Adjusting the World to the New Realities of the International Financial System
During the IMF Annual meeting 2012, we organized a breakfast seminar in cooperation with Asian Development Bank Institute. The event was overseen by Governor Haruhiko Kuroda, who was then president of the ADB. The agenda explored how the Eurozone crisis was testing the fabric of regional and international financial cooperation in a world where creditor and debtor nations had interchanged positions. Participants questioned the creation of the ESM and the notion of having different lenders of last resort. The position of the IMF as a global lender was also discussed. The new architecture of the eurozone looked to participants as promising greater stabilisation but in the backdrop was also the fear that the Bretton woods era in terms of the forms of cooperation and multilateralism was coming to an end giving way to a new form of global and regional governance. The panel discussions also revolved around the road map for eventually creating in the Eurozone “the 4 unions” (monetary, banking, fiscal and political).