The Future of Global Financial and Monetary System (International Monetary Fund):
Saturday October 9, 2010
03:15 PM – 04:45 PM
IMF HQ1 R-710 (Red Level)
Afsaneh Beschloss, President and Chief Executive Officer, Rock Creek Group, United States
Michel Camdessus, Former Managing Director, International Monetary Fund
Stanley Fischer, Governor, Bank of Israel, Israel
Pedro Malan, Chairman of the Board, UNIBANCO-Uniao do Bancos Brasileiros S.A., and Former Minister of Finance, Brazil
Reza Moghadam, Director, Strategy, Policy and Review Department, International Monetary Fund
Edwin M. Truman, Senior Fellow, Peterson Institute for International Economics, United States
Gang YI, Deputy Governor, People’s Bank of China, People’s Republic of China
Jean-Pierre Landau, Deputy Governor, Banque de France, France
In the context of rapidly increasing inter-dependence across national economies and shifting economic weight of different regions, the crisis has been a wake-up call for putting in place a global financial and monetary system that reduces the frequency and severity of crisis, underpinned by greater multilateralism in policymaking. Global cooperation and coordination on a wide set of issues, ranging from crisis prevention to regulatory and prudential reform and to provision of financial support, is critical for responding to the challenges presented by financial fragilities, external imbalances, weak fiscal positions and rising debt levels, and volatile capital flows.
Key questions addressed included:
* How could we ensure that policymaking across individual countries is consistent from a multilateral perspective, aimed at securing global financial stability and strong, balanced and durable growth?
* How could we reduce the frequency and severity of crises? Is the current global financial and monetary system well equipped to identify and address spillovers from major economies onto the rest of the world? How do we enhance the global financial safety net to be better armed against the next eventual crisis?
* In the context of rapidly rising financial integration, how could we promote greater coordination of regulatory and supervisory frameworks, aimed at reducing regulatory arbitrage and the volatility of capital flows?