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International development experts share their ideas on how wealthy countries can promote prosperity in developing countries. Follow at

Jan 23, 2013

Last month members of the Latin American Shadow Financial Regulatory Committee (CLAAF) convened at CGD to discuss fiscal and monetary issues affecting the region. The CLAFF, which meets here twice a year, usually offers policy and regulatory recommendations for finance ministers and central bankers in the region. This time the committee proposed something quite different: the five-page statement CLAFF issued after two days of deliberation recommended the creation of a new regional financial institution—a Latin American Liquidity Fund, to supplement the efforts of the International Monetary Fund (IMF) when the next global financial crisis hits.

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