Financial System Under Stress

Montreal, Canada

May 16, 1995



This meeting, which was programmed to take place right before the G7 summit in Halifax, focused on the question of how to adapt the Bretton Woods institutions to the 21st century. No one expected that the Mexican crisis would raise fundamental questions about the role of the IMF with respect to capital account crises versus current account crises. George Soros, Arminio Fraga, Carmen Reinhart among others joined us for this second seminar where we also focused on laying out the arguments for an international bankruptcy court to resolve sovereign debt crisis.



  • Arminio FRAGA: Managing Director, Soros Fund Management
  • Ashwin VASAN: Vice-President and Portfolio Manager, Oppenheimer Corporation
  • Barry EICHENGREEN: Professor of Economics and Political Science, University of California at Berkeley
  • Carmen REINHART: Economist, International Monetary Fund
  • Jack BOORMAN: Director, Policy Development and Review Department, International Monetary Fund
  • Jean-Claude SCRAIRE: Chairman of the Board and Chief Executive Officer, Caisse de dépôt et placement du Québec
  • John LIPSKY: Chief Economist, Salomon Brothers
  • John P. CURTIN: Chairman and Resident Partner, Goldman Sachs Canada
  • John W. CROW: Former Governor, Bank of Canada
  • Karin LISSAKERS: US Executive Director, International Monetary Fund
  • Marc UZAN: Executive Director, Reinventing Bretton Woods Committee
  • Paulo LEME: Vice-President and Director of Emerging Markets Research, Goldman Sachs & Co.
  • Reimut JOCHIMSEN: President, State Central Bank in North Rhne-Westphalia
  • Renato FILOSA: Manager, Monetary and Economic Affairs, BIS
  • Rogelio RAMIREZ DE LA O: Director General, Ecanal S.A. de C.V.
  • Ronald MCKINNON: Professor of Economics, Stanford University

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