DOCSLIB.ORG

World Bank Document

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

THE WORLD BANK GROUP THE WORLD BANK GR WORLD THE 2003 A Headquarters 1818 H Street, N.W. Washington, D.C. 20433, U.S.A. Public Disclosure AuthorizedPublic Disclosure Authorized NNUAL Telephone: (202) 473-1000 Facsimile: (202) 477-6391 Website: www.worldbank.org M EETINGS Cable Address World Bank: INTBAFRAD OUP IFC: CORINTFIN THE WORLD BANK GROUP IDA: INDEVAS OF MIGA: MIGAVEST THE B SUMMARY PROCEEDINGS SUMMARY O Public Disclosure AuthorizedPublic Disclosure Authorized ARDS OF 2003 ANNUAL MEETINGS G OVE OF THE RNORS BOARDS OF GOVERNORS Public Disclosure AuthorizedPublic Disclosure Authorized Summary Proceedings Dubai, United Arab Emirates September 23–24, 2003 Public Disclosure AuthorizedPublic Disclosure Authorized 0500219-SummaryPro2003 1 9/3/04, 3:09 PM THE WORLD BANK GROUP 2003 ANNUAL MEETINGS OF THE BOARDS OF GOVERNORS SUMMARY PROCEEDINGS DUBAI, UNITED ARAB EMIRATES SEPTEMBER 23–24, 2003 INTRODUCTORY NOTE The 2003 Annual Meetings of the Boards of Governors of the World Bank Group, which consists of the International Bank for Reconstruc- tion and Development (IBRD), International Finance Corporation (IFC), International Development Association (IDA), Multilateral Investment Guarantee Agency (MIGA) and International Centre for the Settlement of Investment Disputes (ICSID), held jointly with that of the International Monetary Fund, took place during September 23rd and 24th, 2003 in Dubai, United Arab Emirates. The Honorable Kaspar Villiger, Governor of the Bank and the Fund for Switzerland, served as the Chairman. The Summary Proceedings record, in alphabetical order by member countries, the texts of statements by Governors, and resolutions adopted by the Boards of Governors of the World Bank Group. The texts of statements concerning the IMF are published separately by the Fund. W. Paatii Ofosu-Amaah Vice President and Corporate Secretary THE WORLD BANK GROUP Washington, D.C. June, 2004 iii CONTENTS Page Remarks by the H.H. Sheikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance and Industry, United Arab Emirates . 1 Opening Address by the Chairman Kaspar Villiger Governor of the Bank and the Fund for Switzerland . 5 Annual Address by James D. Wolfensohn President of the World Bank Group . 11 Report by Trevor Manuel Chairman of the Development Committee . 19 Statements by Governors and Alternate Governors . 22 Afghanistan . 22 *Iceland . 83 Australia . 23 India . 87 Belarus . 29 Indonesia . 91 Belgium . 32 Iran, Islamic Republic Bosnia and . of . 94 Herzegovina . 37 Ireland . 96 *Burkina Faso . 41 Israel . 98 Cambodia . 50 Italy . 100 Canada . 53 Japan . 104 China . 57 Korea . 110 Croatia . 60 Lao People’s Democratic Cyprus . 62 Republic . 113 Fiji . 64 *Latvia . 116 France . 68 Libya . 117 Germany . 71 Macedonia, FYR . 119 Greece . 72 Malaysia . 123 *Guyana . 76 Malta . 126 *Iceland . 79 Myanmar . 128 * Speaking on behalf of a group of countries. v Page Nepal . 131 Spain . 164 Netherlands . 134 Sri Lanka . 167 New Zealand . 136 Thailand . 169 Pakistan . 138 Tonga . 172 *Palau . 141 Turkey . 174 Papua New Guinea . 145 Ukraine . 176 Paraguay . 149 *United Arab Emirates 179 Philippines . 151 United Kingdom . 185 Poland . 153 United States . 193 Portugal . 155 Venezuela . 195 Russian Federation . 157 Vietnam . 196 Concluding Remarks by James D. Wolfensohn . 199 Concluding Remarks by the Chairman Kaspar Villiger . 202 Remarks by Lim Hng Kiang, Governor of the Bank for Singapore . 204 Documents of the Boards of Governors . 205 Schedule of Meetings . 205 Provisions Relating to the Conduct of the Meetings . 206 Agendas . 207 Joint Procedures Committee . 208 Report I . 209 Report III . 211 MIGA Procedures Committee . 213 Report I . 214 Resolutions Adopted by the Board of Governors of the Bank Between the 2002 and 2003 Annual Meetings . 216 No. 550 First Amendment to the Agreement for the Establishment of the Joint Vienna Institute . 216 No. 551 Direct Remuneration of Executive Directors and their Alternates . 216 Resolutions Adopted by the Board of Governors of the Bank at the 2003 Annual Meetings . 217 No. 552 Financial Statements, Accountants’ Report and Administrative Budget . 217 *Speaking on behalf of a group of countries. vi Page No. 553 Allocation of FY03 Net Income . 217 No. 554 Forthcoming Annual Meetings of the Boards of Governors Change of 2004 Annual Meetings Dates . 218 No. 555 Resolution of Appreciation . 218 Resolutions Adopted by the Board of Governors of IFC at the 2003 Annual Meeting . 219 No. 237 Financial Statements, Accountants’ Report and Administrative Budget . 219 No. 238 Membership of Bhutan . 219 No. 239 Resolution of Appreciation . 221 Resolutions Adopted by the Board of Governors of IDA at the 2003 Annual Meeting . 222 No. 205 Financial Statements, Accountants’ Report and Administrative Budget . 222 No. 206 Resolution of Appreciation . 222 Resolutions Adopted by the Council of Governors of MIGA Between the 2002 and 2003 Annual Meetings . 223 No. 64 Amendment to Resolution No. 57 of the Council of Governors . 223 No. 65 Amendment to MIGA’s By-Laws with Respect to Financial Statements . 224 Resolutions Adopted by the Council of Governors of MIGA at the 2003 Annual Meeting . 225 No. 66 Financial Statements and Accountants’ Report . 225 No. 67 Resolution of Appreciation . 225 Reports of the Executive Directors of the Bank . 226 First Amendment to the Agreement for the Establishment of the Vienna Institute . 226 Allocation of FY03 Net Income . 229 Report of the Board of Directors of IFC . 230 Membership of Bhutan . 230 vii Page Reports of the Board of Directors of MIGA . 231 Proposed Amendment to Resolution No. 57 of the Council of Governors . 231 Proposal to Amend MIGA’s By-Laws with Respect to Financial Statements . 245 Accredited Members of Delegations at the 2003 Annual Meetings . 248 Accredited Members of Delegations (MIGA) at the 2003 Annual Meetings . 273 Observers at the 2003 Annual Meetings . 284 Executive Directors and Alternates, IBRD, IFC, IDA . 289 Directors and Alternates, MIGA . 291 Officers of the Boards of Governors and Joint Procedures Committee for 2003–04 . 293 Officers of the MIGA Council of Governors and Procedures Committee for 2003–04 . 294 viii STATEMENT BY H.H. SHEIKH HAMDAN BIN RASHID AL MAKTOUM DEPUTY RULER OF DUBAI AND MINISTER OF FINANCE AND INDUSTRY UNITED ARAB EMIRATES Your Highnesses, Mr. Chairman, Governors, Mr. Wolfensohn, Mr. Köhler, ladies, and gentlemen, I have the great honor to welcome you to the United Arab Emirates, on behalf of His Highness Sheikh Zayed bin Sultan Al Nahyan, President of the UAE; His Highness Sheikh Maktoum bin Rashid Al Maktoum, Vice-President, Prime Minister, and Ruler of Dubai; and the members of the Federal Supreme Council; on the occasion of the 2003 Annual Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund. This gathering of representatives from the Bank and Fund’s 184 members symbolizes the equality of all the peoples of the world, and underscores that the problems and challenges facing the global econ- omy and the international financial system today are of concern to all countries and can only be addressed effectively through cooperation and if all of our voices are heard. The Annual Meetings are for the first time being convened in an Arab country, and we hope that this will be the first of many such gatherings in our part of the world. The selection of the United Arab Emirates as host for your meetings recognizes that this region is an integral part of the world economy and a key player in today’s multilateral system. The Arab world is a region of tremendous richness, diversity, and potential, bound together by close historical and cultural ties. It is one of the oldest centers of learning and tolerance, and the birthplace of many of the world’s magnificent civilizations and religions. Most impor- tantly, it is filled with talented and resourceful people who have a strong desire to contribute to the progress and prosperity of mankind. But this part of the world will not be able to realize its full economic potential until a just and permanent solution to the regional conflict is found and the international community makes a serious effort to bring peace and security to the region. In Iraq, rays of hope are starting to emerge for a free society founded on the rule of law. A stable Iraq, at peace with itself and with its neigh- bors, is in the collective interest of all of us, particularly those of us in this region of the world. Iraq must once again become stable, prosperous, and a responsible partner in the international community, and the Iraqi people must be free to determine their own political future and control their own natural resources. We believe that the international commu- nity must contribute to the reconstruction of Iraq in all areas. 1 Moreover, the present situation in the occupied Palestinian territo- ries is sadly marked by deteriorating living conditions and increasing social and economic despair. Without a lasting settlement that guaran- tees justice, peace, and security to all the peoples of the region, as well as an independent state to the Palestinian people, instability will con- tinue to undermine economic progress in this part of the world. The international community must do its utmost to help the Palestinian people build a better future for themselves. The United Arab Emirates has been completely transformed since its formation in 1971. A relatively undeveloped region has become, as you can see, a modern state that enjoys a high standard of living and is well integrated with the rest of the world. The UAE serves as an excel- lent example of what a country can accomplish if it pursues economic liberalization, creates an environment conducive to private sector activ- ity, and preserves political and social stability. This success is a result of the government’s policy of diversifying revenue sources by supporting and encouraging the non-oil sector and investments in the domestic and foreign private sectors.
Recommended publications
  • The Run on the Rock

    The Run on the Rock

    House of Commons Treasury Committee The run on the Rock Fifth Report of Session 2007–08 Volume II Oral and written evidence Ordered by The House of Commons to be printed 24 January 2008 HC 56–II [Incorporating HC 999 i–iv, Session 2006-07] Published on 1 February 2008 by authority of the House of Commons London: The Stationery Office Limited £25.50 The Treasury Committee The Treasury Committee is appointed by the House of Commons to examine the expenditure, administration, and policy of HM Treasury, HM Revenue & Customs and associated public bodies. Current membership Rt Hon John McFall MP (Labour, West Dunbartonshire) (Chairman) Nick Ainger MP (Labour, Carmarthen West & South Pembrokeshire) Mr Graham Brady MP (Conservative, Altrincham and Sale West) Mr Colin Breed MP (Liberal Democrat, South East Cornwall) Jim Cousins MP (Labour, Newcastle upon Tyne Central) Mr Philip Dunne MP (Conservative, Ludlow) Mr Michael Fallon MP (Conservative, Sevenoaks) (Chairman, Sub-Committee) Ms Sally Keeble MP (Labour, Northampton North) Mr Andrew Love MP (Labour, Edmonton) Mr George Mudie MP (Labour, Leeds East) Mr Siôn Simon MP, (Labour, Birmingham, Erdington) John Thurso MP (Liberal Democrat, Caithness, Sutherland and Easter Ross) Mr Mark Todd MP (Labour, South Derbyshire) Peter Viggers MP (Conservative, Gosport). Powers The Committee is one of the departmental select committees, the powers of which are set out in House of Commons Standing Orders, principally in SO No. 152. These are available on the Internet via www.parliament.uk. Publications The Reports and evidence of the Committee are published by The Stationery Office by Order of the House.
  • Re-Appointment of Sir Jon Cunliffe As Deputy Governor for Financial Stability at the Bank of England

    Re-Appointment of Sir Jon Cunliffe As Deputy Governor for Financial Stability at the Bank of England

    House of Commons Treasury Committee Re-appointment of Sir Jon Cunliffe as Deputy Governor for Financial Stability at the Bank of England Twenty-Third Report of Session 2017–19 Report, together with formal minutes relating to the report Ordered by the House of Commons to be printed 17 October 2018 HC 1626 Published on 18 October 2018 by authority of the House of Commons The Treasury Committee The Treasury Committee is appointed by the House of Commons to examine the expenditure, administration, and policy of HM Treasury, HM Revenue and Customs and associated public bodies Current membership Nicky Morgan MP (Conservative, Loughborough) (Chair) Rushanara Ali MP (Labour, Bethnal Green and Bow) Mr Simon Clarke MP (Conservative, Middlesbrough South and East Cleveland) Charlie Elphicke MP (Independent, Dover) Stephen Hammond MP (Conservative, Wimbledon) Stewart Hosie MP (Scottish National Party, Dundee East) Mr Alister Jack MP (Conservative, Dumfries and Galloway) Alison McGovern MP (Labour, Wirral South) Catherine McKinnell MP (Labour, Newcastle upon Tyne North) John Mann MP (Labour, Bassetlaw) Wes Streeting MP (Labour, Ilford North) Powers The committee is one of the departmental select committees, the powers of which are set out in House of Commons Standing Orders, principally in SO No. 152. These are available on the internet via www.parliament.uk. Publication Committee reports are published on the Committee’s website at www.parliament.uk/treascom and in print by Order of the House. Evidence relating to this report is published on the inquiry
  • Economics Annual Review 2013-2014

    Economics Annual Review 2013-2014

    Economics Review 2013/14 3 Contents Welcome to the Department of Economics 01 Faculty Profile: Gerard Padró i Miquel 02 Recognition for Economics faculty and alumni in the New Year Honours list 05 Social Media at the LSE Department of Economics 06 LSE awards Honorary Doctorate to Professor Janet Yellen 08 LSE Economics PhD student receives highest OeNB award for outstanding research 08 Economics alumnus Nemat Shafik appointed as new Deputy Governor of the Bank of England 09 Professor Lord Stern recognised for outstanding work in climate science communication 10 LSE Economics students awarded EEA Best Young Economist Awards - again! 11 Professor Charles Bean knighted in the Queen’s Birthday Honours 11 Nobel prizewinner’s inaugural Regius lecture focuses on the euro 12 Scottish referendum turns spotlight on the CFM monthly survey 14 Is it time to end the war on drugs? 15 LSE Economics PhD student first from UK to win Price Theory Scholar Award 16 The Economica Coase-Phillips Lectures 16 Public Events 2013-14 17 Regius Professor Christopher Pissarides knighted for his services to economics 19 The economist and the wider world: the Lionel Robbins digital exhibition 24 Austin Robinson memorial prize awarded to Dr Johannes Spinnewijn 22 Professor John Van Reenen wins 2014 EIB Prize 23 Major Review Teaching Prize: Dr Francesco Nava 23 Professor Lord Stern elected as Fellow of the Royal Society 24 Strong showing for Economics Department in Teaching Excellence Awards 24 Economics student wins Sir Robert Worcester Prize for exceptional academic
  • Andrew G Haldane: Seizing the Opportunities from Digital Finance

    Andrew G Haldane: Seizing the Opportunities from Digital Finance

    Seizing the Opportunities from Digital Finance Speech given by Andy Haldane Chief Economist and Member of the Monetary Policy Committee TheCityUK 10th Anniversary Conference 18 November 2020 The views expressed here are not necessarily those of the Bank of England or the Monetary Policy Committee. I would like to thank Kathleen Blake, Shiv Chowla, Harvey Daniell, Rachel Greener, Rachel James, Jack Meaning, Varun Paul, Andrei Pustelnikov, Oliver Thew, Ryland Thomas, Cormac Sullivan and Michael Yoganayagam for their help in preparing the text. I would like to thank Andrew Bailey, Alex Brazier, Jon Cunliffe, Andrew Hauser, Alice Pugh, Christina Segal-Knowles, Silvana Tenreyro and Jan Vlieghe for their comments. 1 All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice Let me thank the TheCityUK for the opportunity to speak at this 10th Anniversary event at such a critical time for the financial services sector and the economy as a whole. We all live in hope of the three Rs that are the theme of the conference - Recovery, Rebalancing and Revitalisation. With the recent positive news about vaccines, that hope is now justified. I want to discuss today the three R’s in the context of financial services. Covid is a twin crisis, a health crisis and an economic crisis rolled into one. It has exposed every person and every business in every country in the world to that double jeopardy. In the UK, it has already resulted in over 50,000 deaths, more than 1 million people losing their jobs, around 9 million people seeing their incomes fall and almost the whole country feeling more anxious about the future.
  • Rapport D'activités 2007

    Rapport D'activités 2007

    MUDAM RAPPORT D’ACTIVITÉS 2007 MUDAM RAPPORT D’ACTIVITÉS 2007 MUDAM RAPPORT D’ACTIVITÉS 2007 MUDAM RAPPORT D’ACTIVITÉS 2007 MUDAM RAPPORT D’ACTIVITÉS 2007 MUDAM RAPPORT D’ACTIVITÉS 2007 MUDAM RAPPORT D’ACTIVITÉS 2007 mudaM rapport d’activites 2007 mudaM rapport d’activites 2007 mudaM rapport d’activites 2007 mudaM rapport d’activites 2007 MUDAM RAPPORT D’ACTIVITÉS 2007 MUDAM RAPPORT D’ACTIVITÉS 2007 MUDAM RAPPORT D’ACTIVITÉS 2007 MUDAM RAPPORT D’ACTIVITÉS 2007 MUDAM RAPPORT D’ACTIVITÉS 2007 MUDAM RAPPORT D’ACTIVITÉS 2007 MUDAM RAPPORT D’ACTIVITÉS 2007 mudaM rapport d’activites 2007 mudaM rapport d’activites 2007 mudaM rapport d’activites 2007 mudaM rapport d’activites 2007 MUDAM RAPPORT D’ACTIVITÉS 2007 MUDAM RAPPORT D’ACTIVITÉS 2007 MUDAM RAPPORT D’ACTIVITÉS 2007 MUDAM RAPPORT D’ACTIVITÉS 2007 MUDAM RAPPORT D’ACTIVITÉS 2007 MUDAM RAPPORT D’ACTIVITÉS 2007 MUDAM RAPPORT D’ACTIVITÉS 2007 mudaM rapport d’activites 2007 mudaM rapport d’activites 2007 mudaM rapport d’activites 2007 mudaM rapport d’activites 2007 MUDAM RAPPORT D’ACTIVITÉS 2007 MUDAM RAPPORT D’ACTIVITÉS 2007 MUDAM RAPPORT D’ACTIVITÉS 2007 MUDAM RAPPORT D’ACTIVITÉS 2007 MUDAM RAPPORT D’ACTIVITÉS 2007 MUDAM RAPPORT D’ACTIVITÉS 2007 MUDAM RAPPORT D’ACTIVITÉS 2007 mudaM rapport d’activites 2007 mudaM rapport d’activites 2007 mudaM rapport d’activites 2007 mudaM rapport d’activites 2007 MUDAM RAPPORT D’ACTIVITÉS 2007 MUDAM RAPPORT D’ACTIVITÉS 2007 MUDAM RAPPORT D’ACTIVITÉS 2007 MUDAM RAPPORT D’ACTIVITÉS 2007 MUDAM RAPPORT D’ACTIVITÉS 2007 MUDAM RAPPORT D’ACTIVITÉS 2007 MUDAM RAPPORT
  • The Run on the Rock

    The Run on the Rock

    House of Commons Treasury Committee The run on the Rock Fifth Report of Session 2007–08 Volume I Report, together with formal minutes Ordered by The House of Commons to be printed 24 January 2008 HC 56–I [Incorporating HC 999 i–iv, Session 2006-07] Published on Saturday 26 January 2008 by authority of the House of Commons London: The Stationery Office Limited £20.00 The Treasury Committee The Treasury Committee is appointed by the House of Commons to examine the expenditure, administration, and policy of HM Treasury, HM Revenue & Customs and associated public bodies. Current membership Rt Hon John McFall MP (Labour, West Dunbartonshire) (Chairman) Nick Ainger MP (Labour, Carmarthen West & South Pembrokeshire) Mr Graham Brady MP (Conservative, Altrincham and Sale West) Mr Colin Breed MP (Liberal Democrat, South East Cornwall) Jim Cousins MP (Labour, Newcastle upon Tyne Central) Mr Philip Dunne MP (Conservative, Ludlow) Mr Michael Fallon MP (Conservative, Sevenoaks) (Chairman, Sub-Committee) Ms Sally Keeble MP (Labour, Northampton North) Mr Andrew Love MP (Labour, Edmonton) Mr George Mudie MP (Labour, Leeds East) Mr Siôn Simon MP, (Labour, Birmingham, Erdington) John Thurso MP (Liberal Democrat, Caithness, Sutherland and Easter Ross) Mr Mark Todd MP (Labour, South Derbyshire) Peter Viggers MP (Conservative, Gosport). Powers The Committee is one of the departmental select committees, the powers of which are set out in House of Commons Standing Orders, principally in SO No. 152. These are available on the Internet via www.parliament.uk. Publications The Reports and evidence of the Committee are published by The Stationery Office by Order of the House.
  • Formal Minutes

    Formal Minutes

    House of Commons Treasury Committee Formal Minutes Session 2005–06 Treasury Committee: Formal Minutes 2005–06 1 Proceedings of the Committee Thursday 14 July 2005 Members present: Angela Eagle John McFall Damian Green Mr George Mudie Ms Sally Keeble Mr David Ruffley Susan Kramer Mr Mark Todd Mr Andrew Love Peter Viggers Kerry McCarthy Members disclosed their interests, pursuant to the resolution of the House of 13 July 1992 For details of declarations of interest see Appendix. 1. Election of Chairman John McFall was called to the Chair. Ordered, That the Chairman do report his election to the House. ** 2. The Committee’s programme of work The Committee considered this matter. 3. Sub-Committee Ordered, That a Sub-Committee be appointed, to examine the work of the minor departments accountable to the Treasury and other matters referred to it by the main Committee.—(The Chairman.) Ordered, That all members of the Committee be members of the Sub-Committee.—(The Chairman.) Ordered, That Mr Michael Fallon be Chairman of the Sub-Committee.—(The Chairman.) 4. Cash machine charges Draft Special Report (Cash machine charges: Government Response to the Committee’s Fifth Report of Session 2004–05), proposed by the Chairman, brought up, read the first and second time, and agreed to. Resolved, That the Report be the First Special Report of the Committee to the House. Ordered, That the Chairman make the Report to the House. Ordered, That the Government’s response to the Committee’s Fifth Report (Cash machine charges) be appended to the Report. 5. Excise Duty Fraud Draft Special Report (Excise Duty Fraud: Government Response to the Committee’s Fourth Report of Session 2004–05), proposed by the Chairman, brought up, read the first and second time, and agreed to.
  • Andy Haldane Chief Economist and Member of the Monetary Policy Committee

    Andy Haldane Chief Economist and Member of the Monetary Policy Committee

    Seizing the Opportunities from Digital Finance Speech given by Andy Haldane Chief Economist and Member of the Monetary Policy Committee TheCityUK 10th Anniversary Conference 18 November 2020 The views expressed here are not necessarily those of the Bank of England or the Monetary Policy Committee. I would like to thank Kathleen Blake, Shiv Chowla, Harvey Daniell, Rachel Greener, Rachel James, Jack Meaning, Varun Paul, Andrei Pustelnikov, Oliver Thew, Ryland Thomas, Cormac Sullivan and Michael Yoganayagam for their help in preparing the text. I would like to thank Andrew Bailey, Alex Brazier, Jon Cunliffe, Andrew Hauser, Alice Pugh, Christina Segal-Knowles, Silvana Tenreyro and Jan Vlieghe for their comments. 1 All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice Let me thank the TheCityUK for the opportunity to speak at this 10th Anniversary event at such a critical time for the financial services sector and the economy as a whole. We all live in hope of the three Rs that are the theme of the conference - Recovery, Rebalancing and Revitalisation. With the recent positive news about vaccines, that hope is now justified. I want to discuss today the three R’s in the context of financial services. Covid is a twin crisis, a health crisis and an economic crisis rolled into one. It has exposed every person and every business in every country in the world to that double jeopardy. In the UK, it has already resulted in over 50,000 deaths, more than 1 million people losing their jobs, around 9 million people seeing their incomes fall and almost the whole country feeling more anxious about the future.
  • Mark Carney, Governor - Speech 24Th October 2013

    Mark Carney, Governor - Speech 24Th October 2013

    Bank of England Mark Carney, Governor - Speech 24th October 2013 Page 2 Mark Carney, Governor Speech - 24-10-13 Lionel Barber, Editor Financial Times: Good evening. It's my great pleasure to introduce our guest speaker Mark Carney, the Governor of the Bank of England. Mr Carney as you know is also Chairman of the Monetary Policy Committee, the Financial Policy Committee and the Board of the Prudential Regulation Authority. And in case you were wondering what he actually does in his spare time, he's Chairman of the Financial Stability Board, which coordinates financial regulations worldwide. Mr Carney is a native Canadian, born in Fort Smith, Northwest Territories. He received a Bachelor's Degree in Economics from Harvard and completed a Masters and Doctorate in Economics from Oxford. Sadly, he did not make the obvious next move in his career and join Ed Balls, Stephanie Flanders and other distinguished members of the economics leader writing team at the FT. Instead, he joined Goldman Sachs, working in London, Tokyo, New York and the Toronto offices. And after serving at the Bank of Canada and the Ministry of Finance he became Governor of the Bank of Canada in 2008. His timing was perfect because it was just right in the middle of the global financial crisis. Now the Canadian economy outperformed its G7 peers during this crisis, thanks in part to decisive policy choices, including what we now know as forward guidance on interest rates. So Mr Carney is a cosmopolitan, an economist, and a man of action, a rare combination.
  • HM Treasury Analysis: the Immediate Impact of Leaving the EU

    HM Treasury Analysis: the Immediate Impact of Leaving the EU

    HM Treasury analysis: the immediate economic impact of leaving the EU Cm 9292 May 2016 HM Treasury analysis: the immediate economic impact of leaving the EU Presented to Parliament by the Chancellor of the Exchequer by Command of Her Majesty May 2016 Cm 9292 This document has benefitted from a review by Professor Sir Charles Bean, former Deputy Governor of the Bank of England, acting in a personal capacity as an academic consultant to HM Treasury. All content and conclusions in this study are, however, the responsibility of HM Treasury. Commenting on the work, Professor Bean said: “While there are inevitably many uncertainties – including the prospective trading regime with the EU – this comprehensive analysis by HM Treasury, which employs best-practice techniques, provides reasonable estimates of the likely size of the short-term impact of a vote to leave on the UK economy.” © Crown copyright 2016 This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives.gov.uk/doc/ open-government-licence/version/3 or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email [email protected] Where we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned. This publication is available at www.gov.uk/government/publications Any enquiries regarding this publication should be sent to us at [email protected] Print ISBN
  • Edustustonpäälliköiden Arviot Talouskriisin Kansainvälispoliittisista Vaikutuksista

    Edustustonpäälliköiden Arviot Talouskriisin Kansainvälispoliittisista Vaikutuksista

    Edustustonpäälliköiden arviot talouskriisin kansainvälispoliittisista vaikutuksista 23.12.2009 ALANKOMAAT Suurlähettiläs Klaus Korhonen, Haag 9.10.2009 Globaalin finanssikriisin poliittiset vaikutukset Anekdootin mukaan Henry Kissinger tiedusteli ulkoministeriaikanaan Kiinan pääministeri Zshou En Lailta tämän käsitystä Ranskan vuoden 1789 suuren vallankumouksen merkityksestä maailmanhistoriassa. Zshoun tunnettu vastaus oli: "On liian varhaista sanoa." Kohtuullinen pidättyvyys on siis paikallaan arvioitaessa vielä meneillään olevan finanssikriisin vaikutuksia. Kansainvälisen järjestys on perimmältään anarkinen kun maailmanhallitusta ei ole, mutta se on samalla hämmästyttävän vakaa. Edes terrori-isku 11.9.2001 ja siitä seurannut vastareaktio ei muuttanut maailmanpolitiikan makrorakenteita: uusia valtioita ei synnytetty tai hävitetty, kansainvälisiä järjestöjä ei perustettu tai lakkautettu eikä kansainvälisen oikeuden perusteita muutettu. Sama näyttää pätevän finanssikriisiin vaikka sen yhteiskunnalliset vaikutukset ovat syvempiä ja pitkäaikaisempia kuin 9/11:n. Toisaalta vakiintuneen järjestelmän puitteissa asioiden tärkeysjärjestys, toimijoiden painoarvo sekä valtioiden väliset status- ja voimasuhteet ovat muuttuneet - kummassakin tapauksessa 9/11 nosti turvallisuuden takaisin kansainvälisten suhteiden ehdottomaksi pääkysymykseksi, finanssikriisin aikana talouden elvyttäminen ajaa kaiken muun edelle. Kumpikin kriisi on toiminut vastoin 2000-luvun globalisaatiokeskustelun mantraa siitä, että valtiotoimijoiden suhteellinen asema jatkuvasti
  • Bank of England Quarterly Bulletin 2014 Q3

    Bank of England Quarterly Bulletin 2014 Q3

    346 Quarterly Bulletin 2014 Q3 Bank of England speeches A short summary of speeches and ad hoc papers made by The article first discussed some of the key developments in Bank personnel since 1 June 2014 are listed below. central banking over the past century. Unemployment and the conduct of monetary policy in the Andrew then considered two hypothetical future paths for United Kingdom central banks. The first is one in which the extraordinary Ben Broadbent, Deputy Governor, August 2014. measures taken over the recent crisis are returned to being tools for emergencies only. Here monetary, financial and www.bankofengland.co.uk/publications/Documents/speeches/ regulatory policy would move to a more settled pattern over 2014/speech752.pdf time. The other hypothetical path considered is one in which central banks’ operational policies would remain expansive. In Speaking to the Federal Reserve Bank of Kansas City’s this scenario, their role in shaping the fortunes of financial Economic Policy Symposium in Jackson Hole, Ben Broadbent markets and financial firms would likely rise. discussed the role of unemployment in the conduct for monetary policy. He started by pointing out that, over the The UK current account past century and a half, the only periods where there was a Ben Broadbent, Deputy Governor, July 2014. stable relationship between UK unemployment and wage growth were when there was a clear nominal anchor: the www.bankofengland.co.uk/publications/Documents/speeches/ gold standard and, almost 100 years later, the inflation target. 2014/speech750.pdf He continued by making two main points. First, during the inflation-targeting period and before the crisis, the UK In a speech at Chatham House, Deputy Governor monetary authority seemed to have mainly reacted to Ben Broadbent discussed why he did not view the UK current movements in output.