From the Breakdown of the Bretton Woods System to a New Era of Macro Prudential Oversight?

Cusco, Peru

July 18-19, 2011



Our annual conference in Cusco, carried out with the support of the G20 Chair France, centered around two overarching themes: The Eurozone and Capital Flows. The most striking feature of the discussion was the strong sense of how much the world had changed in a short time period. Instead of Europeans berating Latin Americans on how to solve fiscal and debt crises, it was the emerging markets giving advice to the developed countries. There was also a lot of focus on what lessons peripheral Europe could learn from the case of Argentina ten years prior. Another big topic was the involvement of the private sector currently being discussed for Greece. Additionally, the weakness of the dollar and the strength of emerging markets’ currencies were high on everyone’s mind and many emerging markets made little effort to hide their frustration with the US monetary policy. Last but not least, most participants expressed the postions that strong currency appreciation is a burden rather than a benefit. 



  • Alejandro TOLEDO: Former President of Peru
  • Amar BHATTACHARYA: Director, G24
  • Arnab DAAS: Managing Director, Market Research & Strategy, Roubini Global Economics
  • Axel LEIJONHUFVUD: Professor of Economics, University of California
  • Beat SIEGENTHALER: Executive Director, FX Strategy, UBS Investment Bank
  • Bernd BRAASCH: Director, Financial Stability Department, Deutsche Bundesbank
  • Budi MULYA: Deputy Governor, Bank of Indonesia
  • Charles VALLE: Managing Director, Nomura Singapore Limited
  • Daniel MARX: Executive Director, Quantum Finanzas, Former Secretary of Finance, Argentina
  • Dimitri PAPADIMITRIOU: Executive Director, Levy Institute
  • Domingo CAVALLO: Chairman, DFC Associates LLC, President Fundacion Mediterranea
  • Edmond ALPHANDERY: Chairman of the Board, CNP Assurances, Former Minister of Finance, France
  • Eduardo FERNANDEZ ARIAS: Senior Advisor, IADB
  • Enrique ALBEROLA ILA: Executive Coordinator, International Affairs, Bank of Spain
  • Geoffrey R.D. UNDERHILL: Professor, Department of Political Science, Institute for Social Science Research, University of Amsterdam
  • Heidar GUDJONSSON: Managing Director, Ursus Capital
  • Jacob A. FRENKEL: Chairman, JP Morgan Chase International
  • Javier FINKMAN: Chief Economist South America, HSBC Bank Argentina
  • John H. WELCH: EM Strategist, Managing Director, Macquarie Capital
  • Jose URIBE: Governor, Central Bank of Colombia
  • Joshua AIZENMAN: Professor of Economics, University of California
  • Julio VELARDE: Governor, Central Reserve Bank of Peru
  • Lawrence BRAINARD: Chief Economist, Trusted Sources Research
  • Lorenzo GIORGIANNI: Senior Advisor, Strategy, Policy and Review Department, IMF
  • Luis VALDIVIESO: Ambassador Extraordinary and Plenipotentiary of Peru in the United States, Former Finance Minister of Peru
  • Malcolm D. KNIGHT: Vice Chairman, Deutsche Bank Group
  • Manuel MARFAN: Deputy Governor, Central Bank of Chile
  • Marc UZAN: Executive Director, Reinventing Bretton Woods Committee
  • Marcus MILLER: Professor of Economics, University of Warwick
  • Nouriel ROUBINI: Professor of Economics, New York University
  • Pierre JAILLET: Director General Economics and International, Bank of France
  • Shahin VALLEE: Visiting Fellow Bruegel; Economist, BNP Paribas

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