Group of Thirty
![]() |
Consultative Group on International Economic and Monetary Affairs, Inc. | |
Established | 1978 |
---|---|
Chair | Mark Carney[1] |
Executive Director | Stuart P. M. Mackintosh |
Staff | 4 |
Budget | $448k (FY07) |
Members | 30 |
Address | 1701 K Street, NW, Suite 950 Washington, DC 20006 USA |
Location | |
Website | group30.org |
TheGroup of Thirty,often abbreviated toG30,is an international body offinanciersandacademicswhich aims to deepen understanding of economic and financial issues and to examine consequences of decisions made in the public and private sectors. Areas within the interest of the group include: theforeign exchange market,internationalcapital markets,internationalfinancial institutions,central banksand their supervision of financial services and markets, andmacroeconomicissues such as product and labor markets.
The group is noted for its advocacy of changes in globalclearingandsettlement.
History
[edit]The Group of Thirty was founded in 1978 byGeoffrey Bellat the initiative of theRockefeller Foundation,[2]which also provided initial funding for the body. Its first chairman wasJohannes Witteveen,the former managing director of theInternational Monetary Fund.The G30's current chairman isMark Carney.[3]Its current chairman of the board of trustees isTharman Shanmugaratnam,andJacob Frenkelis chairman emeritus.
TheBellagio Group,[4]formed by Austrian economistFritz Machlup,was the immediate predecessor to the Group of Thirty.[5]It first met in 1963, at the Rockefeller Foundation Center (Villa Serbelloni) in Bellagio,[6]to investigate international currency problems, particularly thebalance of payments crisiswhich America faced throughout the early 1960s.
In June 2011, the group released a report that examines the 2008 financial crisis, including the causes, the responses and the future outlook for the United States and other markets.[7]
In January 2018, the European OmbudsmanEmily O'Reillyrequested that ECB PresidentMario Draghiresign from the group because his membership in the organization could be interpreted as undue influence.[8]
Members
[edit]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 ofArgentina,Australia,Brazil,Canada,China,France,Germany,India,Israel,Italy,Japan,Mexico,Nigeria,Poland,Singapore,Spain,Switzerland,theUnited Kingdom,and theUnited Statesas well as two presidents of theFederal Reserve Bank of New York,two presidents of theEuropean Central Bank,a chairman of theBasel Committee on Banking Supervision,two chairmen of theBank for International Settlements,two chief economists of theInternational Monetary Fund,a chief economist of theWorld 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 inWashington, D.C.
References
[edit]- ^"Tharman Shanmugaratnam named chairman of G30, a group of leading global economists".Group of 30.prweb. 1 December 2022.Retrieved29 November2023.
- ^Karen Epper Hoffman (March 25, 2005)."G30 Members Discuss Critical Concerns For American Corporations".AFP Online.Archived fromthe originalon September 27, 2007.
- ^"Mark Carney Appointed Chair of the Group of Thirty, Tharman Shanmugaratnam Appointed Chairman of the Board of Trustees, Jacob Frenkel to Become Chairman Emeritus of the Group of Thirty"(PDF).Group of Thirty.Retrieved29 November2023.
- ^"Bellagio Group".MIT.Retrieved3 August2020.
- ^Gottfried Haberler."Fritz Machlup: In Memoriam"(PDF).Cato Journal.Cato Institute.Archived fromthe original(PDF)on 2008-03-16.
- ^"Bellagio Center, Rockefeller Foundation".Retrieved3 August2020.
- ^Russo, Thomas A.; Katzel, Aaron J."The 2008 Financial Crisis and Its Aftermath: Addressing the Next Debt Challenge"(PDF).Group of Thirty.RetrievedApril 8,2014.
- ^Canepa, Francesco (January 17, 2018)."UPDATE 1 - EU ombudsman urges ECB's Draghi to leave G30 club of financiers".Reuters.RetrievedJanuary 17,2018.