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Group of Thirty

"G30" redirects here. For other uses, seeG30 (disambiguation).
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TheGroup of Thirty, often abbreviated toG30, is an international body offinanciers andacademics which aims to deepen understanding of economic and financial issues and to examine consequences of decisions made in the public and private sectors. Areas within the interest of the group include: theforeign exchange market, internationalcapital markets, internationalfinancial institutions,central banks and their supervision of financial services and markets, andmacroeconomic issues such as product and labor markets.

Group of Thirty
Consultative Group on International Economic and Monetary Affairs, Inc.
Established1978; 47 years ago (1978)
ChairVacant
Executive DirectorStuart P. M. Mackintosh
Staff4
Budget$448k (FY07)
Members30
Address1701 K Street, NW, Suite 950Washington, DC 20006 USA
Location
Websitewww.group30.org

The group is noted for its advocacy of changes in globalclearing andsettlement.

History

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The Group of Thirty was founded in 1978 byGeoffrey Bell at the initiative of theRockefeller Foundation,[1] which also provided initial funding for the body. Its first chairman wasJohannes Witteveen, the former managing director of theInternational Monetary Fund.Mark Carney was the recent Chair before stepping down in January 2025 to run for election in Canada.[2] The current Chair of the Board of Trustees isTharman Shanmugaratnam.

TheBellagio Group,[3] formed by Austrian economistFritz Machlup, was the immediate predecessor to the Group of Thirty.[4] It first met in 1963, at the Rockefeller Foundation Center (Villa Serbelloni) in Bellagio,[5] to investigate international currency problems, particularly thebalance of payments crisis which America faced throughout the early 1960s.

In June 2011, the group released a report that examines the 2008 financial crisis, including the causes, the responses and the future outlook for the United States and other markets.[6]

In January 2018, the European OmbudsmanEmily O'Reilly requested that ECB PresidentMario Draghi resign from the group because his membership in the organization could be interpreted as undue influence.[7]

Members

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The group consists of thirty members and includes the heads of major private banks and central banks, as well as members from academia and international institutions. Current members of the group include current and former heads of the central banks ofArgentina,Australia,Brazil,Canada,China,France,Germany,India,Israel,Italy,Japan,Mexico,Nigeria,Poland,Singapore,Spain,Switzerland, theUnited Kingdom, and theUnited States as well as two presidents of theFederal Reserve Bank of New York, two presidents of theEuropean Central Bank, a chairman of theBasel Committee on Banking Supervision, two chairmen of theBank for International Settlements, two chief economists of theInternational Monetary Fund, a chief economist of theWorld Bank, and the former president of Mexico. It holds two full meetings each year and also organises seminars, symposia, and study groups. It is based inWashington, D.C.

References

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  1. ^Karen Epper Hoffman (March 25, 2005)."G30 Members Discuss Critical Concerns For American Corporations".AFP Online. Archived fromthe original on September 27, 2007.
  2. ^"Mark Carney Appointed Chair of the Group of Thirty, Tharman Shanmugaratnam Appointed Chairman of the Board of Trustees, Jacob Frenkel to Become Chairman Emeritus of the Group of Thirty"(PDF). Group of Thirty. Retrieved29 November 2023.
  3. ^"Bellagio Group". MIT. Retrieved3 August 2020.
  4. ^Gottfried Haberler."Fritz Machlup: In Memoriam"(PDF).Cato Journal.Cato Institute. Archived fromthe original(PDF) on 2008-03-16.
  5. ^"Bellagio Center, Rockefeller Foundation". Retrieved3 August 2020.
  6. ^Russo, Thomas A.; Katzel, Aaron J."The 2008 Financial Crisis and Its Aftermath: Addressing the Next Debt Challenge"(PDF). Group of Thirty. RetrievedApril 8, 2014.
  7. ^Canepa, Francesco (January 17, 2018)."UPDATE 1 - EU ombudsman urges ECB's Draghi to leave G30 club of financiers".Reuters. RetrievedJanuary 17, 2018.

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