+ 2:00 pm - 4:30 pm Washington, D.C.
+ 7:00 pm - 9:30 pm London
+ 8:00 pm - 10:30 pm Brussels
New Framework for the Digital Economy, an IIF Forum in partnership with LSEG, was held in Washington, D.C. on Wednesday, April 20, alongside the World Bank/IMF Spring Meetings.
Leading voices have looked at the trajectory of data localization and digital protectionism around the world and called for a “Digital Bretton Woods” moment. Digital transformation of the global economy and our daily lives has raised the stakes and made data a central focus for policy, trade, and economic growth. At the same time, the G20, through the Data Free Flow with Trust initiative, and the G7 have found it difficult to reach consensus at a global level to mitigate the trend toward localization. Impacts of this global drift toward digital protectionism will have broad-based and problematic impacts on the economy and individual opportunities for innovation and growth. The forum brought together business leaders, policymakers, and experts to explore the problem and identify paths forward on international “rules of the road” for the digital economy and digital economic cooperation.
The Role of Data Flows in Economic Growth and Paths of Progress for International Cooperation
The forum heard perspectives from senior policymakers and c-suite leadership as we explored how the open flow of data can drive capital creation, promote healthy competition, open opportunities for economic growth, and further improve international financial services. With multilateral agreements still elusive, and geopolitics increasing headwinds, it is up to like-minded countries and industries to work together to create consistent principles and standards that can form nodes of progress. Trade agreements have become important focal points for this digital cooperation and present a hopeful path forward.
We looked forward to a roundtable dialogue identifying ideas for action. The financial services industry has much at stake and is well placed to play a strategic leadership role from its extensive experience dealing with complex cross-border regulatory issues and longstanding reliance on data flows. Better technology solutions to safeguard privacy, security, and financial stability could be part of the solution as well. Smart actions by the private and public sectors, without giving rise to a new digital protectionism, will drive efficiency and help support the high-growth digital businesses on which the economy is increasingly reliant.
+ Tobias Adrian, Financial Counsellor and Director of the Monetary and Capital Markets Department, IMF
+ Tomoko Amaya, Vice Minister for International Affairs, The Financial Services Agency, Japan
+ Bob Contri, Global Financial Services Industry Leader, Deloitte
+ Marisa Lago, Under Secretary of Commerce for International Trade, U.S. Department of Commerce
+ Demetrios Marantis, Managing Director & Global Head of Corporate Responsibility, JP Morgan Chase & Co.
+ Charles Roxburgh, Second Permanent Secretary, HM Treasury, UK
+ David Schwimmer, Chief Executive Officer, London Stock Exchange Group (LSEG)
+ Andrea Stone, Group Head, Data and Analytics Division, London Stock Exchange Group (LSEG)
+ Kati Suominen, Founder & Chief Executive Officer, Nextrade Group
Please note the event was held under the Chatham House Rule and was closed to the press. For additional information, please contact Mina Loldj at [email protected]