Private Sector and Public Sector Leaders meet in Washington for a Roundtable on International Capital Markets and Emerging Markets
April 21, 2013 — Senior public officials from both mature and emerging market economies, leaders from the private finance sector, and representatives from international financial institutions participated in a Roundtable discussion on International Capital Markets and Emerging Markets in Washington DC. The Roundtable has become over the last few years a major annual event, and a key forum for the exchange of views among key decision makers in both the public and private sectors on global policy issues and sovereign debt market developments.
IIF Policy Letter: The Risk of Fragmentation in a Global Economy
April 16, 2013 — On the occasion of the upcoming IMF/World Bank Spring Meetings, Tim Adams, President and CEO of the IIF, has written to Tharman Shanmugaratnam, Chairman, International Monetary and Financial Committee, and Marek Belka, Chairman, Development Committee, to share the IIF’s concerns about the risk of fragmentation in a global economy.
IIF holds teleconference on Euro Area/IMF package for Cyprus
March 18, 2013 — The IIF held a teleconference for IIF members on the market reactions and implications of the Euro Area/IMF package for Cyprus, following the Eurogroup’s decision to impose levies on insured and uninsured Cypriot bank depositors. The teleconference was led by IIF Managing Director Tim Adams, First Deputy Managing Director Hung Tran, and other members of the IIF economic and policy teams.
IIF calls on the G20 to strengthen the global regulatory framework
February 11, 2013 — Members of the G20 need to take decisive action to raise global growth, reduce unemployment, enhance the global regulatory framework, and bolster financial stability, according to the IIF. This broad message was conveyed to the G20 (currently under the presidency of Russia), in the IIF’s latest Policy Letter, released at a press briefing in Washington, D.C. today. Tim Adams, the Managing Director of the IIF, said at the briefing: “We would like to bring to the attention of the G20 several important issues which, if not promptly addressed, would seriously hinder the global economy from exiting the financial crisis and attaining sustainable growth.”
Sovereign Investor Relations Programs: February 2013 Update of Key Borrowing Emerging Market Countries
February 4, 2013 — The IIF issued today its latest updated assessment of Investor Relations (IR) and data dissemination practices of the most active emerging market sovereign borrowers, offering investors a comprehensive comparative evaluation of the communication with investors and the data dissemination practices for 38 emerging market countries. The number of countries with formal IR programs in place increased from 5 in 2004, to 15 as of February 2013. The February 2013 assessment updates the assessment of IR and data dissemination practices included in the 2012 Implementation Report of the Principles for Stable Capital Flows and Fair Debt Restructuring, issued on October 14, 2012.
2012 PCG Report on Implementation of the Principles
The Principles Consultative Group (PCG), at the October 14 Group of Trustees meeting in Tokyo, presented the 2012 Report on Implementation of the Principles. Against the challenging global policy setting, the discussions over the past year among the members of the PCG have continued to focus on the evolving policy and institutional setting in the Euro Area and the intensified efforts to conclude a voluntary debt exchange for Greece.
EMAC calls for a Dialogue with the Official Sector on the Implications of the New Regulatory Framework for EM Institutions
October 25, 2012 — The IIF’s Emerging Markets Advisory Council (EMAC), at its October 11 meeting in Tokyo, expressed concerns that certain aspects of the new regulations on liquidity and capital requirements in the Basel III framework, especially for trade and commodity financing, credit to SMEs, and infrastructure finance, could unduly constrain the operations of emerging markets banks in areas that are vital to the growth and development of emerging economies.
Joint Committee Welcomes the Voluntary Nature of Greek Debt Restructuring, Underscores Importance of Cooperative Approach Based on the Principles
October 24, 2012 — Against the backdrop of the sovereign debt crisis in the Euro Area, and particularly following the voluntary debt exchange for Greece, it is vital for the international financial community to work to strengthen the framework for crisis prevention and resolution. Towards that end, a report just issued by the public-private sector Joint Committee on Strengthening the Framework for Sovereign Debt Crisis Prevention and Resolution strongly recommends that sovereign issuers take a voluntary approach to pursuing good-faith negotiations with creditors to achieve agreement on fair debt restructuring, should it prove to be unavoidable, in accordance with the well-established Principles for Stable Capital Flows and Fair Debt Restructuring.
Meeting of the Group of Trustees of the Principles
October 14, 2012 — Statement by the Co-Chairmen on behalf of the Group of Trustees
- Mr. Agustín Guillermo Carstens, Governor, Banco de México
- Mr. Zhou Xiaochuan, Governor, People’s Bank of China
- Mr. Toshihiko Fukui, President, the Canon Institute for Global Studies and Former Governor of the Bank of Japan
- Mr. Christian Noyer, Governor, Banque de France
October Policy Letter Calls For Coordinated Global Policymaking, to Reinvigorate Economic Growth
October 4, 2012 — The October 2012 Policy Letter from the IIF argues that the “global economy is at a crossroads” and calls for global policy coordination to fend off “substantial” downside risks. Commitment to a “substantive policy coordination process” has recently weakened, as individual countries have turned inward and focused on domestic priorities and objectives. The IIF calls for a coherent group within the G20, of those critical countries where major action is needed, to take the lead in forming a broad consensus on adopting policy adjustments that would facilitate the global economic recovery, which currently is stalling.