IIF Sends Policy Letter to Group of 20 Summit Leaders
November 2, 2011 — On the eve of the Group of 20 Summit in Cannes, France, the IIF’s managing Director, Charles Dallara wrote to the leaders to highlight the Institute’s perspectives on a series of critical issues. He noted that the IIF believes that the Summit “should focus squarely on setting out strong, convincing measures to revitalize growth.”
The Policy Letter highlights critical recent agreements and developments in the Euro Area, including the decisions taken in Brussels last week on Greece. The letter emphasizes the importance of a balanced approach to financial regulatory reform and stresses the importance of the G-20 taking actions that can ensure that the banking sector can play its full role in contributing to economic recovery and growth. The Letter also touches upon critical concerns in the European and U.S. economies and notes the importance of preparing for the next Summit to be held in Mexico in mid-2012.
Meeting of the Group of Trustees of the Principles
September 25, 2011 — Statement by the Co-Chairmen on behalf of the Group of Trustees
- Mr.Jean-ClaudeTrichet, President, European Central Bank
- Mr. Zhou Xiaochuan, Governor, People’s Bank of China
- Mr. Agustín Guillermo Carstens, Governor, Banco de México
- Mr. Toshihiko Fukui, President, the Canon Institute for Global Studies and Former Governor of the Bank of Japan
Sovereign Investor Relations Programs: 2011 Update of Key Borrowing Countries
September 23, 2011 — This report provides a broad overview of the Investor Relations (IR) and data dissemination practices of the most active emerging market borrowers, offering investors a comprehensive comparative evaluation of communication and data dissemination practices for 38 countries and a guide to locating available information relevant to investors.
The number of countries with formal IR programs in place increased from 5 in 2004 to 15 as of September 2011. Panama and Uruguay institutionalized their IR activities in 2011 and have reinforced their outreach practices to investors. South Africa launched an IR website in the summer of 2011, enhancing further the country’s strong data transparency practices and IR practices The report also documents that, over the last year, Colombia, the Dominican Republic, Lebanon, and Morocco also improved investor relations practices.
The Dominican Republic Further Refines IR Practices
September 21, 2011 — In the context of gradual improvement in public debt management and transparent policy with international investors, the Dominican Republic is taking proactive measures aimed at enhancing sovereign IR practices. Authorities’ commitment to report their policy actions and intentions to the international financial community is demonstrated by recent non-deal roadshows conducted in major financial centers, including New York and London, with related presentation and background information available in the website of the Public Credit (PC) Unit.
Panama Institutionalizes Sovereign Investor Relations Program
September 15, 2011 — Panama is one of the most stable credits among Latin American sovereigns. Despite the relatively slow global recovery, the Panamanian economy continues to perform strongly, driven by private and public consumption and strong investment. Panama’s sovereign credit rating was elevated to investment grade in 2010. Positive rating actions and removal of the OECD Grey List reaffirm the Republic’s commitment to sound economic management while further consolidates Panama as a major financial center. Building on these achievements, the authorities launched an Investor Relations Program (IRP) in 2011 under the Public Credit Directorate of Panama’s Ministry of Economy and Finance (MEF) to deepen communication and develop relations with the investor community.
IIF Proposes Fresh Drive to Strengthen Global Policy Coordination
September 14, 2011 — The Institute of international Finance, today called on the finance ministers and central bank governors of major economies to demonstrate urgency in creating a simpler, more transparent framework for economic policy formulation and implementation. This is essential to put in place a globally consistent set of fiscal, monetary, exchange rate and financial regulatory policies to secure stability and economic recovery.
IIF G-20 Report Stresses Strong Links Between Commodity Prices and Fundamentals, Rather Than Speculation
September 12, 2011 — The IIF Commodities Task Force involving senior executives from leading financial services firms sent a report to the Group of 20 today stressing that there is little convincing evidence linking financial investment with trends in commodity prices and volatility. While there have been periods of correlation (sometimes attributed to “herding” behavior), in recent years, including among previously uncorrelated markets, researchers have not documented a clear causal link between financial investment and commodity prices.
Meeting of the Paris Club with Representatives of Non Paris Club Bilateral Creditors and Representatives of the Private Sector
June 17, 2011 — On Friday 17 June 2011, the Paris Club and the Institute of International Finance jointly organized for the 11th consecutive year a meeting between Paris Club creditors, representatives of non-Paris Club bilateral creditors and of private creditors. The IMF and the World Bank also attended this meeting.
Creditors discussed several issues of common interest, including recent restructuring activities of the Paris Club, recent developments in Sudan and Cote d’Ivoire and specific debt issues in Iceland and Argentina. A discussion on the economic consequences of the political transition in the Middle East and North Africa took place. Finally, creditors also discussed the introduction of standardized collective action clauses in European sovereign bond indentures and shared views on their main features.
IIF Calls for Enhanced Group of 20 Policy Coordination
April 7, 2011 — Persistent political tensions and strife in many parts of North Africa and the Middle East, coupled with recent events in Japan, have increased the downside risks facing the global economy. Against this background, the Institute of International finance (IIF) today underscored the need for the Group of 20 and the leadership of the IMF and the World Bank to enhance coordination of key macroeconomic policies as well as to ensure a balanced and measured approach to regulatory reform.
Meeting of the Group of Trustees of the Principles
October 11, 2010 —
Statement by the Co-Chairmen on behalf of the Group of Trustees.
Mr. Jean-Claude Trichet, President, European Central Bank
Mr. Henrique de Campos Meirelles, Governor, Central Bank of Brazil
Mr. Toshihiko Fukui, President of the Canon Institute for Global Studies and Former Governor of the Bank of Japan
China’s Governor Zhou Xiaochuan and Mexico’s Governor Agustín Carstens Become New Co-Chairmen of the Group of Trustees of the Principles
February 17, 2011 — The Group of Trustees of the Principles for Stable Capital Flows and Fair Debt Restructuring announced today that Governor Zhou Xiaochuan of the People’s Bank of China and Governor Agustín Carstens of Banco de México will both be joining President Jean-Claude Trichet of the European Central Bank and Mr. Toshihiko Fukui, former Governor of the Bank of Japan, as Co-Chairmen of the Trustees.
IIF Calls for Renewed Global Coordination to Resolve Critical Economic Issues. Urgent Actions Needed to Counter Unilateral Moves.
October 4, 2010 — Charles Dallara, Managing Director of the IIF, called for urgent action by a core group of the world’s major economies to broker agreements on critical macroeconomic and exchange rate issues. He said, “Sustaining growth and restoring confidence will require not only astute domestic policymaking, but an unprecedented level of multilateral coordination. It will also require action that transcends purely domestic short-term concerns.”
2010 Annual Meeting Between Paris Club Creditors and the Private Sector
June 16, 2010 — The Paris Club and the Institute of International Finance jointly organized for the 10th consecutive year the annual meeting between Paris Club creditors, representatives of non-Paris Club bilateral creditors and of private creditors. The IMF and the World Bank also attended this meeting.
IFSWF Urges Consistent and Globally-Coordinated Approach to Financial Regulatory Reform
May 12, 2010 — Charles Dallara, Managing Director of the IIF, spoke at a meeting of the International Forum of Sovereign Wealth Funds in Sydney, Australia on May 6-8. Participants exchanged views on the Santiago Principles for sovereign wealth funds, and on the investment outlook in view of current market conditions and uncertainties associated with the ongoing process of regulatory reform. The Forum attached particular importance to maintaining the free flow of long-term investment capital.
G-20 and IMFC Need to Address Fiscal and Regulatory Issues Urgently
April 15, 2010 — The Institute of International Finance called on the Finance Ministers and Central Bank Governors, who will be meeting in Washington DC next week in the forum of the Group of 20 and in the International Monetary and Financial Committee (IMFC), to recommit to international coordination of economic policy and financial regulatory reform in order to secure economic recovery and strengthen the financial system.
IIF Insight: Mexico Well Positioned for Solid Recovery in 2010
December 8, 2009 — Sentiment is improving as economic recovery takes hold. Reflecting the inflationary impact of a new fiscal package and adjustment of administered prices, Banxico increased its end-2010 projected midpoint inflation 175 bps to 5.0 percent. Monetary tightening is likely to be moderate and delayed until the second quarter of 2010 to avoid weakening the recovery that is taking place.
IIF Welcomes Jean Lemierre as new Co-Chairman of the IIF's Special Committee on Financial Crisis Prevention and Resolution
October 27, 2009 — The IIF welcomes Jean Lemierre as new Co-Chairman of the IIF's Special Committee on Financial Crisis Prevention and Resolution in Emerging Markets. Mr. Lemierre succeeds Jacques de Larosière in this position, and joins William Rhodes, Senior Vice Chairman, Citigroup and Citibank, as
Co-Chair.
The IIF is grateful to Mr. de Larosière for the extraordinary vision and leadership he provided to the Committee from its establishment in 2001. The IIF looks forward to benefitting from Jean's expertise and broad experience during this challenging period for the global financial system. In addition to his current duties as Senior Advisor to the Chairman, BNP Paribas, he has served as President of the EBRD, Chairman of ECOFIN, and Chairman of the Paris Club. The Special Committee provides guidance to the Institute's work on prevention and resolution of international financial crises and engages in broad-based efforts to advance policy issues affecting emerging market economies.
Group of Trustees of the Principles for Emerging Markets Meet in Istanbul, Turkey
October 4, 2009 —
Statement by the Co-Chairmen on behalf of the Group of Trustees.
Mr. Jean-Claude Trichet, President, European Central Bank
Mr. Henrique de Campos Meirelles, Governor, Central Bank of Brazil
Mr. Toshihiko Fukui, President of the Canon Institute for Global Studies and Former Governor of the Bank of Japan
Report on the G-20 Pittsburgh Summit
September 28, 2009 — The Institute of International Finance today reported to its membership on the outcome of the G-20 Pittsburgh Summit, held on September 24-25. The report highlights areas for future work on the reform of financial regulation and accounting standards.
Resolute Group of 20 Economic Policy and Financial Reform Actions Are Essential at Pittsburgh Summit as Global Conditions Remain Fragile says IIF
September 14, 2009 — The Institute of International Finance today called on President Obama and the other Group of 20 leaders to use the opportunity of their Pittsburgh Summit on September 24-25, to sustain policies to consolidate economic recovery, articulate credible exit strategies, and establish a senior-level task force with a central role for the IMF to address crucial issues of global imbalances.
IIF Submission to the G-20 in Advance of the London Summit
March 25, 2009 — The leaders of the G-20 have expressed their determination to restore global growth and financial market stability. At the same time, the G-20 has reaffirmed its commitment to open trade and investment; competitive markets; and efficient, effectively regulated financial systems based on cross-border cooperation and consistency. On behalf of private-sector financial institutions headquartered around the globe, the IIF expresses its strong support for these goals, and provides concrete proposals on the best means of achieving them. Part II of the submission is dedicated to regulatory aspects.
IIF Calls on Group of 20 Summit to Boost Fiscal Stimulus Programs Selectively, Use a "Bad Bank" Approach to Pave Way for Financial Sector Recovery
March 13, 2009 — The Institute of International Finance today highlighted the key pillars of economic and financial policy needed to address today's global crisis. Immediate action is needed to break the damaging negative feedback loop between the financial crisis and the global recession, said the IIF in a letter to UK Prime Minister Gordon Brown as the host of the forthcoming Group of 20 Summit in London and to the other leaders who will be attending.
Group of Trustees of the Principles for Emerging Markets Meet in Washington
October 12, 2008 — Members of the Group of Trustees of the Principles for Stable Capital Flows and Fair Debt Restructuring in Emerging Markets met today to review the progress being made on the implementation of "The Principles for Stable Capital Flows and Fair Debt Restructuring in Emerging Markets" within the framework of the international financial architecture.
IIF Publishes New Report on Investor Relations
April 28, 2008 — The Institute of International Finance (IIF) today published a new survey of investor relations and transparency in emerging markets. The report highlights the importance of good communications between market participants and public authorities.
The IIF work on sovereign Investor Relations (IR) and Data Transparency supports other initiatives of the Institute related to crisis prevention in financial markets, most notably the Principles for Stable Capital Flows and Fair Debt Restructuring in Emerging Markets. The Principles, agreed between sovereign issuers and investors in 2004, created a vital framework for strengthening emerging markets finance. A key component of this new framework is improved investor relations and data release by sovereign issuers.
Private Sector and Public Sector Leaders meet in Washington for a Roundtable on International Capital Markets and Emerging Markets
April 14, 2008 — Senior officials from 25 emerging market countries and the G7, senior IMF management, as well as leaders from the private creditor and investor community participated in a roundtable discussion on International Capital Markets and Emerging Markets on April 14, 2008, in Washington, DC.
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