Conference on reform: Involving the private sector and preventing financial crises are main topics for discussion

Summary

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Exchange rates among major currencies - Capital flows to emerging markets - Balance between adjustment and financing - New answers to old questions - Involving the private sector in crisis prevention and resolution

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Conference on reform: Involving the private sector and preventing financial crises are main topics for discussion

Because the international monetary and financial system is a "public good," all have an interest in improving it, IMF Managing Director Michel Camdessus said during a conference entitled Key Issues in Reform of the International Monetary and Financial System in Washington, hosted by the IMF's Research Department, on May 28-29. The conference, which was organized by Michael Mussa and Alexander Swoboda, in collaboration with Peter B. Kenen, took a critical look at issues central to the discussion of how to strengthen the system, including coping with capital flows, coordinating exchange rate policies, providing financial assistance to countries facing external payment difficulties, and preventing and resolving financial crises. Participants included academics, senior government officials, members of the press, IMF Executive Directors, and IMF staff. Camdessus and Jacob Frenkel, Governor of the Bank of Israel, delivered keynote addresses, and IMF First Deputy Managing Director Stanley Fischer provided...

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