Global Finance in Transition

Istanbul, Turkey

May 7-8, 2013



We chose to focus this meeting on EME led changeover of the financial landscape, a topic that was at the forefront of global financial debate, and that we had already touched upon in our previous Moscow meeting. Secular trend towards globalization of trade, services, and increase in direct and indirect investments had provided a strong engine for emerging market growth and financing development. The emerging market “asset class” had evolved from being a source of vulnerability to the global financial system to being a pillar of strength. Many emerging countries had substantially reformed their economies and laid the foundations for long-term growth and prosperity through the development of local bond markets. Participants warned that despite these developments, many challenges laid ahead for emerging economies as they were still vulnerable to sudden liquidity reversals. The global economy was moving at different speeds, with advanced economies struggling and emerging markets booming. It was noted that large-scale inflows into local debt could add to already bloated foreign reserves and could impact on currency competitiveness requiring a change in global reserve currency arrangements and better settlement and clearing infrastructure.



  • Abdulrahman AL HAMIDY: Vice-Governor, SAMA
  • Ali BABACAN: Deputy Prime Minister for the Economic and Financial Affairs, Turkey
  • Andre LABOUL: Head of the Financial Affairs Division, OECD
  • Armando CASTELAR PINHEIRO: Professor of Economics, Vargas Foundation
  • Ciaran DRIVER: Professor, SOAS, University of London
  • Claus Michael HAPPE: Head of Division for MDBs and the Paris Club, Federal Ministry of Finance, Germany
  • Edoardo REVIGLIO: Chief Economist, Cassa Depositi e Prestiti
  • Eduardo BORENSZTEIN: Regional Advisor, IADB
  • Erdem BASCI: Governor, Central Bank of Turkey
  • Francis WARNOCK: Professor, Darden Business School, University of Virginia
  • Hans BLOOMESTEIN: Head Bond Market and Public Debt Management, OECD
  • Hubert DE LAMBILLY: Head, Fixed Inome for CEEMA, BNP Paribas
  • Jae HOON YOO: Standing Commissioner, Financial Services Commission, Korea
  • Jim TURNBULL: Senior Advisor, Local Currency and Local Capital Markets, EBRD
  • Ken MIYAJIMA: Senior Economist, BIS
  • Kwang Yeol YOO: Director General, Ministry of Finance, Korea
  • Mahmoud MOHIELDIN: President’s Special Envoy, World Bank
  • Manuel RAMOS FRANCIA: Deputy Governor, Banco de Mexico
  • Marc UZAN: Executive Director, Reinventing Bretton Woods Committee
  • Mario BERGARA: Governor, Central Bank of Uruguay
  • Mario I. BLEJER: Vice Chairman, Banco Hipotecario
  • Martin HELLWIG: The Max Planck Institute for Research on Collective Goods
  • Mehmet YORUKOGLU: Deputy Governor, Central Bank of Turkey
  • Pablo SANTOS: Deputy Secretary, Economic Policy, Ministry of Finance, Brazil
  • Paulo MUNIZ: Director, Foreign Capital & Exchange Regulation, Banco Central do Brasil
  • Robert PAKPAHAN: Director General, Debt Management, Ministry of Finance, Indonesia
  • Sergey STORCHAK: Deputy Finance Minister, Russia
  • Spencer LAKE: Co-Head of Global Markets, HSBC
  • Sumuru ALTUG: Professor, Koc University
  • Taskin TEMIZ: General Director, Undersecretariat of Treasury, Turkey
  • Tharman SHANMUGARATNAM: Deputy Prime Minister and Minister for Finance, Singapore
  • Turalay KENC: Deputy Governor, Central Bank of Turkey

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