Former Finance Ministers to Convene at U.Va. for Global Summit

May 29, 2008 — The University of Virginia's Miller Center of Public Affairs will host "The New Financial Architecture: A Global Summit," Sept. 7 through 9 in Charlottesville. Convened by former U.S. Treasury Secretary John Snow, the center's Newman Visiting Fellow, the conference is a first-of-its-kind global event that will bring high-ranking financial leaders to the historic University of Virginia to address fast-changing global market developments and the most pressing economic and financial questions of the day.

This inaugural Mortimer M. Caplin Conference on the World Economy will gather together world financial leaders – all former finance ministers – from Europe, Asia, Africa, South America and the Middle East. This unique group represents three-quarters of worldwide economic activity, reaching beyond traditional G7 meetings to include perspectives from emerging markets and developing economies on issues including:

•    Sovereign wealth funds;
•    Global financial stability and economic governance;
•    Challenges posed by changes in the centers of world economic power and influence;
•    The subprime crisis and credit crunch; and
•    The future of the new financial architecture.

The delegates' recommendations will form a blueprint for global economic management in the 21st century.

"This groundbreaking event will combine these former finance ministers' practical expertise and knowledge about the global economy with something new: their ability to be candid in their observations and recommendations," said former Virginia Gov. Gerald L. Baliles, director of the Miller Center. "Because they are no longer bound by the constraints of their offices, their recommendations will be that much more frank and unfettered."

"I'm pleased that the Miller Center is able to bring together a terrific group of distinguished financial leaders at the University of Virginia to focus on the issues that really matter to the global economy and financial markets," said Snow. "My hope is that the summit can help forge a path forward at a most critical time for both the institutions of international finance and for policymakers in the United States."

As part of the announcement on Thursday, Baliles and Snow sat down together before a capacity crowd in the Miller Center's Forum Room and held a wide-ranging, informal conversation on issues that are apt to be part of the inaugural event in September.

"These are big questions that we are facing, and I can't think of any group better equipped to have these discussions" than the financial leaders who will comprise the conference, Snow said. "I want very much to show them Mr. Jefferson's University."

CNBC, watched by more than 300 million viewers worldwide, is the summit's exclusive television partner, and will be in Charlottesville to cover the proceedings on its worldwide television and online networks.

The summit, which occurs one month prior to the fall International Monetary Fund and World Bank meetings in Washington, will conclude with a joint statement aimed at the policy agenda on sovereign wealth funds, the credit crisis, financial regulations and the global economy.

About the Miller Center of Public Affairs

Founded in 1975, the Miller Center of Public Affairs is a leading nonpartisan public policy institution that aims to fulfill Jefferson's public service mission by serving as a national meeting place for engaged citizens, scholars, students, media representatives and government officials to research, reflect, and report on issues of national importance to the governance of the United States, with special attention to the central role and history of the presidency.