Group of 30 and Financial Systems Research

[Astronuc]

Group of 30 - http://www.group30.org/

The Group of Thirty, established in 1978, is a private, nonprofit, international body composed of very senior representatives of the private and public sectors and academia.It aims to deepen understanding of international economic and financial issues, to explore the international repercussions of decisions taken in the public and private sectors, and to examine the choices available to market practitioners and policymakers.

The members meet in plenary sessions twice a year with select guests to discuss important economic, financial and policy developments.

They reach out to a wider audience in seminars and symposia, and also enter the policy debate on important issues by publishing papers.

When the Group considers that its objectives would be furthered by more detailed work, it establishes study groups or committees, which may include both members and non-members.

Our publications' list begins with our first Occasional Paper in 1980 and continues to the present.

The Group is supported by contributions from private sources: foundations, banks, non-bank corporations, central banks, and individuals. A list of contributors in cash and kind for the fiscal years appear in the Group's annual report.

This group has some very intesting publications, e.g.

The Structure of Financial Supervision: Approaches and Challenges in a
Global Marketplace
http://www.group30.org/pubs/pub_1428.htm

Global Clearing and Settlement: Final Monitoring Report
http://www.group30.org/pubs/pub_1339.htm

Paul Volcker was interviewed on Marketplace this evening. He and the Group of 30 call for big reforms!
http://marketplace.publicradio.org/display/web/2009/01/15/pm_group_of_thirty/

At a conference in New York, Volcker and a group of financial heavy-hitters unveiled a whole raft of proposals to reform the industry. And there is some serious reforming to be done. Those recommendations touch on everything from reining in hedge funds to restructuring Fannie Mae and Freddie Mac.

. . . .

Volcker is part of the Group of 30. Its members are corporate leaders, academics and former regulators. Today they proposed stronger oversight of "systemically important" institutions. That is, banks, hedge funds and insurance companies whose failure could compromise the entire financial system.

Volcker says Adam Smith advised never letting an institution get that big.

VOLCKER: I think that advice, which may have been suitable for 1776 in Scotland, would be a little hard to apply in the United States and other modern economies.

Instead, Volcker and company say regulators should limit the risks those institutions can take and force them to keep more cash on hand.

John Dearie is executive vice president of the Financial Services Forum, a Wall Street trade group. The industry has long resisted increased regulation. But Dearie says he welcomes better regulation.

JOHN DEARIE: You don't want to put a financial sector in the box and regulate out of the system its capacity for innovation, its capacity for being competitive. At the same time, how do you strike that balance with the need for a safe and sound system?

. . . .

 

[marcus]

Group of 30 - http://www.group30.org/
...
Paul Volcker was interviewed on Marketplace this evening. He and the Group of 30 call for big reforms!
http://marketplace.publicradio.org/display/web/2009/01/15/pm_group_of_thirty/

"Volcker is part of the Group of 30. Its members are corporate leaders, academics and former regulators. Today they proposed stronger oversight of "systemically important" institutions. That is, banks, hedge funds and insurance companies whose failure could compromise the entire financial system.

Volcker says Adam Smith advised never letting an institution get that big.

VOLCKER: I think that advice, which may have been suitable for 1776 in Scotland, would be a little hard to apply in the United States and other modern economies."

Interesting point. Reforming the rules governing corporations has become an issue of survival. It's a bit like trying to reform Baseball. Where are the smart practical imaginative ideas going to come from?

I didn't know about this Group of 30. Thanks for posting the links.