A group of BBVA representatives, led by the Executive Chairman Francisco González, will travel this week to participate in the most important economic event of the year: The annual meeting of the International Monetary Fund (IMF) and the World Bank (WB). This week is surely marked red on Christine Lagarde (Managing Director of the IMF) and Jim Yong Kim’s (president of the World Bank) calendars. Representatives of the world’s top financial institutions will meet in Washington from October 9 to 15 to discuss topics such as the future of work in the wake of the Fourth Industrial Revolution or the impact of ‘fintech’ on the financial sector. Concurrently on the same dates and city, the Institute of International Finance (IIF) will be holding its annual meeting, focusing on the future of finance.
Why are these meetings so important?
The WB and IMF annual meeting brings together central bankers, finance and economy ministers, parliamentarians, senior private sector executives, representatives of civil society organizations and academics. Why? To debate on globally relevant issues, such as the world’s economic outlook, new technologies, poverty eradication and development aid effectiveness.
A number of events focusing on the world economy, international development and the global financial system, including seminars, regional briefings and press conferences are also held in the context of the event.
The IIF annual meeting brings together more than 1,500 representatives of the international financial industry from more than 70 countries.
How does BBVA participate?
BBVA is one of the IIF’s member institutions. For this reason, BBVA attends the meeting represented by a broad group of top executives, headed by Francisco González, who is a member of the IIF’s Board and Executive Committee. BBVA’s Group Executive Chairman will take the opportunity to hold top-level meetings and attend the meeting of the IIF’s Board of Governors.
A number of relevant topics – both current and future – for the institution will also be addressed during the meeting, including its future strategy. In this regard, Francisco González has been the first European member to provide his view on the IIF’s future role. In his opinion, it will be pivotal to further develop the institution’s strengths, including the promotion of this type of financial industry meetings.
BBVA Executive Board Director, José Manuel González-Páramo, will also travel to Washington to participate in the Panel on ‘Economic and Political Perspectives of Europe’ on Friday, October 13, where he will join representatives from other banks such as Société Générale and Morgan Stanley, as well as journalists and academics. BBVA CFO Jaime Sáenz de Tejada and Head of CIB Juan Asúa will also attend the event.
On BBVA Research’s behalf, Jorge Sicilia, Chief Economist, Santiago Fernández de Lis, Head of Financial Systems and Regulation and Álvaro Ortiz, Chief Economist for China and Turkey will also attend the meeting. Álvaro Ortiz will also speak at a panel on the use of data to solve current economic issues. Also, María Abascal, BBVA Research’s Chief Economist for Regulation and Public Policy, will participate in the ‘Future Leaders Program’ panel. Santiago del Moral, Chief Information Security Office of BBVA, will also take part in the IIF’s working groups focusing on cybersecurity related issues.
A bit of history…
The Boards of Governors of the IMF and the World Bank Group normally meet once a year to discuss the work of their respective institutions. The Meetings, which take place in September or October, have customarily been held in Washington for two consecutive years and in another member country in the third year.
The inaugural meeting of the Board of Directors was held in Savannah (Georgia, USA) in March 1946, and the first annual meeting was held in Washington in that same year. The first city outside the US to host these meetings was London, in 1947. The last, Lima in 2016. In 2018, the meeting will be held in Bali.