October 1, 2015 Print

Photo credit: martín

Central banks wield a tremendous amount of power over an economy, so advocates of free markets, sound money, and government accountability have a crucial role in minimizing the damage that central banks cause. Two researchers with Centro de Estudios Públicos (CEP), an Atlas Network partner in Chile, are collaborating with Chilean Finance Minister Rodrigo Valdes as part of a team of technical experts who are examining the draft amendment to the country’s General Banking Law, last reformed in 1997.

Vittorio Corbo, a former governor of the Bank of Chile from 2003 to 2007, and Raphael Bergoeing, the superintendent of banks and financial institutions from 2001 to 2014, are focused on closing the regulatory gap with the Basel III accord and with improving the corporate governance of the Superintendency of Banks and Financial Institutions. Chile is currently operating under the Basel I framework, the goal of the research is to determine whether implementing part of Basel III is more effective than adopting the framework in full while never actually having adopted Basel II. 

CEP is a private foundation committed to guiding Chilean public opinion on philosophical, political, social, and economic national issues in accordance with the values and principles of a free society. It was ranked 23rd world among the “Top Social Policy Think Tanks” in the 2014 “Global Go To Think Tank Index,” compiled by the University of Pennsylvania’s Think Tanks and Civil Societies Program.