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Public Event

Does the European Crisis Matter for Latin America? What Is the Appropriate Policy Response?

Wednesday, June 16, 2010 - 10:30am to 12:00pm

Latin America may be quite vulnerable to events in Europe. Beyond the risk that a deep crisis in Europe may result in double dip recession in advanced economies with deleterious global implications, Latin America's trade and financial channels with Europe are large and growing. On the other hand, as in the 1970s, capital flight from advanced economies (especially Europe) could mean more capital flowing into Latin America, offering at least a temporary relief from real sector shocks. The Latin-American Shadow Financial Regulatory Committee (CLAAF) met to address the following issues:
• Under what international scenarios will economic and financial stability in Latin America be compromised?
• Could financial systems in the region withstand a crisis in Spain's banking system?
• Is the recovery in the region sustainable or just the result of temporary capital inflows?
• How should the region's policymakers respond to current vulnerabilities? Is now the time to consider capital controls?
• In light of the recent international experience, should the role of central banks in the region be revised, and should financial regulation be reformed?

On Wednesday, June 16, 2010 The Center for Global Development hosted an event on Does the European Crisis Matter for Latin America? What is the Appropriate Policy Response? which featured the following CLAAF members:

Liliana Rojas-Suarez, President, CLAAF; Senior Fellow, Center for Global Development
Guillermo Calvo, Professor, Columbia University; Former Chief Economist, Inter-American Development Bank
Pedro Carvalho de Mello, Professor, ESALQ, Universidade de São Paulo; Former Commissioner of Comissão de Valores Mobiliários, Brazil
Guillermo Chapman, Chairman & CEO, INDESA; Former Minister of Planning and Economic Policy, Panama
Pablo Guidotti, Dean, School of Government and Professor, Universidad Torcuato di Tella; Former Vice-Minister of Finance, Argentina
Carmen Reinhart, Professor and Director, Center for International Economics, University of Maryland
Ernesto Talvi, Executive Director, CERES; Former Chief Economist, Central Bank of Uruguay
Roberto Zahler, President, Zahler and Co.; Former President Central Bank of Chile

Listen to the event audio.
Watch the
event video.
Read the CLAAF
statement.

CLAAF

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Senior Fellow and Director of the Latin America Initiative

Wednesday, June 16, 2010
10:30am to 12:00pm