Some More Perspectives On This Weekend's Secretive Banker Meeting In Sydney

One of the less-reported events this weekend was the not so secret central banker meeting that is taking place in Sydney, Australia. Now that factual details are finally emerging it is appropriate to collect some information tidbits about this shindig which has some claiming is reminiscent of a modern day version of the Jekyll Island meeting. From the Sydney Morning Herald.

CENTRAL bankers are an unobtrusive breed by nature and necessity. So it might have escaped the attention of many that Sydney is playing host to a meeting of some of the world's top money men and women to celebrate the 50th birthday of the Reserve Bank of Australia.

However, a secretive gala dinner at the Art Gallery of NSW to mark the event last night attracted a who's who of Australia's political and business world.

Past treasurers included Peter Costello, John Dawkins, John Kerin and Ralph Willis. And, of course, the RBA was well represented, with governor Glenn Stevens and former governors Ian Macfarlane and Bernie Fraser in attendance.

Around 7.15pm, John Howard and his wife Janette arrived, almost at the exact time as Mr Costello, from the other side of the entrance. The pair met, shook hands, and offered a polite ''Good to see you'' before moving up the stairs.

The visit by central bankers includes the president of the European Central Bank, Jean-Claude Trichet, the presidents of the Federal Reserve Banks of San Francisco and New York, Janet Yellen and William Dudley, the governor of the People's Bank of China, Zhou Xiaochuan, the governor of the Bank of Israel, Stanley Fischer, and New Zealand's Reserve Bank governor, Alan Bollard. Last night, some of these bankers were spotted being bussed from their meeting venue at the Sheraton on the Park Hotel to the Art Gallery. The event was held in the Grand Court, which seats up to 350 people.

They drank champagne before looking at artworks and sitting down for dinner entertained by a jazz trio.

The visit by the central bankers comes as world markets fear a second wave of financial stress if the Greek government defaults on its debts. There is also talk the stresses could lead to a break up of the European Union's common currency, the euro.

The low profile of the meeting is also a matter of design. Security is tight and the location of events a closely guarded secret.

Today's meetings will kick off with a session to discuss a paper co-authored by Mr Stevens on the challenges facing central banks. Mr Macfarlane will chair a second session on the financial sector, and the day will conclude with a discussion led by Ross Garnaut on supply side issues.

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