Kasinomics » ic

IMFC – International Monetary and Financial Committee

kasi — Wed, 02 Apr 2008 16:18:05 +0000

Institution: International Monetary and Financial Committee
Abbreviation: IMFC
Type: Public
Founded: 1999
Members Total: 24
Membership in:
Membership of: World Bank, IMF
Description: The IMFC was established on September 30, 1999, by a resolution of the IMF Board of Governors, to replace the Interim Committee of the Board of Governors on the International Monetary System (usually known simply as the Interim Committee), which had been established in 1974. The change signified a strengthening of the role of the primary advisory committee of the Board of Governors. In addition, an explicit provision was introduced for preparatory meetings of representatives (deputies) of Committee members. As the Interim Committee did, the IMFC usually meets twice a year, in September or October before the Bank-Fund Annual Meetings (see the IMFC Documents and the Communiqué from the 2007 Annual Meetings), and in March or April at what are referred to as the Spring Meetings.
Like the Interim Committee, the IMFC has the responsibility of advising, and reporting to, the Board of Governors on matters relating to the Board of Governors’ functions in supervising the management and adaptation of the international monetary and financial system, including the operation of the adjustment process, and in this connection reviewing developments in global liquidity and the transfer of resources to developing countries; considering proposals by the Executive Board to amend the Articles of Agreement; and dealing with disturbances that might threaten the system.
The IMFC has 24 members who are Governors of the IMF (generally ministers of finance or central bank governors). The membership reflects the composition of the IMF’s Executive Board: each member country that appoints, and each group of member countries that elects, an Executive Director appoints a member of the IMFC. The group is currently chaired by Mr. Tommaso Padoa-Schioppa, the Minister of Economy and Finance of Italy. He was selected to head the Committee in October 2007 (see press release). A number of international institutions, including the World Bank, participate as observers in the IMFC’s meeting.
Working Group:
Outreach:
Reporting to: IMF Board of Governors
Website:http://www.imf.org/external/np/exr/facts/groups.htm#IC
Highest Organ:
Chair: Mr. Tommaso Padoa-Schioppa, Minister of Economy and Finance of Italy
Seat: Washington
Function:
Standards:

Topics of this post: finance ministers, financial architecture, ic, imfc, Organisations, world bank

G33 – Group of Thirty-Three

kasi — Wed, 02 Apr 2008 15:45:22 +0000

Institution: Group of 33
Abbreviation: G33
Type: Public
Founded: 1999-2000
Members Total: 33
Membership in:
Membership of: BIS, IMF, OECD, World Bank, Chair of the Interim Committee
Description: The Group of 33 superseded the Group of 22 in early 1999, and was itself superseded by the Group of 20 later in the year. Several seminars of the Group of 33 on the international financial architecture were convened at the initiative of the finance ministers and central bank governors of the G-7. The first meeting was hosted by Germany in Bonn on March 11, 1999.
Working Group: not applicable
Outreach: not applicable
Reporting to: IMF, World Bank, G7
Website:www.imf.org/external/np/exr/facts/groups.htm#G33
Highest Organ:
Chair: not applicable
Seat: Washington
Function: Temporary extension of G7 Finance Ministers Meeting to address mid-term resolutions to Asian Crisis and more broadly issues of Finance and Development
Standards: not applicable

Topics of this post: bis, central banks, finance ministers, financial architecture, g20, g22, g33, g7, ic, imf, oecd, Organisations, world bank

G22 – Group of Twenty-Two

kasi — Wed, 02 Apr 2008 15:40:34 +0000

Institution: Group 22
Abbreviation: G22
Type: Public
Founded: 1998-1999
Members Total: 22
Membership in:
Membership of: BIS, IMF, OECD, World Bank, Chair of the Interim Committee
Description: In response to the crisis in Asia, Finance Ministers and Central Bank Governors from 22 systematically significant economies met in Washington, D.C. in April 1998 to examine issues related to strengthening the international financial architecture. This initiative was intended to complement ongoing efforts in the IMF, the World Bank and other international institutions and fora, and to help develop a broad international consensus on these important issues. Ministers and Governors identified three key areas where action is needed: enhancing transparency and accountability; strengthening national financial systems; and managing international financial crises.
Working Group: Transparency and Accountability, Strengthening Financial Systems, International Financial Crises
Outreach:
Reporting to: IMF, World Bank, G7
Website:http://www.imf.org/external/np/g22
Highest Organ: not applicable
Chair: Hong Kong and UK for Transparency and Accountability; Argentina and Italy for Strengthening Financial System, Mexico and USA for Financial Crisis
Seat: Washington
Function: Coordinate systemic response to Asian Crisis
Standards:

Topics of this post: asia crisis, bis, central banks, finance ministers, financial architecture, g22, g7, g8, ic, imf, oecd, Organisations, public, washington, world bank