Group of Thirty
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|Group of Thirty|
Consultative Group on International Economic and Monetary Affairs, Inc.
|Executive Director||Stuart P. M. Mackintosh|
1726 M Street, NW, Suite 200Washington, DC 20036 USA
The Group of Thirty, often abbreviated to G30, is an international body of leading financiers and academics which aims to deepen understanding of economic and financial issues and to examine consequences of decisions made in the public and private sectors related to these issues. Topical areas within the interest of the group include: the Foreign exchange market, international capital markets, international financial institutions, central banks and their supervision of financial services and markets, and Macroeconomic issues such as product and labor markets.
The group consists of thirty members and includes the heads of major private banks and central banks, as well as members from academia and international institutions. It holds two full meetings each year and also organises seminars, symposia, and study groups. It is based in Washington, D.C.
The Group of Thirty was founded in 1978 by Geoffrey Bell at the initiative of the Rockefeller Foundation, which also provided initial funding for the body. Its first chairman was Johannes Witteveen, the former managing director of the International Monetary Fund. The G30's current Chairman is Jean-Claude Trichet. Its current Chairman of the Board of Trustees is Jacob Frenkel, and Paul Volcker is Chairman Emeritus.
The Bellagio Group, formed by Austrian economist Fritz Machlup, was the immediate predecessor to the Group of Thirty. It first met in 1963, to investigate international currency problems, particularly the balance of payments crisis which America faced throughout the early 1960s.
The Group of Thirty establishes study groups to analyze issues of particular or systemic importance to global financial markets. The study groups typically include others than the members of the G30, comprising experts in the specific field from the regulatory, financial and academic communities. Currently,[when?] the Group of Thirty’s work program is focused on central banking.
In June 2011, the group released a report that examines the most recent developments in the 2008 financial crisis, including the causes, the responses and the future outlook for the United States and other markets.
The members of the Group of Thirty are:
- Paul Volcker, Chairman Emeritus; former Chairman of President Barack Obama's Economic Recovery Advisory Board; former Chairman of the Federal Reserve
- Jacob A. Frenkel, Chairman of the Board of Trustees, Chairman of JPMorgan Chase International; former Chairman, Bank of Israel
- Jean-Claude Trichet, Chairman, former President, European Central Bank; Honorary Governor, Banque de France
- Geoffrey L. Bell, Executive Secretary; President Geoffrey Bell and Associates; former Advisor, Bank of Venezuela
- Leszek Balcerowicz, Professor, Warsaw School of Economics; former President, National Bank of Poland
- Mark Carney, Governor Bank of England; former Governor, Bank of Canada; Member, Board of Directors, Bank for International Settlements; Chairman, Financial Stability Board
- Jaime Caruana, General Manager, Bank for International Settlements; former Governor, Banco de Espana
- Domingo Cavallo, Chairman and CEO, DFC Associates, LLC; former Minister of Economy, Argentina
- Mario Draghi, President, European Central Bank; former Chairman, Financial Stability Board; former Governor, Banca d'Italia
- William C. Dudley, President, Federal Reserve Bank of New York; former Partner and Managing Director, Goldman Sachs
- Roger Ferguson, President and Chief Executive Officer, TIAA-CREF; former Chairman, Swiss Re America Holding Corporation
- Arminio Fraga Neto, Founding Partner, Gávea Investimentos; former Secretary, Central Bank of Brazil
- Timothy Geithner, Distinguished Fellow, Council on Foreign Relations; former US Treasury Secretary; former President, Federal Reserve Bank of New York
- Gerd Häusler, CEO, Bayerische Landesbank; former Managing Director and Member of the Advisory Board, Lazard and Company
- Philipp Hildebrand, Senior Visiting Fellow, Blavatnik School of Government, Oxford University; former Chairman of the Governing Board, Swiss National Bank
- Mervyn Allister King, former Governor of the Bank of England; former Professor, London School of Economics; Fellow, The British Academy
- Gail Kelly, CEO & Managing Director, Westpac
- Paul Krugman, Professor of Economics, Woodrow Wilson School, Princeton University; former Member, Council of Economic Advisors
- Haruhiko Kuroda, Governor, Bank of Japan, Former President, Asian Development Bank Advisors
- Guillermo Ortiz Martínez, President and Chairman, Grupo Financiero Banorte; former Governor, Banco de México; Chairman of the Board, Bank for International Settlements
- Raghuram G. Rajan, Governor, Reserve Bank of India; Chief Economist, International Monetary Fund; Eric Gleacher Distinguished Professor of Finance, Chicago Booth School of Business; Chief Economic Advisor to Prime Minister of India
- Kenneth Rogoff, Professor of Public Policy and Economics, Harvard University; former Chief Economist, International Monetary Fund
- Tharman Shanmugaratnam, Deputy Prime Minister, and Minister for Finance, Singapore; Chairman, Monetary Authority of Singapore
- Masaaki Shirakawa, Governor, Bank of Japan; former Professor, Kyoto University School of Government
- Lawrence Summers, Charles W. Eliot University Professor, Harvard University; former Director, United States National Economic Council; former President, Harvard University; former US Treasury Secretary
- Lord Adair Turner, Chairman, Financial Services Authority; Member of the United Kingdom House of Lords
- Axel A. Weber, Chairman, UBS; Visiting Professor of Economics, Chicago Booth School of Business
- Ernesto Zedillo, Director, Yale Center for the Study of Globalization, Yale University, and former President of Mexico
- Zhou Xiaochuan, Governor, People's Bank of China; former President, Chinese Construction Bank; former Asst. Minister of Foreign Trade
- E. Gerald Corrigan, Managing Director, Goldman Sachs; former President, Federal Reserve Bank of New York
- Guillermo de la Dehesa, Director, Grupo Santander; former Deputy Director, Banco de Espana
- Martin Feldstein, Professor of Economics, Harvard University; President Emeritus, National Bureau of Economic Research
- Sir David Walker, Senior Advisor, Morgan Stanley International, Inc.; former Chairman, Securities and Investments Board; Chairman, Barclays Bank PLC
- Yutaka Yamaguchi, former Deputy Governor, Bank of Japan; former Chairman, Euro Currency Standing Commission
- Abdlatif Al-Hamad, Chairman, Arab Fund for Economic Development; former Minister of Finance and Planning, Kuwait
- Richard A. Debs, former President, Morgan Stanley International; former COO, Federal Reserve Bank of New York
- Jacques de Larosière, President, Eurofi; Conseiller, BNP Paribas; former Director, International Monetary Fund
- Gerhard Fels, former Director, Institut der Deutschen Wirtschaft; Member, UN Committee for Development Planning
- Toyoo Gyohten, President, Institute for International Monetary Affairs; former Chairman, Bank of Tokyo
- John G. Heimann, Senior Advisor, Financial Stability Institute; former Comptroller of the Currency, United States
- Erik Hoffmeyer, Chairman, Politiken-Fonden, former Chairman of the Board, Danmarks National Bank
- Peter Kenen, Professor of Economics, Princeton University; former Senior Fellow, Council on Foreign Relations
- William McDonough, former President, Federal Reserve Bank of New York
- Shijuro Ogata, Deputy Chairman, the Trilateral Commission; former Deputy Governor, Bank of Japan
- Sylvia Ostry, Research Fellow, Center for International Studies; former Ambassador for Trade Negotiations, Canada
- William R. Rhodes, President and CEO, William R. Rhodes Global Advisors; Senior Advisor, Citigroup, Inc.
- Ernest Stern, Senior Advisor, The Rohatyn Group; former Managing Director, The World Bank
- Marina v N. Whitman, Professor of Business Administration & Public Policy, Ford School of Public Policy, University of Michigan; former Member, Council of Economic Advisors
Other former members
Other former members include:
- Josef Ackermann, Swiss banker and previous CEO of Deutsche Bank
- Alan Greenspan, former Federal Reserve chairman,
- Wilfried Guth, former Spokesmen of the Board of Managing Directors, Deutsche Bank
- Fritz Machlup, Austrian-American economist
- Rupert Pennant-Rea, former deputy Bank of England governor,
- Karl Otto Pöhl,former Bundesbank President,
- Robert Roosa, Kennedy-era treasury official,
- Lord Richardson of Duntisbourne, former Honorary Chairman
- Alexandre Lamfalussy, former President of the European Monetary Institute,
- Montek Singh Ahluwalia, Deputy Chairman of the Planning Commission of India,
- Tommaso Padoa-Schioppa.former Minister of Economy and Finance, Italy, from May 2006 until May 2008, († 2010)
- Karen Epper Hoffman (March 25, 2005). "G30 Members Discuss Critical Concerns For American Corporations". AFP Online. Archived from the original on September 27, 2007.
- "G30 November 22 11 Press Release FINAL" (PDF). Group of Thirty. Retrieved October 13, 2013.
- Gottfried Haberler. "Fritz Machlup: In Memoriam" (PDF). Cato Journal. Cato Institute.
- "Work Program". Group of Thirty. Retrieved September 24, 2013.
- Russo, Thomas A.; Katzel, Aaron J. "The 2008 Financial Crisis and Its Aftermath: Addressing the Next Debt Challenge" (PDF). Group of Thirty. Retrieved April 8, 2014.
- "Members". Group of Thirty. Retrieved October 13, 2013.
- "Gerd Häusler Biography". Group of Thirty. Retrieved January 1, 2014.
- "Al-Hamad Biography". Group of Thirty. Retrieved January 1, 2014.
- "Fels Biography". Group of Thirty. Retrieved January 1, 2014.
- "Gyohten Biography". Group of Thirty. Retrieved January 1, 2014.
- "Hoffmeyer Biography". Group of Thirty. Retrieved January 1, 2014.
- "Ogata Biography". Group of Thirty. Retrieved January 1, 2014.
- "Stern Biography". Group of Thirty. Retrieved January 1, 2014.
- "Emeritus Members". Group of Thirty. Retrieved October 13, 2013.
- "Past Members". Group of Thirty. Retrieved September 24, 2013.