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The 2008 Mortimer Caplin Conference on the World Economy

The New Financial Architecture: A Global Summit

The global economy has been changing at an unprecedented rate, giving rise to entirely new financial architecture. That global framework is now being tested under seismic stresses and strains. At the same time, the locus of economic activity is shifting as new financial centers and patterns of commerce emerge and the established order faces a new wave of global competition. Against that backdrop, the Miller Center of Public Affairs at the University of Virginia convened a global financial summit September 8-9 to provide an unprecedented forum for the world's top financial leaders, freed from their former roles in government, to wrestle with the pressing issues of the day.

In this first-of-its-kind global economic summit, the 2008 Mortimer Caplin Conference on the World Economy brought together senior leaders from around the world to reflect and deliberate on the critical financial questions of the day, and provide their unvarnished views and forward-looking proposals. "The New Financial Architecture: A Global Summit" was developed and managed by former United States Treasury Secretary John W. Snow and Miller Center of Public Affairs Director and former Virginia Governor Gerald L. Baliles.

The final conference report contains four policy recommendations -- strategies for current and future policymakers to lay the groundwork for a new financial architecture to address the interconnected and rapidly changing world economy, focusing on:

Fixing a broken financial system;
Remaking institutions for new times;
Welcoming job creating investment; and
Moving to sustainable growth policies

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VIDEO AND AUDIO:

Session 1: Financial Futurecast: Stress Testing the Architcture

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Session 2: Trials in Real-Time: Navigating the Fallout from Today's Financial Turmoil

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Session 3: Investment Game-Changers: The New Architects of Capital

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Session 4: Who's in Charge: Governing the New Financial Architecture

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Press Conference

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Dr. Ali Allawi: Dr. Ali Allawi served as Minister of Finance in the Iraqi Transitional Government from 2005 to 2006, and was Minister of Trade and Minister of Defense in the cabinet of the Interim Iraq Governing Council (2003-04). He earned a degree in Civil and Environmental Engineering from the Massachusetts Institute of Technology, an MBA from Harvard Business School, and did post-graduate studies in regional planning at the London School of Economics. He is the author of The Occupation of Iraq: Winning the War, Losing the Peace (Yale University Press, 2007).
Peter Costello: Peter Costello is the longest-serving Treasurer of Australia (1996-2007). He was elected to the House of Representatives in 1990, won reelection six times, and served as Deputy Leader of the Liberal Party (1994-2007). Mr. Costello's previous parliamentary party positions include Shadow Attorney General and Shadow Minister for Justice (1992-93), Shadow Minister for Finance (1993-94) and Shadow Treasurer (1994-96).
Han Duck-Soo: Han Duck-Soo served as Prime Minister of the Republic of Korea from April 2007 to February 2008, and was Deputy Prime Minister and Minister of Finance and Economy from 2005 to 2006. He has served in government since 1970, with posts including Minister of the Office for Government Policy Coordination (2004-05); Senior Secretary to the President for Economic Affairs (2002) and Policy and Planning (2001); Ambassador to the OECD (2001); and Minister for Trade (1998-2001).
Hans Eichel: Hans Eichel was Germany's Minister of Finance from 1999 to 2005. From 1975 to 1991, he was the mayor of Kassel, initially winning office at age 33. From 1991 to 1999, he was Premier (Ministerpr�sident) of Hesse, serving as President of the Bundesrat from November 1998 to April 1999. He has been a member of the Bundestag since 2002.
Dr. Ashraf Ghani: Dr. Ashraf Ghani, Afghanistan's former finance minister, is Chairman of the Institute for State Effectiveness. He is widely credited with the design of Afghanistan's integrated political, economic and security strategy in post-Taliban Afghanistan. Named the best finance minister in Asia by Emerging Markets in 2003, Dr. Ghani declined an opportunity to join the Afghan Cabinet in October 2004 and was appointed Chancellor of Kabul University.
Dr. Yousef Hamad Al-Ebraheem: Dr. Yousef Hamad Al-Ebraheem is Kuwait's former Minister of Finance, Minister of Planning, and Minister of State for Development Affairs. Previously, he served as Minister of Education and Higher Education, and worked as Cultural Advisor and Head of the Cultural Office at the Kuwait Embassy in Washington (1993-95). He also served as Economic Advisor to the Economic and Financial Committee of Kuwait's parliament (1992-93).
John Manley: John Manley served as Canada's Minister of Finance from June 2002 to December 2003. He was first elected to the House of Commons in 1988, serving Ottawa South until 2004. He became Minister of Industry under the government of Jean Chretien in 1993. He later served as Minister of Foreign Affairs (2000) and Deputy Prime Minister (2002-2003).
Dr. Antonio Palocci: Dr. Antonio Palocci is a physician and the former Finance Minister of Brazil (2003-06). He Palocci was a founder of the Workers' Party, and served as its President from 1997 to 1998. Dr. Palocci has also worked as a civil servant in the regional office of the Sao Paulo State Public Health Secretary, and was director of the regional office of the Public Health Service.
Dr. Rodrigo de Rato y Figaredo: Dr. Rodrigo de Rato y Figaredo was Minister for Economic Affairs of Spain from 1996 to 2004. During this time, he also served as Second Vice President (1996-2003) and First Vice President (2003-04) of the Spanish Government. Dr. de Rato was Managing Director of the International Monetary Fund from June 2004 until October 2007. He earned an MBA from the University of California at Berkeley and a Law degree and PhD in Economics from the Universidad Complutense in Madrid, Spain.
Yashwant Sinha: Yashwant Sinha has served as India's Minister of Finance twice (1990-91 and 1998-2004), and was Foreign Minister from 2002 to 2004. He joined politics in 1984 as a member of the Bharatiya Janata Party (BJP), serving as All-India General Secretary in 1986 and winning election to the Rajya Sabha (upper house) in 1988. He was General Secretary of Janata Dal in 1989 and National Spokesperson for the BJP in 1996. From 1960 to 1974, Mr. Sinha served in various posts in the elite Indian Administrative Service.
Domenico Siniscalco: Domenico Siniscalco served as Italy's Minister of Economy and Finance in Italy from July 2004 to late 2005. With a law degree from the University of Turin and a PhD in Economics from the University of Cambridge, Mr. Siniscalco became Managing Director and Vice Chairman of Morgan Stanley International in April 2006. In December 2007, he began his post as Italy's Country Head within the ranks of Morgan Stanley.
John W. Snow: John W. Snow was as the 73rd Secretary of the United States Treasury, from 2003 to 2006. Prior to that, he was Chairman and CEO of CSX Corporation. Secretary Snow has served in various positions in the Department of Transportation (1972-77) and as Chairman of the Business Roundtable (1994-96). He is currently Chairman of Cerberus Capital Management, L.P., one of the world's leading private investment firms, and the Newman Visiting Fellow at the Miller Center of Public Affairs.