The Global Economy in a New World
Overview
80 years after the World Bank and International Monetary Fund were created, the global economy faces a new world. New in the sense of the new normal of overlapping crises in the global economy, within societies, and in our shared environment. In this complex landscape, innovative solutions and collaborative efforts are urgently needed to ensure the Bretton Woods institutions can be made fit to provide the financial safety net and support for international development that will be needed for the next 80 years.
FES New York is pleased to partner with the Reinventing Bretton Woods Committee (RBWC) to present a rich two-day program on the occasion of the 2024 IMF and the World Bank Annual Meetings, to discuss some of the key implications and challenges of these uncertain times. All sessions will be streamed live and are open to the media.
Wednesday, October 23, 2024 - Watch Live Here!
1:30 PM - 2:45 PM
Multilateral Development Banks and the IMF: Working as a System to fight Climate Change
Climate change is one of the most significant challenges to global development and economic stability. This panel explores how MDBs and the IMF can collaborate more effectively to address the climate crisis. The session will also examine how MDBs and the IMF can enhance their coordination to mobilize resources, share knowledge, and implement policies that promote sustainable development.
Chair:
- Erik Berglof, Chief Economist, AIIB
Speakers:
- Danny Alexander, Vice President, Policy and Strategy, AIIB
- Ivan Tiago Machado Oliveira, Deputy Secretary for Sustainable Development Finance, Ministry of Finance, Brazil (TBC)
- Manuela Ferro, Vice President East Asia and Pacific, World Bank (TBC)
- Arunabha Ghosh, CEO, Council on Energy Environment and Water, India (TBC)
3:00 PM - 4:55 PM
6th Roundtable on Sovereign Debt and the Impact on Development
There is widespread recognition that unsustainable sovereign debt levels for countries of all income levels in the developing world is a threat to development. This autumn’s special roundtable on sovereign debt and the global South, part of a bi-annual series, will focus on two questions: How do we achieve infrastructure and climate goals in a world of high debt? And how can the practice of debt sustainability be improved so that countries can meet social needs?
Chair:
Layna Mosley, Professor of Politics and International Affairs, Princeton University and Director, Princeton Sovereign Finance Lab
Speakers:
- Mario Centeno Governor Central Bank of Portugal
- Matthew Martin, Executive Director, Development Finance International
- Nandalal Weerasinghe, Governor, Central Bank of Sri Lanka
- Patrick Njoroge, Former Governor, Central Bank of Kenya
- Guido Schmidt-Traub, Partner Systemiq
- Vera Songwe, Founder and Chair of Liquidity and Sustainability Facility and Non Resident Senior Fellow, Global Economy and Development, Brookings
Thursday, October 24, 2024 - Watch Live Here!
9:00 AM - 10:30 AM
Global Macro Economy in a New World
The global economy is affected by longer-term trends, such as artificial intelligence, and climate change, impacting on policy areas and shaping macro-economic and financial stability prospects in the long-term. Is high debt posing risks to financial stability or the IMS? Can high debt constrain monetary policy normalization? To what extent should central banks take financial conditions into account when conducting monetary policy?
Chair:
Arend Kapteyn, Global Chief Economist, UBS
Speakers:
- Martins Kazaks, Governor, Central Bank of Latvia
- Jason Furman, Professor of Economics, Harvard University
- Axel Weber, President, Center for Financial Studies
- Catherine Mann, Member of the Monetary Policy Committee, Bank of England
2:00 PM - 3:00 PM
Emerging Market Resilience Under the New Global Financial Conditions- The Next Chapter
Emerging market economies (EMs) have broken with the past with good pandemic crisis management, successfully fighting post-pandemic inflation and showing remarkable resilience in the face of rapid monetary policy tightening in advanced economies. What have been the key elements of this turnaround in policy performance? How has the Global Financial Safety Net (GFSN) been reshaped in the process?
Chair:
- Massimiliano Castelli, Managing Director, UBS Asset Management.
Speakers:
- Julio Velarde, Governor, Central Bank of Peru
- Olayemi Cardoso, Governor, Central Bank of Nigeria
- Anusha Chari, Professor of Economics, University of North Carolina
- Barnabás Virág, Deputy Governor, Magyar Nemzeti Bank
- Piroska Nagy Mohacsi, Professor, London School of Economics and Political Science
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