The Evolving Role of the Bretton Woods Institutions: Where do we Stand?

Paris, France

July 4-5, 2005



In this conference on the evolving role of the Bretton Woods institutions, participants expressed  the view that “radical changes” in the structure of the IMF and in the way it went about its business were not to be expected. Nevertheless, it was possible to make a case for a more focused approach to the exercise of its many responsibilities. On the subject of global imbalances, participants referred to the impressive accumulation of reserves at the central banks of many of the larger Asian countries, the counterpart of the equally impressive current account deficit in the United States, both coexisting with an exceptionally low level of interest rates—both short and long-term. For many, these imbalances were not sustainable and had to be addressed as soon as possible. Did they reflect mainly excess demand and insufficient savings in the United States or were they a reflection of insufficient demand outside the United States? The IMF was, of course, expected to be an independent source of analysis on economic developments and should be given more of a role in the management of macro imbalances globally. It was not clear, however, whether the G7, the G20 or some other such cooperative grouping would be the best forum to address these issues.



  • Andre CARTAPANIS: Professor of International Economics and Finance, University of Aix
  • Atish GHOSH: Division Chief, Policy Development and review Department, Policy Review Division, IMF
  • Brad STETSER: Senior Economist and Research Associate, GEGP, University College, Oxford
  • Christian NOYER: Governor, Bank of France
  • François BOURGUIGNON: Senior Vice President and Chief Economist, World Bank
  • Helene REY: Professor of Economics, Princeton University
  • Jacques DE LAROSIERE: Advisor to the Chairman, BNP Paribas
  • Jean Pierre LANDAU: Executive Director, EBRD
  • Jim O’NEILL: Head of Global Economic Research, Goldman Sachs
  • John LIPSKY: Vice Chairman, JP Morgan
  • Jon CUNLIFFE: Managing Director and G7 Deputy, HM Treasury, UK
  • Lorenzo BINI SMAGHI: Member of the Executive Board of the ECB
  • Luis PEREIRA: Secretary for International Affairs, Ministry of Finance, Brazil
  • Marc UZAN: Executive Director, Reinventing Bretton Woods Committee
  • Masood AHMED: Director General, Department for International Development, UK
  • Nouriel ROUBINI: Professor of Economics, New York University
  • Olivier GARNIER: Deputy General Manager, SGAM
  • Patrick ARTUS: Chief Economist, IXIS Corporate and Investment Bank
  • Pierre JACQUET: Executive Director and Chief Economist, French Development Agency
  • Richard SAMANS: Managing Director, World Economic Forum
  • Robert GRAY: Chairman of International Primary Market Association
  • Robert MUNDELL: Professor of Economics, Columbia University
  • Stephany GRIFFITHS JONES: Professorial Fellow, IDS, UK
  • Xavier MUSCA: Director General, French Ministry of Finance
  • Yung Chul PARK: Professor of Economics, Seoul National University

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