Building an International Monetary and Financial System for the 21st Century: Agenda for Reforms

New York, USA

November 24-25, 2008



At the outburst of the global financial crisis, addressing solutions and proposals to restore international financial and monetary stability was the utmost priority. Hence this high-level conference was dedicated to reflections and projections, not so much about the ongoing crisis ‘in the system’, but crisis ‘of the system’. The speakers at this conference agreed that not having employed measures to improve and change the paradigm during the Asian crisis of the 1990’s was a collective failure. There was also a general consensus that, the external imbalances and the internal imbalances of major countries in the world as well the discrepancies between surplus countries and deficit countries were at the origin of the current debacle. Some also questioned whether perhaps that the world was not ready for globalization. Markets had forged ahead believing that the political structures would follow course.  However, this crisis demonstrated that the world was neither ready for a global financial regulator, nor for a global central bank or a global single currency. Some expressed the view that henceforth we would need to live with a patchwork of cooperation and even that was going to be complicated to manage



  • Alexander SWOBODA: Professor of International Economics Emeritus, The Graduate Institute of International and Development Studies, Switzerland
  • Andy HALANE: Executive Director Designate, Bank of England
  • Barry EICHENGREEN: Professor of Economics, University of California at Berkeley
  • Charles SOLUDO: Governor, Central Bank of Nigeria
  • Clay LOWERY: Assistant Secretary, International Affairs, US Department of Treasury
  • David CLAYDON: Managing Director, Morgan Stanley
  • David HALE: Chairman, Global Hale Advisers
  • Dino KOS: Managing Director, Portales Partners
  • Dominic WILSON: Co Head, Global Economic Research, Goldman Sachs
  • Edmond ALPHANDERY: Chairman of the Board, CNP Assurances
  • Eisuke SAKAKIBARA: Professor of Economics, Keio University, Japan
  • George VOJTA: Chairman, Financial Standards Foundation
  • Harold JAMES: Professor of History, Princeton University
  • Jacob FRENKEL: Vice Chairman AIG and Chairman Group of 30
  • Jean PISANI FERRY: Director, Bruegel
  • Jeffrey SHAFER: Managing Director, Citigroup
  • Jens NYSTEDT: Moore Capital Management
  • Jose Antonio OCAMPO: Professor of Economics, Columbia School of Public Affairs
  • Joyce CHANG: Global Head of Emerging Markets and Credit Research, JP Morgan Chase
  • Judy SHELTON: Economist, Author
  • Kemal DERVIS: Administrator, United Nations Development Program
  • Larry BRAINARD: Chief Economist, Trusted Sources
  • Lewis ALEXANDER: Global Chief Economist, Citigroup
  • Malcolm KNIGHT: Vice Chairman, Deutsche Bank
  • Marc UZAN: Executive Director, Reinventing Bretton Woods Committee
  • Mario I. BLEJER: Adviser, Banco Hipotecario
  • Mark H. ADELSON: Chief Credit Officer for Standard & Poor’s
  • Mark SIEGEL: Member of the Board, FASB
  • Mark SOBEL: Deputy Assistant Secretary for International Affairs, US Department of Treasury
  • Martin CASTELLANO: Chief of Staff of the Governor, Central Bank of Argentina
  • Michael BORDO: Professor of Economics, Rutgers University
  • Michael DOOLEY: Partner, Cabezon Capital
  • Nouriel ROUBINI: Professor of Economics, Ster, School of Business and Chairman, RGE Monitor
  • Olivier JEANNE: Professor of Economics, Johns Hopkins University
  • Peter GARBER: Strategist Deutsche Bank
  • Reza MOGHADAM: Director, Policy Review Department, IMF
  • Richard CLARIDA: Strategic Advisor, Pimco, and Professor of Economics, Columbia University
  • Richard COOPER: Professor of Economics, Harvard University
  • Robert MUNDELL: Nobel Prize of Economics, Professor of Economics at Columbia University
  • Roberto UNGER: Minister of Strategic Affairs, Brazil
  • Ronald MAC KINNON: Professor of Economics, Stanford University
  • Tim ADAMS: Managing Director, The Lindsey Group
  • Wolfgang MUNCHAU: Chairman, Euro Intelligence
  • Yan QIFA: Vice General Manager, Export-Import Bank, China
  • Yung CHUL PARK: Professor of Economics, Seoul National University

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