Trichet: Rules for a new global financial order discussed with China

Posted: 7th Nov 2014
Author: Willem Middelkoop

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According to Jean-Claude Trichet, former president of the European Central Bank , ‘new rules’ about ‘a new global financial order’ have been discussed with China.

In his speech during the yearly prestigious IFF Forum Mr. Trichet explained a new financial reset was needed because, ‘The global economy and global finance have reached the turning point, after the world has gone through the global financial crisis’

“A new global financial order is essential in the rapidly changing global economy,and strategic dialogues and cooperation are needed to reform the current system”. according to a statement on the organizers website.

According to the the Chinese politician an economist Cheng Siwei (Vice Chairman of the Standing Committee of the National People’s Congress) ‘The world today is facing a revolution. It is imperative to construct a new global financial framework and to formulate new rules for global financial market. The new global framework, new global rules, global balance and global governance require us to engage in renewed strategic dialogue and thinking.

The International Finance Forum (IFF) is an independent, non-profit and non-governmental international organization and a regular platform for global top-level dialogue and academic research in the fields of finance and economics. It was founded in Beijing in October 2003 under the initiation of over 20 countries and regions such as China, U.S. and E.U., international organizations such as the U.N., and a large number of financial institutions and financial leaders.

The IFF Board consists of Mr. Cheng Siwei as the Chairman; Mr. Paul Volcker as the Honorary Chairman; Mr. Han Seung-soo, Mr. Jean-Claude Trichet, and Mr. Kevin Rudd as the Co-Chairmen.

The IFF Forum points to several ‘top priorities’ needed to transform the current monetary system; ‘establishing new global financial frameworks, formulating new regulatory systems, reconstructing new pattern of the world finance.’

As an independent international think tank, the IFF has been gradually growing into an international academic organization. With support from over 200 global financial and political leaders, IFF has partnered with more than 50 international organizations based in over 30 countries and regions. Chinese leaders, such as Xi Jinping, Wen Jiabao, and Wang Qishan, have all attended IFF conferences as well as had the meetings with IFF guest speakers, according to information on it’s website.

For the three day IFF 2014 Annual Global Conference participations from Chinese national leaders, political and financial leaders, chiefs form the U.N., World Bank, IMF, and leading scholars and analysts are explored and discussed the new framework for the global financial and economic system.



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