G30 Releases Three New Papers, Addresses Financial Crisis and Reform

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The Group of Thirty (G30) released three new papers: The Credit Crisis: The Quest for Stability and Reform by E. Gerald Corrigan, Lessons Learned from the 2008 Financial Crisis by Eugene A. Ludwig, and The G30 at Thirty, by Peter B. Kenen.

The Group of Thirty (G30) released three new papers: The Credit Crisis: The Quest for Stability and Reform by E. Gerald Corrigan, Lessons Learned from the 2008 Financial Crisis by Eugene A. Ludwig, and The G30 at Thirty, by Peter B. Kenen.

In Credit Crisis: The Quest for Stability and Reform, veteran financier and former President of the Federal Reserve Bank of New York E. Gerald Corrigan outlines the causes of the current financial crises and suggests solutions for moving forward. He cites key causes of the crisis, which include too much liquidity in the financial system as well as poorly priced risk. As the global economy de-leverages and risk adjustments take place, the economy will begin to recover, but at a much slower pace than policymakers wish. Mr. Corrigan suggests that across the world, governments consider injecting capital into key financial institutions, as well as discuss the possibility of further fiscal stimuli. This presentation was delivered as a William Taylor Memorial Lecture, by Mr. Corrigan in Washington, DC, on October 12, 2008.

In Lessons Learned from the 2008 Financial Crisis, Eugene A. Ludwig, former Comptroller of the Currency, outlines 17 lessons that policymakers can take from the current global economic crisis. In addition, he provides suggested improvements for the global regulatory structure, including adopting universal standards, increased transparency, and regulatory consolidation. Mr. Ludwig concludes by noting that sound supervision is critical to the financial structure and can alleviate many problems in which central banks will have to contend. The remarks were delivered by Mr. Ludwig as a William Taylor Memorial Lecture to the International Conference of Banking Supervisors in Brussels on September 25, 2008.

Founding Member of the Group of Thirty, Peter Kenen provides a short personal memoir of his experiences with the Group on the occasion of its 30th anniversary, appropriately entitled The G30 at Thirty. He provides a valuable short history of the events leading up to the formation of the Group, as well as the decades that transpired since. Professor Kenen highlights the major reports, as well as the institutional changes that occurred over the years. Kenen's work provides a unique perspective on the G30.

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