91ÆÞÓÑ

On October 25, Bill Rhodes, former senior vice chairman of Citigroup, addressed critical challenges facing global finance. Rhodes addressed formidable risks within the global financial system that he believes have endangered future global economic growth. These include the failure of the European Union to fully implement its banking union arrangements; the unwillingness of Chinese authorities to confront their mounting financial challenges, including the substantial buildup of debt to support GDP growth; and the volatile international financial flows resulting from record holdings of U.S. dollar-denominated assets in emerging markets. In combination, these considerations and many others pose profound risks that policymakers are not addressing with sufficient urgency.

Bill Rhodes is president and CEO of William R. Rhodes Global Advisors, LLC, and a retired senior vice chairman and senior international officer of Citigroup and Citibank. Rhodes gained a reputation for international financial diplomacy in the 1980s for helping manage the external-debt crises that involved developing nations and their creditors worldwide. For two decades, he headed the advisory committees of international banks that negotiated debt-restructuring agreements for Argentina, Brazil, Jamaica, Mexico, Peru, and Uruguay. He has since served as a trusted advisor to governments, financial officials, and corporations worldwide. Rhodes is the author of