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Alternative Market Briefing

Volcker calls on global and US policymakers to stay committed to financial reform

Thursday, April 20, 2017

Komfie Manalo, Opalesque Asia:

Former U.S. Federal Reserve board Chairman Paul A. Volcker and author of the Volcker Rule has called on global and U.S. policy makers to renew their commitment to a shared financial reform program. Volcker made the call in a speech he delivered at the 2017 Bretton Woods Committee Annual Meeting held at the International Monetary Fund Headquarters in Washington DC.

The meeting, which was convened to assess prospects for the global economy in a time of political and economic uncertainty, featured influential private sector leaders, policy professionals, and government and multilateral officials.

"'Bretton Woods' is not a particular institution," said Volcker. "It is an ideal, a symbol, of the never-ending need for sovereign nations to work together in the common interest to support open markets in goods, in services, and in finance, all in the interest of a stable, growing, and peaceful world economy." He observed that while substantial progress has been made on financial reform, after a few years of relative stability, "the presumed unshakeable commitment to sustaining reform appears to be waning."

In his address today, Volcker warned that "relaxation of key reforms and the temptation to retreat inward into idiosyncratic domestic approaches needs to be resisted" since "fragmented approaches toward what are inherently international markets and financial institutions would have costs in terms of fair competition, global mark......................

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