Event Title: The Latin American Shadow Financial Regulatory Committee
Sponsor: Center for Global Development
Location: C. Fred Bergsten Conference Center
Date: April 12, 2007
Approximate Number of Attendees: 100
Intern Attending: Elysa Severinghaus
Featured Speaker: Liliana Rojas-Suarez (
Panelists: Pedro Carvalho de Mello (Brazil), Roberto Zahler (Chile), Pablo Guidotti (Argentina), Ernesto Talvi (Uruguay), Claudio Contador (Brazil)
Six years ago, several independent economists founded The Latin American Shadow Financial Regulatory Committee. As a whole, they felt, and still feel, that there is no sense of urgency for development action in
Many people believe that the IMF is no longer relevant in
The committee issues a statement every few months based on their progress as an advisory body. Their statement this month focuses on the fact that the IMF is stll highly relevant in
What the developing world needs is a more focused IMF. The committee suggests that it should concentrate on its primary responsibilities: “monetary and exchange rate policy, fiscal sustainability, the level and structure of the public debt, [and] strength of the domestic banking system.” The committee hopes that the IMF will “review its practices with the goal of strengthening by ensuring…consistency [among] IMF-supported programs” with appropriately set standards for democratic governance.
Sra. Rojas-Suarez concluded her presentation of the statement with by remarking that the current lack of crises should not encourage the IMF to look for new and different roles to play in Latin America. She reinforced that they still have plenty to learn about the region and should use this period of increased stability to develop new insights and skills on their current functions instead of trying to shift to new roles.