Salzburg Global Forum on Finance in a Changing World » Overview

The Salzburg Global Forum on Finance in a Changing World is an annual high-level program convened by Salzburg Global Seminar that addresses issues critical to the future of financial markets and global economy in the context of key global trends.

Established in 2011, the Forum offers senior and rising leaders from the financial industry and public sector an opportunity for in-depth, off-the-record conversations on how to build inclusive, open and resilient financial systems and set an agenda for the future.

The Forum’s overarching goal is to facilitate critical analysis of the changing financial landscape and regulatory environment, comparison of practical experience around the world, understanding of technology-driven transformations, and open dialogue on issues of trust and ethics. Each summer, it convenes an internationally representative group of leaders from financial services firms, supervisory and regulatory authorities, consultancies, auditors, law firms and other professional service providers who share a belief that inclusive, efficient and stable financial systems are essential for sustainable growth, shared economic opportunities and prosperity. Going forward, the Forum will continue to explore key developments, strategic shifts and tipping points in global finance, and to help participants learn practical lessons and share international insights.


The Future of Financial Intermediation: Banking, Securities Markets, or Something New?
The Future of Financial Intermediation: Banking, Securities Markets, or Something New?
Salzburg Global Seminar 
Bankers, policy makers, regulators, supervisors, financial and technology consultants will convene in Salzburg this week for the fifth annual program of the Salzburg Global Forum on Finance in a Changing World. The accelerating transformation of the financial services industry, and the emergence of alternative financial intermediaries, have profound medium- and long-term implications for global financial markets and their supervision. Financial intermediaries who channel funds from investors to people and institutions who require capital have expanded far beyond the traditional banking sector in recent years and now exert growing influence on global financial markets. Such entities encompass investment banks, broker-dealers, life insurance companies, mutual and pension funds, mortgage finance, credit card companies, and other types of shadow banks, all of which operate in different ways and at different scales, often with strong regional variations. Alternative channels to traditional market- and bank-financing are now major sources of funds in both developing and developed economies. This increasingly diverse global marketplace for financial intermediation – coupled with ongoing reexamination of the role of traditional intermediaries in the wake of the financial crisis – raises important societal issues. These include the duties financial intermediaries owe to those with whom they transact business; whether banks can meet the rapidly developing needs of their traditional customers; the future of fair and effective markets; the continuing challenge of shadow banking and securitization; and the tension between societal notions of fairness and economic notions of efficiency. From a regulatory and supervisory standpoint, as financial markets struggle to fully recover from the 2008 crisis, the imperative to strengthen the safety and soundness of intermediaries by tightening international and domestic prudential standards (as embodied in Basel III, the Dodd Frank Act and various European Union and other initiatives) may increasingly conflict with the macroeconomic priority to restore growth. As a result, understanding the new dynamics of financial intermediation, and how they influence global markets, will be critical for future resilience, credit flows and the sustainability of the financial services industry. From a technological point of view, new and potentially disruptive innovations, cyber-security risks, privacy concerns about data protection and data theft, and new types of financial crime, present difficult challenges for future regulatory action in an interconnected and borderless financial services marketplace. Assessing the potential impact of these trends on market structure, secondary market trading, and raising funds in the capital markets, as well as the scale of investments required by banks to keep pace with new technologies and the constraints the latter will place on traditional intermediaries, are matters of increasingly strategic concern. Leading voices across the financial services sector are starting to confront the magnitude of these emerging challenges and their potential to radically alter relationships along the transaction chain.  Tackling all these issues, The Future of Financial Intermediation: Banking, Securities Markets, or Something New? will open on Tuesday, June 30 by examining the capital markets union in Europe and international regulatory action and market implications. Further panels over the three day program will cover the future of financial intermediaries; innovation, technology changes and security issues; and governance and compensation reforms. The program also includes in-depth working group discussions and the now-traditional evening debate, the topic of which for this year will be “Resolved that the universal banking model and traditional intermediation are outdated, broken and not worth preserving.” This year’s program will be chaired by Roger Ferguson, president and chief executive officer of TIAA-CREF and former vice chairman of the U.S. Federal Reserve’s Board of Governors together with Axel Weber, chairman of UBS and previously president of the German Bundesbank between 2004 and 2011. Speakers include regular contributors to the annual Forum including Andreas Dombret, Member of the Executive Board, Deutsche Bundesbank; Douglas Flint, Group Chairman, HSBC Bank Plc; Wim Mijs, Chief Executive, European Banking Federation; and Sandra O’Connor, Chief Regulatory Affairs Officer at JPMorgan Chase & Co. Speakers also include Sandra Boss, External Board Member of the Prudential Regulation Authority at the Bank of England, and Ricardo Moreno, Head of Global Engineering at BBVA.
The Future of Financial Intermediation: Banking, Securities Markets, or Something New? is part of the multi-year program Salzburg Global Forum on Finance in a Changing World. This year’s program is in partnership with Barclays, Deutsche Bank, Ernst Young, HSBC, JPMorgan Chase & Co, and Oliver Wyman, with co-sponsors Cleary Gottlieb, the Cynosure Group, Davis Polk, and Dynex Capital. 
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Not the Typical Industry Gathering
Not the Typical Industry Gathering
Benjamin Glahn and Louise Hallman 

Since 2011, Salzburg Global Seminar has convened an annual, high-level forum focused on critical challenges of financial regulation following the global financial crisis. The annual Forum on Finance in a Changing World facilitates critical analysis of the changing regulatory environment, comparison of practical experience, understanding of technology-driven transformations, and involves senior bankers, regulators, and policymakers from the US, Asia and Europe, as well as international financial services firms, consultancies, auditors, law firms and other professional service providers – but that doesn’t make it a typical industry gathering.

For many in the finance and banking sector, industry meetings rarely enable in-depth, informal, and off-the-record opportunities for discussions on the key challenges facing the global financial markets. The Salzburg Global Forum for Finance in a Changing World is different.

“Never have I been to a [session] like this where people don’t leave the room every five minutes for side-meetings or conference calls. That this did not happen [here] marks the excellence of the [session],” said one participant after 2014’s program The Future of Banking: Is There a Sustainable Business Model for Banks? 

How is it that Salzburg Global is able to attract high level figures such as Andreas Dombret, a Member of the Executive Board of Deutsche Bundesbank; Douglas Flint, the Group Chairman of HSBC Holdings; Wim Mijs, the Chief Executive of the European Banking Federation; and Paul Volcker, former Chairman of the US Federal Reserve? And not only keep them engaged while in Salzburg, but persuade them to return to Salzburg Global Seminar year after year?

The reason is four-fold. First, Schloss Leopoldskron provides a secluded and informal meeting place, away from the hectic global banking centers, where participants bring a broad array of perspectives and expertise and are able to look beyond their immediate technical and external pressures.

Second, like all Salzburg Global programs, the session is all held under the Chatham House Rule, meaning that everyone present can speak candidly. Although the ideas and proposals may be shared beyond the gates of Schloss Leopoldskron, ideas are not attributed, enabling participants to speak as individuals rather than on behalf of their institutions. This is true even when there are journalists on-site [see BELOW].

Third, Salzburg Global Seminar program staff work closely with an advisory council [see BELOW] to ensure that the annual topics, speakers, and participants are addressing the most critical issues facing global financial services. The annual Forum, now in its fifth year, facilitates strategic analysis and critical thinking about changing regulatory and economic environments, comparative practice, technology-driven transformations, and emerging ethical questions. Since its launch in 2011 with the session New Rules for Global Finance: Which kinds of regulation are useful and which are counterproductive?, the Forum has tackled global differences in financial regulation (2012: Financial Regulation: Bridging Global Differences, shadow banking (2013: Out of the Shadows: Regulation for the Non-Banking Financial Sector, sustainable business models for banks (2014: The Future of Banking: Is There a Sustainable Business Model for Banks?, and in 2015, the 50 expert participants will examine financial intermediation in The Future of Financial Intermediation: Banking, Securities Markets, or Something New?

The intensive two-day Forum includes panel-led discussions, in-depth working groups, and an Oxford-style evening debate. Speakers come from leading institutions, and include both high-level decision makers and top young professionals from diverse backgrounds.

As one Fellow put it: “The level of the participants was incredible. I believe that no other place in the world can host such an array of high-ranking bankers, regulators, thinkers, and policymakers.”

Fourth, the Salzburg Forum on Finance in a Changing World is not a typical industry gathering. Salzburg Global Seminar reaches beyond “the usual suspects” and encourages a broad array of financial and programmatic participation. Numerous partners, sponsors, and co-sponsors support the program, without any single institution exerting influence on the overall program. Partners and sponsors have included international banks like HSBC and Deutsche Bank; consultancy firms such as Ernst & Young and Oliver Wyman; financial services firms Dynex Capital Inc. and The Cynosure Group; and law firms including Cleary Gottlieb and Davis Polk, as well as central banks and educational institutions. This sponsorship model, spearheaded by Salzburg Global Vice President of Business Affairs Benjamin Glahn, has resulted in the Forum’s ability to attract top international financial actors as well as offer scholarships to rising stars from across the world.

“As the Salzburg Global Forum on Finance in a Changing World enters its fifth year, the Forum has become a unique annual program for senior level bankers, regulators, and others in the financial services sector to engage with each other on forward looking issues and challenges,” says Salzburg Global Program Director Tatsiana Lintouskaya. “Building on its diverse base of sponsors and supporters, and with the guidance of its Advisory Committee, the Forum has become a strong and sustainable platform for tackling the toughest challenges to the integrity of global financial systems.”

READ MORE: finance.SalzburgGlobal.org

READ MORE: www.SalzburgGlobal.org/go/552


Live from Schloss Leopoldskron

Like all Salzburg Global programs, sessions within the Finance in a Changing World series are all held under the Chatham House Rule, meaning ideas and proposals can only be shared outside of the session without attribution. But such a high-level meeting inevitably attracts attention from the press. To ensure that both the participants are able to speak candidly and the media are able to report from the session, Salzburg Global invited Bloomberg TV to broadcast live and exclusively from the terrace of Schloss Leopoldskron – outside of the off-the-record discussions going on in Parker Hall.

Bloomberg TV’s Jonathan Ferro interviewed Salzburg Global Fellows Wim Mijs, the newly appointed head of the European Banking Federation, HSBC Chair Douglas Flint, Deutsche Bundesbank’s Andreas Dombret, and former Bank of England Deputy Governor Paul Tucker, with Ferro appearing live throughout the second day of the session for the broadcaster’s shows On the Move and The Pulse.

Mijs spoke about achieving “legal certainty” over the size of fines handed down to lenders for breaking rules; Flint answered questions about the increase in compliance costs at the bank over the last four years; Dombret told Ferro about European Central Bank’s stress tests and risks to financial stability in the Euro area; and Tucker, speaking with Bloomberg’s Boris Groendahl, also discussed the future of London as a financial center and the impact of Bank of England policy on the UK mortgage market.

WATCH THE VIDEOS: finance.SalzburgGlobal.org/multimedia


Advisory Council

Douglas Flint (Chair), Group Chairman, HSBC Holdings

Andreas Dombret, Member of the Executive Board, Deutsche Bundesbank

Ed Greene, Senior Counsel, Cleary Gottlieb

Patrick Kenadjian, Senior Counsel, Davis Polk

Sandra O’Connor, Chief Regulatory Affairs Officer, JPMorgan Chase

Randal Quarles, Managing Director, The Cynosure Group

David Wright, Secretary-General, International Organization of Securities Commissions (IOSCO)


Download the Salzburg Global Chronicle 2015 in full (PDF)
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TIAA-CREF President and UBS Chairman to Co-Chair Forum on Finance in a Changing World
TIAA-CREF President and UBS Chairman to Co-Chair Forum on Finance in a Changing World
Tatsiana Lintouskaya 
Roger Ferguson, president and chief executive officer of TIAA-CREF and former vice chairman of the U.S. Federal Reserve’s Board of Governors together with Axel Weber, chairman of UBS and previously president of the German Bundesbank between 2004 and 2011 will co-chair this fifth annual program in the series Salzburg Global Forum on Finance in a Changing World. Since 2011, Salzburg Global Seminar has held a series of high-level programs focusing on critical challenges of global financial regulation following the financial crisis. The 2015 finance session The Future of Financial Intermediation: Banking, Securities Markets, or Something New? (June 30 - July 2, 2015) will consider the strategic long-term changes taking place in global financial markets, the future of regional regulatory action, and the technology-driven shifts that are impacting the global financial services industry. For further information and to register visit the session page: www.salzburgglobal.org/go/552
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Andreas Dombret: "Reform Fatigue" One of Biggest Risks
Andreas Dombret: "Reform Fatigue" One of Biggest Risks
Bloomberg TV 
Deutsche Bundesbank board member and chair of the Salzburg Global Seminar session The Future of Banking: Is There a Sustainable Business Model For Banks? Andreas Dombret talks about European Central Bank stress tests and risks to financial stability in the euro area. He spoke on August 19 in Salzburg, Austria, with Jonathan Ferro on Bloomberg Television's "The Pulse." (Source: Bloomberg) Watch video online

JONATHAN FERRO, BLOOMBERG NEWS: I'm very, very please to bring to you Andreas Dombret. He is the Bundesbank board member and board member of the Single Supervisory Mechanism.

He's here with me right now. Andreas, thank you very much for joining us this morning. We're going to start by talking about some of the headwinds that banks face at the moment, regulatory headwinds. We've got all of these stress tests.

And there are some complaints that the banks in the Eurozone right now are "overwhelmed." What's your take on that?

ANDREAS DOMBRET, BOARD MEMBER, BUNDESBANK: This is very, very thorough exercise which takes quite some time. And the results are very important. So it is kind of clear that this comes with a cost. I realize that. It also comes with some stress.

Nevertheless, I believe that the positive effects of that exercise outweigh the costs by far, and that given the problems we had in the banking crisis this exercise is very much justified. Just think about this for one moment. The Single Supervisory Mechanism, at least we think, is a logical step of a single monetary union. So we need to do this. And costs come also with benefits and the benefits outweigh the costs.

FERRO: One of those benefits might be the way the Eurozone deals with bank failures. We saw Banco Espirito Santo collapse pretty rapidly, but the fallout was quite isolated. Now that was a very, very small Portuguese bank.

You oversee German banks. If a German bank fails the stress tests later this year are we prepared to deal with the fallout of that if they have to raise a significant amount of capital?

DOMBRET: I'm not going to speculate what's going to come out of the stress tests with regard to the German banks. All I can tell you today is that we actually cannot make any predictions. We haven't even finished all of the asset quality review and we have only started the stress tests. So it's a little bit unclear what will come out of it, but I'm not speculating whether German banks fail or whether German banks do not fail.

Should they fail or should a German bank fail we would have to deal with that. Don't forget that there's a difference between accounting and prudential measures. In terms of accounting we will see after the asset quality review how sound the banks are. The stress test is forward looking. It is a what-if scenario. What if there is a certain stress? In the adverse scenario the GDP would decrease more than 6.6 percent over a certain period of time vis-a-vis the baseline. This is not necessarily reality.

So I would urge everybody looking at the results of the stress test to see what is accounting and what are prudential measures. Accounting is backward looking and stress test is forward looking. So these are two different things. Even if you would have an issue and a challenge on the stress test that doesn't mean that you are insolvent at all.

FERRO: One of the big issues here right now in Salzburg is financial stability. When you've talked about financial stability and stability in the past you've said the biggest risk to that is "reform fatigue." How have your views developed over the last month?

DOMBRET: We are looking much better than we did 2012 with regard to financial stability. Spreads have come down.

Things have normalized. You just mentioned a very large, actually the largest Portuguese bank, and the effects on the spreads of Portugal were minimal.

So this gives you a little bit the impression that things are fine. Stock markets have been rising for some time now. They are falling a little bit again, but it shows that if you have reform fatigue, if you believe everything stays as it is and we are in safe quarters you are making a big mistake.

The crisis in the Ukraine is a reminder for all of us that things can happen very quickly and that there are unknowns we cannot really factor in. So we have to be careful and we have to continue on this path of reform because reform fatigue would be one of the biggest dangers we could have for our future development and also for financial stability going forward.

FERRO: Are you seeing a risk of investor complacency? It was something that was talked about a lot a couple of months ago, not so much very recently. But when you talk about spreads coming down so much are you more concerned about the investor complacency around that issue, or the kind of political complacency that those small spreads can actually breed?

DOMBRET: I do not give any recommendations to investors. So I'm not criticizing them either. Investors have to make up their own mind. I am basically talking about the political reform which is possible that political decision makers relax when things look better, and deviate from the path of reform and do a little less than what would be good.

FERRO: What's the ECB's role in the (inaudible)? Last week we had some not so good economic data, to be fair, across a lot of the Eurozone. I won't talk about the figures themselves, but off the back of that. And that was almost celebrated as bad news equals good news. And they were looking straight to the ECB. Are you worried that the ECB could very quickly become the only game in town?

DOMBRET: The ECB is an important game in town in terms of monetary policy. We shouldn't confuse responsibility for fiscal policy with monetary policy. 

FERRO: And off the back of that when you see the likes of France ditching their budget deficit targets, when you hear the likes of Renzi calling for more leniency around some of their targets themselves, how concerned are you going forward?

DOMBRET: I am more impressed and most impressed with those countries who stick to the reform plans.

FERRO: And going forward do you want to see the likes of France do more? And when they talk about a weaker euro off the back of that what's the response of the Bundesbank when you're looking at that situation?

DOMBRET: France knows that they're doing. They are responsible for their fiscal policy.

FERRO: And going forward, very, very quickly on the issue of financial stability, to the back of this year when we put these stress tests in the context of monetary policy without just talking about monetary policy itself in the context of financial stability, are these stress tests coming at a bad time?

DOMBRET: They are coming at a predictable time. We knew very early on that in November we would know the results of the AQR and the stress tests. Communication is very, very important in this regard. And Bloomberg and others play an important role in that, but there's never a good or a bad time. We have to stick to time plans.

FERRO: Andreas Dombret, thank you very much for joining us. That was Andreas of the Bundesbank, a very, very special guests for this morning brought to you live and exclusive from Salzburg. 


This transcript may not be 100% accurate and may contain misspellings and other inaccuracies. This transcript is provided "as is," without express or implied warranties of any kind. Bloomberg retains all rights to this transcript and provides it solely for your personal, non-commercial use. Bloomberg, its suppliers and third-party agents shall have no liability for errors in this transcript or for lost profits, losses or direct, indirect, incidental, consequential, special or punitive damages in connection with the furnishing, performance, or use of such transcript. Neither the information nor any opinion expressed in this transcript constitutes a solicitation of the purchase or sale of securities or commodities. Any opinion expressed in the transcript does not necessarily reflect the views of Bloomberg LP.


Andreas Dombret was the Chair of the fourth session of Salzburg Global Forum on Finance in a Changing World. The session The Future of Banking: Is There a Sustainable Business Model For Banks? was supported by our main partners, HSBC, Ernst & Young and Oliver Wyman alongside our sponsor Oesterreichische Nationalbank and co-sponsors BNY Mellon, Byron Boston, Cleary Gottlieb, The Cynosure Group and Davis Polk. For more information, please see the session webpage: www.salzburgglobal.org/go/546 and follow the daily discussions on Twitter via the hashtag #SGSfinance

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The Future of Banking: Is There a Sustainable Business Model For Banks?
The Future of Banking: Is There a Sustainable Business Model For Banks?
Max Proksch 
The world of banking is changing. Since the global economic crisis, a harsh spotlight has been set on the role, accountability and transparency of banks and their leadership, reducing public confidence and support to an all-time low.

On the inside, banks face complex challenges as they adapt to new regulatory environments and seek new ways to function as profitable motor for the economy. One thing is clear: Innovative renewal is needed if banks are to retain their central place in the payment system.

On August 18, 2014, Salzburg Global Seminar will convene it fourth annual meeting of the Salzburg Global Forum on Finance in a Changing World to discuss the new and ongoing challenges facing the financial sector. The session has been entitled "The Future of Banking: Is There a Sustainable Business Model for Banks?" 55 bankers, regulators, managers and finance experts are expected to attend the event, hosted at Schloss Leopoldskron, home of Salzburg Global Seminar. There, associates of financial services firms, regulators and consultancy firms will have the chance to explain their situation, learn more about the problems faced by the other sectors and offer their solutions.

The three-day session will follow on from the third meeting – “Out of the Shadows: Regulation of the Non-Banking Financial Sector” – by discussing the challenges of shadow banking, the competitiveness of the capital market, and the implications of new technology such as big data and integrated analytics on business sustainability.

In addition, working groups will identify the substitutes to bank lending, the real obstacles to sustainability and focus on relationships between supervisors and management in terms of governance and risk management.

The meeting will be chaired by returning Salzburg Global Fellow Andreas Dombret, Member of the Executive Board of the Deutsche Bundesbank AG.

The heavy focus on interactive interview panels and plenary discussions allow a wide range of faculty speakers to express their options and best practices. Industry leaders such as Cyrus Ardalan (Barclays), Dominic Crawley (Standard & Poor's), Tom Huertas (Ernst & Young), and returning Fellows Douglas Flint (HSBC), Sharon Bowles (ECON), and Edward Greene (Cleary Gottlieb Steen & Hamilton) as well as young top professionals and participants will be able to engage actively and debate sustainability concerns.

This session is the fourth in Salzburg Forum on Finance in Changing World, which was launched in 2011 with the session “New Rules for Global Finance: Which kinds of regulation are useful and which are counterproductive?” and continued in 2012 with “Financial Regulation: Bridging Global Differences”.
The fourth session of Salzburg Global Forum on Finance in a Changing World is supported by our main partners, HSBC, Ernst & Young and Oliver Wyman alongside our sponsor Oesterreichische Nationalbank and co-sponsors BNY Mellon, Byron Boston, Cleary Gottlieb, The Cynosure Group and Davis Polk. For more information, please see the session webpage: www.salzburgglobal.org/go/546 and follow the daily discussions on Twitter via the hashtag #SGSfinance
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Value(s) for Money?
Value(s) for Money?
Louise Hallman 
Philanthropy has existed for centuries. Linguistically its roots belong in Ancient Greek, meaning “love for humanity”. As a concept, using money to make the lives of others better, it reaches back to the Age of Enlightenment, in 17th and 18th century Europe. But this does not mean the concept is static, unchanging. The ideas surrounding what money, whose money, for what purpose and how are contentious. The multitude of different actors, acting in a multitude of different ways has created not only a vast landscape of philanthropy, but an ecosystem; all parts existing, living and affecting each other. Just what is this ecosystem, how can and should its composite parts interact and how can the system be better structured are all issues up for discussion at Salzburg Global Seminar this week as 46 philanthropy sector actors, from grant makers to grant seekers, philanthro-capitalists to “traditional” foundations, and academic and activists, arrive at Schloss Leopoldskron, Salzburg, for the session “Value(s) for Money? Philanthropy as a Catalyst for Social and Financial Transformation”. Over the next two days, the participants, from 17 different countries, will deconstruct the current funding ecosystem, establishing where within it their organizations function, and consider the financial flows, the enabling environment, and current and potential results. Through dynamic, interactive group work, the participants will build their ideal ecosystem, and envision how best they can share this new found perspective throughout the philanthropy landscape. Inspired by an article by leading philanthropy expert, writer and activist, Michael Edwards entitled: “Beauty and the Beast: Can Money Ever Foster Social Transformation?”, the two and a half day program is being sponsored by Hivos, the Netherlands-based international development organization. Speaking at the opening session, Hivos director of programs and projects, Ben Witjes explained Hivos’ interest in the session: as a funding-seeker, funding-giver and a program implementer, the organization wants to know how the ecosystem is currently working and how it can work better. “Finance has become a lot more complicated,” said Witjes. Over the centuries, philanthropy has expanded from simply wealthy individuals funding “good causes” to now embracing more market-driven principles; risk assessments and expected returns and impact of investments are just as common in the language of philanthropy as they are in business. Innovative funding mechanisms that support social change – like crowd-funding, social impact bonds, payments for eco-system services and prize-backed challenges – have diversified the funding landscape and brought in new resources. The system, however, is arguably out of balance with too much focus placed on revenue-generation, and directing financial resources through the market. At the same time, less funding is available for the deeper, less tangible drivers of social change – change that is driven by the beneficiaries themselves and is inherently more democratic. Money, while a seemingly essential tool in change processes, can be a “curse”, reinforcing or exacerbating the very circumstances and power imbalances at the heart of systemic social challenges. As funding sources shrink and immediate impacts are more commonly expected, are those who take this funding and attempt to enact social change becoming too narrow in scope, favoring individual improvements over long-term systemic change? One example given on the opening day of the session came from women’s rights advocate Angelika Arutyunova. Arutyunova’s work includes research into the funding of women’s rights organizations, “Watering the Leaves, Starving the Roots: The Status of Financing for Women’s Rights Organizing and Gender Equality” and “New Actors, New Money, New Conversations: A Mapping of Recent Initiatives for Women and Girls” for AWID, the Association for Women’s Rights in Development. Her research found that of the 170 new women’s rights initiatives included in the study, of the $14.6bn committed, 35% of this money was allocated for “women’s economic empowerment and entrepreneurship”, 44% of which was given in technical assistance to individual women. This individual approach, whilst beneficial to the women involved and promising near-instant results, however, often fail to address the systemic issues that inhibit women from entering the workforce, such as enforced gender roles, respect and safety for women in the work place, and lack of education. Her research also concluded that whilst the “leaves” – individual women and girls – are receiving growing attention, there has been a lack of support for “the roots” – the sustained, collective action by feminists and women’s rights activists and organizations that has been at the center of women’s rights advances throughout history. The support for the collective action, she argued, is necessary to ensure more systemic, rather than individual change. However, that is not to say that all organizations now need to start working towards broader systemic change. Change is a matrix, posited Arutyunova: one axis spanning from the individual to the community to the broader system, with the other spanning from informal (cultural and social norms, beliefs, practices) to the formal (laws, policies, resource allocations). Not all actors need to act across all points of the matrix, but all actors need to be aware of their niche and how it fits into the broader action for change. Over the course of the next two days, many of the Fellows will be invited to present their own case studies and experiences, as the group work towards the session’s five goals of not only mapping the current funding landscape to locate gaps and fault lines by issue, sector or region, but also stimulating the exchange of experience and ideas to deepen the knowledge base and identify options for short- and longer-term strategies; prioritizing components of a new funding ecosystem, taking into account current geo-political and -financial environments; targeting achievable yet significant interventions that can create tangible improvements over the next year; and taking account of provider and recipient motivations, scope roles and opportunities for collaboration between different actors, including government and multi-lateral organizations.  The session continues Salzburg Global's series of session on the issues surrounding philanthropy, the last of which were held in 2012, "Value vs. Profit: Recalculating ROI in Financial and Social Terms" and "Philanthropy in Times of Crisis and Transition: Catalyzing Forces of Change." 
You can follow all the discussions from the session on Twitter with the hashtag #SGSphil. All session materials, tweets and blog posts can be found on the session page: www.salzburgglobal.org/go/530  
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Salzburg Global 2014 Program now available online
Salzburg Global 2014 Program now available online
Oscar Tollast 
Salzburg Global’s 2014 Program will feature over 25 distinctive sessions and workshops inspired by three interdependent values: Imagination, Sustainability and Justice. The three values underpin Salzburg Global’s new program ‘clusters’ and aim to form the foundations for global citizenship. Under these ‘clusters’, a number of topics will be discussed. For example, participants will be asked how societies can renew their education, how to improve life chances for present and future generations, or examine how societies can reframe responsibilities. The 2014 Program brings together distinctive multi-year projects and partnerships with the common goal of promoting vision, courage and leadership to tackle the most complex challenges of a globalized society. The Salzburg Academies – covering Global Citizenship, Media and Global Change, and the Future of International Law – will continue to prepare outstanding young people with the skills to drive change. Salzburg Global Seminar remains determined in breaking down barriers separating people and ideas. It spans the world’s regions and challenges countries at all stage of development and institutions across all sectors to rethink their relationship and identify shared interests and goals. The program is available for download as PDF. 2014 Program Brochure
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