Key Economic and Regulatory Issues for the G20 Regarding Global Output, Financial Stability, and Sovereign Debt Restructuring
August 29, 2013 — On the occasion of the G20 Leaders’ Summit meeting in St. Petersburg on September 5-6, Tim Adams, President and CEO of the IIF, has written to His Excellency President Vladimir Putin, President of the Russian Federation, to advocate the IIF’s views regarding the importance of consistent regulatory policy in a global economy; the need to sustain balanced global growth; and the benefits of market-based collaboration during sovereign debt restructuring.
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 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.”
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.
Group of 20 Summit in Mexico Should Revitalize Global Economic Growth and Job Creation, Says IIF
June 14, 2012 — Next week’s Group of 20 Summit in Mexico is arguably the most important G-20 event since the London Summit in April 2009, stated the Institute of International Finance. It stressed that financial markets will be looking to the Summit for globally coordinated actions targeted to revive economic growth prospects worldwide on a sustainable basis.
IIF Calls for Strengthened International Economic Policy Coordination
April 9, 2012 — In a Policy Letter released today, the IIF stressed that the global economy faces significant challenges, despite some recent encouraging signs. The letter emphasized that risks continue to emanate from the oil price increases, deleveraging pressures, and the lingering weaknesses in the U.S. housing market. In addition, the IIF noted that while progress has been made in confronting the Euro Area sovereign debt crisis, Europe’s difficulties are having spillover effects on global trade flows and international funding conditions, including trade finance.
IIF Proposes Actions by the Group of 20 to Strengthen Global Economic Growth and Financial Market Confidence
February 24, 2012 — As the Group of 20 Ministers of Finance and Central Bank Governors met in Mexico City today for the first of the 2012 series of G20 meetings, the Institute of International Finance outlined a three part strategy to promote global growth by reducing Euro Area strains; rebalancing the often-competing objectives of regulatory reform for financial stability and sustaining credit growth; and implementing a robust framework for policy coordination.
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.
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.
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.
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.”
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.
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.
A Stronger IMF Should Now Rise to the Challenge of Helping to Resolve the Global Economic and Financial Crisis, says the IIF
April 13, 2009 — The Institute of International Finance, welcoming the G-20 London Summit commitment to greatly enhance the role and the resources of the International Monetary Fund, today called on the IMF to rise to the challenge of helping to bring about the end of the current global economic and financial crisis.
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.
Systemic Crisis Requires Extraordinary Actions - Final US Legislation and European Measures Needed for Globally Coordinated Approach, says IIF
October 2, 2008 — In a policy letter today from the IIF to the finance ministers and central bank governors meeting in Washington DC next week in the International Monetary and Financial Committee (IMFC), IIF Managing Director Charles Dallara said passage of the U.S. Troubled Asset Relief Program (TARP) is urgently required. Mr. Dallara added, "Systemic, internationally coordinated responses by the authorities are essential at this stage to stabilize financial markets, requiring large if temporary use of government funds."
IIF Calls on Finance Ministers and Central Bank Governors to Address Critical Global Economic and Financial Markets Challenges
April 3, 2008 — "The difficulties facing the global economy have become critical and call for decisive leadership now by national authorities, central bankers and regulators, as well as by financial services firms," said Charles Dallara, Managing Director of the Institute of International Finance.
Resolving Critical Issues In Global Finance Calls For Complementary Actions by Public and Private Sector Leaders
October 11, 2007 — The world's finance ministers and central bank governors should agree on actions at their official meetings in Washington DC next week to support the continued restoration of confidence in international financial markets, following the recent turmoil that was triggered by rising delinquencies in the U.S. sub-prime mortgage market. These official actions should complement reforms pursued by private financial services firms.
Financial Market Innovations Call for Intensified Cooperation Between Officials and Leaders of Private Finance
April 4, 2007 — The Institute of International Finance, representing more than 375 of the world's financial services firms, today called on leading finance ministers, central bank governors and the International Monetary Fund, to engage in an extensive dialogue with private finance to secure the stability of the global financial system.
IIF Calls on Finance Ministers and Central Bank Governors to Act on the Orderly Unwinding of Global Current Account Imbalances
September 10, 2006 — The IIF today called on the ministers of finance and central bank governors of the world's largest economies, who will be meeting in Singapore later this week, to promote effective international policy coordination to place the global economy on a renewed path of sustainable growth.
IIF Proposes 8 Point Reform Program for the IMF, the Markets and Countries to Strengthen the Global Financial System
April 18, 2006 — The IIF has proposed an eight point integrated package of actions designed to forge a new partnership between the IMF, capital markets and countries, to strengthen the global financial system.
Cooperative Action Needed To Address Global Economic Challenges
September 14, 2005 — The global economy has shown remarkable resilience in the face of high oil prices and widening imbalances, but the outlook is fraught with uncertainty. Leaders of the major industrial countries now need to join together with key emerging market economies to resolve critical issue of economic imbalances, to address energy problems, to secure open trade and to strengthen the international financial system.
Need for Actions to Strengthen Architecture of Global Finance Highlighted in IIF Letter to Finance Ministers and Central Bank Governors
March 31, 2005 — The Institute of International Finance (IIF), the global association of financial institutions, today called on the International Monetary and Financial Committee (IMFC), which guides IMF policy, to voice support at its mid-April meeting in Washington DC for the new "Principles for Stable Capital Flows and Fair Debt Restructuring in Emerging Markets" that have been agreed between leading sovereign issuers of emerging market bonds and leaders of private finance.
IIF Raises Concerns About The Sustainability of Global Economic Recovery
September 11, 2003 — The governments of the world's leading industrial countries face the immediate challenge of consolidating, deepening and broadening global economic recovery. Equally important is the need for a coordinated medium-term strategy that ensures that the recovery is sustainable. This strategy will need to address increasingly growing economic imbalances and major structural problems, while also ensuring trade liberalization under the Doha Round of negotiations.
IIF Calls for Action to Strengthen the Global Outlook and the International Financial System
April 1, 2003 — The IIF today stressed that intensified macroeconomic policy coordination among the G7 is essential. It underscored the need for action by individual country authorities to restore confidence and reinvigorate growth at this time of heightened concern about the global economy's health - concern magnified by the Iraq conflict and the associated geopolitical tensions.