The Miller Center of Public Affairs’ two-day global conference on financial issues concluded yesterday after participants issued four main recommendations for future financial ministers worldwide.
The conference, “The New Financial Architecture: A Global Summit,” brought together former financial ministers from around the world to discuss issues such as the global financial architecture and the current credit crunch and to provide financial management advice for economies across the globe.
Discussion centered around one important question proposed by David Wessel, global economics editor for the Wall Street Journal: “What practical advice can you give to your successors?”
Participants produced four recommendations to answer that question and to address issues brought to the table at the conference, said Lisa Todorovich, director of external relations for the Miller Center.
The first recommendation focused on improving enterprise risk management by fixing the “broken financial system,” which will require calling on institutions to manage their risks carefully. Secondly, the financial ministers recommended updating economic regulations by expanding and empowering existing global institutions to take some control over governance. The group also examined the role of international institutions such as the International Monetary Fund in global economic policies, deciding it is vital to establish “across-border investments to create jobs.” Finally, the ministers addressed how global markets should be regulated, suggesting they move to “sustainable growth policies.”
Conference participants noted, according to Todorovich, that because resources are limited, growing economies should be careful to maintain sustainable policies.
Todorovich also noted that a full report will be published in October, expanding upon these recommendations and the other findings from the conference.
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