New Features of the International Monetary System: New Challenges for Global Monetary Governance

Durban, South Africa

September 5-6, 2007



In the 1990’s experts and officials spent much time analyzing the origins of financial crises in emerging economies and trying to prevent them. Paradoxically, the world economy was concomitantly enjoying a remarkable growth. This conference set out to provide the context and reasons for these contradictory circumstances by asking the question: “Are imbalances connected to prosperity?”More specifically, participants discussed the macroeconomic implications of sovereign wealth funds and how the international financial system responds to monetary policy that has the capacity to create credit. For years, economists have considered that, in the process of financial globalization, markets have evolved toward more efficient functioning and more resilient mechanisms. The turmoil on global markets at the time of this seminar was the first real test for many recent financial innovations, and we all know the outcomes that followed…



  • Adrian BLUNDELL WIGNALL: Director, OECD
  • Amar BHATTARCHAYA: Secretary General, G24
  • Ben KRUGER: Chief Executive, Corporate and Investment Banking, Standard Bank Group
  • Christian THIMANN: Head of International Policy Analysis Division, European Central Bank
  • Dennis LEECH: Professor of Economics, University of Warwick
  • Domenico SINISCALCO: Vice Chairman and Managing Director, Morgan Stanley, Former Minister of Finance of Italy
  • Erwar PRASAD: Professor of economics, Cornell University, USA
  • Francis E. WARNOCK: Associate Professor of Business Administration, Darden Graduate School of Business Administration, University of Virginia, USA
  • Heidar DUDJONSSON: Managing Partner, Novator
  • Jens NYSTEDT: Partner, GLG
  • Lesetja KGANYAGO: Director General, National Treasury of South Africa
  • Michael DOOLEY: Partner, Cabezon Capital
  • Peter GARBER: Market Strategist Deutsche Bank
  • Renosi MOKATE: Deputy Govenror, Reserve Bank of South Africa

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