March 9th 2023

The 31st IIMA International Financial Symposium
"The Era of Uncertainty: Can Global Economy Recover Stability?"

The global economy stands at a crossroad. Despite the gradual waning of the pandemic, with persistent high inflation pressures and rapid monetary tightening by central banks, uncertainty around economic outlook has been elevated. Fiscal measures introduced after the pandemic continue to support the economy, but global economic slowdown is gradually becoming apparent. Effective management of expanded debt and cooperation on global structural challenges such as energy and food crisis, climate change and heightened political tensions are inevitable for the global economy and financial market to recover stability and avoid fragmentation. We invited prominent experts from Japan and abroad to discuss various economic policy issues.

The panelists reported that inflation in the U.S. has been affected by the massive fiscal stimulus and monetary easing after the pandemic and may remain high unless the tight labor market is cooled down, that Europe has been able to respond to multiple shocks in both economic and financial terms, and that the Chinese economy is expected to be supported by fiscal and monetary policies amid a real estate market slump and population decline. The ASEAN economies are overcoming the Corona disaster, but the fragmentation of the world could be a downward pressure on the economies. The Japanese government's efforts to create a virtuous cycle of growth and distribution, and the international community's response to Russia's invasion of Ukraine were also reported.

In the panel discussion, the following issues were actively discussed: the prospects for a U.S. interest rate hike and its financial impact on Asia and emerging economies; financial challenges to achieve net zero after the Ukraine crisis; how to manage the ballooning public debt; the impact of a review of global supply chains; and the rise of the Global South and the role of international cooperation.

Date and Time

March 9th, 2023 (Thursday), 20:00 - 22:00 (JST), 19:00 - 21:00 (SGT) 

12:00 - 14:00 (CET), 6:00 - 8:00 (US ET), 3:00 - 5:00 (US PT)

Progress Lecture and Panel Discussion
Event Style Virtual Event via Zoom

English (Simultaneous translation to Japanese)

Archive YouTube

Panelists (in alphabetical order)

Masato Kanda                          Presentation slides
Vice Minister of Finance for International Affairs, Ministry of Finance, Japan


Masato Kanda is Vice Minister of Finance for International Affairs, Japanese Ministry of Finance. Since he joined the ministry in 1987, he has held many senior positions, including Deputy Director General of the Budget Bureau (2017‐2018), Deputy Vice‐Minister for Policy Planning and Coordination (2019), and Director‐General of the International Bureau (2020). He has previously held senior roles at the World Bank and OECD. He serves as Chairman for the Corporate Governance Committee, OECD (2016‐ ). He obtained his M.Phil in Economics from Oxford University in 1991 after his B.A. in Law and Politics from the University of Tokyo in 1987.

Xavier Musca
Chief Executive Officer CACIB
Deputy Chief Executive Officer to Crédit Agricole SA


Xavier Musca joined the French Treasury in 1989 and in 1990 became head of the European Affairs Bureau. In 1993, he joined the cabinet of prime minister Édouard Balladur as technical adviser, before returning to the French Treasury in 1995. He was appointed Principal Private Secretary to Francis Mer, Minister of the Economy and Finance, from 2002 and 2004. In 2004, he was made Director General of the Treasury and Economic Policy (DGTPE), Simultaneously, he chaired the Paris Club (2005-2009) and the European Financial Committee (2005-2008). He became Deputy Secretary General of the French President's Office in 2009, in charge of economic affairs, becoming Secretary General in 2011. He has been a Knight of the National Order of Merit since 2000 and the Legion of Honour since 2008 and promoted to the rank of Officer in January 2022. He is also a Knight of the Order of Charles III (Spain). Mr Musca is a graduate of the Institut d’Etudes Politiques in Paris (Sciences Po) and the École Nationale d’Administration (Léonard de Vinci class).

John W. Snow
The 73rd Secretary of the U.S. Treasury


John W. Snow served as the 73rd Secretary of the U.S. Treasury, having been nominated to that post in late 2002 by President George W. Bush. Prior to joining the Treasury Department, he had a long career in industry, serving for over a decade as the chairman and CEO of one of America’s leading transportation companies. He has been the chairman of Cerberus Capital Management since late 2006. He holds a PhD in Economics from The University of Virginia, where he studied under two Nobel Laureates.

Amando M. Tetangco Jr.            Presentation slides                     
Former Governor Bangko Sentral Ng Pilipinas

Amando M. Tetangco Jr. is the former Governor of the Bangko Sentral ng Pilipinas, serving two consecutive six-year terms from 2005 to 2017. As Governor, he also served as Chairman of the Monetary Board, the principal policy making body of the BSP. He currently sits on the boards of major Philippine corporations involved in health care, energy, telecommunications, real estate, hotel and credit information. He is also a member of the advisory councils of certain domestic and foreign academic institutions. He finished his bachelor’s degree in Economics at the Ateneo de Manila University and his MA in Public Policy and Administration (Development Economics) at the University of Wisconsin-Madison, USA.

Ming Zhang                              Presentation slides            
Senior Fellow and Deputy Director of Institute of Finance & Banking
Chinese Academy of Social Science 

Ming Zhang is a Senior Fellow and the Deputy Director of Institute of Finance & Banking (IFB) under Chinese Academy of Social Science (CASS). He is also the Deputy Director of National Institution for Finance & Development (NIFD) under CASS. He worked as a senior fellow in Institute of World Economics and Politics (IWEP) under CASS for 13 years. He also worked as the chief economist of Ping An Securities Co., Ltd. from 2017 to 2020. His research covers international finance and Chinese macro economy. In the past decade his interest fields include cross border capital flow, global imbalance, RMBs exchange rate and internationalization, Chinese monetary policy and systemic financial risks. He has published several books, many peer-reviewed academic papers and numerous articles. Before joining in IWEP, he worked as an auditor in KPMG, and a PE fund manager in Asset Managers Group (Japan). He received his doctor’s degree from the Graduate School of CASS.


Hiroshi Watanabe
President, Institute for International Monetary Affairs

Hiroshi Watanabe after graduating from the University of Tokyo joined the Ministry of Finance of Japan (MOF) in 1972. Before retiring as Vice Minister of Finance for International Affairs in 2007, he occupied various senior positions in the Taxation Bureau and others at the MOF. He later took high positions in the Japan Policy Bank and the Japan Bank for International Cooperation (JBIC) before his appointment as the President of JBIC in 2013. Since October 2016 he has been the President of the IIMA.