From the Breakdown of the Bretton Woods System to a New Era of Macro-Prudential Oversight?

From the Breakdown of the Bretton Woods System to a New Era of Macro Prudential Oversight?

Cusco, Peru

July 18-19, 2011

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Overview

Our annual conference in Cusco, carried out with the support of the G20 Chair France, centered around two overarching themes: The Eurozone and Capital Flows. The most striking feature of the discussion was the strong sense of how much the world had changed in a short time period. Instead of Europeans berating Latin Americans on how to solve fiscal and debt crises, it was the emerging markets giving advice to the developed countries. There was also a lot of focus on what lessons peripheral Europe could learn from the case of Argentina ten years prior. Another big topic was the involvement of the private sector currently being discussed for Greece. Additionally, the weakness of the dollar and the strength of emerging markets’ currencies were high on everyone’s mind and many emerging markets made little effort to hide their frustration with the US monetary policy. Last but not least, most participants expressed the postions that strong currency appreciation is a burden rather than a benefit.

Agenda

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Speakers

Alejandro TOLEDO: Former President of Peru
Amar BHATTACHARYA: Director, G24
Arnab DAAS: Managing Director, Market Research & Strategy, Roubini Global Economics
Axel LEIJONHUFVUD: Professor of Economics, University of California
Beat SIEGENTHALER: Executive Director, FX Strategy, UBS Investment Bank
Bernd BRAASCH: Director, Financial Stability Department, Deutsche Bundesbank
Budi MULYA: Deputy Governor, Bank of Indonesia
Charles VALLE: Managing Director, Nomura Singapore Limited
Daniel MARX: Executive Director, Quantum Finanzas, Former Secretary of Finance, Argentina
Dimitri PAPADIMITRIOU: Executive Director, Levy Institute
Domingo CAVALLO: Chairman, DFC Associates LLC, President Fundacion Mediterranea
Edmond ALPHANDERY: Chairman of the Board, CNP Assurances, Former Minister of Finance, France
Eduardo FERNANDEZ ARIAS: Senior Advisor, IADB
Enrique ALBEROLA ILA: Executive Coordinator, International Affairs, Bank of Spain
Geoffrey R.D. UNDERHILL: Professor, Department of Political Science, Institute for Social Science Research, University of Amsterdam
Heidar GUDJONSSON: Managing Director, Ursus Capital
Jacob A. FRENKEL: Chairman, JP Morgan Chase International
Javier FINKMAN: Chief Economist South America, HSBC Bank Argentina
John H. WELCH: EM Strategist, Managing Director, Macquarie Capital
Jose URIBE: Governor, Central Bank of Colombia
Joshua AIZENMAN: Professor of Economics, University of California
Julio VELARDE: Governor, Central Reserve Bank of Peru
Lawrence BRAINARD: Chief Economist, Trusted Sources Research
Lorenzo GIORGIANNI: Senior Advisor, Strategy, Policy and Review Department, IMF
Luis VALDIVIESO: Ambassador Extraordinary and Plenipotentiary of Peru in the United States, Former Finance Minister of Peru
Malcolm D. KNIGHT: Vice Chairman, Deutsche Bank Group
Manuel MARFAN: Deputy Governor, Central Bank of Chile
Marc UZAN: Executive Director, Reinventing Bretton Woods Committee
Marcus MILLER: Professor of Economics, University of Warwick
Nouriel ROUBINI: Professor of Economics, New York University
Pierre JAILLET: Director General Economics and International, Bank of France
Shahin VALLEE: Visiting Fellow Bruegel; Economist, BNP Paribas