Group of Thirty
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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. Current members of the group include current and former heads of the central banks of Argentina, Brazil, Britain, Canada, China, France, Germany, India, Israel, Italy, Japan, Mexico, Poland, Singapore, Spain, and Switzerland, as well as two chairmen of the Federal Reserve Bank of New York, two presidents of the European Central Bank, a chairman of the Basel Committee on Banking Supervision, two chairmen of the Bank for International Settlements, two chief economists of the International Monetary Fund, a chief economist of the World Bank, and the former President of Mexico. 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:
- Leszek Balcerowicz, Professor at College of Europe; former Deputy Prime Minister of Poland (1989-91, 1997-2000); former President of National Bank of Poland, (2001-07)
- Geoffrey Bell, founder and Executive Secretary; President of Geoffrey Bell and Associates
- Mark Carney, Governor of Bank of England, Chairman of Financial Stability Board of G-20, and Director of Bank for International Settlements; former Governor of the Bank of Canada (2008-13)
- Jaime Caruana, General Manager of Bank for International Settlements; former Governor of Bank of Spain (2000-06); former Chairman of Basel Committee on Banking Supervision (2003-06)
- Domingo Cavallo, former Minister of Economy of Argentina (1991-96, 2001); former President of Central Bank of Argentina (1982)
- Mario Draghi, President of the European Central Bank; former Chairman of Financial Stability Board of G-20 (2011-13); former Governor of Banca d'Italia (2006-11)
- William C. Dudley, President of Federal Reserve Bank of New York and Vice-Chairman of Federal Open Market Committee; former Partner and Managing Director of Goldman Sachs (1986-2007)
- Roger W. Ferguson, Jr., President and CEO of TIAA-CREF; former Chairman of Federal Reserve Board of Governors (1999-2006)
- Arminio Fraga, Founding Partner of Gávea Investimentos; former President of Central Bank of Brazil (1999-2003)
- Jacob A. Frenkel, Chairman of Board of Trustees; Chairman of JPMorgan Chase International; former Governor of the Bank of Israel (1991-2000)
- Timothy Geithner, President of Warburg Pincus; former U.S. Secretary of the Treasury; former President of Federal Reserve Bank of New York (2003-09)
- Gerd Häusler, CEO of BayernLB; former Managing Director and Member of the Advisory Board of Lazard
- Philipp Hildebrand, Vice Chairman of BlackRock; former Chairman of Governing Board of Swiss National Bank (2010-12)
- Gail Kelly, CEO & Managing Director of Westpac
- Mervyn Allister King, former Governor of the Bank of England (2003-13)
- Paul Krugman, Professor of Economics at Princeton University; 2008 Nobel Laureate in Economics
- Haruhiko Kuroda, Governor of Bank of Japan; former President of Asian Development Bank
- Christian Noyer, Governor of the Banque de France, and Chairman of Bank for International Settlements; former Vice President of Executive Board of the European Central Bank (1998-2002)
- Guillermo Ortiz Martínez, President and Chairman of Banorte; former Chairman of Bank for International Settlements (2009); former Governor of Banco de México (1998-2009); former Secretary of Finance of Mexico (1994-98)
- Raghuram Rajan, Governor of Reserve Bank of India; former Chief Economic Adviser to the Government of India (2012-14); former Chief Economist of International Monetary Fund (2003-07)
- Kenneth Rogoff, Professor of Public Policy and Economics at Harvard University; former Chief Economist of International Monetary Fund (2001-03)
- Tharman Shanmugaratnam, Deputy Prime Minister, Minister for Finance, and Chairman of Monetary Authority of Singapore
- Masaaki Shirakawa, Director and Vice Chairman of Bank for International Settlements; former Governor of Bank of Japan (2008-13)
- Lawrence Summers, Professor of Economics and former President of Harvard University; former Director of U.S. National Economic Council (2009-10); former U.S. Secretary of the Treasury (1999-2001); former World Bank Chief Economist (1991-93)
- Jean-Claude Trichet, Chairman; Director of Bank for International Settlements; former President of European Central Bank (2003-11)
- Adair Turner, Member of UK Financial Policy Committee; former Chairman of UK Financial Services Authority (2008-13); former Director-General of Confederation of British Industry (1995-99)
- Paul Volcker, Chairman Emeritus; former Chair of the Federal Reserve (1979-87); former head of President's Economic Recovery Advisory Board (2009-12)
- Kevin Warsh, Distinguished Visiting Fellow at Stanford Graduate School of Business, and member of Steering Committee of Bilderberg Group; former Governor of Federal Reserve System (2006-11)
- Axel A. Weber, Chairman of UBS, and Visiting Professor of Economics, University of Chicago Booth School of Business; former President of Deutsche Bundesbank (2004-11)
- Ernesto Zedillo, Director of Citigroup; former President of Mexico (1994-2000)
- Zhou Xiaochuan, Governor of People's Bank of China; former Chairman of China Securities Regulatory Commission (2000-02); former President of China Construction Bank (1998-2000)
- 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 Nationalbank
- 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.