Note: I posted this in the cafe yesterday, but after rereading it, I thought it deserved TBP treatment . . .
FINANCIAL REFORM: A Framework for Financial Stability
In July 2008, the Group of Thirty (G30) launched a project on ﬁnancial reform under the
leadership of a Steering Committee chaired by Paul A. Volcker, with Tommaso Padoa-
Schioppa and Arminio Fraga Neto as its Vice Chairmen. They were supported by other
G30 members who participated in an informal working group. All members (apart from
those with current and prospective national ofﬁcial responsibilities) have had the opportu-
nity to review and discuss preliminary drafts.
The Report is the responsibility of the Steering Committee and reﬂects broad areas of
agreement among the participating G30 members, who participated in their individual ca-
pacities. The Report does not reﬂect the ofﬁcial views of those in policymaking positions or
in leadership roles in the private sector. Where there are substantial differences in emphasis
and substance, they are noted in the text.
The G30 undertook this project as the global ﬁnancial crisis entered its second year.
The analysis has been informed by the extreme events later in 2008, which rocked the very
foundation of the established ﬁnancial system and which led to unprecedented and massive
government intervention both in the United States and in many other countries to contain a
spreading ﬁnancial panic.