Author(s): G30 Working Group on the Future of Money
Year: 2025
Pages: 56
ISBN: 1-56708-192-4

The study, chaired by Kenneth Rogoff, Maurits C. Boas Professor at Harvard University, examines the transforming landscape of money and payments as emerging technologies—including cryptocurrencies, stablecoins (a particular type of crypto), and central bank digital currencies (CBDCs)—pose opportunities and risks to the financial system.
 
The report analyzes the global monetary system through a historical and economic lens to contextualize recent innovations, from faster cross border payments to programmable money and new currencies. While some of these innovations offer the potential for greater financial inclusion, improved efficiency, and better cross-border payment solutions, they also present risks to financial stability. Historical examples show that weak regulation and lack of public trust can lead to instability and illicit financial activity. The Past and Future of Money: New Technologies and Economic Risks emphasizes the need to balance technological innovation with regulation to strengthen the existing two-tiered system of private and public money anchored by an independent central bank.
 
The G30 Working Group proposes three key recommendations going forward:
 
(1) Policymakers should prioritize exploring wholesale CBDCs to maintain the role of central bank money in large-scale payments.
 
(2) Policymakers should also encourage efforts to tokenize commercial bank deposits, allowing the benefits of tokenization within the existing banking regulatory framework.
 
(3) Policymakers should develop a strong regulatory framework for stablecoins, fostering competition in payments while safeguarding the stability of the broader financial system, while not exacerbating tax evasion and money laundering.
 
Additionally, the study underscores the need to assess the opportunities and risks of new technologies like cryptocurrencies, stablecoins, and CBDCs through both technological and economic lenses. It emphasizes that failing to uphold sound economic and financial principles while prioritizing the technological aspects during their development could lead to uncertainty and instability in the evolving monetary system.
 
To read the full press release on the report, click here.
 
To watch a recording of the G30 Special Report Webinar, please click here.

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Author(s): Working Group on Carbon Pricing and Markets
Year: 2025
Pages: 56
ISBN: 1-56708-191-6

The report, led by Adair Turner, Chair of the Energy Transitions Commission and former Chairman of the Financial Services Authority, examines ways to address climate change and achieve net-zero emissions before it becomes too costly and too unmanageable. Since the 2015 Paris COP 21 Climate Conference, there has been a rising global consensus to achieve rapid reductions in global emissions to limit global warming below 2 °C, however progress continues to fall far short of what is needed.
 
The Group of Thirty report considers the role carbon pricing (whether via emissions trading schemes or carbon taxation) should play in decarbonization, the extent to which carbon pricing approaches need to be internationally coordinated, and how to use carbon credit trading to support CO2 removals.
 
The G30 Working Group on Carbon Pricing and Markets offers key recommendations on carbon pricing and international coordination:
 
1. Countries should use carbon pricing as the primary driver of decarbonization in the hard-to-abate sectors, such as long distance transport and heavy industry.
 
2. Through international coordination, carbon pricing should ideally be imposed at a common level across countries.
 
3. If international coordination is unsuccessful, there is a strong case to use Carbon Boarder Adjustment Mechanism (CBAMs) along with domestic carbon pricing to help abate emissions across their supply chains.
 
4. Major developing countries should respond to the EU’s CBAM by introducing significant carbon prices to their own heavy industry sectors.
 
5. Portions of global carbon taxes or CBAMs proceeds should be invested in mitigation, adaptation, or resilience in low income countries most vulnerable to climate change.
 
In addition, the report also stresses the importance of carbon removals via carbon credit markets. To meet global net-zero targets, companies should continue to purchase carbon removal credits and play a role in funding removal investments. Furthermore, companies need to have a focused role for reduction credits and shift toward an increasing percentage of removals over time, prioritizing supply-side integrity across all project based markets. The working group also recommends an increase in credit quality standards, reputational incentives, and investment in high potential sectors for credit purchase, such as financial institutions, professional services, and technology.
 
As the planet continues warm, it is time to examine the economic costs of building a zero-carbon economy in the most cost-effective manner while minimizing negative externalities. The report advocates carbon-pricing through international coordination and cooperation as an optimal policy instrument, especially when coupled with strong carbon credit markets and prioritization of carbon removals in hard to abate sectors.
 
To read the full press release on the report, click here.
 
To watch a recording of the G30 Special Report Webinar, please click here.

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Year: 2025
Pages: 1

WASHINGTON, July 15, 2025 -- The Group of Thirty (G30) is pleased to announce Mr. Kazuo Ueda has joined the Group's membership.
 
Mr. Kazuo Ueda was appointed Governor of the Bank of Japan on April 9, 2023, for a five-year term ending on April 8, 2028. As Governor, he oversees the central bank's monetary policy and plays a key role in maintaining financial stability in Japan. Mr. Ueda previously served as a Member of the Policy Board of the Bank of Japan from 1998 to 2005. He has had a distinguished academic career, holding professorial positions at Osaka University, the University of Tokyo, and Kyoritsu Women's University. He earned his Ph.D. in Economics from the Massachusetts Institute of Technology and is widely recognized for his expertise in monetary economics and central banking. The Group of Thirty, founded in 1978, is an independent global council comprised of economic and financial leaders from the public and private sectors and academia. It aims to deepen understanding of economic and financial issues, and of the international implications of decisions taken in the public and private sectors. Members participate in the Group in their personal capacities, not on behalf of any organization to which they may be affiliated. A full list of current G30 members is available at http://group30.org/members.
 
Tharman Shanmugaratnam, Chair of the Board of Trustees, said: "Governor Ueda's distinguished leadership at the Bank of Japan, his deep expertise in monetary policy and economic theory, and his strong international standing make him a valuable addition to the Group of Thirty. His insights will undoubtedly enrich our discussions and advance our shared understanding of the complex global economic challenges we face today."
 
Raghuram Rajan, Chair of the Group of Thirty, said: "The G30 draws strength from the breadth of experience and insight its members bring. Governor Ueda is a highly respected economist and policymaker whose deep knowledge of monetary policy and the global financial system will be an asset to our work. I look forward to his thoughtful contributions to our dialogue and research."
 
Kazuo Ueda said, "It is an honor to join the Group of Thirty, an organization known for its thoughtful analysis and meaningful contributions to global economic policy. I appreciate the invitation to become a member and look forward to engaging with colleagues in dialogue on the pressing issues facing the world economy."

Year: 2025
Pages: 1

WASHINGTON—July 8, 2025: The Group of Thirty (G30) announced today that Professor Sergei Guriev, Dean of London Business School, has joined the Group’s membership.
 
Sergei Guriev brings a unique breadth of expertise, in areas ranging from corporate governance and contract theory to political economics, labor mobility, and the economics of development and transition. He is currently Dean of London Business School, Research Fellow at the Centre for Economic Policy Research, Senior Member of the Institut Universitaire de France, and a Global Member of the Trilateral Commission. Guriev previously served as Professor of Economics and Provost at Sciences Po, Paris and Chief Economist at the European Bank for Reconstruction and Development. He was earlier Rector of the New Economic School in Moscow from 2004-2013, and served on various Russian councils including the Commission on Open Government.
 
The Group of Thirty, founded in 1978, is an independent global body comprised of economic and financial leaders from the public and private sectors and academia. It aims to deepen understanding of economic and financial issues, and of the international repercussions of decisions taken in the public and private sectors. Members participate in the Group in their personal capacities, not on behalf of any organization, public or private, to which they may be affiliated. A full list of current G30 members is available at http://group30.org/members.
 
Tharman Shanmugaratnam, Chair of the Board of Trustees, stated: “We are delighted to welcome Sergei into the Group of Thirty. He brings an outstanding record in academia, unique insights on economies at various stages of advancement, and political economy. He will be a valuable addition to our debates.”
 
Raghuram Rajan, Chair of the G30, said: “I look forward to Sergei’s contributions to the Group’s meetings and work program. His background and research on geo-politics and corruption, as well as his exemplary contributions to public service, will no doubt expand the Group’s discussions as we navigate an increasingly polarized and volatile world.”
 
Sergei Guriev stated: “I thank Tharman, Raghu, and the G30 for the offer of membership. I’m honored to be part of the Group and look forward to actively contributing in the years to come on shared priorities and concerns.”
 

Year: 2025
Pages: 1

The Group of Thirty is saddened to report the passing of Emeritus Member and longtime friend, Stanley Fischer on Saturday, May 31, 2025 at the age of 81. Stan joined the Group in 2000 and was a dedicated Member and participant over many decades, providing thoughtful analysis and robust economic thought to the debates and work of the G30. An academic advisor to many, a mentor to others, and a friend to us all, Stan is remembered not only for his own incredible contributions to the global system but also his influence and support to generations of economists.
 
Throughout his career in the top echelons of national and international economic institutions, Stan remained true to his values, always articulating his goals and methods clearly. From 2014 to 2017, he served on the Board of Governors of the Federal Reserve System, taking on the role of Vice Chairman of the Board of Governors on June 16, 2014. He stepped down in 2017 to take care of his beloved wife Rhoda who passed in 2020.
 
Stan served as Governor of the Bank of Israel from 2005 through 2013, hosting the Group’s 59th Plenary in Jerusalem in 2008. Previously, from February 2002 to April 2005, he was Vice Chairman of Citigroup. When Stan joined the G30, he was the First Deputy Managing Director of the International Monetary Fund, a role he undertook from September 1994 through August 2001, following his term as Chief Economist of the World Bank from January 1988 to August 1990.
 
One of Stan’s true passions was academia. His research and teaching, first at the University of Chicago and subsequently and primarily at the Massachusetts Institute of Technology (MIT), will be remembered for its great impacts. His work in New Keynesian economics helped shape today’s economic theories and policies. He served as an academic advisor to many influential policymakers including Mario Draghi and Ben Bernanke.
 
Stan was born in Lusaka, Zambia in October 1943 and received his B.Sc. and M.Sc. in Economics from the London School of Economics. He received his Ph.D. in economics from the Massachusetts Institute of Technology in 1969. He married Rhoda in 1965 and they had 3 children and 9 grandchildren. All in the Group send our deepest condolences to the Fischer family at this time.
 

Author(s): Working Group on the 2025 Federal Reserve Monetary Policy Framework Review
Year: 2025
Pages: 39
ISBN: 1-56708-190-8

The report, chaired by William C. Dudley, Senior Advisor at the Griswold Center for Economic Policy Studies at Princeton University and former President of the Federal Reserve Bank of New York, examines the Federal Reserve’s monetary policy framework in advance of the 2025 review and makes recommendations for how the Fed adjusts it in pursuit of its dual mandate of maximum employment and price stability, as well as how it communicates and operationalizes these goals.
 
The report considers the 2020 framework review, particularly the adoption of a flexible average inflation targeting (FAIT) regime, to identify necessary changes. Designed for a low-inflation, low-growth environment, the framework was poorly suited to the post-pandemic economic rebound. The Fed’s delayed response to surging inflation in 2021 and 2022, worsened by inaccurate forecasts and continued asset purchases despite overheating conditions, highlighted the need for a more adaptable and clearly communicated policy approach.
 
To strengthen the robustness of the Fed’s framework, the report highlights several key lessons. It emphasizes the importance of policy tools and objectives that can respond effectively to both inflationary and disinflationary pressures, the critical role of clear and credible communication in shaping market expectations, and the need for a structured, transparent framework governing quantitative easing (QE) and quantitative tightening (QT).
 
The Working Group offers six recommendations to enhance the framework’s effectiveness:
 
1. Replace the FAIT regime with a traditional inflation targeting system, maintaining the 2 percent target with flexibility in timing.
 
2. Revert to an employment objective that is consistent with achieving the inflation target.
 
3. Provide explicit guidance on how trade-offs between employment and inflation objectives will be handled.
 
4. Develop a comprehensive, transparent framework to assess the costs and benefits of QE and QT programs.
 
5. Publish staff forecasts, including alternative scenarios, after each FOMC meeting.
 
6. Create and publicly release a formal structure for the use of forward guidance.
 
In addition to these recommendations, the report proposes several further reforms outside the scope of the formal 2025 review. These include replacing the federal funds rate with the interest rate on reserves as the Fed’s primary policy tool, modifying bank capital rules such as the supplementary leverage ratio (SLR) to avoid unintended constraints during QE, and more systematically integrating monetary policy with financial supervision and stability concerns, particularly in light of the 2023 banking crisis. Finally, the report supports maintaining the 2 percent inflation target to preserve the Fed’s credibility and the anchoring of inflation expectations.
 
The report advocates for a more robust, transparent, and flexible monetary policy framework that can respond to a wider range of economic conditions while reinforcing the central bank’s commitment to stability, credibility, and effectiveness.
 

To read the full press release on the report, click here.

To watch a recording of the G30 Special Report Webinar, please click here.

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Year: 2025
Pages: 1

The Group of Thirty (G30) today announced the succession in its leadership. Raghuram G. Rajan, Katherine Dusak Miller Professor at the University of Chicago's Booth School and Former Governor of the Reserve Bank of India, will become Chair of the Group of Thirty, taking over from Mark Carney, who served as Chair from January 2023 to January 2025.
 
Raghuram Rajan stated, "I am truly honored to have been asked to serve as Chair of the Group. In a shifting global economic landscape, the collective voice of the Group of Thirty, as well as the individual voices of its preeminent members, will play an especially important role. I look forward to engaging with my fellow members to advance the Group's mission of deepening understanding of global economic and financial risks and dynamics." He continued: "I would like to thank Mark Carney and Tharman Shanmugaratnam, who have guided the Group with exceptional leadership and vision in recent years."
 
Tharman Shanmugaratnam, as Chair of the Board of Trustees of the Group, said, "We extend our deep appreciation to Mark Carney for leading the Group of Thirty with distinction over the past two years." He continued: "Raghuram Rajan, our new Chair of the Group, brings unique and distinguished leadership in central banking, international finance, and academia. The Group's members look forward to working with him as it addresses the important issues of our times, including re-envisioning the rules that enable nations to participate in global markets and cooperate in their mutual interests."
 
The transition follows a tradition of orderly succession of economic and financial leaders as Chairs of the Group of Thirty, including most recently Mark Carney, Tharman Shanmugaratnam (2017-2022) and Jean-Claude Trichet (2012-2017).

Year: 2025
Pages: 1

The Group of Thirty is pleased to announce Jane Fraser has joined the Group's membership.
 
WASHINGTON, March 25, 2025 /PRNewswire-PRWeb/ -- The Group of Thirty (G30) is pleased to announce Jane Fraser has joined the Group's membership. Ms. Fraser, Chief Executive Officer of Citi since March 2021, has had a career of distinguished leadership in global banking.
 
The Group of Thirty, founded in 1978, is an independent global council comprised of economic and financial leaders from the public and private sectors and academia. It aims to deepen understanding of economic and financial issues, and of the international implications of decisions taken in the public and private sectors. Members participate in the Group in their personal capacities, not on behalf of any organization to which they may be affiliated. A full list of current G30 members is available at http://group30.org/members.
 
Tharman Shanmugaratnam, Chair of the Board of Trustees of the Group of Thirty, said: "Jane's experience and reputation as a global leader in banking will enrich the work of the Group and aid in our mission of promoting understanding and practical solutions in an increasingly complex world."
 
Jane Fraser said: "The Group of Thirty plays an important role in helping address the world's key economic and financial challenges. I thank the Group's leadership for their invitation and look forward to joining its distinguished membership as we work to advance this work during a critical time for the global economy."

Year: 2025
Pages: 1

The Group of Thirty (G30), on behalf of its leadership and members, is saddened to report the passing of Founder and Emeritus Member Geoffrey Bell on January 1, 2025. Geoffrey was the founder and driving force behind the creation of the Group of Thirty in 1978 and remained an anchor of the G30 for the next more than 40 years. The Group was created to address the need for an independent deliberative forum on matters of international economic and financial risk. Geoffrey served as a Trustee and Secretary of the G30 until 2015 and was actively engaged in all aspects of the Group’s work program, events, and governance.
 
Geoffrey will be greatly missed by the G30, he was a mentor to many current and past members and a friend to all. He shared important views and experience on a very wide-ranging circle across central banking, investment banking, and the insurance sector. Geoffrey was a constant presence at meetings and G30 events, ensuring the organization, and its mission, was safeguarded.
 
Born in Grimsby in 1939, Geoffrey came from a Northern working-class family. A smart and driven young man, he would go on to study economics and later teach at the London School of Economics. Following his graduation, he took a position at H.M. Treasury.
 
Between 1966 and 1969, he served as economic advisor to the British Embassy in Washington, then joined the Schroders Bank, as assistant to the Chairman, Gordon Richardson, later Bank of England Governor. Geoffrey was Chairman of the bank Guinness Mahon Holdings between 1987 and 1993.
 
In 1982 he formed his own consulting company, Geoffrey Bell and Company, which advised central banks, governments and corporations on financial management issues.
 
All in the Group send our deepest sympathy and condolences to his wife of over 50 years, Joan, and their daughter Allison at this most difficult of times. Rest in peace.
 
A private funeral will be held.

Year: 2024
Pages: 1

The Group of Thirty is pleased to announce Lesetja Kganyago has joined the Group's membership.
 
WASHINGTON, Sept. 25, 2024 /PRNewswire-PRWeb/ -- The Group of Thirty (G30) is pleased to announce Mr. Lesetja Kganyago has joined the Group's membership.
 
Mr. Kganyago was appointed Governor of the South African Reserve Bank in November 2014 and has been reappointed for a third five-year term commencing on November 9, 2024. As Governor, he is the Chairperson of the Monetary Policy and the Financial Stability Committees. Mr. Kganyago has also served as Chair of the International Monetary and Financial Committee (IMFC) of the International Monetary Fund, Chair of the Committee of Central Bank Governors of the Southern African Development Community (SADC), and Co-Chair of the Financial Stability Board's Regional Consultative Group for Sub-Saharan Africa. He previously served as Deputy Governor of the SARB and Director General of the National Treasury.
 
The Group of Thirty, founded in 1978, is an independent global council comprised of economic and financial leaders from the public and private sectors and academia. It aims to deepen understanding of economic and financial issues, and of the international implications of decisions taken in the public and private sectors. Members participate in the Group in their personal capacities, not on behalf of any organization to which they may be affiliated. A full list of current G30 members is available at http://group30.org/members.
 
Tharman Shanmugaratnam, Chair of the Board of Trustees, said: "Governor Kganyago's leadership in central banking and deep understanding of the African economies, and his reputation among his peers internationally, make him a welcome addition to the Group of Thirty. He will no doubt enrich our discussions and efforts to global understanding of the challenges of the day."
 
Mark Carney, Chair of the Group of Thirty, said: "The G30 relies on the expertise and diverse perspectives of its members to promote ongoing impact. Governor Kganyago is a seasoned policymaker and a leading voice in discussions on international economics and effective policies for emerging markets. I look forward to his contributions to our debates and research."
 
Lesetja Kganyago said, "I am delighted to join the G30 and contribute to its stimulating and impactful work. I thank the Group's leadership for their invitation and look forward to actively engaging with fellow members."
 

Author(s): G30 Working Group on the 2023 Banking Crisis
Year: 2024
Pages: 41
ISBN: 1-56708-189-4

The study, chaired by William C. Dudley, former President of the Federal Reserve Bank of New York, investigates the bank failures in March 2023 in the United States and Europe. The report analyzes the causes behind these collapses, identifying risky funding structures, significant unrealized losses, and declining profit margins at multiple US banks and a major Swiss bank as critical triggers. It emphasizes the combination of poor business models, weak risk management, and a rapidly changing macroeconomic environment as the factors leading to the failures. In response, the report proposes comprehensive reforms aimed at minimizing contagion risks in the future, enhancing the resilience of banks and the banking system, and reducing the likelihood of future failures.
 
The proposed reforms are divided into two sets. The first set focuses on limiting contagion when bank failures occur, advocating for enhanced liquidity support mechanisms, an improved lender-of-last-resort (LoLR) regime, potential changes to deposit insurance, and a practical scheme for resolving large banks. The goal is to prevent the spillover of risks and stresses to other banks and the broader system. The second set of reforms aims to reduce the likelihood of banks failing by addressing issues such as better bank governance, improved accounting standards, changes to prudential regulations, and more comprehensive stress tests.
 
While necessary for financial stability, the report argues that these reforms should not impose significant costs on well-run and transparent banks but should incentivize poorly-run banks to improve their performance. The critical reform among them is establishing a better LoLR system, emphasizing pre-positioning collateral to cover runnable liabilities and encouraging prudent funding structures. The report underscores a holistic and forward-looking approach to these reforms to foster stability and efficiency in the banking sector.
 

To read the full press release on the report, click here.

To watch a recording of the G30 Special Report Webinar, please click here.

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Year: 2024
Pages: 54

Year: 2023
Pages: 1

The Group of Thirty (G30) announced that Dr. Joachim Nagel has joined the Group's membership.
 
WASHINGTON—December 15, 2023: The Group of Thirty (G30) announced today that Dr. Joachim Nagel has joined the Group's membership. Dr. Nagel was appointed President of the Deutsche Bundesbank on January 7, 2022, after previously serving in leadership roles throughout the bank during his career. Additional past positions include Deputy Head of the Banking Department at the Bank for International Settlements, Member of the Supervisory Board of Deutsche Boerse AG, and Member of the Executive Board of KfW Group.
 
The Group of Thirty, founded in 1978, is an independent global body comprised of economic and financial leaders from the public and private sectors and academia. It aims to deepen understanding of economic and financial issues, and of the international repercussions of decisions taken in the public and private sectors. Members participate in the Group in their personal capacities, not on behalf of any organization, public or private, to which they may be affiliated. A full list of current G30 members is available at http://group30.org/members.
 
Tharman Shanmugaratnam, Chairman of the Board of Trustees, said: "We are delighted to have Joachim Nagel join the Group of Thirty. He brings nearly twenty years of central banking experience. I know his considered views and insights will add depth to our discussions and to the understanding of challenges ahead in Europe and globally."
 
Mark Carney, Chair of the Group of Thirty, said: "I welcome Joachim to the Group of Thirty and look forward to his contributions in the years ahead. The effectiveness of the G30 depends fundamentally upon our exemplary membership and their distinct experiences, I am certain Joachim will play a vital role moving forward."
 
Joachim Nagel said: "I feel greatly honored to join the Group of Thirty. Participating in the Group's deliberations and benefitting from its rich intellectual life presents a unique opportunity."
 

Author(s): G30 Working Group on Monetary Policy
Year: 2023
Pages: 42
ISBN: 1-56708-188-6

This paper dissects the causes of the inflationary spike across many economies and the weaknesses in central banking models and approaches that contributed to a delayed response to the price hikes. The authors found that central bank frameworks, re-designed for a low inflation world and coupled with a data-driven approach to setting policy, slowed reactions to price rises as they developed. At the same time, existing policy commitments limited room to maneuver, resulting in some advanced economy central banks being behind the curve in their response to inflation.
 
The report calls for a return to a focus on central bank core goals, backed by maintaining central bank operational independence and a humble approach to central banking. Three core goals of central banks include price stability, financial stability, and macroeconomic stability. Having a humble approach requires central banks to be realistic about their ability to forecast macroeconomic outcomes and to design policy with the aim of preserving future policy space and an inflation anchor.
 
This paper also examines emerging market economies, finding those central banks, many with the recent memory of higher inflation, reacted much more decisively.
 

To read the full press release on the report, click here.

To watch a recording of the G30 Special Report Webinar, please click here.

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Year: 2023
Pages: 1

The Group of Thirty (G30) announced today that Andrew Bailey has joined the Group's membership.
 
WASHINGTON, Sept. 26, 2023 /PRNewswire/ -- The Group of Thirty (G30) announced today that Andrew Bailey has joined the Group's membership. He brings to the Group comprehensive experience gained through public service and a respected career at the Bank of England where he has served as Governor since March 2020. His additional senior roles have included Chief Executive Officer of the Financial Conduct Authority and Deputy Governor for Prudential Regulation and Chief Executive Officer of the Prudential Regulation Authority.
 
The Group of Thirty, founded in 1978, is an independent global body comprised of economic and financial leaders from the public and private sectors and academia. It aims to deepen understanding of economic and financial issues, and of the international repercussions of decisions taken in the public and private sectors. Members participate in the Group in their personal capacities, not on behalf of any organization, public or private, to which they may be affiliated. A full list of current G30 members is available at http://group30.org/members.
 
Tharman Shanmugaratnam, Chairman of the Board of Trustees, said: "We are pleased to welcome Andrew Bailey as a member of the Group of Thirty. His deep understanding of macroeconomic and prudential policy challenges, within both national and international contexts, will add significantly to the deliberations and work of the Group."
 
Mark Carney, Chair of the Group of Thirty, said: "It has been my pleasure to serve with Andrew at the PRA, Bank of England, and the Financial Stability Board. We look forward to Andrew's participation in Group discussions and his contribution towards our collective thinking on the international economy. I am pleased to welcome Andrew and hear his insights on many areas of the G30's focus."
 
Andrew Bailey said: "I thank the Group of Thirty for this opportunity and am honored to join its distinguished membership. I look forward to engaging with my G30 colleagues on important issues to support the Group's mission."
 

Author(s): G30 Working Group on Latin America
Year: 2023
Pages: 60
ISBN: 1-56708-187-8

This paper provides an overview and analysis of why Latin America is failing to converge to the income levels of advanced economies – that is, why it continues to underperform. The problem has worsened recently because of a succession of recent global shocks: the COVID-19 pandemic, the return of inflation, higher interest rates, and slowing growth. To address this issue, the paper highlights several policy steps to take going forward.
 
The report compares the Latin American region’s performance in a set of indicators to that of a group of extraregional peers of similar level of income per capita. Since the 1970s, economic growth in the peer group has been double that of Latin America. Beyond economic growth, the report also addresses issues such as inequality, citizen discontent, and the rise of populism.
 
This paper seeks to illuminate the various interlinked factors that may contribute to the continued poor performance among the countries studied. It identifies both the sources of Latin America’s stagnation and the main distortions and constraints hindering economic development and points to potential solutions going forward and ways to overcome ongoing challenges.
 

To read the full press release on the report, click here.

To watch a recording of the G30 Special Report Webinar, please click here.

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Year: 2023
Pages: 1

The Group of Thirty (G30) announced today that Dr. Niall Ferguson has joined the Group's membership.
 
WASHINGTON, June 17, 2023 /PRNewswire-PRWeb/ -- Niall Ferguson, Milbank Family Senior Fellow at the Hoover Institution, Joins the Group of Thirty.
 
The Group of Thirty (G30) announced today that Dr. Niall Ferguson has joined the Group's membership. He brings to the Group his respected and original perspectives on global economic and financial history, as reflected in his widely-read books, articles, lectures, and debates. Dr. Ferguson is the Milbank Family Senior Fellow at the Hoover Institution, Stanford University, and a senior faculty fellow of the Belfer Center for Science and International Affairs at Harvard.
 
The Group of Thirty, founded in 1978, is an independent global body comprised of economic and financial leaders from the public and private sectors and academia. It aims to deepen understanding of economic and financial issues, and of the international repercussions of decisions taken in the public and private sectors. Members participate in the Group in their personal capacities, not on behalf of any organization, public or private, to which they may be affiliated.
 
Tharman Shanmugaratnam, Chairman of the Board of Trustees, said, "We are delighted to welcome Niall Ferguson as a member of the Group of Thirty. His deep engagement in the economic and financial challenges of the times, and the historical lens that he brings, will add significantly to the deliberations of the Group in the years ahead."
 
Mark Carney, Chair of the G30, said: "We look forward to Niall's engagement in the Group's discussions and our work on key issues facing the international economy. I am pleased to welcome Niall, and I look forward to his counsel and insights in many areas of our collective focus."
 
Niall Ferguson said: "I thank the Group of Thirty for this opportunity and I am honored to join its distinguished membership. I look forward to supporting the Group's mission and working with G30 members on some of the most important issues of the day."
 

Year: 2022
Pages: 1

The Group of Thirty today announced succession in its leadership.
 
New York, Dec. 1, 2022 /PRNewswire-PRWeb/ -- The Group of Thirty (G30) today announced the succession of its leadership. Mark Carney, Chair of Brookfield Asset Management and former Governor of the Bank of England and Bank of Canada, will become Chair of the Group of Thirty. Tharman Shanmugaratnam, Senior Minister and former Deputy Prime Minister of Singapore, upon completing his five-year term as Chairman of the Group of Thirty, will be appointed Chairman of the Board of Trustees. Both terms will run for five years. Jacob A. Frenkel, Former Chairman of JPMorgan Chase International and former Governor of the Bank of Israel, after serving as Chairman of the Board of Trustees from 2012-2022 and previously as Chairman of the Group of Thirty from 2000-2011, will become Chairman Emeritus. All of these changes will take effect on January 1, 2023.
 
The transition follows a long tradition of an orderly succession of public and private sector economic and financial leaders at the helm of the Group of Thirty. Most recently, Tharman Shanmugaratnam took over as Chairman of the Group of Thirty from Jean-Claude Trichet (who served from 2012 to 2016), and Jacob Frenkel took over as Chairman of the Board of Trustees from Paul Volcker (2000-2011).
 
Tharman Shanmugaratnam said, "We extend our deep appreciation to Jacob Frenkel who has led the G30 so capably and diplomatically over more than twenty years. We salute Jacob's career of leadership in international finance and sustained service to the Group and look forward to his continued contributions to the Group in his new capacity as Chairman Emeritus. It will be a great pleasure to work with Mark Carney, our new Chair of the Group of Thirty, who brings exceptional leadership experience in central banking and global finance."
 
Mark Carney stated, "It is an honor to take up the role of Chair of the Group of Thirty and to follow the great tradition of excellence and impact established by my highly esteemed predecessors. The G30's work informs the dialogue within the global financial, regulatory, and central banking communities in order to further their objectives. To that end, I look forward to engaging with my fellow G30 Trustees and members so that our discussions, seminars, and research projects contribute to the pursuit of price stability, financial stability, and strong, resilient and sustainable growth." He added: "I would like to thank and salute Jacob Frenkel and Tharman Shanmugaratnam, who have led the Group with such distinction, insight, and aplomb."
 

Author(s): Leadership Team of G30 Working Group on Treasury Market Liquidity
Year: 2022
Pages: 15
ISBN: 1-56708-186-X

This report provides an update to the July 2021 publication by the G30 Working Group on Treasury Market Liquidity. Prepared by the leadership team of the Working Group, the follow-up paper assesses the degree to which actions by U.S. authorities since the original report have been consistent with the ten recommendations made last year. A review of developments in the Treasury market, including research and analysis conducted since, and recent discussions with market participants and officials in the relevant U.S. agencies, suggests the foundational case for the recommendations remains strong.
 
The Status Update report summarizes what has been accomplished and what remains undone with respect to five key issues: central bank liquidity support for Treasury market functioning; central clearing of trades of Treasury securities and Treasury repos; prudential regulation of dealers; market transparency; and market regulation. It offers some suggestions for prioritizing and sequencing reform efforts going forward and reviews each recommendation in light of the rationale and progress made.
 

To read the full press release on the report, click here.

To watch a recording of the G30 Special Report Webinar, please click here.

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Author(s): Bernanke, Ben S.; Carstens, Agustín; Geithner, Timothy F.; Shanmugaratnam, Tharman; Shirakawa, Masaaki
Year: 2022
Pages: 39
ISBN: 1-56708-185-1

Economic Policy Lessons from Covid-19: The Big Picture is an occasional paper examining institutional responses to the pandemic caused economic crisis, priorities that should have had precedence, and lessons learned for policy makers moving forward. This paper is based on a panel discussion hosted by the Yale Program on Financial Stability (YPFS), and published in coordination with the YPFS at the Yale School of Management.

Year: 2021
Pages: 57

Previous Annual Reports dating back to 2006-2007 are available upon request.

Author(s): G30 Working Group on Treasury Market Liquidity
Year: 2021
Pages: 26
ISBN: 1-56708-184-3

This report analyzes the current state of the U.S. Treasury Market following a series of economic shocks that reduced its ability to efficiently function. The COVID-19 pandemic cast further doubts over the system's ability to absorb financial trauma and recover. The authors warn that if intermediation is not taken immediately, it could result in permanent damage to the Treasury, impact U.S. fiscal policy for decades, and burden tax-payers. With the root of these shocks still undetermined, there is fear that it will create more dysfunction in the market and drive investors away.
 
The report proposes a series of recommendations for increasing the liquidity of the Treasury market during times of stress by expanding the capacity of firms and asserting greater monetary confidence. The goal is to retain current investors and supplies, while also drawing new bank capital in the market to spark a resurgence of growth and repair the system to a post-global financial crisis state.
 
This report indicates that the objective of these recommendations is to improve the functioning capacity of the Treasury market in both normal times and in periods of extreme financial distress. However, the authors believe that implementation of these targets is not enough to ensure guaranteed success, they only provide a solid foundation from which to build a more secure and diverse monetary policy framework. There are several other priority areas that are not addressed with these goals. It is essential for economists, bankers, and policymakers to support the other aspects of the U.S. financial system and Federal Reserve, such as long-term sustainability of the U.S. fiscal position and an extended infrastructure.
 

To read the full press release on the report, click here.

To watch a recording of the G30 Special Report Launch, please click here.

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Year: 2021
Pages: 2

WASHINGTON, May 20, 2021 /PRNewswire-PRWeb/ -- The Group of Thirty (G30) announced today that four leading figures in economics and finance have accepted an invitation to join the Group's membership:
 
Dr. Daron Acemoglu, Institute Professor in the Department of Economics, Massachusetts Institute of Technology
 
Dr. Mohamed A. El-Erian, Chief Economic Advisor, Allianz; Chair, Gramercy Fund Management; and President of Queens' College, Cambridge University;
 
Dr. Gita Gopinath, Economic Counsellor and Director of the Research Department, International Monetary Fund
 
Dr. Carmen Reinhart, Vice President and Chief Economist, World Bank Group
 
Dr. Gopinath stated: "I am greatly honored to be joining the G30 and look forward to engaging with the Group and contributing to it's work."
 
Dr. Reinhart responded: "It is with delight and positive expectations I accept membership in the Group. I am grateful for the opportunity to engage with and contribute to the organization."
 
Dr. Acemoglu stated: "I thank the G30 for the privilege of becoming a member. The Group uniquely bridges financial, economic, and political debates and I look forward to deliberating with and learning from the other members."
 
Dr. El-Erian stated: "It is an absolute honor and pleasure to join so many friends as a member of the G30. Having followed the activity of the Group for numerous decades, I am excited to participate in it's important work."
 
Dr. Jacob A. Frenkel, Chairman of the Board of Trustees, stated: "We are delighted to welcome these outstanding leaders to membership of the Group of Thirty. They will add fresh and relevant insights to the Group's deliberations and discussions. The collective experience and individual perspectives of Carmen, Daron, Gita, and Mohamed will contribute greatly to the G30 in pursuing its mission."
 
Tharman Shanmugaratnam, Chairman of the G30, said: "Each of this exceptional group of individuals joining the G30 has been making major contributions to thinking and practice in international economics and finance. The Group looks forward to their independent contributions to its discussions and work program in the years to come."
 
The Group of Thirty, founded in 1978, is an independent global body comprised of economic and financial leaders from the public and private sectors and academia. It aims to deepen understanding of economic and financial issues, and of the international repercussions of decisions taken in the public and private sectors. Members participate in the Group in their personal capacities, not on behalf of any organization, public or private, that they may be affiliated to.
 
A full G30 membership list is available at http://group30.org/members.
 

Author(s): G30 Working Group on Sovereign Debt and COVID-19
Year: 2021
Pages: 38
ISBN: 1-56708-182-7

This report acknowledges the world – and lower-income countries – have so far avoided large pandemic-driven debt defaults in part due to positive spillovers from extraordinary monetary and fiscal support in mature markets. However, the authors caution against complacency, warning that as the overall economic outlook brightens, the likelihood of tightening policy may result in outflows as well as further debt distress and ill effects in emerging and frontier market economies. Moreover, continued worries over the course of the pandemic, predominately vaccination rates and global access, must discourage early complacency or congratulatory posturing.
 
The report makes clear that collective aversion to crisis planning - ostensibly for fear of triggering a self-fulfilling prophesy of debt defaults - is irresponsible when much of the world is one unforeseen shock away from a lost decade. The report underscores that now is the time to rebuild and reform the architecture to improve its long-term resilience and effectiveness. The G30 report makes a series of important recommendations designed to buttress the sovereign debt restructuring process and mechanisms in the following areas: There should be a recycling of SDRs, creditors should reaffirm and elaborate the comparability of treatment principle, the G-20 should establish a standing consultative mechanism in conjunction with the Common Framework, national law in major financial markets should shield payment systems and intermediaries from disruptive debt collection, the G-20 should publicly disavow the use of contract terms that impair debtors or creditors participation in international debt negotiations, and commercial, official, and multilateral lenders should encourage sovereign borrowers to adopt robust domestic debt disclosure requirements as part of their debt authorization.

To read the full press release on the report, click here.

To watch the G30 Special Report Launch, please click here.

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Author(s): G30 Working Group on Corporate Sector Revitalization
Year: 2020
Pages: 74
ISBN: 1-56708-181-9

This report assesses the policy response to the Covid-19 crisis to date and provides a set of recommendations to mold economic policy going forward. The authors stress that while illiquidity has characterized the Covid-19 economic crisis heretofore, insolvency may come to bear on many businesses as economic strain from the pandemic continues. In view of this, the report recommends shifting policy from broad-based liquidity support to more targeted measures aimed at maintaining the health of the financial system as well as supporting firms that will likely be viable in a post-pandemic economy.
 
Recommendations contained within the report revolve around the core principles of securing the long-term health of the corporate sector, efficiently allocating resources, and preventing collateral damage. This requires engaging levers in both the private and public sectors to support the corporate sector while ensuring that financial systems are not adversely impacted by the flagging financial positions of corporate firms. Where necessary, the report presses governments to provide publicly-funded support. However, in view of potential insolvency lurking beneath the surface of the corporate world, the authors simultaneously highlight the need to allow market forces to at least partially guide future economic support. This is in keeping with a broader theme of reducing the scope and sheer volume of support that characterized economic policy frameworks in earlier phases of the pandemic. The report stresses that if comprehensive actions are taken early, corporate distress will not restrain the return to strong growth in a post-Covid world.

To read the full press release on the preliminary report, click here.

To watch the G30 Special Report Launch, please click here.

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Author(s): G30 Working Group on Sovereign Debt and COVID-19
Year: 2020
Pages: 30

This preliminary report surveys the current state of sovereign debt in emerging market countries, in light of the COVID-19 pandemic. It warns of the prospect of a lost decade of global growth without urgent, concerted, and sustained policy responses, and it calls upon institutional, private, and multilateral creditors to adapt their lending levels and policies to mitigate the risk of significant, long-term economic loss globally.
 
The report asks the IMF, World Bank, and other conventional creditors to increase their liquidity provision to countries in crisis and enhance their cooperative efforts to maximize the capacity and efficiency of their lending. It also turns to new international lenders such as China, appealing to them to commit their resources to globally-coordinated debt-management efforts. The broad scope of actors identified herein emphasizes the importance of total cooperation in debt management to channel emergency finance toward the provision of public health and resilience measures rather than additional debt repayment. The report additionally highlights the need to flex lending and prudential policy around the unprecedented circumstances presented by COVID-19 to accommodate the enhanced needs of developing and debt-distressed countries. Without the rapid and disciplined implementation of the recommendations outlined in this report, large parts of the world risk falling into a deep and enduring economic trough as a result of the COVID-19 crisis.

To read the full press release on the preliminary report, click here.

To watch the G30 Preliminary Report Launch, please click here.

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Author(s): G30 Working Group on Climate Change and Finance
Year: 2020
Pages: 80
ISBN: 1-56708-180-0

This report develops a robust and inclusive strategy to amplify and mainstream the global transition to a net-zero emissions economy. It calls upon governments, businesses, and financial institutions to each take steps toward achieving the net-zero imperative. The report makes clear that the actions taken today and in the very-near term will be essential to ensuring our collective environmental, social, and economic sustainability.
 
The report urges governments to establish comprehensive and transparent policy frameworks for reaching net-zero emissions by 2050, which must be built upon robust policy credibility. These frameworks will serve as transition guides for businesses who, for their part, must implement corporate reforms to align themselves with the net-zero imperative. Additionally, the report highlights the need for expanded disclosure of decision-useful, environment-related information by firms. The report further presses financial actors to more fully assess the risks inherent to climate change and the net-zero transition and seek the benefits that can be had by channeling capital toward green innovation. It is incumbent upon all economic actors today to act boldly and quickly to implement the measures necessary to ensure a prosperous and temperate future for humanity and the planet.

To read the full press release on the report, please click here.

To watch the G30 Special Report Launch, please click here.

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Author(s): G30 Working Group on Digital Currencies
Year: 2020
Pages: 48
ISBN: 1-56708-179-7

This report examines the landscape of digital currencies: from Bitcoin and (Facebook’s) Libra to central bank digital currencies, payment systems are evolving rapidly. The G30 report makes clear that decisions by regulators on how to deal with digital currencies, now and over the next few years, could shape the global financial system for decades to come.
 
The report calls for Central Banks and Finance Ministries to play an active leadership role in setting standards and providing public infrastructure for payments, which cannot be left to market forces alone. The report highlights further issues that policymakers must consider, including the balance that must be struck between the protection of individual data versus the government's imperative to enforce laws, regulations, and taxes. As the technology develops, Central Banks cannot be hands-off and need to play a definitive role.

To read the full press release on the report, please click here.

To watch project co-chair Raghuram Rajan discuss the report, please click here.

To watch project co-chair Kenneth Rogoff discuss the report, please click here and go to 1:48:00.

To watch the G30 Webinar on Digital Currencies, please click here.

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Year: 2020
Pages: 1

WASHINGTON, May 6, 2020 /PRNewswire-PRWeb/ -- The Group of Thirty (G30) announced today that Prof. Dr. Klaas Knot, President of De Nederlandsche Bank and Vice Chair of the Financial Stability Board, has accepted an invitation to join the Group's membership.
 
The Group of Thirty, founded in 1978, is an independent global body comprised of economic and financial leaders from the public and private sectors and academia. It aims to deepen understanding of global economic and financial issues, and to explore the international repercussions of decisions taken in the public and private sectors.
 
Dr. Jacob A. Frenkel, Chairman of the Board of Trustees, stated: "We are delighted to welcome Klaas to membership of the G30." Dr. Frenkel continued: "I know his incisive intellect and careful analytical approach to addressing the many challenges the global financial community confronts will add a great deal to our collective deliberations."
 
Tharman Shanmugaratnam, Chairman of the G30, said: "The Group's policy deliberations and studies will be more important than ever in the wake of COVID-19 and the unprecedented challenges it will pose in the coming years, wherever we are. I look forward to Klaas's contributions to this future thinking."
 
Professor Klaas Knot stated: "I am pleased to join such an illustrious membership. I look forward to engaging on issues of greatest concern globally and supporting the G30's mission."
 

Year: 2019
Pages: 60

Previous Annual Reports dating back to 2006-2007 are available upon request.

Author(s): G30 Working Group on Pension Funds
Year: 2019
Pages: 112
ISBN: 1-56708-177-0

This report highlights the challenges of a fundamentally changed environment: a combination of rising life expectancy and decreasing birth rates in recent decades, slower economic growth, and much diminished expected returns on pension fund investments. It identifies a brewing crisis in pensions across a range of countries, with projected resources falling far short of promised retirement benefits. The report also presents the policy choices that have to be addressed so that people can be assured of adequate lifetime financial security - such that they can meet essential living expenses and maintain the standards of living they expect in their retirement years.

The G30 report highlights the basic problem: people cannot save the same amounts during their working years as they do currently, retire at the same age, and still receive the same retirement payouts as today, unless they or future generations pay additional taxes.

To read the full press release on the report, please click here.

Author(s): Mark Carney
Year: 2019
Pages: 44
ISBN: 1-56708-176-2

In this Occasional Paper, Governor Mark Carney of the Bank of England argues that capital flow volatility is rising because of the fundamental asymmetry in the international monetary financial system and the rapid rise of market-based finance. The paper explains why the conventional wisdom for emerging markets to ‘keep their house in order’ is no longer sufficient to achieve sustainable capital flows and why all countries must play a role.

Author(s): Kenneth Rogoff
Year: 2019
Pages: 40
ISBN: 1-56708-175-4

This Occasional Paper is adapted from a speech delivered by Kenneth Rogoff at the 2019 G30 Occasional Lecture. The paper discusses the importance of central bank independence and recent trends which may undermine it. To watch a video recording of Dr. Rogoff's speech, click here.

Author(s): G30 Working Group
Year: 2018
Pages: 62
ISBN: 1-56708-174-6

Ten years after the onset of the global financial crisis, the banking industry has made significant efforts to understand and improve the culture of their firms, and scrutinize employee conduct. In this context, the Group of Thirty (G30) Banking Conduct and Culture Working Group has published the report, Banking Conduct and Culture: A Permanent Mindset Change, that focuses on two fundamental questions: 1.) “How much progress has been made in the 10 years since the global financial crisis, and particularly since the G30 released its first report on banking conduct and culture in 2015?,” and 2.)“Where do we go from here?” The new report examines the progress banks have made since the 2015 report; shares findings gleaned from interviews with over 50 financial sector leaders; and reiterates guidance on the areas where additional efforts and attention are still required.

To watch the press launch with project chair William Rhodes, vice chairs Gail Kelly and David Walker, and steering committee member Gerd Häusler, please click here.

Author(s): G30 Working Group
Year: 2018
Pages: 49
ISBN: 1-56708-173-8

This study examines the emergency mechanisms and authorities available across the major economies to help manage future financial crises. The study asks whether changes to the mechanisms and authorities made since the 2007-08 global financial crisis have made the major economies safer and more able to address future crises.

The extensive post-crisis reforms, including substantially more conservative capital and liquidity regulations, will help create more stable and resilient financial systems in the major economies. The reforms also provide promising new tools for resolution and restructuring. However, the study identifies serious challenges that remain. The new prudential safeguards have not been fully implemented. They are also not comprehensive in scope, focusing primarily on the traditional banking sector and less on the range of other financial institutions and sources of credit that are so important in many financial systems, and that were such critical points of weakness in the last crisis. Further, some central banks have a diminished ability to respond swiftyly and effectively to a financial crisis of systemic nature.

Year: 2018
Pages: 64

Previous Annual Reports dating back to 2006-2007 are available upon request.

Author(s): G30 Working Group
Year: 2016
Pages: 58
ISBN: 1-56708-170-3

This study examines the proliferation of financial nonbank credit intermediation, also known as shadow banking. The study notes that unregulated or imperfectly regulated shadow banking activities, particularly those in China, undermines financial stability by way of unregulated banking structures that share similarities to the banking structures that led to the 2007-08 financial crisis in advanced economies. The study offers a series of specific policy recommendations that would identify and lower risk, with a particular focus on how credit is delivered to small and medium enterprises.  

To download a comprehensive summary of the report in Mandarin, please click here. 

Author(s): de Larosière, Jacques
Year: 2016
Pages: 47
ISBN: ISBN 1-56708-171-1

In this paper, Jacques de Larosière discusses the role of monetary policy in the financial system, particularly analysing the monetary policy decisions in the Eurozone after the 2007-08 global financial crisis.

He specifically examines the question of how well suited various unconventional monetary policies are suited to the Eurozone, and comes to the conclusions that the conditions that explain the success of unconventional monetary policies in the United States are not necessarily transferable to Europe and that the present market volatility in Europe is related to these policies.

Author(s): Al-Hamad, Abdlatif; Verleger, Philip Jr.
Year: 2016
Pages: 55
ISBN: 1-56708-172-X

This publication discusses the oil industry with contributions from two perspectives. Al-Hamad discusses the many challenges facing the oil industry in the Middle East and North Africa (MENA), arguing that the current price cycle has highlighted the dependency of oil-exporting nations on the commodity as they now struggle to balance their budgets to fund social spending and transfers.
 
On the oil industry as a whole, Verleger argues that the major oil firms are economically ossified. He discusses three forces that he believes “threaten to permanently transform the oil industry” and argues that “technical change, shifts in consumer preferences, and innovation” will change the business models, strategies, and long-term prospects of the oil industry.

Author(s): Large, Sir Andrew
Year: 2015
Pages: 59
ISBN: 1-56708-169-X

The Group of Thirty today released Financial Stability Governance Today: A Job Half Done by Sir Andrew Large, former Deputy Governor of the Bank of England. The paper addresses challenges facing the supervisors and other policymakers. It lays out a series of steps that constitute collectively a way forward, and which would help ensure policy makers’ financial stability goals are met.

Author(s): G30 Working Group
Year: 2013
Pages: 64
ISBN: 1-56708-163-0

In reaction to the 2012 G30 publication, Toward Effective Governance of Financial Institutions, the supervisory and Financial Stability Board community urged the G30 to provide additional insights into how interactions between boards and supervisors could be enhanced. This report finds that it is time to establish a new paradigm for this interaction, built on mutual trust and transparency so supervisors and boards are better able to fulfill their responsibilities.

Author(s): Belka, Marek
Year: 2013
Pages: 80
ISBN: 1-56708-162-2

This publication reviews selcted issues related to European integration from the viewpoint of Poland, the largest of the new EU member states.

Author(s): Turner, Adair
Year: 2013
Pages: 80
ISBN: 1-56708-161-4

This publication examines the causes of the financial crisis and post crisis recession and possible solutions going forward..

Author(s): G30 Working Group
Year: 2013
Pages: 75
ISBN: 1-56708-160-6

The report examines critical constraints on the supply of long-term finance and calls for reforms that can strengthen the flow of capital into long-term investments by governments, institutional and individual investors. This report underscores the need for international and national financial regulatory bodies to develop new approaches that can ensure that investors are better able to take a long-term horizon in their investment decisions.

Author(s): de la Dehesa, Guillermo
Year: 2012
Pages: 72
ISBN: 1-56708-159-2

This publication examines the design and management failures that contributed to the economic crisis facing the eurozone.

Author(s): Worrell, DeLisle
Year: 2012
Pages: 28
ISBN: 1-56708-158-4

This publication examines small very open economies and their need for specific policy responses that differ from those of large economies.

Author(s): de Larosiere, Jacques
Year: 2012
Pages: 36
ISBN: 1-56708-157-6

This publication examines short-term and long-term solutions to ensure the future outlook of the European single currency.

Author(s): G30 Working Group
Year: 2012
Pages: 92
ISBN: 1-56708-156-8

Drawing lessons from the financial crisis, the G30 calls on boards of directors of financial institutions to do far more to strengthen governance. The report stresses that values influence the behavior of those with governance responsibilities and the key to reform is to promote changes in the ways in which these individuals think about their responsibilities.

Author(s): Volcker, Paul
Year: 2011
Pages: 34
ISBN: 1-56708-155-X

This publication is a speech given by Paul Volcker in the fall of 2011.

Author(s): Clark, Alastair; Large, Sir Andrew
Year: 2011
Pages: 60
ISBN: 1-56708-154-1

This publication outlines ten chief considerations that remain as national authorities address macroprudential policy.

Author(s): Russo, Thomas A.; Katzel, Aaron J.
Year: 2011
Pages: 143
ISBN: I-56708-15303

This paper examines the recent developments in the 2008 Financial Crisis, including the causes, responses, and the future outlook for the United States.

Author(s): Hoenig, Thomas M.
Year: 2011
Pages: 22
ISBN: 1-56708-151-7

Thomas M. Hoenig discusses the key issues confronting regulators with respect to financial regulation and its implementation.

Author(s): Carney, Mark; Tucker, Paul; Hildebrand, Philipp; de Larosière, Jacques; Dudley, William; Turner, Adair; Ferguson, Roger W., Jr.
Year: 2011
Pages: 68
ISBN: 1-56708-152-5

Regulatory Reforms and Remaining Challenges is an occasional paper reflecting seven separate but interconnected presentations on the strengths and challenges to macroprudential oversight and various facets of the Basel III reform. These were delivered at the 64th plenary meeting of the Group of Thirty, held December 2-4, 2010 at the Federal Reserve Bank of New York.

Author(s): de la Dehesa, Guillermo
Year: 2010
Pages: 55
ISBN: 1-56708-149-5

The paper, authored by Guillermo de la Dehesa, discusses twelve serious failures leading up to the recent financial crisis and how they led to instances of moral hazard, adverse selection and contagion, among others.   Decision-makers have not only been unable to handle these situations, but in many ways, they have contributed to their perpetuity. The analysis and discussion in this paper aim to assist the ongoing debate surrounding financial reform.

Author(s): Working Group on Macroprudential Policy
Year: 2010
Pages: 92
ISBN: 1-56708-150-9

The report calls on public officials to empower systemic financial regulators with new tools to enhance economic stability and potentially lessen the severity of future economic crises. These tools would address leverage, liquidity, credit and supervision. The report underscores the fact that while policy action may be difficult and controversial, robust action is necessary.

Author(s): Working Group on Financial Stability
Year: 2009
Pages: 80
ISBN: 1-56708-146-0

The report addresses flaws in the global financial system and provides 18 specific recommendations to: improve supervisory systems by redefining the scope, boundaries, and structure of prudential regulation; enhance the role of the central banks; improve governance practices and risk management; address pro-cyclicality via capital and liquidity standards; enhance accounting practices; strengthen the financial infrastructure; and increase coordination internationally.

Author(s): Ingves, Stefan; Lind, Goran; Shirakawa, Masaaki; Caruana, Jaime; Ortiz Martinez, Guilllermo
Year: 2009
Pages: 64
ISBN: 1-56708-147-9

Respected authorities from Sweden, Japan, Spain, and Mexico describe past banking crises in their countries and how they were able to address the problems. This paper serves as a useful reference point when considering current policy proposals to countering the global financial crisis.

Author(s): Working Group on IMF Reform
Year: 2009
Pages: 56
ISBN: 1-56708-142-8

This G30 report underscores the need for reform of the International Monetary Fund and offers a number of recommendations on governance, resources, surveillance, and international coordination within the Fund.

Author(s): Corrigan, E. Gerald
Year: 2008
Pages: 23
ISBN: 1-56708-145-2

Veteran financial participant Gerald Corrigan outlines the causes of the current financial crises and suggests solutions for moving forward.  Key causes of the crisis include too much liquidity in the financial system as well as poorly priced risk.  As the global economy de-leverages and risk adjustments take place, the economy will begin to recover, but at a much slower pace than policymakers wish.  Corrigan suggests that across the world, governments consider injecting capital into key financial institutions, as well as discuss the possibility of further fiscal stimuli.

Author(s): Russo, Thomas A.
Year: 2008
Pages: 32
ISBN: 1-56708-140-1

Russo explains interrelated forces that converged to create the current credit crunch. Russo looks at how US consumers find themselves increasingly levered, unnerved by a declining housing market, and unable to borrow from their homes to finance consumption.. The paper tackles the role of liquidity, asking whether we are in the midst of a global liquidity bubble contributing to excess valuations of certain assets. Finally, Mr. Russo comes full circle to the U.S. financial “crisis” where bank balance sheets are backing up with assets, potentially further reducing credit creation, further pinching the consumer.

Author(s): Cavallo, Domingo; Cottani, Joaquin
Year: 2008
Pages: 33
ISBN: 1-56708-141-X

In this extremely timely paper, Cavallo and Cottani discuss the fallibility of Argentina’s “New Economic Paradigm” and the reasons for its longevity. The authors address the use of real exchange rate targeting (RERT), a mix of policies to manage the real exchange rate (RER) at a low level that aims to promote exports and reduce the vulnerability of the economy to future crises, and the extent to which this has been effective. The authors analyze whether Argentina has succeeded in this drive to deliver a stable low real exchange rate or whether, to the contrary, the policies required to keep the RER down significantly distort other aspects of the micro-economy to an extent that it is not a sensible option.

Author(s): Kenen, Peter B.
Year: 2008
Pages: 40
ISBN: 1-56708-143-6

Founding Member of the Group of Thirty, Peter Kenen provides a memoir of his experiences with the Group.  He describes a valuable short history of the events leading up to the formation of the Group, as well as the decades that transpired since.  Professor Kenen highlights the major reports, as well as the institutional changes that occurred over the years.  Kenen’s work provides a unique perspective of an organization that has meant so much to him.

Author(s): Ludwig, Eugene A.
Year: 2008
Pages: 32
ISBN: 1-56708-144-4

Eugene A. Ludwig outlines seventeen lessons that policymakers can take from the current global economic crisis.  In addition, he provides suggested improvements for the global regulatory structure, including adopting universal standards, increased transparency, and regulatory consolidation.  Ludwig concludes by noting that sound supervision is critical to the financial structure, and it can alleviate many problems in which central banks will have to contend.

Author(s): Working Group on Financial Supervision
Year: 2008
Pages: 249
ISBN: 1-56708-142-8

This G30 special report compares and analyzes different approaches taken in financial regulation, revealing the advantages and challenges of supervisory structures in seventeen markets. It is the first time a review of regulatory systems of this magnitude has been conducted, as it surveys the history, statutory and non-statutory elements, methods of coordination and enforcement, and current issues of each market's financial supervisory system.

Author(s): Larosiere, Jacques de
Year: 2007
Pages: 25
ISBN: 1-56708-138-x

In this occasional paper, Jacques de Larosiere assesses the topic of the achievements and challenges of European Union financial integration and their implications for the United States. The paper discusses the growing importance of the European market in financial services, analyzes the inadequate present level of integration of those same financial markets, reviews how these problems can be addressed, and looks at long-term implications of European Union financial integration for the United States.

Author(s): Mingkang, Liu; Ferguson, Roger; Ortiz Martinez, Guillermo
Year: 2007
Pages: 32
ISBN: 1-56708-139-8

This occasional paper presents three speeches on banking, financial, and regulatory reform, delivered at the 57th plenary session of the Group of Thirty, held in Hangzhou, China, April 2007. Mr. Liu Mingkang addresses banking reform in China and presents necessary elements of successful reform. Mr. Roger Ferguson analyzes the trinity of regulatory reform confronting the G10 economies: regulatory approach, regulatory convergence, and regulatory impact. Mr. Guillermo Ortiz draws lessons from the Mexican experience since the late 1990s and discusses the country's new financial challenges.

Author(s): de la Dehesa, Guillermo
Year: 2007
Pages: 48
ISBN: 1-56708-137-1

In this occasional paper by Guillermo de la Dehesa of the Centre for Economic Policy Research in London, the key misconceptions about the nature of competitiveness, globalization, and free trade rebuffed. Dehesa maintains the arguments made by opponents in developed and developing countries are based on various misconceptions and he addresses each of them in turn.

Author(s): G30 Working Group
Year: 2006
Pages: 52
ISBN: 1-56708-133-9

This final report presents the assessment by the Group of Thirty’s Global Monitoring Committee of developments in the clearing and settlement arena since the publication of the G30 report, Global Clearing and Settlement: A Plan of Action, in January 2003. The report identifies places where progress is being made as well as areas where little or no progress is apparent.  The G30 concludes that a great deal has already been achieved, but many recommendations require further work.  The report notes that the clearing and settlement objectives and goals set out only three years ago remain achievable and, in many cases, are already being progressively implemented.  It underscores that the improved infrastructure that would result from full implementation of the G30 recommendations would help enhance confidence in the markets themselves and ensure that the vision of a safer, more efficient global clearing and settlement system can be brought to fruition.

Author(s): Eichengreen, Barry
Year: 2006
Pages: 54
ISBN: 1-56708-136-3

The paper argues that neither theory nor evidence supports the argument that if entities active in the economy, including but not limited to internationally active firms, use international currencies in domestic actions then it will be difficult for central banks to use domestic instruments to achieve monetary policy targets.

Author(s): Goldberg, Linda; Tulle, Cédric
Year: 2006
Pages: 46
ISBN: 1-56708-135-5

With the ongoing debate on the strength of the exchange rate instrument in trade-balance adjustment, this paper argues that attention should be paid to the special international role of the dollar as a vehicle currency and as a unit of currency.

Author(s): Working Group on Reinsurance
Year: 2006
Pages: 115
ISBN: 1-56708-132-0

Reinsurance and International Financial Markets to highlight a number of major issues which have arisen as new players enter the international markets on a substantial scale. Financial activities formerly undertaken in the separate worlds of banking, securities and insurance today increasingly overlap. Just as dividing lines between commercial and investment banking have become blurred in recent decades, the evolution of derivatives markets has shifted a range of financial risks into the capital markets. The result is that non-bank financial institutions, including reinsurance companies, now play an increasingly important part in the overall redistribution of risk.

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Author(s): Davies, Howard
Year: 2006
Pages: 34
ISBN: 1-56708-134-7

Howard Davies reflects on the term "Financial Stability" discussing its meaning and what is done or should be done to achieve it.

Author(s): de Larosiere, Jacques
Year: 2004
Pages: 51
ISBN: 1-56708-130-4

In November 2003, the French and German fiscal positions shook the norms set out in the Maastricht Treaty and the Stability Growth Pact. Their respective fiscal policies deviated substantially from the budget deficit guidelines set out in the pact. Euro-skeptic commentators, many of whom had earlier denounced the European budgetary rules as arbitrary and even harmful, harshly criticized France and Germany for their policies. The author tries to answer the following questions that have arisen from this debate: Are the budgetary slippages observed in France and Germany serious? Are the fiscal guidelines contained in the Maastricht Treaty and the Stability Growth adequate? Is the European Monetary Union fiscal constraint an exception to the generally accepted policy norms?

Author(s): Working Group on Accounting
Year: 2004
Pages: 64
ISBN: 1-56708-127-4

Drawing upon the recent experience of corporate financial management and reporting scandals, this report assesses the role of accounting systems and policy in the management process, explores the limitations of present approaches, and proposes a set of best practices for governance and financial reporting intended to address weaknesses in these areas.

Author(s): Ostry, Sylvia
Year: 2004
Pages: 42
ISBN: 1-56708-128-2

This paper focuses on trade policy-making at the national level and its implications for the future of the World Trade Organization. It provides a brief review of changes arising from the Uruguay Round of trade negotiations and their unintended consequences; highlights the changing political economy of trade policy; and offers a proposal for enhancing WTO external transparency.

Author(s): de la Dehesa, Guillermo
Year: 2004
Pages: 33
ISBN: 1-56708-129-0

In the wake of the European Union's (EU) slow growth rate, several questions have arisen regarding the EU's welfare state. Demographic projections suggest that if the EU is to preserve its current social model, the EU may have to undertake certain reforms to improve its long run growth rate. The author addresses whether these reforms are compatible with full preservation of the current welfare state, and if not, whether it is possible to make the necessary reforms while preserving the welfare state's key elements.

Author(s): G30 Working Group
Year: 2004
Pages: 77
ISBN: 1-56708-131-2

Today the Doha Round negotiations are stalled. This report argues strongly that the Doha Round and its Development Agenda (DDA) should be revived and energized. The report is structured as follows: It gives an overview of the potential benefits from global trade liberalization and what the WTO can do to help, followed by the current status of the international trading environment, leading into the Doha Agenda, its origins, and the specific issues which comprise it, ending with where the international trading system and trade round lie after the failure of the Cancún Ministerial, where they would lie if the DDA failed altogether, and what would remain to be done even if it were successful.

Author(s): Whitman, Marina V. N.
Year: 2003
Pages: 42
ISBN: 1-56708-126-6

This paper discusses three varieties of capitalism – American or Anglo-Saxon capitalism, social-market capitalism as seen in Germany and the producer-oriented or mercantilist capitalism that exists in Japan – and the market pressures they face for global convergence toward the American model.

Author(s): G30 Working Group
Year: 2003
Pages: 137
ISBN: 1-56708-125-8

Twenty recommendations that constitute a plan of action for global clearing and settlement. The plan reflects the aspirations of market participants, gives direction to work that is already under way, and proposes specific guidance for tackling new areas.

Author(s): Fischer, Stanley
Year: 2003
Pages: 38
ISBN: 1-56708-124-X

In the continuing William Taylor Lecture Series, Stanley Fischer examines the implications of the Basel II aggreement, paying specific attention to the agreement's effects on the emerging market economies of the world.

Author(s): McDonough, William J.
Year: 2003
Pages: 38
ISBN: 1-56708-124-X

This lecture focuses on elements that make for a sound banking and financial system including sound leadership at the firm level, strong prudential regulation and supervision, and effective market discipline. The lecture also covers the quality and integrity of information available to the markets.

Author(s): Caruana, Jaime; Crockett, Andrew; Flint, Douglas; Harris, Trevor; Jones, Tom
Year: 2002
Pages: 61
ISBN: 1-56708-122-3

Using Enron as a focal point, the presenters explore the challenges posed by failures of financial reporting and address some fundamental concerns about future of accounting.

Author(s): G30 Working Group
Year: 2002
Pages: 35
ISBN: 1-56708-123-1

Over the past decade, dramatic changes in international capital markets--particularly the growth of bond financing--have not been matched by a corresponding evolution in procedures for restructuring sovereign debt. This report identifies key issues in sovereign debt restructuring that must be addressed to strengthen the process.

Author(s): de la Dehesa, Guillermo
Year: 2002
Pages: 39
ISBN: 1-55708-120-7

This paper examines differences in the U.S. and the EU experience of raising and applying venture capital. It seeks to explain the reasons the EU lags behind the U.S. and the specific steps now being taken to close the gap.

Author(s): Padoa-Schioppa, Tomasso
Year: 2001
Pages: 31
ISBN: 1-56708-119-3

An explanation of the challenges associated with the introduction of the euro, focusing on the workings of the European Central Bank. Addressed to a Washington audience, it compares and contrasts an economically and politically integrated US economy with that of the European Union, explaining the challenges the EU faces because it is far from a full political union.

Author(s): Lee Hsien Loong
Year: 2001
Pages: 33
ISBN: 1-56708-118-5

Drawing upon Singapore's experience in dealing with financial turbulence, the lecture discusses how attitudes toward globalization have shifted in light of the 1997 Asian crisis. It considers the challenges Asian economies face in remedying their weaknesses uncovered, and explains Singapore's efforts to reform and liberalize the financial sector so as to benefit from globalization while protecting against future mishaps.

Author(s): de Krivoy, Ruth
Year: 2000
Pages: 276
ISBN: 1-56708-113-4

A personal and detailed account by the central bank President of the collapse of a banking system. It is a story of willful blindness to looming crisis, personal courage the failure of political will, and the dangers for small economies when international events compound domestic policy errors.

Author(s): Hoffmeyer, Erik
Year: 2000
Pages: 42
ISBN: 1-56708-116-9

Provides a political analysis of the initiatives taken from 1969 onward to create a single currency in Europe, and describes how the monetary establishment reacted to them. It attempts to explain why, despite so many failed initiatives over the years, the effort finally produced the Maastricht Treaty of 1991 and the launch of the euro in 1999.

Author(s): Wyplosz, Charles
Year: 2000
Pages: 49
ISBN: 1-56708-117-7

Revisits Europe's postwar experience with exchange rate regimes and commitment to coordination and eventually union. It argues that behind Europe's condition for exchange rate stability lies a widely shared belief that it is a precondition for trade integration and the only way to establish a level playing field for international competition.

Author(s): Padoa-Schioppa, Tomasso
Year: 2000
Pages: 32
ISBN: 1-56708-114-2

Rather than relying on the market and self-regulation, the licensing principle for banks must be restated to take account of market developments but strengthened and implemented on a global scale to reduce systemic risk and ensure equality of competitive opportunity.

Author(s): G30 Working Group
Year: 2000
Pages: 88
ISBN: 1-56708-115-0

The financial crises of the mid-1990s underscored the need for a global dialogue on the financial stakes presented by cross-border insolvencies. The Compendium is intended to be a complete and accurate portrait of the ongoing efforts of major international financial institutions and organizations, both public and private, in the area of insolvency reform.

Author(s): Preeg, Ernest
Year: 1999
Pages: 42
ISBN: 1-56708-111-8

After fifty years of expanding trade and investment, doubts have arisen whether an ambitious agenda of trade liberalization in a time of rapid economic globalization remains a mutual interest. This is the underlying issue confronting the WTO as trade ministers contemplate the launch of a new multilateral round of trade negotiations.

Author(s): G30 Working Group
Year: 1999
Pages: 178
ISBN: 1-56708-112-6

A comparative study of the evolution of the large corporation in the United States, Japan, Germany and the United Kingdom, and an examination of how such corporations have been responding to a set of common global economic pressures.

Author(s): Larraín, Felipe; Velasco, Andrés
Year: 1999
Pages: 48
ISBN: 1-56708-110-X

This paper reviews the recent performance of alternative exchange rate arrangements in emerging markets, examines the concrete circumstances under which either a fixed or floating rate regime should be adopted, studies how to make flexibility work in practice, and focuses on the possible role of capital controls as a complementary policy.

Author(s): Clarida, Richard
Year: 1999
Pages: 46
ISBN: 1-56708-109-6

This paper examines exchange rate relationships among the G3 countries, recapping developments since the collapse of Bretton Woods, and analyzing recent proposals for changing the (ad hoc) way the G3 currently conducts exchange rate policy.

Author(s): Herring, Richard; Wachter, Susan
Year: 1999
Pages: 80
ISBN: 1-56708-108-8

The paper explores why the collapse of real estate booms is so often linked to crises in banking systems, and offers lessons for financial stresses that arise in any low-frequency asset bubble.

Author(s): Crockett, Andrew
Year: 1998
Pages: 31
ISBN: 1-56708-107-X

The central theme of this lecture is the need to adapt the mechanisms for promoting financial stability to a world in which financial markets have become more open and global.

Author(s): Large, Sir Andrew
Year: 1998
Pages: 41
ISBN: 1-56708-106-1

Reviews regulatory experience in the major financial centers, examines the factors that are driving change in the system, and makes a number of predictions about the future shape of the financial system and supervisory approaches likely to emerge.

Author(s): G30 Working Group
Year: 1998
Pages: 170
ISBN: 1-56708-099-5

The Asian financial crisis has demonstrated the need for stronger national insolvency laws and heightened awareness of the dangers of cross-border insolvency. This report examines the issues surrounding cross-border insolvency in the financial sector, and makes recommendations for regulators, administrators, legislators and financial firms.

Author(s): Mikuni, Akio
Year: 1998
Pages: 43
ISBN: 1-56708-104-5

This paper identifies several long-established economic policies of the Japanese system as having laid the foundations for today's current recession. Specific recommendations are made for addressing the market-distortions arising from such policies, and for cleaning up Japan's collapsing banking sector.