The Buttonwood Gathering Searching for financial stability October 29th-30th, 2013 Grand Hyatt New York, 109 E 42nd St,

Synopsis Significant changes to global financial markets, as a result of demographic, technological, and economic shifts, are leading to fresh thinking about how to drive growth. There is a new governor at the Bank of England and a new chairman of the will arrive next year. Will new leaders bring new policies? The Buttonwood Gathering 2013 will convene leaders in finance, economics, business, and government to explore the most important trends shaping global finance in the twenty-first century.

This year’s Buttonwood will capture the state of the global economy as it slowly reaches for stability – from the US to Europe, on to Asia, Latin America and Africa. What new opportunities are opening for investors? How have financial markets, banks and companies evolved? Other key issues include:

• The Economist’s signature global economic outlook • The role of government finances in European banks • The future of the American company • Finding the middle road on financial regulation • De-globalisation and the balkanisation of global finance

Chaired by The Economist's Editor-in-chief, John Micklethwait, The Buttonwood Gathering is designed for business leaders from the global banking and finance industry, as well as any senior executive who relies on a deep understanding of global financial markets and the issues and trends that most impact the future of the global economy.

Chair person John Micklethwait, Editor-in-chief, The Economist

Speakers Lewis Alexander, Chief US economist, Nomura Roger Altman, Founder and chairman, Evercore Partners Ian Bremmer, President, Eurasia Group José Manuel Campa, Professor of financial management and international economics, University of Navarra-IESE Agustín Carstens, Governor, Bank of Mexico Joyce Chang, Global head of fixed-income research, JPMorgan Chase & Co Mohamed El-Erian, Chief executive and co-chief investment officer, PIMCO Roger Ferguson, Chief executive, TIAA-CREF Ambassador Michael Froman, United States Trade Representative, Office of the United States Trade Representative Ilan Goldfajn, Chief economist, Itaú Unibanco Alan Greenspan, President, Greenspan Associates LLC Koichi Hamada, Special adviser to cabinet, Japan, and Tuntex Professor Emeritus of Economics, Yale University Thomas Horton, Chief executive, American Airlines Glenn Hutchins, Co-founder and managing director, Silver Lake Kyle Kimball, President, New York City Economic Development Corporation Susan Lund, Principal, McKinsey Global Institute Jim Millstein, Chairman and chief executive, Millstein & Co Ambassador John Negroponte, Vice chairman, McLarty Associates Alan Patricof, Founder and managing director, Greycroft LLC José Manuel González-Páramo, Executive member of the board and chief director of global regulation, BBVA Douglas Rediker, Visiting fellow, Peterson Institute , Author of “This Time Is Different” and professor, Harvard Kennedy School Vincent Reinhart, Chief US economist, Bruce Richards, Chief executive, Marathon Asset Management Stephen Roach, Senior fellow at Jackson Institute for Global Affairs, Yale University Robert Rubin, Former US Treasury Secretary and Co-chairman, Council on Foreign Relations Mary Schapiro, Former chairman of the US Securities and Exchange Commission and Managing director, Promontory Financial Group Greg Selkoe, Founder of Future Boston Alliance and chief executive, Karmaloop Nemat Shafik, Deputy managing director, International Monetary Fund Paul Sheard, Chief global economist, Standard & Poor’s Rating Services Robert J. Shiller, Sterling Professor of Economics, Yale University Mark Standish, Co-chief executive, RBC Capital Markets and RBC Investor & Treasury Services Eytan Stibbe, Founding partner, Vital Capital Fund Laura D’Andrea Tyson, Professor of Business Administration and Economics, Haas School of Business, University of California Berkeley Nicolas Véron, Visiting fellow at Peterson Institute for International Economics and senior fellow, Bruegel Vivek Wadhwa, Vice president of innovation and research, Singularity University Sara Zervos, Head of global-debt team and portfolio manager, Oppenheimer Funds

Tuesday October 29th

1.35 pm Registration

2.20 pm Welcome Remarks

John Micklethwait, Editor-in-chief, The Economist

2:30 pm Global economic outlook The turnaround

What is the state of the global economy today, and where is it headed? This panel will assess the scope of this economic turnaround, and answer whether market s have reason to be optimistic.

José Manuel González-Páramo, Executive member of the board and chief director of global regulation and public affairs, BBVA Robert Rubin, Co-chairman, Council on Foreign Relations Nemat Shafik, Deputy managing director, International Monetary Fund

Moderator: Zanny Minton Beddoes, Economics editor, The Economist

3.00 pm Europe’s burden Shouldering troubled banks

The euro zone’s survival hinges on a separation between bank and sovereign balance-sheets. Yet, few leaders have dared to say that the state and taxpayer should not shoulder the banks’ burden. In the end, will shareholders, bondholders and depositors have to take a significant loss? Will financial markets accept this? Are leaders responsible to taxpayers or bondholders – and what is more important to each national economy in the longer term? Is Europe poised to rebound?

José Manuel Campa, Professor, University of Navarra-IESE Bruce Richards, Chief executive, Marathon Asset Management Nicolas Véron, Visiting fellow at Peterson Institute for International Economics and senior fellow, Bruegel

Moderator: Zanny Minton Beddoes, Economics editor, The Economist

3.30 pm Afternoon break

4.00 pm The American company Learning from failure

As the US economy slowly recovers from crisis, what will the next big American company look like, and by extension the US economy? Will companies, including banks, be forced to merge and grow bigger to succeed? Will the US landscape be dotted again with manufacturing hubs? Will social enterprise enter the next stage of growth as young entrepreneurs seek to reinvent capitalism? Or will the technology sector continue to balloon, ushering in a new Silicon Valley renaissance?

Roger Altman, Founder and chairman, Evercore Partners Thomas Horton, Chief executive, American Airlines Glenn Hutchins, Co-founder and managing director, Silver Lake

Moderator: Matthew Bishop, US business editor and New York bureau chief, The Economist

4.30 pm Crumbling BRICS The new economic architecture

The great rebalancing of the global economy has entered a new phase, as education and salaries increase in emerging markets. However signs of a slowdown are apparent in nations that the world is relying upon to drive economic growth. What will the impact be on the global economy? What is the next phase of economic development for China and Brazil, and will they transition smoothly? What is the opportunity for US firms and investors?

Stephen Roach, Senior fellow at Jackson Institute for Global Affairs, Yale University Ilan Goldfajn, Chief economist, Itaú Unibanco Joyce Chang, Global head of fixed-income research, JPMorgan Chase & Co

Moderator: Matthew Bishop, US business editor and New York bureau chief, The Economist

5:00 pm Next frontier On to riskier markets

Has the global economy developed a new appetite for risk? As returns remain low in much of the developed world, investors are reaching for higher rewards in frontier markets. This session will explore the latest hottest frontiers, including sub-Saharan Africa, which is benefiting from a new consumer class, a healthy gross domestic product, and a young population. Plus foreign money is needed, since capital and savings are in short supply. But what are the challenges of investing in frontier markets, and what are the risky consequences?

Sara Zervos, Head of global-debt team and portfolio manager, Oppenheimer Funds Eytan Stibbe, Founding partner, Vital Capital Fund

Moderator: Philip Coggan, Buttonwood columnist and capital markets editor, The Economist

5.30 pm Cocktail reception Sponsored by RBC Capital Markets

6:30 pm Dinner Sponsored by RBC Capital Markets

7:30 pm Global risk

In this panel discussion at the gala dinner, security experts will discuss political and security risks on the horizon that could impact financial markets and the global economy.

Ian Bremmer, President, Eurasia Group Ambassador John Negroponte, Vice chairman, McLarty Associates Douglas Rediker, Visiting fellow, Peterson Institute

Moderator: John Micklethwait, Editor-in-chief, The Economist

Wednesday October 30th

7.30 am Registration

8.25 am Opening remarks and recap of day one

8.30 am Central powers The lords of central banking

At a moment when the global economy is relying on active central banking, the heads of the major banks are about to change. What can we anticipate from this shift? Will new bank chiefs continue using this larger set of tools, pushing the bounds of their traditional mandate to secure low inflation? If so, are economies at risk of a democracy deficit, as the banks are pushed to make decisions normally reserved for politicians. Are central banks too powerful?

Vincent Reinhart, Chief US economist, Morgan Stanley Mohamed El-Erian, Chief executive and co-chief investment officer, PIMCO

Moderator: Greg Ip, US economics editor, The Economist 9.00 am New rules of finance Regulatory impact

Five years since the start of the financial crisis, what is the state of regulation in the US? From new regulations on the trading and holding of derivatives to debates about whether financial institutions remain too large, this session will tackle the progress made by policymakers so far. The discussion will also address what cracks remain in US laws. Are regulators and policymakers on the right course?

Mary Schapiro, Managing director, Promontory Financial Group Jim Millstein, Chairman and chief executive, Millstein & Co

Moderator: Greg Ip, US economics editor, The Economist

9.30 am Japan’s new path Beating deflation once and for all

Japan's central bank has pushed forward radical monetary easing measures in an effort to finally beat deflation, in part driven by a broader movement for structural reforms by Shinzo Abe. Can the bank achieve its 2% inflation target? Is this time different? Has the prime minister set a dangerous precedent? What lessons can the US and other countries learn from “Abenomics”?

Koichi Hamada, Special adviser to cabinet, Japan, and Tuntex Professor Emeritus of Economics, Yale University Paul Sheard, Chief global economist, Standard & Poor’s Rating Services

Moderator: Greg Ip, US economics editor, The Economist

10.00 am Morning Break

10.30 am Bubble economy Hot market concerns

Prices in property and loan markets have sparked concerns of new bubbles forming that could threaten efforts at stabilising the economy. Are we seeing the beginnings of a bubble in fixed income, corporate loans, or real estate investment trust markets, for example? If so, what if anything should regulators do about it? Can policymakers apply lessons from the last crisis, or are we doomed to repeat history?

Lewis Alexander, Chief US economist, Nomura Robert J. Shiller, Sterling Professor of Economics, Yale University

Moderator: Philip Coggan, Buttonwood columnist and capital markets editor, The Economist

11.00 am The Bagehot lecture Emerging markets

Agustín Carstens, Governor, Bank of Mexico

11.30 am The Bagehot lecture Economic outlook

Alan Greenspan, President, Greenspan Associates LLC

12.00 pm Lunch

1.30 pm Fiscal priorities Competing imperatives of growth and reducing debt

The build-up of large levels of debt on government balance-sheets across the developed world during the financial crisis has forced leaders to distinguish between pursuing growth and reducing debt. Looking at Europe’s path of austerity, and America’s budget choices, what direction should policymakers follow, and have choices thus far been effective?

Roger Ferguson, Chief executive, TIAA-CREF Laura D’Andrea Tyson, Professor of Business Administration and Economics, Haas School of Business, University of California Berkeley Carmen Reinhart, Minos A. Zombanakis professor, Harvard Kennedy School

Moderator: Zanny Minton Beddoes, Economics editor, The Economist

2.00 pm Dysfunction in D.C. Immediate and future fiscal implications

Government shutdowns. Threats of default. Short-term solutions. With the nation’s capital in crisis mode, uncertainty is posing an enormous challenge for investors, banks and corporations. Hear top editors from The Economist give an up-to-the-minute report on recent developments, their economic impact, and, drawing on their well-placed sources and deep experience, expert predictions about what to expect next. Top finance executives will join them on stage to discuss how their organizations are affected by and responding to the dysfunction in D.C.

Zanny Minton Beddoes, Economics editor, The Economist Matthew Bishop, US business editor and New York bureau chief, The Economist Tom Easton, American finance editor, The Economist Paul Sheard, Chief global economist, Standard & Poor’s Rating Services

Moderator: John Micklethwait, Editor-in-chief, The Economist

2.45 pm Goldman versus Google: A career on Wall Street or in Silicon Valley? For decades, the best and brightest minds from American business schools were attracted to Wall Street by the promise of high pay and prestige. But at least since the financial crisis, high-tech companies have become an increasingly appealing destination, and today, when Silicon Valley competes head-to-head for top talent with a financial services firm, it’s often winning. In this spirited debate, two heavyweight thinkers argue over the respective merits of these two diverse career paths. Can Wall Street regain its preeminence and if so how? Does it need to-and can it-sell itself as a place where Millennials can both makes lots of money--and have a positive impact on society? Or will tech firms continue to win the war for the most creative and quantitative minds?

Robert J. Shiller, Sterling Professor of Economics, Yale University Vivek Wadhwa, Vice president of innovation and research, Singularity University

3.15 pm Afternoon break

3:45pm New economics of trade International trade and investment today Ambassador Michael Froman, United States Trade Representative, Office of the United States Trade Representative

4.00 pm Looking inward De-globalisation in trade and finance

Is the great globalisation of the recent decades about to unwind as national governments rely on taxpayers to bail out banks and attempt to protect their own currencies to the detriment of others? What kind of threats does this pose to national economies and what kind of impact could it have on the world of finance?

Susan Lund, Principal, McKinsey Global Institute Mark Standish, Co-chief executive, RBC Capital Markets and RBC Investor & Treasury Services

Moderator: Ryan Avent, Economics correspondent, The Economist

4.30 pm The next Silicon Valley Start-up revolution

Technology start-ups are having another “moment,” and that Silicon Valley boom is echoing into other parts of the country, as leaders attempt to capitalise on a technology revolution to fire up local economies. New York and other cities are furiously trying to replicate the magic of Silicon Valley, and investors are following. Are start-ups powering the US economy? What value are they creating, and what are the opportunities for investors?

Alan Patricof, Founder and managing director, Greycroft LLC Kyle Kimball, President, New York City Economic Development Corporation Greg Selkoe, Founder of Future Boston Alliance and chief executive, Karmaloop

Moderator: Ryan Avent, Economics correspondent, The Economist

5.00 pm Closing Remarks