Regional Meeting: Reform of the International Financial Architecture and Monetary and Financial Cooperation in Latin America and the Caribbean

In March 2009, the Regional Meeting to Analyze the Results of the UN High-Level Conference on Financing for Development was held in the headquarters of SELA. For this event, the Permanent Secretariat prepared the informative document “From Monterrey to Doha: Achievements and Setbacks,” which was aimed at supporting the discussions that took place among the representatives of the Member States of the organization.

According to the conclusions and recommendations adopted by consensus in this regional meeting, the Member States of SELA underscored the need to continue with the analyses by the Latin American and Caribbean governments of the various effects of the current global economic crisis on the region, as well as the efforts to reform the current international financial architecture.

Moreover, during 2009 several international meetings on the reform of the international financial architecture were carried out – including those organized within the framework of the G-8 and the G-20 – and the UN High-Level Conference on the world economic and financial crisis and its impact on development was conducted from 24 to 26 June 2009. In all these events, different stances and views were stated as regards the nature, scope and solutions for the current global economic crisis, as well as the necessary changes in the international monetary-financial system.

It should also be recalled that, since the very beginning of the integration process in Latin America and the Caribbean, it has been recognized that it should be accompanied by cooperation institutions in the monetary and financial areas. As a matter of fact, a series of institutional mechanisms were developed – at the subregional level – with the purpose of supporting integration efforts; but a general evaluation points to both some institutional achievements and several limitations mainly in terms of the scope that such initiatives have had.

In recent years, and in view of the new challenges faced by regional integration and development in Latin America and the Caribbean, new projects and financial cooperation institutions have been created and implemented among the countries of the region, which go beyond the geographic spaces encompassed in the traditional integration schemes. Within the framework of ALBA, UNASUR and among MERCOSUR countries, monetary and financial agreements have been adopted which hint at a fresh boost for financial cooperation among Latin American and Caribbean nations.


Thursday, 8 April 2010 Morning
9:00 – 9:30	REGISTRATION
9:30 – 10:00	OPENING SESSION Speech by the Chairman of the Latin American Council of SELA, Ambassador of the Cooperative Republic of Guyana, His Excellency Mohammed Ali Odeen Ishmael. Speech by the President of the Central Bank of Venezuela (BCV), Mr. Nelson Merentes. Speech by the Permanent Secretary of the Latin American and Caribbean Economic System (SELA), Ambassador José Rivera Banuet.
10:00 – 10:15	Coffee break
10:15 – 12:30	SESSION I: “The reform of the international financial architecture: Discussions, proposals and prospects” PRESIDING: His Excellency Mohammed Ali Odeen Ishmael, Ambassador of the Cooperative Republic of Guyana, Chairman of the Latin American Council
10:15 – 11:30	Presentation of the document “The reform of the international financial architecture: A Latin American and Caribbean vision”, prepared by the Permanent Secretariat of SELA.
11:30 – 12:30	Debate among the representatives of the Member States of SELA.
12:30 – 2:30	Free time for lunch
Afternoon
2:30 – 4:00	SESSION II: “Perspective of multilateral, regional and specialized institutions on the reform of the international financial architecture” PRESIDING: His Excellency Erick Roberto Molina Sandoval, Ambassador of the Republic of Guatemala, First Vice-Chairman of the Latin American Council Financing for Development Office, United Nations Department of Economic and Social Affairs Division on Globalization and Development Strategies, UNCTAD Secretariat Executive Secretariat of the Economic Commission for Latin America and the Caribbean (ECLAC) Centre for Latin American Monetary Studies (CEMLA) Latin American Association of Development Financing Institutions (ALIDE)
4:00 – 4:30	Debate among the representatives of the Member States of SELA
4:30 – 4:45	Coffee break
4:45 – 5:45	SESSION III: “Monetary and financial cooperation in Latin America and the Caribbean” PRESIDING: Jorge Alvarado Rivas, Chargé d’Affaires, a.i., Ambassador of the Plurinational Republic of Bolivia, Second Vice-Chairman of the Latin American Council
4:45 – 5:15	Presentation of the document “Latin American and Caribbean experiences with Monetary and Financial Cooperation. Critical Balance and proposals for actions with a regional scope”, prepared by the Permanent Secretariat of SELA.
5:15 – 5:45	Debate among the representatives of the Member States of SELA
5:45 – 6:45	Cocktail
Friday, 9 April 2010 Morning
9:00 - 12:30	SESSION IV: “Perspective of regional organizations” PRESIDING: His Excellency Mohammed Ali Odeen Ishmael, Ambassador of the Cooperative Republic of Guyana, Chairman of the Latin American Council
9:00 – 10:30	Monetary and financial cooperation in Latin America and the Caribbean: Perspectives of subregional integration Secretariats Latin American Integration Association (ALADI) Bolivarian Alliance for the Peoples of the Americas (ALBA) Andean Community (CAN) Caribbean Community (CARICOM) Organization of Eastern Caribbean States (OECS) Common Market of the South (MERCOSUR) Central American Integration System (SICA)
10:30 – 11:00	Coffee break
11:00 – 11:30	Debate among the representatives of the Member States of SELA
11:30 – 12:30	Monetary and financial cooperation in Latin America and the Caribbean: Perspectives of development banks Inter-American Development Bank (IDB) Andean Development Corporation (CAF) Central American Bank for Economic Integration (CABEI) Caribbean Development Bank (CDB) Plata Basin Financial Development Fund (FONPLATA)
12:30 – 2:30	Free time for lunch
Afternoon
2:30 – 3:45	SESSION V Monetary and financial cooperation in Latin America and the Caribbean: Recent experiences and regional initiatives PRESIDING: His Excellency Erick Roberto Molina Sandoval, Ambassador of the Republic of Guatemala, First Vice-Chairman of the Latin American Council Latin American Reserve Fund (FLAR) Initiative on payments in national currency for reciprocal trade between Brazil and Argentina Bank of the South (BANSUR) ALBA Bank Regional Clearance Unitary System (SUCRE)
3:45 – 4:15	Debate among the representatives of the Member States of SELA
4:15 – 5:00	CONCLUSIONS AND RECOMMENDATIONS Approval of Conclusions and Recommendations
5:00 – 5:30	CLOSING SESSION Speech by the Chairman of the Latin American Council of SELA Speech by the Permanent Secretary of the Latin American and Caribbean Economic System (SELA)

The reform of the international financial architecture: A Latin American and Caribbean vision

Latin American and Caribbean Experiences with Monetary and Financial Cooperation. Critical Balance and proposals for actions with a regional scope

Speakers may submit written documents that will be uploaded in the Web site of the event. Participants can also make additional written contributions for the debates of the meeting.

The Permanent Secretariat will prepare a final report on the meeting and compile all the written contributions by speakers and participants, which will be made available through SELA’s Web page.

Headquarters of the Permanent Secretariat of the Latin American and Caribbean Economic System (SELA), Andres Bello Conference Room

Address: Avenida Francisco de Miranda, Torre Europa, Piso 5, Campo Alegre, Caracas. Bolivarian Republic of Venezuela,

The official languages of this meeting will be Spanish and English. There will be simultaneous interpretation.

Participants should make their own reservations in the hotel of his/her preference, informing that they will be attending the Regional Meeting so as to benefit from the preferential rates granted to SELA. In case additional support is required, please contact Mrs. Cora Romero, Travel and Arrangements Official of SELA (Telephones: (58-212) 9557111 and 9557124; Faxes: (58-212) 9516901 and 9515292; e-mail: cromero@sela.org).

Following there is a list of recommended hotels for your security and proximity to SELA’s headquarters, including the preferential rates offered to SELA pursuant to agreements signed to that end (List of Hotels).

For transport from the International “Simón Bolívar” Airport in Maiquetía to Caracas, there is an authorized taxi service at the exit of the airport terminal. Authorized cabs can be easily identified since their colours are black with yellow logotypes printed on the doors of the vehicles.

This authorized taxi service has a cost of approximately Bs.F. 170.00 per travel, payable in national currency (Strong Bolivars).

For your own security, the coordinators of the Regional Meeting recommend you to EXCLUSIVELY use this taxi service. It is possible, upon request, to provide you support in order to reserve in advance such taxi service from the airport. In this case, please send a message to cromero@sela.org.

Except for special cases, currently, entry into the Bolivarian Republic of Venezuela of tourists of almost all nationalities is allowed. Nevertheless, visas are required for some of them. In those cases, SELA could ask the Venezuelan Ministry of Foreign Affairs for courtesy visas, granted for the participation in official events. This authorized visa is stamped at the Consulates of Venezuela in the countries of origin.

For security purposes, it is recommended that information on migration should be consulted previously by contacting the Embassies and / or Consulates of Venezuela in the countries of origin or downloading the Web site of the Ministry of Foreign Affairs:

In case you need help from the Permanent Secretariat with migration arrangements, please contact Mrs. Cora Romero, Travel and Arrangements Official of SELA (Telephones: (58-212) 9557111 and 9557124; Faxes: (58-212) 9516901 and 9515292; e-mail: cromero@sela.org).

Permanent Secretariat of the Latin American and Caribbean Economic System (SELA)

Regional Meeting: Reform of the International Financial Architecture

and Monetary and Financial Cooperation

in Latin America and the Caribbean

SESSION IV: “Perspective of regional organizations”