The Group of 30 emerged last week with concepts it hopes will help steer the word financial markets toward responsibility and clarity. Led by G30 trustees chairman Paul A. Volcker, the nonprofit organization of scholars, central bankers, and financial sector executives released a “program for reform” last week. The document, surprisingly devoid of jargon and euphemism, will be shared with global public and private leaders. Volcker, who chair’s the Obama administration’s Economic Recovery Advisory Board, promised to deliver the report to the Oval Office. The former Fed chairman noted that the report is “not a response to what’s happened in the markets recent months, but is informed by them. This is not a blueprint,” he added.
The four core recommendations are: