Group of Thirty
- G30 redirects here. For other uses, see G30 (disambiguation).
|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:
- Foreign exchange, currency, etc.
- International capital markets
- International financial institutions
- Central banks and supervision of financial services and markets
- Macroeconomic issues such as product and labor markets, etc.
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.
- 1 Work programs
- 1.1 A New Paradigm: Financial Institution Boards and Supervisors
- 1.2 Long-term Finance and Economic Growth
- 1.3 Toward Effective Governance of Financial Institutions
- 1.4 Macroprudential Policy: Addressing the Things We Don’t Know
- 1.5 The 2008 Financial Crisis and Its Aftermath: Addressing the Next Debt Challenge
- 1.6 Membership
- 1.7 Senior members
- 1.8 Emeritus members
- 1.9 Other former members
- 2 See also
- 3 References
The Group of Thirty establishes study groups to analyze issues of particular or systemic importance to the global financial markets. Study group membership is typically broader than that of the G30, comprising experts in the specific field from the regulatory, financial and academic communities, and chaired by a leading figure. Currently,[when?] the Group of Thirty’s work program is focused on central banking. The project, titled The Fundamentals of Central Banking, is led by a Steering Committee with Jacob Frenkel (Chair), Arminio Fraga, and Axel Weber. The new project will look at the wide-ranging institutional and policy challenges facing the central banking community following their extraordinary responses to the 2008–09 crisis. Among other things, central bank independence is under increasing pressure, and the report aims to find ways to ensure central banking effectiveness for the long term.
A New Paradigm: Financial Institution Boards and Supervisors
In October 2013, the G30 Working Group on Corporate Governance Banking Supervisors released its report, A New Paradigm: Financial Institution Boards and Supervisors, which provides recommendations designed to enhance the overall effectiveness of supervision by identifying specific initiatives and processes both to assist supervisors directly in discharge of their responsibilities and to promote alignment of boardroom expectations and responses to such initiatives and processes
Long-term Finance and Economic Growth
In February of 2013, the Group of Thirty released a report on Long-term Finance and Economic Growth. The G30 report  makes a series of specific recommendations regarding 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. The working group 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.
Toward Effective Governance of Financial Institutions
The previous working group focused on corporate governance. Drawing lessons from the financial crisis, the G30 called on boards of directors to do far more to strengthen governance in the newly released report, Toward Effective Governance of Financial Institutions. The report  stressed 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.
Macroprudential Policy: Addressing the Things We Don’t Know
In the Group of Thirty's latest occasional paper Alastair Clark and Sir Andrew Large outline ten chief considerations that remain as national authorities address macroprudential policy. The authors speak to the need for a clear institutional focus of authority, address the tensions between macroprudential policy and other regulatory policies, and urge the development of effective policy tools, as well as appropriate transparency and accountability.
The 2008 Financial Crisis and Its Aftermath: Addressing the Next Debt Challenge
In June 2011, The Group of Thirty 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 – Current 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
- 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
- Mario Draghi – President, European Central Bank; Former Chairman, Financial Stability Board; former Governor, Banca d'Italia
- William 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
- Stanley Fischer – Governor, Bank of Israel; Former First Deputy Managing Director, International Monetary Fund
- Arminio Fraga Neto – Founding Partner, Gávea Investimentos; Former Secretary of the 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
- Paul Krugman – Professor of Economics, Woodrow Wilson School, Princeton University; Former Member, Council of Economic 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, Ministry of Finance (India); Professor of Economics, Chicago Booth School of Business; 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, 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
- Yutaka Yamaguchi – Former Deputy Governor, Bank of Japan; Former Chairman, Euro Currency Standing Commission
- 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
- Abdlatif Al-Hamad – Chairman, Arab Fund for Economic Development; Former Minister of Finance and Planning, Kuwait
- 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
- 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:
- Swiss banker and previous CEO of Deutsche Bank, Josef Ackermann
- The Former Federal Reserve chairman, Alan Greenspan
- Wilfried Guth – Former Spokesmen of the Board of Managing Directors, Deutsche Bank
- Austrian-American economist, Fritz Machlup
- Former deputy Bank of England governor, Rupert Pennant-Rea
- Former Bundesbank President, Karl Otto Pöhl
- Former Kennedy-era treasury official, Robert Roosa
- Lord Richardson of Duntisbourne – former Honorary Chairman
- Former President of the European Monetary Institute, Alexandre Lamfalussy
- Current Deputy Chairman of the Planning Commission of India, Montek Singh Ahluwalia
- Italy's former Minister of Economy and Finance from May 2006 until May 2008, Tommaso Padoa-Schioppa († 2010)
- Corporate governance
- Economic stability
- Financial regulation
- Global financial system
- International economics
- International finance
- Macroprudential policy
- Monetary policy
- 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.
- "A New Paradigm: Financial Institution Boards and Supervisors" (PDF). Group Of Thirty. Retrieved 2013-10-28.
- G30 Working Group (2012). "Toward Effective Governance of Financial Institutions" (PDF). Washington, D.C.: The Group of Thirty. ISBN 1-56708-156-8. Retrieved September 24, 2013.
- "Macroprudential Policy: Addressing the Things We Don’t Know" (PDF). Group of Thirty. Retrieved October 13, 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.