Global Imbalances and the Future of the International Monetary System

Stockholm, Sweden

May 16, 2006



At the time of this conference the global economy had been characterized by large imbalances. The US showed low savings and a huge current account deficit, while a number of Asian and oil exporting countries showed high savings ratios and large surpluses. To some economists this was seen as a warning of a painful adjustment to come, but to others it implied a necessary bi-product of globalization and shifting patterns of specialization. This conference allowed participants an opportunity to debate these differing positions in order to bring into focus the reforms undeniably needed to international financial system and help resolve the profound disagreements among policy makers and the private sector concerning how far and deep these reforms should go.



  • Angel UBIDE: Managing Director, Tudor Investment
  • Annika FALKENGREN: President and CEO, SEB
  • Augusto LOPEZ CLAROS: Chief Economist, World Economic Forum
  • Fred BERGSTEN: Director, Institute for International Economics
  • Gian Maria MILESI FERRETII: Division Chief, Research Department, IMF
  • Jean Pierre LANDAU: Deputy Governor, Bank of France
  • John LIPSKY: Vice Chairman, JP Morgan Chase & Co.
  • Klas EKLUND: Chief Economist, SEB
  • Marcus WALLENBERG: Chairman of the Board, SEB
  • Nouriel ROUBINI: Professor of Economics, New York University
  • Richard COOPER: Professor of Economics, Harvard University
  • Stefan INGVES: Governor, Central Bank of Sweden
  • William R. WHITE: Head of the Monetary and Economic Department, Bank for International Settlements

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