Paul Jenkins, CIGI Distinguished Fellow, speaks to participants at the CIGI Global Policy Forum, an exclusive, invitation-only series of talks offering authoritative analysis on policy-relevant issues affecting Canada and its place in the world.
Former UN Under-Secretary General José Antonio Ocampo to deliver keynote at CIGI conference on financial crisis
Does the world really have a monetary system – or not? “The Global Monetary Non-system” is the provocative title of a public keynote address to be delivered in Waterloo by José Antonio Ocampo, former United Nations Under-Secretary-General for Economic and Social Affairs and formerly Colombia’s Minister of Finance and Public Credit.
If the data are mixed, then one can readily understand why the C.D. Howe’s Monetary Policy Council (MPC), on which I sit, has been divided of late. Some see the near future — the MPC provides a one year ahead interest rate track — as requiring a further tightening of monetary policy while others, myself included, see the future in bleaker terms.
James Coyne was Governor of the Bank of Canada from 1955 until 1961 and passed away a few days ago at the age of 102.
There are many indicators of how much slack is appropriate in monetary policy. The plot below illustrates the behaviour of property prices in Canada since the beginning of 2001. Again the impact of the financial crisis/recession is clear. Since then, housing prices have risen steadily in spite of the use of so-called "macro-prudential" instruments by the Finance department.
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.
The Financing for Development Office (FfDO), Department of Economic and Social Affairs, United Nations and The Centre for International Governance Innovation (CIGI) invite media accredited to the IMF and World Bank Group annual meetings in Tokyo to attend their joint panel, titled “Facilitating International Adjustment through Timely Debt Resolution.”