SINGAPORE: Deputy Prime Minister Tharman has been appointed chairman of a G20 group that has been tasked to review financial governance globally.
German Finance Minister Wolfgang Schauble and President of Bundesbank Jens Wiedmann announced the formation of the group at the G20 meeting of finance ministers and central bank governors in Washington on Friday (Apr 21).
The Eminent Persons Group on Global Financial Governance group will review issues relating to global financial governance, particularly on the work of international finance institutions such as the World Bank and the International Monetary Fund (IMF).
"The Group brings together considerable experience from around the world. We will consult widely, think deeply and propose how the system of international financial institutions should evolve to meet the challenges of a new era," Mr Tharman said in a press release issued on Friday (Jun 2).
The members of the group include: Turkish MP and former Deputy Prime Minister Ali Babacan, chairman of JPMorgan Chase and former governor of the Bank of Israel Jacob Frenkel, Japanese economist Takatoshi Ito, former World Bank managing director and former Nigerian finance minister Ngozi Okonjo-Iwaela, Indian economist Raghuram Rajan, British economist and academic Nicholas Stern, Stanford University professor John Taylor, French economist and former president of the European Central Bank Jean-Claude Trichet, former Chilean finance minister Andres Velasco, and Chinese economist and deputy managing director of International Monetary Fund Zhu Min.
An outline of the group’s plans will be presented at the next G20 meeting in October.