The Financial Crisis: Restoring the Health of the International Economy

Paris, France

March 30, 2009



With the financial crisis deepening, participants in our Paris conference, hosted under the patronage of French President Sarkozy, felt the urgency to put out a communiqué to push the G20 to concentrate on short-term objectives, address the collapse of global demand, restore market confidence and promote international economic cooperation, while also acknowledging that each country faced a different situation and had its own perspective. Participants emphasized that the stability of the system as a whole was at stake with emerging economies from Latin America to East Asia facing a trade collapse and several eastern European economies suffering from rolling over loans and a liquidity squeeze. According to the high level group that we gathered in Paris, the gravity of the situation called for placing everything on the table and adopting a complete openness to new ways of thinking and acting.  Moreover opinions voiced did not shy away from acknowledging how much the crisis would impact the long-term outlook and highlighting that what was inconceivable before had become possible. Fiscal deficits, for instance, were the order of the day, and IMF resources were being increased by a third- both unimaginable a year prior. Indeed a few months earlier the Fund was called to lay-off staff and perceived organization without a mission.



  • Alexander K. SWOBODA: Professor of International Economics Emeritus, The Graduate Institute of International and Development Studies, Switzerland
  • Andras SIMOR: Governor, National Bank of Hungary
  • Andrew ROZANOV: Head of Sovereign Advisory, State Street Global Markets
  • Angel UBIDE: Managing Director, Tudor Investments
  • Beatrice WEDER DI MAURO: Professor of Economics, University of Mainz and German Council of Economic Experts
  • Boris VUJCIC: Deputy Governor, Central Bank of Croatia
  • Daniel GROS: Director, CEPS
  • Domingo CAVALLO: Former Economic Minister, Argentina
  • Edmond ALPHANDERY: Chairman of the Board CNP Assurances, Chairman Euro50 Group, Former Minister of Economy
  • Franz NAUSCHNIGG: Director, International Department, Central Bank of Austria
  • Hector TORRES: Counselor, World Trade Organization
  • Jacob FRENKEL: Vice Chairman, AIG and Chairman Group of Thirty
  • Jean LEMIERRE: Advisor to the Chairman, BNP Paribas
  • Luigi BUTTIGLIONE: Head of Global Strategy and Partner, Brevan Howard
  • Marc UZAN: Executive Director, Reinventing Bretton Woods Committee
  • Mario I. BLEJER: Adviser, Banco Hipotecario, Argentina
  • Marten ROSS: Deputy Governor, Central Bank of Estonia
  • Mehmet YORUKOGLU: Deputy Governor, Central Bank of Turkey
  • Ousmene MANDENG: Head of Public Sector Investment Advisory, Ashmore Investments
  • Patrick ARTUS: Global Chief Economist, Natixis
  • Piroska M. NAGY: Senior Advisor, EBRD
  • Radovan JELASIC: Governor, National Bank of Serbia
  • Tommaso PADOA SCHIOPPA: President of Notre Europe
  • Wolfgang MUNCHAU: Chairman Euro Intelligence
  • Zdenek TUMA: Governor, Czech National Bank

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