US Economy: Growth Decelerates More Than Previously Estimated
Bloomberg
August 27, 2010
US economic recovery was weaker than predicted at the end of the second quarter. As G30 member and Harvard professor, Martin Feldstein, points out, there is still a significant risk of a double dip.
Member Featured: Martin Feldstein
Greece Calls in Italian Heavyweight
Ekathimerini
August 4, 2010
Greek Prime Minister George Papandreou has appointed former Italian Finance Minister Tommaso Padoa-Schioppa as an economic advisor to help move Greece out of the crisis. He will help advise the country on matters relating to the economy, banking and debt management.
Member Featured: Tommaso Padoa-Schioppa
No Glamour, No Apologies
Financial Times
July 25, 2010
Roger Ferguson, Chief Executive of TIAA-Cref, is profiled in the Financial Times. He discusses his former role at the Federal Reserve, and his ideas for driving TIAA-Cref forward.
Member Featured: Roger Ferguson
Martin Feldstein: The 'Tax Expenditure' Solution for Our National Debt
Wall Street Journal
July 20, 2010
Martin Feldstein, professor of economics at Harvard University, discusses reducing the deficit by cutting tax expenditures. He argues that widespread cuts are the best way to reduce government spending.
Member Featured: Martin Feldstein
Paul Volcker Pushes for Reform, Regretting Past Silence
New York Times
July 11, 2010
Paul Volcker, Chairman of President Obama's Economic Recovery Advisory Board, is profiled in the New York times as the financial reform bill is up for a vote in the US Senate. The legislation includes a version of the Volcker Rule, which would ban proprietary trading.
Member Featured: Paul Volcker
Markets and Government Before, During and After the 2007-20xx Crisis.
Bank of International Settlements
July 8, 2010
Tommaso Padoa-Schioppa, Chairman of Promontory Europe delivered the 2010 Per Jacobssen lecture at the general assembly of the Bank of International Settlements on June 27. His lecture discussed the market-government relationship before, during, and after the crisis.
Member Featured: Tommaso Padoa-Schioppa
Promontory Europe Chairman to Lead IASC Foundation
Emirates Week
June 24, 2010
Tommaso Padoa-Schioppa, Chairman of Promontory Europe has been appointed Chairman of the Trustees of the International Accounting Standards Committee Foundation. '“The selection underscores Mr. Padoa-Schioppa’s standing as one of the world’s most knowledgeable experts on regulatory, accounting, and control matters for financial institutions,” said Eugene A. Ludwig, Founder and CEO of Promontory Financial Group, the premier global financial services consulting firm.'
Member Featured: Tommaso Padoa-Schioppa
ECB Chief Seeks Tighter Fiscal Union
The Wall Street Journal
June 22, 2010
To keep individual member state's budgetary issues from destabilizing the euro zone, Jean Claude Trichet, President of the European Central Bank, called for "the equivalent of a fiscal federation". He proposed creating an agency responsible for fiscal oversight which could place sanctions on countries whose budgetary and macroeconomic policies might lead to a decrease in competitiveness.
Member Featured: Jean Claude Trichet
That 30's Feeling
The New York Times
June 18, 2010
In an opinion piece in the New York Times, Paul Krugman argues that economic policy has taken a the wrong turn, towards austerity. "Suddenly, creating jobs is out, inflicting pain is in," he writes.
Member Featured: Paul Krugman
BOE's King Welcomes New Responsibilities
The Wall Street Journal
June 17, 2010
The Bank of England will be given new responsibilities for regulation in hopes to achieve overall systemic stability. Mervyn King, Governor of the Bank of England welcomes the central bank's new role in financial stability saying, "Just as the role of a central bank in monetary policy is to take the punch bowl away just as the party gets going, its role in financial stability should be to turn down the music when the dancing gets a little too wild."
Member Featured: Mervyn King
The Time We Have is Growing Short
The New York Review of Books
June 14, 2010
Paul Volcker, Chairman of the President's Economic Recovery Advisory Board, reflects on the financial crisis, the lessons learned and discusses why we need to "reconsider some of the basic tenets of financial theory" when working toward reform.
Member Featured: Paul Volcker
ECB Trichet: Need Quantum Leap in European Economic Governance
iMarketNews.com
June 9, 2010
Jean-Claude Trichet, European Central Bank President, said today that the framework for fiscal policy needs to be reformed in Europe. "We have to make a quantum leap in strengthening the governance of economic policies and surveillance", he stated.
Member Featured: Jean-Claude Trichet
ECB's Bini Smaghi-Greece a warning sign to others worldwide
Reuters
May 28, 2010
Lorenzo Bini Smaghi, member of the European Central Bank's Executive Board, addressed the members of the Group of Thirty in Morocco. During his speech on the Greek crisis, he stated that Greece defaulting on its loans is not a viable option.
Crisis Not Over Yet
Globes Online
June 2, 2010
Stanley Fischer, Governor of the Bank of Israel, spoke at the annual Israel Economic Association conference. He addressed concerns about the continuing crisis and acknowledged that the worst may be over, but the crisis is ongoing.
Member Featured: Stanley Fischer
Lost Decade Looming?
New York Times
May 21, 2010
Paul Krugman argues that the United States still isn't Greece, but with it's slow growth and high unemployment, comparisons can be made to the 'lost decade' in Japan.
Member Featured: Paul Krugman
For a Solution to the Euro Crisis, Look to the States
Washington Post
May 18, 2010
The Greek budget crisis has been a wake up call for Europe, and Martin Feldstein discusses how to limit future fiscal deficits in the Eurozone.
Member Featured: Martin Feldstein
Euro Remains on the Right Side of History
Financial Times
May 14, 2010
Tommaso Padoa-Schioppa discusses the significant roles ideology and culture play in the battle surrounding the euro.
Member Featured: Tommaso Padoa-Schioppa
Making fiscal consolidation work in Greece, Portugal, And Spain: Some lessons from Argentina
VoxEU
May 12, 2010
Domingo Cavallo co-authors a paper on the Greek crisis, the potential contagion within Europe, and the lessons that could be learned from Argentina.
Member Featured: Domingo Cavallo
Stanley Fischer: We Don't See Home Price Bubble
Globes Online
May 5, 2010
Stanley Fischer, Governor of the Bank of Israel, discusses the Bank's 2009 annual report, addressing how to handle a real estate bubble and also commenting on potential impacts of the Greek debt crisis.
Member Featured: Stanley Fischer
Six Doctrines in Search of Reform
The New York Times
April 18, 2010
In his most recent column, Paul Krugman addresses the six possible ways to reform our financial system in order to prevent another economic crisis and usher in a period of sustained economic growth.
Member Featured: Paul Krugman
U.S. May Still Get Volcker Rule
Reuters
April 14, 2010
U.S. banking supervisors could get indirect powers to ban proprietary trading by banks even if the "Volcker rule" is not in the financial reform bill, a banking consultant with close contact to decision-makers said.
Member Featured: Paul Volcker
Italian MP Campaigns to Support Draghi
The Financial Times
March 5, 2010
An Italian MP is launching a campaign to galvanise domestic support to secure the appointment of Mario Draghi, governor of the Bank of Italy, as the next president of the European Central Bank.
Member Featured: Mario Draghi
How Safe Are Your Dollars?
Project Syndicate
March 2, 2010
Martin Feldstein leads a discussion on the international implications associated with the stability of the U.S. dollar both now and into the future.
Member Featured: Martin Feldstein
Japan's Slow Motion Crisis
Project Syndicate
March 2, 2010
Kenneth Rogoff explains that the Japanese economic crisis of the past should neither be overblown nor dismissed when gauging the danger of deficits and outsized stimulus packages.
Member Featured: Kenneth Rogoff
Harvard's Rogoff Sees "Bunch" of Sovereign Defaults
Bloomberg
February 23, 2010
Ballooning public debt is likely to force several countries to default and the U.S. to slash spending, according to Harvard University Professor Kenneth Rogoff.
Member Featured: Kenneth Rogoff
Bipartisan Editorial Support for the Volcker Rule
The Wall Street Journal
February 22, 2010
Past Treasury Secretaries representing both Republican and Democratic administrations write in support of the "Volcker Rule."
Mackintosh Addresses the Volcker Rule
Real Estate Law and Industry Report
February 22, 2010
The Volcker Rule has reignited the discussion on financial reform as members of Congress begin to examine ways to safeguard our economic future.
Member Featured: Stuart P.M. Mackintosh
Advisor Volcker: Money Funds Are 'Banks Without The Burdens'
The Wall Street Journal
February 19, 2010
White House economic adviser Paul Volcker on Thursday reiterated his view that money-market mutual funds should be regulated much as banks are if they promise to maintain a stable net asset value and pay on demand.
Member Featured: Paul A. Volcker
ECB Begins Leadership Overhaul
Financial Times
February 16, 2010
With Jean-Claude Trichet's term coming to a close, Mario Draghi has been named as one of the candiadates that may become the next governor of the European Central Bank.
Member Featured: Mario Draghi
Volcker Rule Gives Goldman Stark Choice
Financial Times
February 12, 2010
Paul Volcker, chairman of the National Economic Recovery Advisory Board discusses the "Volcker Rule" and his advisory role to the President.
Video: Volcker Interview
Member Featured: Paul A. Volcker
Looking Beyond the Volcker Rule
The New York Times
February 4, 2010
The Group of Thirty report on Financial Reform is mentioned in an article that explores the potential effects of President Obama's "Volcker Rule" announced last week.
Member Featured: Paul A. Volcker
Banks Concede Reform Is Inevitable
The Financial Times
February 3, 2010
Regardless of some bankers reactions, the Volcker rule and the Obama levy as they have been dubbed – have seized the attention of bankers and regulators around the world.
Member Featured: Paul A. Volcker
Crises May Change, But Names Remain
The Guardian
February 2, 2010
Despite numerous crisis over the last quarter century, the names which have been called upon to correct the system have remained starkingly unchanged.
Member Featured: Paul A. Volcker
Frenkel Chosen as Member of CNBC Panel in Davos
CNBC
February 1, 2010
Jacob Frenkel leads a discussion focusing on whether or not governments and policymakers are too focussed on averting a repeat of 2008’s near financial meltdown that they are missing unseen threats?
Member Featured: Jacob A. Frenkel
Davos: Fear and Loathing in the Alps
The Times Online
January 31, 2010
Guillermo Ortiz, Governor of the Bank of Mexico, comments on the need to reform the global financial system in order to prevent future crises and safeguard global markets in a meeting of top leaders in Davos.
Member Featured: Guillermo Ortiz
How to Reform our Financial System
The New York Times
January 30, 2010
In an Op-Ed article in the New York Times, Paul A. Volcker comments on the lessons learned in the aftermath of the financial crisis and the need to usher in new reforms of our financial system in order to prevent future crises.
Member Featured: Paul A. Volcker
Garrottes and Sticks
The Economist
January 28, 2010
In the first article of a four part series, the Economist examines Wall Street's reaction to the implications of the Volcker Rule presented by President Obama last week.
Member Featured: Paul A. Volcker
Mackintosh: Financial Crisis Has Brought Reforms
But Won’t Change Oversight
Real Estate Law and Industry Report
January 27, 2010
In an address at Rice University’s James A. Baker III Institute for Public Policy, Stuart P.M. Mackintosh called the American financial regulatory system ‘‘far too complex’’ but noted that ‘‘we must learn the lessons" from the financial crisis.
Member Featured: Stuart P.M. Mackintosh
Gerd Häusler named CEO of BayernLB
The Financial
January 27, 2010
In its meeting on January 26, the BayernLB Board of Administration approved the appointment of Gerd Häusler as CEO of BayernLB effective 15 April 2010. Mr Häusler has served as the Board of Administration’s deputy chairman since 1 August 2009.
Member Featured: Gerd Häusler
Obama Announces "Volcker Rule"
Washington Post
January 22, 2010
Paul A. Volcker, Chairman of the President's Economic Advisory Board met with President Obama to discuss a series of further financial reforms drawing directly from the G30 report.
Member Featured: Paul A. Volcker
Trichet to Step Down in 2011
Financial Times
January 20, 2010
Jean-Claude Trichet, ECB president, is to stand down in 2011, leaving Mario Draghi, Italy’s central bank chief, a highly respected figure, as a potential candidate to fill the high-level vacancy.
Member Featured: Mario Draghi
New Dividing Lines for Banks Under Review
Bloomberg
January 19, 2010
Following the advice of Paul Volcker, A one-page proposal gaining traction in Congress could turn back the clock on Wall Street 10 years, forcing the breakup of banks.
Member Featured: Paul A. Volcker
Volcker Calls for Help Fighting Bank Lobby Reform
Business Week
January 15, 2010
Paul Volker comments on the need for the Obama Administration to prevent Bank Lobbyists from preventing the necessary regulatory changes that will stave off future crises.
Transcript: Paul A. Volcker's Speech
Member Featured: Paul A. Volcker
Reviving Glass-Steagall Means Escalating 'War' on Wall Street
Project Syndicate
December 27, 2009
Paul Volker comments on the potential for splitting large banking functions in order to safeguard the financial system from a second financial crisis.
Member Featured: Paul A. Volcker
Can the Euro Zone Survive Economic Recovery
December 10, 2009
In an article published by Project Syndicate, Martin Feldstein discusses the new economic tensions which are beginning to arise in the Euro Zone.
Member Featured: Martin Feldstein
Volcker Speaks Before European Body
December 9, 2009
Paul A. Volcker spoke to members of the Statutory Congress of the European People's Party in Bonn, Germany. The focus of his speech was the way forward in the wake of the financial crisis.
Member Featured: Paul A. Volcker
Frenkel Named to Loews Board
December 1, 2009
The Loews Corporation announced on Monday that it has decided to name Jacob A. Frenkel to its board of directors.
Member Featured: Jacob A. Frenkel
Policy Implications of the Financial Crisis
November 18, 2009
Philipp Hildebrand, Vice-Chairman of the Swiss National Bank delivered a speech on the policy implications of the financial crisis during a conference entitled "From Fragility to Stability" at the University of Geneva.
Member Featured: Philipp Hildebrand
Containing Too Big To Fail
Charles F. Dolan Lecture Series
November 11, 2009
E. Gerald Corrigan, Managing Director of Goldman Sachs & Co., discusses the current economic outlook in a speech entitled "Containing Too Big To Fail."
Member Featured: E. Gerald Corrigan
Founding Member Dies at 91
October 23, 2009
The Budapest Times
Janos Fekete, a deputy governor of the National Bank of Hungary (NBH) for two decades up to 1988 and one of the founding members of the Group of Thirty, was laid to rest in Budapest on Tuesday. The banker died on October 23, at the age of 91.
The G30 Publishes Report on IMF Reform
October 5, 2009
The Group of Thirty published its newest report on the reform of the International Monetary Reform. In the report the Group makes a number of key recommendations for governance, resources, surveillance, and international coordination of the Fund.
The G20's Empty Promise
Project Syndicate
September 21, 2009
Martin Feldstein cautions onlookers of the G20 meeting in Pittsburgh, that the promises made by the G20 should be examined carefully and with an eye toward the effects of such policies.
Member Featured: Martin Feldstein
The G30 Welcomes Three New Members
September 16, 2009
The Group announced the addition of three new members today. The new members are: Masaaki Shirakawa, Governor of the Bank of Japan; Adair Turner, Chairman of the Financial Services Authority, and Janet Yellen, President, Federal Reserve Bank of San Francisco.
Members Featured: Masaaki Shirakawa, Adair Turner, Janet Yellen
Global Growth to Remain Modest
America.gov
September 16, 2009
Executive Director of the Group of Thirty, Stuart Mackintosh discusses the economic voids that emerging markets must fill in order to make up for the loss of consumption in the developing world.
Member Featured: Stuart Mackintosh
Signs of Stabilization
Bloomberg
September 8, 2009
Jean-Claude Trichet comments on the recovery of the global market, commenting that the economic free fall has ended, while maintaining that prudence is still necessary.
Member Featured: Jean-Claude Trichet
The Consequences of a Growing Deficit
The Wall Street Journal
September 8, 2009
Martin Feldstein warns that ‘exploding fiscal deficits’ caused by government health programs will only hamper a swift recovery and provide for greater economic hardship in the future.
Member Featured: Martin Feldstein
Europe Has Mapped Its Monetary Exit
Financial Times
September 4, 2009
Jean-Claude Trichet explains the role of the European Central Bank in both stabilizing the European economy, and also providing a natural monetary exit as well.
Member Featured: Jean-Claude Trichet
Nation's Can't Export Their Way Toward Recovery
USA Today
September 3, 2009
Kenneth Rogoff, Lawrence Summers and Zhou Xiaochuan comment on the challenges facing the economic recovery moving forward, particularly in the area of global trade.
Members Featured: Kenneth Rogoff, Lawrence Summers, Zhou Xiaochuan,
India Records Growth
Asian News International
August 31, 2009
Montek S. Ahluwalia comments on India's continued economic growthlast quarter, despite ongoing economic troubles abroad and domestic drought which threatened India's agricultural industries.
Member Featured: Montek S. Ahluwalia
Till Debt Does Its Part
The New York Times
August 28, 2009
Paul Krugman addresses the rising concern over the growing deficit the United States will be faced with in the aftermath of the global economic crisis.
Member Featured: Paul Krugman
Israel Springs Interest Rate Rise
Financial Times
August 25, 2009
Stanley Fischer’s decision to raise interest rates makes Israel the first nation to do so, leaving economists questioning whether other nations will follow suit or continue down a potentially inflationary path.
Member Featured: Stanley Fischer
Trichet and King Praise Bernanke Reappointment
Bloomberg
August 25, 2009
Financial leaders from the European Union and the United Kingdom cheered Federal Reserve Chairman Ben Bernanke’s reappointment as a move which will ‘provide continuity in their united effort to revive the world economy.’
Members Featured: Jean-Claude Trichet, Mervyn King
ECB Chief Warns Against Complacency
Financial Times
August 23, 2009
Jean-Claude Trichet cautions against a relapse of complacency and failure to carry through on promised financial reforms at the Federal Reserves annual retreat.
Member Featured: Jean-Claude Trichet
The Magic of the Market
Project Syndicate
August 20, 2009
Martin Feldstein explains that while increase regulation is to be expected in the years following the economic downturn, overregulation is a threat that could stunt economic growth just as easily.
Member Featured: Martin Feldstein
The Confidence Game
Project Syndicate
August 19, 2009
Kenneth Rogoff looks back at the fall of Lehman Brothers and discusses what can be learned about the ensuing financial crisis and how one could be prevented in the future.
Member Featured: Kenneth Rogoff
How to Save an Underwater Mortgage
The Wall Street Journal
August 11, 2009
Martin Feldstein offers recommendations on how to solve the escalating number of underwater mortgages that continue to damped economic recovery.
Member Featured: Martin Feldstein
Draghi Mentioned in Prominent Economic Newsletter
The Global Risk Regulator
August 7, 2009
Bank of Italy Governor Mario Draghi is mentioned in the latest issue of The Global Risk Regulator, where he comments on the need for rapid financial clean-up in order to avert protectionist tendencies.
Member Featured: Mario Draghi
Summers Makes Case for Reform
The Washington Post
August 4, 2009
President Obama's top economic advisor Larry Summers discusses why health reform will not stagnate the ongoing economic recovery, but rather maintain the recovery's momentum while also improving the lives of the average American.
Member Featured: Larry Summers
America's Savings Rate and the Future of the Dollar
Project Syndicate
July 26, 2009
Harvard economist Martin Feldstein comments on the potential consequences that an increase in savings rates may have in the current economic predicament that the United States finds itself in today, and what that means for the future of the U.S. dollar.
Member Featured: Martin Feldstein
Draghi: Worst Is Over, Reforms Needed
Reuters
July 22, 2009
Bank of Italy governor, Mario Draghi assured Italians that the worst of the economic downturn is over, however now it is time to enact reforms which will prevent such a crisis from repeating.
Member Featured: Mario Draghi
Krugman Defends Cap-and-Trade
The New York Times
July 22, 2009
Nobel Prize winning economist Paul Krugman challenges politicians who fear that speculation risks to undermine President Obama’s Cap-and-Trade program.
Member Featured: Paul Krugman
United States on Path to Recovery
ABC News
July 21, 2009
Barack Obama's top economic adviser, Lawrence Summers, has signaled the worst of the recession might be over, declaring the world's biggest economy is no longer in free fall.
Member Featured: Lawrence Summers
The "Double-Dip" Recession
Bloomberg
July 21, 2009
Harvard economist Martin Feldstein warns that the United States' economy could be heading toward a “double-dip” economic contraction.
Member Featured: Martin Feldstein
Trichet: Why the ECB Isn't the Fed
The Wall Street Journal
July 15, 2009
European Central Bank President Jean-Claude Trichet, speaking in Munich, gave a spirited defense of the European Central Bank’s actions amid the global economic crisis.
Member Featured: Jean-Claude Trichet
Creeping Disasters on the Horizon
The New York Times
July 12, 2009
Nobel Prize winning economist Paul Krugman discusses his fear that as economic and environmental crises loom on the horizon, politicians in Washington lack the political will to act swiftly to deter such crises.
Member Featured: Paul Krugman
Walker Poised to Release Report
The Telegraph
July 12, 2009
Sir David Walker prepares to publish a report this week which will address the issues of corporate governance and the role of bankers in the boardrooms.
Member Featured: David Walker
Rich Nations Must Act on Free Trade
Financial Times
July 8, 2009
Citigroup Senior Vice-Chairman, William R. Rhodes cautions the wealthiest nations of the world to act against protectionist policies which will inevitably prolong the economic downturn and only further impair the developing countries of the world.
Member Featured: William R. Rhodes
Cut Expenditures, Not Raise Taxes
Polish Radio
July 8, 2009
Former Polish finance minister, Leszek Balcerowicz discusses the advantages of cutting expenditures and government spending in a time of economic slow down, as opposed to increasing taxes.
Member Featured: Leszek Balcerowicz
Trichet Expresses Worries Due To Lack of Coordination
Bloomberg
July 5, 2009
European Central Bank President Jean-Claude Trichet, voiced his concerns that a lack of coordination between economies will lead to precisely the same economic imbalances that caused the financial crisis in the first place.
Member Featured: Jean-Claude Trichet
For older news articles please see Archived News
ReportsRepowering the World Bank for the 21st Century
November 17, 2009
Group of Thirty members Ernesto Zedillo, Zhou Xiaochuan, Arminio Fraga and Montek Ahluwalia particpated in a high-level commission which examined ways in which World Bank governance can be repowered in the 21st century.
Review of Corporate Governance
By David Walker
July 16, 2009
Sir David Walker, at the request of Prime Minister Gordon Brown, investigates and makes recommendations on corporate governance in UK banks and other financial industry entities.
Reforming Financial Markets
HM Treasury
July 8, 2009
The Treasury of the United Kingdom released a detailed report on the reforming of financial markets amidst the global economic downturn, which draws heavily on the Group of 30's supervision survey for various definitions and insights.
The High-Level Group on Financial Supervision in the EU
Chaired by Jacques de Larosiere
February 25, 2009
The former Governor of the Bank of France chaired this report that details a framework to strengthen European financial regulation.
Member Featured: Jacques de Larosiere
Containing Systemic Risk: The Road to Reform
The Report of the CRMPG III
August 6, 2008
E. Gerald Corrigan leads a study of risk in credit markets and the overall economy stemming from the problems that emerged in the summer of 2007. His group offers proposals for reform.
Member Featured: E. Gerald Corrigan