Group of Thirty

Group of Thirty (G30)
legal form	Private lobbying organization for the financial sector
founding	1978
founder	Rockefeller Foundation
Seat	1726 M Street, NW, Suite 200 Washington, DC 20036 USA
people	Paul Volcker , Mario Draghi
sales	$ 914,782 (2017)
Website	www.group30.org

The Group of Thirty (often abbreviated as G30 ) is a private, international body consisting of leading figures from finance and science. Its aim is to deepen the understanding of international economic and financial issues, examine the effects of political decisions and examine policy options for important issues. The members meet twice a year to discuss economic, financial and political developments. The G30 is financed by foundations, banks, companies, central banks, funds and private individuals. The body has its seat in Washington, DC

history

The Group of Thirty was founded in 1978 by Geoffrey Bell on the initiative of the Rockefeller Foundation , which also provided the first funding for the body. The Rockefeller Foundation is closely linked to the private US elite think tank Council on Foreign Relations . The legendary War and Peace Studies of the CFR , in which the foundations for the "organization" of the world after the Second World War were devised, and ultimately resulted in the World Bank , International Monetary Fund (IMF) , NATO and the UN , were published in 1939 by the Rockefeller Foundation launched and financed with US $ 350,000 (equivalent to around US $ 6 million in 2015). The first chairman of the Group of Thirty was Johan Witteveen , the former president of the International Monetary Fund .

The Bellagio Group , founded by the Austrian economist Fritz Machlup , was an inspiration for founding the Group of Thirty . They first met in 1963 to study international currency problems, particularly the balance of payments problems facing America in the early 1960s.

In addition to the former President of the Deutsche Bundesbank, Axel A. Weber , the bank manager Gerd Häusler , who comes from the Young Leader program of the German elite network Atlantik-Brücke , is BayernLB's CEO until March 31, 2014 . Häusler's career included positions at the IMF , the US investment bank Lazard and the Dresdner Bank .

Members

As of July 19, 2016

• Leszek Balcerowicz - former President of the National Bank of Poland
• Ben Bernanke - former President of the Federal Reserve
• Mark Carney - Governor of the Bank of England and Chairman of the Financial Stability Board , former Governor of the Bank of Canada
• Jaime Caruana - International Monetary Fund , 2000–2006 Governor of the Bank of Spain , since 2009 Director General of the Bank for International Settlements
• Domingo Cavallo - CEO of DFC Associates, former Argentine Foreign and Economic Minister
• William C. Dudley - President of the Federal Reserve Bank of New York
• Roger W. Ferguson - 1999-2006 vice chairman of the Board of Governors of the Federal Reserve System
• Arminio Fraga - former President of Banco Central do Brasil
• Jacob A. Frenkel (Chairman of the Board of Trustees) - Chairman JPMorgan Chase International, former Chairman of the Bank of Israel , Council on Foreign Relations , Trilateral Commission
• Timothy Geithner - former US Treasury Secretary, previously President of the Federal Reserve Bank of New York
• Gerd Häusler - Chairman of the Supervisory Board of BayernLB , previously also CEO, previously IMF , Deutsche Bundesbank , Dresdner Bank
• Philipp Hildebrand - Deputy Chairman of Black Rock, former President of the Swiss National Bank
• Gail Kelly - former CEO of the Australian bank Westpac
• Mervyn Allister King - Member of the House of Lords , former Governor of the Bank of England , Director of the Bank for International Settlements
• Paul Krugman - Professor of Economics at Princeton University , 2008 Nobel Prize in Economics
• Haruhiko Kuroda - Governor of the Bank of Japan
• Christian Noyer - Former President of the Bank for International Settlements
• Raghuram Rajan - former Governor of the Reserve Bank of India , former Chief Economist of the International Monetary Fund
• Kenneth S. Rogoff - Professor at Harvard University , former Chief Economist of the International Monetary Fund
• Tharman Shanmugaratnam - Vice Prime Minister and Minister of Economy of Singapore , former Minister of Finance
• Masaaki Shirakawa - former Governor of the Bank of Japan
• Lawrence Summers - Professor of Economics at Harvard University , former US Treasury Secretary and Chief Economist at the World Bank
• Tidjane Thiam - CEO of Credit Suisse
• Jean-Claude Trichet (Chairman) - former President of the European Central Bank
• Adair Turner , Member of the House of Lords and former head of the Financial Services Authority
• Paul Volcker (Chairman Emeritus) † - Former Chairman of the Federal Reserve System , American Council on Germany , Council on Foreign Relations
• Kevin Warsh - Former Governor of the Federal Reserve Systems
• Axel A. Weber - Chairman of the Board of Directors of the major Swiss bank UBS , former President of the Deutsche Bundesbank
• Ernesto Zedillo - Director of the Yale Center for the Study of Globalization, former President of Mexico
• Zhou Xiaochuan - Governor of the People's Bank of China , Chairman of the Bank for International Settlements

Senior Members

• Abdulatif Al-Hamad - Chairman of the Arab Fund for Economic and Social Development , former Minister of Finance and Planning (Kuwait)

Senior Members

• Mario Draghi - former President of the European Central Bank , board member in the Bank for International Settlements
• William R. Rhodes - Vice Chairman of Citigroup
• Marina von Neumann Whitman - Professor of Economics at the University of Michigan

Emeritus members

• Lord Richardson of Duntisbourne † - Honorary Chairman
• Peter Kenen - Senior Scientist in International Economics in the Council on Foreign Relations
• Erik Hoffmeyer - former chairman of Danmarks Nationalbank
• Shijuro Ogata - Former Deputy Governor of the Bank of Japan
• Richard A. Debs - Morgan Stanley Advisory Board Chairman
• Wilfried Guth - former CEO of Deutsche Bank
• Sylvia Ostry - excellent researcher at the University of Toronto
• Gerhard Fels - former director at the Institute of German Economy
• John G. Heimann - Advisory Council on the Financial Stability Institute
• Toyoo Gyohten - President of the Institute for International Monetary Affairs
• Jacques de Larosière - Adviser to BNP Paribas

Other former members

The former members also include:

• Fritz Machlup † - Austrian economist
• Karl Otto Pöhl † - former President of the Bundesbank
• Josef Ackermann - former CEO of Deutsche Bank
• Alan Greenspan - former chairman of the Federal Reserve System
• Andrew Crockett † - General Manager of the Bank for International Settlements
• Timothy F. Geithner - Former United States Secretary of the Treasury , Council on Foreign Relations
• Tommaso Padoa-Schioppa †, banker and economist, Minister of Economy and Finance of Italy

criticism

At the end of July 2012, a complaint was lodged against ECB President and G30 member Mario Draghi by the Brussels anti-lobby group “Corporate Europe Observatory” . She accuses the ECB President of a conflict of interest. The “Group of Thirty” had all the characteristics of a lobby organization for large banks. The anti-lobby group argued that the ECB president lacks independence due to his membership. In his final report, the then EU Ombudsman found that the G30 was not a lobby organization. Therefore, Mario Draghi's membership is legitimate.

After the ECB was given responsibility for banking supervision in Europe, the CEO filed another complaint against the G30 membership of the ECB President, arguing that there are also representatives of banks supervised by the ECB in the group and what is in the group proceed and be discussed is not transparent. In her final report of July 3, 2018 on her inquiry, the EU Ombudsman Emily O'Reilly confirmed the criticism of Draghi's membership. Such membership would not be in line with established international practice and would compromise the independence of the ECB. She criticizes the ECB's refusal to follow her recommendation to end Draghi's membership in the G30.

Web links

• Official website
• Official annual report of the Group of Thirty from 2010/2011 (PDF; 327 kB)
• Hans-Jürgen Krysmanski : Shepherds & Wolves. How money and power elites appropriate the world or: Invitation to power structure research . Westphalian steam boat, Münster 2004, ISBN 3-89691-602-5 ; 2nd thoroughly edited and greatly expanded edition, ibid. 2009, ISBN 978-3-89691-602-0

Individual evidence

1. ^ Karen Epper Hoffman: G30 Members Discuss Critical Concerns For American Corporations . In: AFP Online . March 25, 2005. Archived from the original on September 27, 2007. Retrieved January 1, 2011.
2. ↑ War and Peace Studies of the CFR, archive.org
3. ↑ Gottfried Haberler : Fritz Machlup: In Memoriam (PDF; 134 kB) In: Cato Journal . Cato Institute . Archived from the original on March 16, 2008. Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. Retrieved January 1, 2011. 
4. ↑ For the current status see http://group30.org/members.shtml . List (as of October 14, 2011) here ( memento of the original from September 24, 2015 in the Internet Archive ) Info: The archive link has been inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. (PDF; 178 kB). 
5. ↑ Curriculum Vitae ( Memento of the original from October 20, 2015 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.  
6. ↑ Curriculum Vitae ( Memento of the original dated December 22, 2015 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.  
7. ↑ Curriculum Vitae (English) ( Memento of the original from September 24, 2015 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.  
8. ↑ CV ( Memento of the original from July 1, 2014 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.  
9. ↑ CV ( Memento of the original from October 20, 2015 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.  
10. ↑ Curriculum Vitae ( Memento of the original from October 26, 2014 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.  
11. ↑ Curriculum vitae ( memento of the original from June 26, 2014 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.  
12. ^ Group of 30 :: Senior Member Biography. Retrieved November 10, 2019 . 
13. ↑ ARD-Tagesschau: EU Ombudsman conducts investigation against ECB boss: “Group of Thirty” - a conflict of interest for Draghi? ( Memento from August 2, 2012 in the Internet Archive )
14. ↑ DER SPIEGEL (online): Ombudsman examines Draghi's lobby membership
15. ↑ Ombudsman: Mario Draghi's membership of Group of Thirty does not undermine ECB Independence ( Memento of July 10, 2018 in the Internet Archive )
16. ↑ Final report of the EU Ombudsman ( Memento from 10 July 2018 in the Internet Archive )