Corporate Leaders to Study Future of Global Financial System
27 January 2016 at 7:32 pm
A group of eight leaders in global finance and economics who met at the World Economic Forum in Davos, Switzerland have agreed to join a high-level taskforce focused on the future of the global financial system.
The group, which was formed at the request of the Governor of the Bank of England and Chairman of the Financial Stability Board, Mark Carney, and the Founder and Executive Chairman of the World Economic Forum, Professor Klaus Schwab, have been tasked to identify, analyse and propose recommendations in response to major transformative forces influencing the future of global finance and economics.
The taskforce, which met for the first time in Davos, comprises senior decision-makers from Citigroup, BlackRock, HSBC, Bank of America, Reserve Bank of India, IMF and the Chinese University of Hong Kong.
“The Taskforce is bringing focus to issues we all are dealing with as we help drive the real economy to responsible and sustainable growth. I appreciate the partnership among the members and with the World Economic Forum on these important matters,” CEO of Bank of America, Brian Moynihan, said.
A recent document authored by the Financial Services team of the World Economic Forum and Anders Borg, the Chair of the Forum’s Future of the Global Financial System Challenge, offered five critical areas for the group to explore during its inaugural meeting including financial inclusion as a means of poverty reduction, the impact of technology in redrawing the boundaries of the financial system, emerging markets, gaining a commitment to ensure that the financial system can meet society’s needs and the future and the impact of regulatory and monetary policies on systemic stability.
“The global financial system needs to take stock of important ongoing changes. Emerging market countries play an ever more crucial role in global markets and economics – financial governance, cooperation and coordination need to adapt to this reality,” Anders Borg said.
Head of Financial Services at the World Economic Forum, Giancarlo Bruno said that “as the institution for public-private cooperation, the Forum is uniquely positioned to unite the relevant stakeholders of the financial system in an effort to devise an effective framework that supports the international financial system of the future in fulfilling its mandate to society.”
He said the Taskforce would continue to explore these themes and others throughout 2016, with the ultimate objective of publishing a more comprehensive suite of recommendations and actions during the 2017 annual meeting in Davos.
The World Economic Forum is a Not for Profit global organisation established in 1971 for public-private cooperation and is based in Switzerland.