SINGAPORE - Deputy Prime Minister Tharman Shanmugaratnam has been appointed chairman of a newly-convened international group of top economists and leaders, which has been tasked to review issues related to global financial governance.
At the Group of 20 (G20) Finance Ministers and Central Bank Governors meeting in Washington on Friday (April 21), German Finance Minister Wolfgang Schäuble and Bundesbank president Jens Weidmann announced the formation of an Eminent Persons Group on global financial governance, to be chaired by Mr Tharman.
The Eminent Persons Group will be tasked with reviewing issues relating to global financial governance, in particular the work of international finance institutions - which include the International Monetary Fund (IMF) and multilateral development banks such as the World Bank Group and the regional development banks.
An outline of their planned work will be presented at the next G20 meeting in October.
Other confirmed members of the Eminent Persons Group include:
- Dr Jacob Frenkel, Israeli economist and chairman of JPMorgan Chase International
- Mr Jean-Claude Trichet, former European Central Bank president
- Lord Nicholas Stern, British economist and academic
- Mr Zhu Min, former deputy managing director of the International Monetary Fund
- Dr Andrés Velasco, former finance minister of Chile
- Dr Ngozi Okonjo-Iweala, former World Bank managing director and Nigerian finance minister
- Dr Raghuram Rajan, Indian economist and University of Chicago professor
- Mr Ali Babacan, Turkish member of the parliament and former Deputy Prime Minister of Turkey responsible for the economy
- Dr Takatoshi Ito, Japanese economist and Columbia University professor
- Dr John Taylor, Stanford University professor