All Eyes on Paris and the G-20


By iMFdirect

Certainly the world did not end in 2008 with the collapse of Lehman and the crisis that followed. But, it didn’t mostly—perhaps only—because extraordinary international policy cooperation helped avert a far worse outcome.
Dominique Strauss-Kahn

… the G-20 has now to adapt to a new economic environment. It must prove that it is able to coordinate the economic policies of major economies on an ongoing basis.
French G-20 Presidency

G-20 Finance Ministers and Central Bank Governors gather in Paris for their first ministerial level meeting of France’s G-20 presidency at a critical juncture Continue reading

A Stronger Financial Architecture for Tomorrow’s World


By Dominique Strauss-Kahn

(Version in Español Français 日本語)

The international monetary system (IMS) is a topic that encompasses a wide range of issues—reserve currencies, exchange rates, capital flows, and the global financial safety net, to name a few. It is one of the key issues on the G-20’s work agenda for 2011, and a topic that is eliciting lively discussion—for instance the recent, insightful report of the group chaired by Michel Camdessus, called the “Palais-Royal Initiative”.

Some are of the view that the current system works well enough. While not perfect, they point to its resilience during the crisis, citing the role of the U.S. dollar served as a safe haven asset. And now that the global recovery is underway, they see little reason to worry about the IMS. In other words, “if it ain’t broke, don’t fix it”.

I take a less sanguine view. Continue reading

Turning up the Volume—Asia’s Voice and Leadership in Global Policymaking


By Naoyuki Shinohara

(Version in 中文,  日本語 and 한국어)

Asia’s voice is getting louder and the IMF—and, indeed, the world—is listening.

I am writing from Daejeon, Korea where the Fund and the government of Korea are hosting together a high-level international conference over the next two days.

The conference, entitled Asia 21: Leading the Way Forward, is an opportune time to reflect on exactly that: Asian leadership. Both the topics to be discussed and participants expected for the event speak volumes of the range and depth of expertise and experience in the region.

With broader recognition of the region’s economic, analytic and policy successes, Asia is now a leading voice in the global dialogue on economic and financial policies.

Continue reading

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