Adjusting the World to the New Realities of the International Financial System

Tokyo, Japan

October 12, 2012



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). 



  • Barry EICHENGREEN: Professor of Economics, University of California, Berkeley
  • Ewald NOWOTNY: Governor, Central Bank of Austria
  • Haruhiko KURODA: President, Asian Development Bank
  • Jong WHA LEE: Sherpa, Korean Presidency
  • Jose Antonio MEADE: Finance Minister, Mexico
  • Luigi BUTTIGLIONE: Head of Global Strategy, Brevan Howard Asset Management
  • Marc UZAN: Executive Director, Reinventing Bretton Woods Committee
  • Marek BELKA: Governor, Central Bank of Poland
  • Nouriel ROUBINI: Professor of Economics, NYU; Chairman, Roubini Global Economics
  • Ousmene MANDENG: Managing Director, Head of Investment Policy Advisory, FICC, Financial Public Sector Institutions, UBS
  • Peter PRAET: Member of the Board, European Central Bank
  • Philipp HILDEBRAND: Vice Chairman, BlacRock Inc
  • Sayuri SHIRAI: Policy Board Member, Bank of Japan

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