Mark Carney has accepted a position as the Governor of the Bank of England effective next July. The move had been rumoured in Financial Times in April this year, and many commentators had thought it was perhaps far- fetched, considering the fact that Mr. Carney is not a citizen of the UK or any other European country.
CIGI Fellows Bessma Momani and Gordon Smith join CIGI '12 panellists Michael Callaghan, Inge Kaul and Cyrus Rustomjee for a panel discussion on the legacies of the global financial crisis and the challenges going forward.
A former candidate to lead the World Bank, Jose Antonio Ocampo, issued a public address at the CIGI Auditorium to set out his vision for a constituency-based global monetary system.
“There is no going back to protectionism,” Ambassador of the People's Republic of China to Canada Zhang Junsai said in his address at CIGI.
At the IMF and World Bank Group annual meetings in Tokyo, CIGI in cooperation with the UN Department of Economic and Social Affairs held an important session on “Facilitating International Adjustment through Timely Debt Resolution.” The panelists were a who's who of practitioners, academics and IMF representatives. While no consensus was reached on what is the right balance between austerity and growth in sovereign debt restructuring, the timing of the panel couldn't be more relevant.
"Beijing still needs to look carefully at the limits of key European states in backing such mechanisms and then determine how much support it is willing to give," says CIGI Senior Fellow and China Research Chair Gregory Chin, commenting on the establishment of the European Stability Mechanism.
CIGI and the UN Financing for Development Office are co-sponsoring a panel discussion on sovereign debt restructuring and international adjustment at the IMF/World Bank Group annual meetings in Tokyo. The panel reflects the importance of this issue, which CIGI has been exploring for some time.
Looking for expert commentary on the annual meetings of the International Monetary Fund (IMF) and the World Bank Group, which run October 9-14 in Tokyo? CIGI will have the following experts in Tokyo and offsite, available for media interviews.
"The report, Sovereign Debtors in Distress: Are Our Institutions up to the Challenge?," finds that debt restructuring negotiations were not an 'unmitigated success.' It recommends developing a legal framework for restructuring, examination of the template for collective action clauses and further scrutiny of whether the IMF is "optimally organised for crisis management." says a blog post from the Bretton Woods Project, citing a paper from CIGI Senior Fellow Susan Schadler.
The G20 should increase its ownership of the Mutual Assessment Process (MAP), says the second installment of a new policy brief series from CIGI Junior Fellows.