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Subjects / Resolution and Recovery

Newsletter March 09: Private sector group to give early crisis warnings

Simon Turmaine | March 19, 2009

WASHINGTON – A private sector group has been formed to give early warnings when it identifies potentially serious systemic risks building up in the financial system. This 26-person Market Monitoring Group (MMG), was launched in mid-March by the Institute of International Finance (IIF), a Washington industry body representing some 380 financial firms around the world. MMG will be chaired by Jacques de Larosière, former head of both the Bank of France and the International Monetary Fund, and David Dodge, former governor of the Bank of Canada.

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