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BWC Summer Newsletter: Biden Budget Analysis, IC21 Announcement, In Conversation with Carmen Reinhart, and More!
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Carmen Reinhart, VP and Chief Economist at the World Bank, and BWC Chair Bill Dudley discussed the impact of Covid-19 on the global financial system. The wide-ranging conversation explored reforms to improve the sovereign debt resolution architecture, financial risks facing the global economy, and the role of the IFIs during global crises. A complete event summary is available here and video is available above.
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Mark Your Calendars: International Council, Oct.11-15
Thanks to all BWC members who responded to the recent survey regarding IC21. The majority of the International Council program will take place virtually throughout the week of October 11 alongside the IMF/WBG virtual meetings. Given member interest, International Council will feature an in-person event and reception on October 13 tentatively scheduled for 3-6pm. Additional details forthcoming. Check our website regularly for updates!
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Biden’s FY22 Budget Request
BWC’s Legislative Working Group has prepared a brief summary of the Biden Administration’s first budget request. The summary outlines what has been requested for the International Financial Institutions (IFIs) and related multilateral initiatives and considers how the money would be used if appropriated. Key takeaway: this is an ambitious budget request that reflects the Administration’s commitment to U.S. global leadership and multilateralism.
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Sovereign Debt Publication
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The Sovereign Debt Working Group released its first paper – Sovereign Debt: A Critical Challenge – in April. The paper outlines the major challenges preventing more effective, inclusive, and efficient sovereign debt restructurings, and outlines the Working Group’s anticipated work plan and priority issues. Click here to watch members of the working group discuss the paper at AM21. The next paper on debt transparency will be released this Fall.
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Annual Meeting 2021 Recap
ICYMI: Annual Meeting featured IMF Managing Director Kristalina Georgieva, World Bank President David Malpass, and other global leaders. Click here for a meeting recap.
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Henry Owen Memorial Award 2021 Winners
This year’s Henry Owen Memorial Award asked students to consider how the IFIs can help secure a balanced, sustainable global recovery. The winning essay by Richard Clark considered how IFIs can better coordinate. The runner-up essay by Rosarin Hataiseree focused on concessional lending, fiscal consolidation, and debt relief. We are extremely grateful to Committee members John Donaldson, Luis Portes, and Bianca Taylor for judging the competition.
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BWC is Hiring!
The Secretariat is seeking to hire an experienced Program Director to develop and oversee all BWC conferences and events, Working Groups, advocacy initiatives, and more.
Do you know someone who might be a good fit? Please share the job posting with them or contact us at secretariat@brettonwoods.org.
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Members Perspectives
Views expressed below do not represent any viewpoint of the Bretton Woods Committee.
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Member Spotlight
The Bretton Woods Committee would like to congratulate the following members on their recent achievements!
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Ngozi Okonjo-Iweala
Okonjo-Iweala became the first woman and the first African to be selected to serve as Director-General of the World Trade Organization.
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Catherine Mann
In September Mann will join the Bank of England’s Monetary Policy Committee, a nine member committee that sets the bank rate.
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Roger Ferguson
Upon his retirement from TIAA, Ferguson became the Steven A. Tananbaum Distinguished Fellow for International Economics at the Council on Foreign Relations.
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Reminder: Nominate New Members and Share Your Work!
Do you know someone who might be a good addition to the Committee? Help grow our membership by nominating your colleagues for membership via this online form.
If you'd like your work to be featured in this newsletter or on the Bretton Woods Committee website, please reach out to secretariat@brettonwoods.org. We want to share your work!
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