G-20 study on how financial system can evolve

Deputy Prime Minister Tharman Shanmugaratnam was appointed chairman of the new G-20 Eminent Persons Group on global financial governance in April.
Deputy Prime Minister Tharman Shanmugaratnam was appointed chairman of the new G-20 Eminent Persons Group on global financial governance in April.PHOTO: ST FILE

Deputy Prime Minister Tharman Shanmugaratnam said yesterday that an international group of top economists and leaders he chairs will consult widely and think deeply over how the global financial system can evolve to meet new challenges.

Mr Tharman, 59, was appointed chairman of the new G-20 Eminent Persons Group on global financial governance in April. The announcement came at a meeting of Group of 20 (G-20) finance ministers and central bank governors.

The group was 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 (WBG) and regional development banks.

"The group brings together considerable experience from around the world," Mr Tharman said in a statement yesterday. "We will consult widely, think deeply and propose how the system of international financial institutions should evolve to meet the challenges of a new era," he said.

The other 15 members in the group, announced yesterday, comprise prominent names in the world of finance, including the chairman of the European group of Trilateral Commission Jean-Claude Trichet, Stanford University academic John B. Taylor, Israeli economist Jacob Frenkel, former Indian central bank chief Raghuram Rajan, People's Bank of China former deputy governor Zhu Min and British economist and academic Nicholas Stern.

The members, who come from across the globe, collectively have deep knowledge and a broad diversity of experiences. Each will contribute in their personal capacity, the statement added.

With Mr Tharman as chairman, the group will review challenges and opportunities facing the international financial and monetary systems, and recommend practical reforms to improve the functioning of the global financial architecture and governance.

 
 

The group will submit its final recommendations to the G-20 finance ministers and central bank governors by the time of the IMF/WBG Annual Meetings 2018.

Mr Tharman is also the chairman of the prestigious Group of 30 (G-30) global body of top financial experts for a five-year stint. He was the first Asian to be appointed chairman of the G-30 body.

The Washington-based private group is made up of leading economists and policymakers from across the world, and seeks to deepen understanding of international economic and financial issues. Mr Tharman is also chairman of the Monetary Authority of Singapore.

A version of this article appeared in the print edition of The Straits Times on June 03, 2017, with the headline 'G-20 study on how financial system can evolve'. Print Edition | Subscribe