The Group of Thirty, established in 1978, is a private, nonprofit, international body composed of very senior representatives of the private and public sectors and academia.
The Group of Thirty have released its latest report: Financial Reform: A Framework for Financial Stability.
The report addresses flaws in the global financial system and provides 18 specific recommendations to:
- improve supervisory systems by redefining the scope, boundaries, and structure of prudential regulation;
- enhance the role of the central banks;
- improve governance practices and risk management;
- address pro-cyclicality via capital and liquidity standards;
- enhance accounting practices;
- strengthen the financial infrastructure; and
- increase coordination internationally.