Text size:

  • Small
  • Normal
  • Large

Nobel laureate joins Central Bank

A Nobel Prize-winning economist who lay the groundwork for the creation of the euro is part of a team of international experts hired by the UAE Central Bank to guide future financial policy.

A Nobel Prize-winning economist who lay the groundwork for the creation of the euro is part of a team of international experts hired by the UAE Central Bank to guide future financial policy.

Nobel laureate Professor Robert Mundell and Sir John Bond, a former group chief executive and chairman of the UK banking giant HSBC, have been appointed to the newly formed International Advisory Council.

Dr David Dodge, a former governor of the Bank of Canada, and Dr Joseph Yam, the executive vice-president of the China Society for Finance and Banking, take the other seats on the council.

"In a world of highly challenging and rapidly changing financial landscape, the UAE Central Bank needs to learn from the experiences of this group to improve the UAE's financial and monetary stability and Central Bank governance," the Central Bank said in a statement released yesterday.

The first meeting of the council on Monday included discussions about regulations, as well as the organisational structure of the Central Bank. Sultan al Suwaidi, the Governor of the Central Bank, also attended the meeting.

The regulator has scored a significant coup by recruiting a diverse range of financial experts with decades of experience in both government and corporate life.

The move comes as the Central Bank seeks to rekindle economic growth and overhaul regulations of the financial sector after the global crisis.

Prof Mundell of New York's Columbia University won the Nobel Prize in Economics in 1999 for his work in preparing for the euro.

Sir John is the chairman of the telecommunications company Vodafone.

He was with HSBC for 45 years, in which time he served as chairman and as chief executive. Between 1998 and 2003 he also chaired the Institute of International Finance (IIF).

Dr Dodge co-chairs the Global Market Monitoring Group of the IIF. In 2001, he was appointed governor of the Bank of Canada for seven years. He also served as the deputy minister of finance in Canada.

Dr Yam was instrumental in establishing the Hong Kong Monetary Authority in 1993 and was appointed its chief executive before retiring in September last year.

tarnold@thenational.ae

Back to the top

More articles


Editor's Picks

 Cityscape Abu Dhabi 2014 will run until April 24, 2014. Fatima Al Marzooqi / The National.

In pictures: Cityscape Abu Dhabi 2014 opens
at Adnec

Key developments and master plans are being unveiled at this year’s property exhibition in the capital.

 Marina Square apartments Reem Island: Q1 2% rise. Studio - Dh65-68,000. 1BR - Dh75-95,000. 2BR - Dh110-145,000. 3BR - Dh170-190,000. Q1 2013-Q1 2014 no change. Sammy Dallal / The National

In pictures: Where Abu Dhabi rents have risen and fallen, Q1 2014

Find out how rental prices in the prime locations in Abu Dhabi have altered during the first three months of the year and the current rates you will pay according to data provided by Asteco.

 Designed by London-based Thomas Heatherwick, founder of Heatherwick studio, the park will feature an outdoor cinema, an organic garden, picnic areas and cafes and restaurants. Photo courtesy Salama bint Hamdan Al Nahyan Foundation

Futuristic Abu Dhabi park to be built in the desert shade

Spread over 125,000 square metres, Al Fayah Park, on Airport Road, will be covered by a sand-coloured canopy, 20 metres high, with the appearance of cracked desert land from above.

 Room with a view from one of the 21 duplex penthouses located in the Gate Towers sky-bridge. The sports courts and swimming pools can be seen below. Courtesy Alda

In pictures: Aldar’s Gate Towers Penthouse Collection on Reem Island

Aldar launched its Gate Towers Penthouse Collection at Cityscape Abu Dhabi. The launch features 21 penthouses spanning the skybridge, with each having a private indoor pool and incredible views.

 The Wind, Energy, Technology and Environment Exhibition takes place from April 14 to April 16. Above, the Dewa showroom during last year’s Wetex. Jaime Puebla / The National

April corporate and economic calendar for the UAE and overseas

From Cityscape to Wetex to stock-market holidays to nations reporting first-quarter GDP figures, here is our helpful calendar of April's business events in the UAE and internationally.

 Get the latest information on credit cards, bank accounts and loan products in the UAE. Mark Lennihan / AP Photo

Rates report: Latest on UAE loans, accounts and credit cards

Souqamal.com brings you the latest interest rates on banking products in the UAE.

Events

To add your event to The National listings, click here

Get the most from The National