Singapore, 17 September 2006
The Finance Ministers and Central Bank Governors of the countries of the Group of Ten met
in Singapore on 17 September 2006. Tommaso Padoa-Schioppa, Minister of Finance of Italy
and current Chairman of the Group of Ten, presided. Ministers and Governors took note of
reports from Philipp Hildebrand, Chairman of the Deputies of the Group of Ten, Lorenzo Bini
Smaghi, Chairman of Working Party No. 3 of the OECD, Rodrigo de Rato, Managing Director
of the IMF and Malcolm Knight, General Manager of the BIS.
Ministers and Governors reviewed the changing landscape of the global economy and the
implications for the organisation of international fora. They underscored the need to
streamline and strengthen international economic cooperation. In that context, they agreed
that future annual meetings of G10 Ministers and Governors could usefully include informal
and frank discussions of significant international issues pertaining to financial markets and
the financial system.
Ministers and Governors also exchanged views on recent regulatory measures and their
impact on the global financial industry. They noted that, in the recent past, there have been a
number of regulatory initiatives that aim to strengthen global financial stability, promote
appropriate investor protection and protect the integrity of the global financial system. They
underscored the importance of understanding the impact of these initiatives, and of their
implementation, on the efficiency of financial markets. They also discussed the evolution of
banking and capital market developments over the past year.
The Finance Minister of Japan, Sadakazu Tanigaki, was elected Chairman of the Group of
Ten for the coming year.
Ministers and Governors expressed sincere gratitude to their hosts for the hospitality shown
to them on the occasion of their meeting in Singapore.