The Financial Crisis: Restoring the Health of the International Economy
Paris, France
March 30, 2009
Partners
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Overview
With the financial crisis deepening, participants in our Paris conference, hosted under the patronage of French President Sarkozy, felt the urgency to put out a communiqué to push the G20 to concentrate on short-term objectives, address the collapse of global demand, restore market confidence and promote international economic cooperation, while also acknowledging that each country faced a different situation and had its own perspective. Participants emphasized that the stability of the system as a whole was at stake with emerging economies from Latin America to East Asia facing a trade collapse and several eastern European economies suffering from rolling over loans and a liquidity squeeze. According to the high level group that we gathered in Paris, the gravity of the situation called for placing everything on the table and adopting a complete openness to new ways of thinking and acting. Moreover opinions voiced did not shy away from acknowledging how much the crisis would impact the long-term outlook and highlighting that what was inconceivable before had become possible. Fiscal deficits, for instance, were the order of the day, and IMF resources were being increased by a third- both unimaginable a year prior. Indeed a few months earlier the Fund was called to lay-off staff and perceived organization without a mission.
Agenda
Speakers
- Alexander K. SWOBODA: Professor of International Economics Emeritus, The Graduate Institute of International and Development Studies, Switzerland
- Andras SIMOR: Governor, National Bank of Hungary
- Andrew ROZANOV: Head of Sovereign Advisory, State Street Global Markets
- Angel UBIDE: Managing Director, Tudor Investments
- Beatrice WEDER DI MAURO: Professor of Economics, University of Mainz and German Council of Economic Experts
- Boris VUJCIC: Deputy Governor, Central Bank of Croatia
- Daniel GROS: Director, CEPS
- Domingo CAVALLO: Former Economic Minister, Argentina
- Edmond ALPHANDERY: Chairman of the Board CNP Assurances, Chairman Euro50 Group, Former Minister of Economy
- Franz NAUSCHNIGG: Director, International Department, Central Bank of Austria
- Hector TORRES: Counselor, World Trade Organization
- Jacob FRENKEL: Vice Chairman, AIG and Chairman Group of Thirty
- Jean LEMIERRE: Advisor to the Chairman, BNP Paribas
- Luigi BUTTIGLIONE: Head of Global Strategy and Partner, Brevan Howard
- Marc UZAN: Executive Director, Reinventing Bretton Woods Committee
- Mario I. BLEJER: Adviser, Banco Hipotecario, Argentina
- Marten ROSS: Deputy Governor, Central Bank of Estonia
- Mehmet YORUKOGLU: Deputy Governor, Central Bank of Turkey
- Ousmene MANDENG: Head of Public Sector Investment Advisory, Ashmore Investments
- Patrick ARTUS: Global Chief Economist, Natixis
- Piroska M. NAGY: Senior Advisor, EBRD
- Radovan JELASIC: Governor, National Bank of Serbia
- Tommaso PADOA SCHIOPPA: President of Notre Europe
- Wolfgang MUNCHAU: Chairman Euro Intelligence
- Zdenek TUMA: Governor, Czech National Bank