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Former French Finance Minister Attends the “Monetary and Financial Round Table • 2012 Spring” and Delivers A Speech

Posted on February 29th, 2012

On the afternoon of February 26th, the “Monetary and Financial Round Table • 2012 Spring,” hosted by the International Monetary Institute of Renmin University of China, was held in Mingde Building Conference Room 830 at Renmin University of China. The theme of the conference was “Road to the Future—Where Should the Euro Go?” Present was the chairman of the group of 50 countries in Europe, former French Finance Minister Edmond Alphandery, Reuters senior reporter Nick Edwards, Vice-President of CITIC Bank Cao Tong, Deputy Director of the Ministry of Finance Hu Xuehao, General Manager of the Department of Strategic Management of China Everbright Bank Xia Lingwu, Dean of the School of Finance of Renmin University of China Guo Qingwang, Vice-Deans Zhao Xijun and He Ping, and Vice-President and Director of the International Monetary Institute Zhang Jie, as well as other experts in the field of financial theory and practice from home and abroad. 

During the meeting, Chen Yulu, President of Renmin University of China, met with Mr. Edmonds.

The meeting was chaired by the vice-deputy director of the International Monetary Institute of Renmin University of China, Xiang Zuosong. Dean Guo Qingwang made the opening speech. First, he expressed his warm welcome and sincere gratitude to the Chinese and foreign guests on behalf of the organizers. Second, he compared the euro to the dollar, and asked, “Which is more durable: the super-sovereign or the sovereign currency?”, and stated his opinions from a financial perspective. Dean Guo pointed out that under the circumstances of not giving up fiscal sovereignty, the euro will not be able to continue if to give up monetary sovereignty.

 

In the end of his speech, he pointed out that the reform of the euro area had been largely completed, and there had been good reason to believe the euro will be more stable in the future.

During the discussion section Vice-President Cao Tong, Prof. Zhao Xijun, Mr. Nick and Vice-President Xiang Zuo touched on the “European Debt Crisis” and related topics.

 

Finally, Prof. Zhang Jie summarized the conference by pointing out that first, the euro problem is not only a problem of currency, but of politics. To solve the crisis happening in Europe, the political system should be reformed and readjusted to the situation. Second, the relation between moral code and money has long been the cause of all social and economic crises. The Confucian belief in self-restriction, self-reflection, nature, and the responsibility to society may act as a cultural solution to the problem. Third, the European Debt Crisis is typical of the Samuelson Paradox. The notable lack of coordination of the euro area fiscal and monetary policies highlights that in the pursuit of individual rationality, every country tends to overuse fiscal power, which finally leads to euro and monetary crisis. At the same time, he put a special emphasis on the necessity of a further discussion on the reform of the European political system.

The Round Table Conference on Monetary and Financial Issues is established by the International Monetary Institute (IMI) of Renmin University of China as a high-level seasonal forum. The forum invites experts in the financial field from all over the world to discuss the reform and development of monetary and financial systems with the goal of providing advice on the strategy of Chinese finance on an international basis. Vice-Chair of the Business Department Wei Jianguo, Vice-President of the People’s Bank of China Su Ning, the President of Luxembourg Central Bank Yves Mersch, along with other professionals have been keynote speakers at these forums. These forums serve as an important platform for international academia to exchange ideas on monetary and financial issues, and have won wide praise.

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