June 2015 Bulletin
2015 Annual Meeting Recap, Digital Currency, Enhancing Eurozone Stability, and More!
On May 19, 2015 over 150 Committee members and friends – including leaders from both public and private sectors as well as civil society – gathered at the World Bank headquarters in Washington D.C. for the 2015 Bretton Woods Committee Annual Meeting. This year’s program theme – “Bretton Woods and Global Growth: Evolving Stories” – focused on the shifting state of the global economy and the future of multilateralism and the Bretton Woods system. Speakers and participants discussed the current trends in global growth and development and reconsidered the role of the Bretton Woods institutions within the evolving global ecosystem.
Among the distinguished speakers were Jacob J. Lew, Secretary of the U.S. Treasury; Sri Mulyani Indrawati, Managing Director and Chief Operating Officer of the World Bank Group; Christine Lagarde, Managing Director of the International Monetary Fund; William R. Rhodes, President and CEO of William R. Rhodes Global Advisors; Nancy Birdsall, Founder and President of the Center for Global Development; Mahmoud Mohieldin, Corporate Secretary and President’s Special Envoy, World Bank Group; James D. Wolfensohn, Bretton Woods Committee Co-Chair and former president of the World Bank; and George Soros, Founder and Chair of Soros Fund Management LLC and the Open Societies Foundations.
For a full summary and to listen to event audio, please click here.
Special thanks to SICPA Holdings, our event sponsor.
On Thursday April 23rd, 2015 the Bretton Woods Committee and the Institute for International Economic Policy at George Washington’s Elliot School of International Affairs co-hosted a seminar to consider the value proposition of digital currencies and payments and to discuss current and future regulatory implications. The program featured a diverse group of speakers including government regulatory agencies, banking institutions, financial intermediaries, and start-up entrepreneurs involved in the burgeoning cryptocurrency landscape and was moderated by Michael J. Casey and Paul Vigna of the Wall Street Journal and co-authors of the recently published book, The Age of Cryptocurrency. Overall, the speakers agreed that cryptocurrencies and the blockchain technology have massive disruptive potential for financial intermediary services and the future of the global payment system, but currently the industry is still in its embryonic phase. Continuing communication is necessary between the private and public sector in order to achieve the right regulatory mix as digital currencies and payments become more mainstream.
Please click here for the full event summary and link to the audio recording of the event.
Special thanks to our program co-host, the Institute for International Economic Policy at George Washington University’s Elliot School of International Affairs.
On April 16th, 2015 the Bretton Woods Committee in partnership with the Italian Banking, Insurance and Finance Federation (FeBAF) and the Embassy of Italy convened a symposium examining the state of economic and financial integration within the European Monetary Union. The event, Enhancing Eurozone Stability: Progress Toward Banking and Capital Market Reforms, addressed topics such as: banking and capital markets regulatory reforms and the implications for private and public sector stakeholders; the role of the IMF in promoting regional financial stability; and the applicability of U.S. experience in financial integration to the Eurozone.
Speakers included Andrea Enria, Chairman of the European Banking Authority; C. Randall Henning, Professor at American University; Sandie O’Connor, Chief Regulatory Affairs Officer at JP Morgan Chase; and Jose Manuel González-Páramo, an Executive Board Member of the Banco Bilbao Vizcaya Argentaria (BBVA) SA. The panel was moderated by Paolo Garonna, Secretary-General of FeBAF.
To read a full summary and transcript of the program, please click here.
Special thanks to our event partners, FeBAF and the Embassy of Italy.
For this year’s Henry Owen Memorial Award essay contest, graduate students were asked to consider how the Bretton Woods Institutions should evolve and what priorities they should pursue within the post-2015 development agenda or otherwise in light of the emergence of new financing mechanisms and actors affecting the architecture of global development.
The First Place winner is Christopher Beddor, who emphasized engagement and cooperation among existing and new multilateral institutions and suggested the Bretton Woods institutions continue to leverage their unique comparative advantages as policy advisors and knowledge centers. Christopher is currently pursuing a MA in International Relations & International Economics, Johns Hopkins University’s School of Advanced International Studies. To read the winning essay, please click here.
The Second Place winner is Genevieve Neilson, who highlighted innovative financing mechanisms for climate change adaptation as a development priority. Genevieve is currently pursuing a MA in International Affairs at The George Washington University's Elliott School of International Affairs. To read the second place essay, please click here.
We are grateful to Committee members John Donaldson, Kevin Gallagher, and Susanna Cafaro for evaluating the submissions.
The Bretton Woods Committee would like to congratulate two members of our Advisory Council on their recent achievements:
Ruth Porat joined Google as their Chief Financial Officer in May 2015. Previously, she was Executive Vice President and Chief Financial Officer for Morgan Stanley. We wish her the best of luck in her new role. please click here for full press release.
Sir David Walker will join Winston Global Investment Management as Chairman beginning in July 2015. Previously, Sir David served as Chairman at Barclays. We wish him much success as he transitions to his new role. Please click here for full press release.
Welcome New Members!
On behalf of the entire Committee, we would like to recognize and welcome our new members who have joined the Committee last quarter:
• John Negroponte, Vice Chairman, McLarty Associates
• C. Randall Henning, Professor of International Economic Relations, American University
Your Help Requested - Nominate an Emerging Leader
The Committee views membership diversity as integral to its future organizational livelihood. Therefore, we are encouraging members to identify and engage up-and-coming talent in the fields of global finance, development, trade, or economics to facilitate the exchange of ideas and to welcome the next generation of Bretton Woods Committee leaders.
We would greatly appreciate your help in this endeavor. We kindly request that you nominate two to three emerging leaders in the private sector, civil society, or academia whom you feel would be a positive addition to the Committee. The Committee will review the nominees and invite a cohort of new Emerging Leaders to join the Committee. We will welcome the cohort at an annual Emerging Leaders Reception that will provide an opportunity for them to interact and build relationships with existing Bretton Woods Committee members.
Emerging Leaders nominees should meet the following criteria:
• Candidate is approximately 45 years of age or younger.
• Candidate has a background of extraordinary achievement and a track record as a thought leader or influencer in his/her area of expertise. Typically, this means 10+ years of professional experience and a clear indication the candidate is on a leadership trajectory.
• Candidate holds a top position of a company/organization, division or department. Candidates would typically form part of the employer’s executive or leadership team. Typical titles include: President, Chairman of the Board, CEO / CFO / COO (or other “C” level role), Managing Director, Managing Partner, Executive Director, Vice President, Vice Chair, Governor, Senior Director, Senior Fellow, Professor, Chief Economist, or equivalent of any of the above.
• Candidate has a track record in public service-oriented activities or has shown a commitment to enhancing the global public good.
To nominate a candidate, please have the candidate fill out the nomination form on our website. The submission deadline is August 1, 2015.