPEAN SYSTEM OF CENTRAL BANKS (ESCB) ...................................................................... 183 A. Historical Background: From Hanover to Maastricht............................................................... 183 B. The Establishment of the ESCB.............................. 187 1. The EMI ............................................................ 187 2. The Changeover Scenario ................................. 191 3. Fundamental Principles of the ESCB................. 193 a. The Objective of Price Stability ................... 194 b. The Features of Independence ................... 196 c. Accountability ............................................ 205 4. The Tension Between Independence and Accountability............................................ 216 III. THE CASE OF THE DEUTSCHE BUNDESBANK .................... 219 IV. CONCLUSION............................................................... 225 I. INTRODUCTION After years of unsuccessful attempts to achieve monetary integration within the area of the European Union (EU),1 the † The author of this essay is a German lawyer who has been studying at the University of Saarland in Saarbrücken. He has obtained his LL.M. in Comparative and International Law from Southern Methodist University in Dallas. In the summer of 1998, he was a Foreign Lawyer Trainee at Holland & Knight, L.L.P. in Tampa and -
Fourth ECB Central Banking Conference
CentralBank_Progr3.qxd 19.09.2006 11:46 Uhr Seite 1 general information Friday, 10 November 2006, continued Conference dates 9-10 November 2006 Conference location Marriott Frankfurt Hotel 12.45 p.m. Lunch Hamburger Allee 2 2.45 p.m. Session V: 60486 Frankfurt am Main Panel: money and monetary policy – a policymaker’s view Germany Tel.:+49 69 7955 2222 Introduction: Fax: +49 69 7955 2432 Lucrezia Reichlin Director General Research, European Central Bank Dinner venue Palais im Zoo Alfred-Brehm-Platz 16 Fourth ECB Central Banking Conference Panellists: 60316 Frankfurt am Main Ben Bernanke Germany Chairman, Board of Governors of the Federal Reserve System Tel.:+49 69 943 5080 Kazumasa Iwata Fax: +49 69 943 50 822 Deputy Governor, Bank of Japan A shuttle service will be provided to and from the The role of money: Jean-Claude Trichet dinner venue. money and monetary policy in President, European Central Bank Dress code: dark suit the twenty-first century Zhou Xiaochuan Conference language English Governor, People’s Bank of China A general discussion of approximately 30 minutes will follow Hotel accommodation Accommodation is available at a special rate at the Marriott Frankfurt Hotel. Participants are asked to Thursday, 9 and Friday, 10 November 2006 4.30 p.m. Closing address: confirm their own room reservations using the Room Jean-Claude Trichet Reservation form sent with the invitation. President, European Central Bank Transport Participants are asked to organise their own transport 4.45 p.m. End of conference from and to the airport, unless indicated otherwise. Programme The conference programme is subject to change without notice.