International Monetary System, the IMF and the G20

[FRONT FLAP] The establishment in 1944 of the International Monetary Fund and the World Bank remains one of the most important achievements of international economic cooperation. Over the past six decades, the world has witnessed fundamental political and economic changes which have radically altered the environment in which the world's leading international financial institutions have had to operate. The wave of financial crises during the past decade has contributed to an emerging consensus that the international financial system, and the institutions underpinning it, are in need of reform. The International Monetary Convention Project has sought to contribute to the debate on the key elements of such reforms by creating a platform for dialogue and deliberation, involving G-20 policy-makers as well as leading members of the private sector and the academic community. The book offers a representative sampling of some of the thinking surrounding the fundamental questions being explored in this series of roundtables, held in seven countries over two years. What new or improved arrangements are needed to ensure the smooth functioning of the international financial system in the 21st century, given the emergence of a wider range of important national actors and the increased role of private capital flows? It is hoped that the papers in this volume, written by leading participants in this critical international debate, will stimulate further creative thinking in the field of global monetary and economic governance. [BACK FLAP] The World Economic Forum is an independent international organization committed to improving the state of the world by engaging leaders in partnerships to shape global, regional and industry agendas Richard Samans is Managing Director of the World Economic Forum, responsible for its public-private partnership initiatives and its relations with governments, international organizations, NGOs, and other non-business constituencies. Before joining the Forum, he served as Special Assistant to the President for International Economic Policy in the US White House. Marc Uzan is the Executive Director of the Reinventing Bretton Woods Committee, an organization which he founded in 1994. The Committee is a think-tank focusing on issues related to international financial architecture through a regular dialogue between markets and governments. He is the author of several academic papers on the new architecture for the international financial system. Augusto Lopez- Claros has been Chief Economist at the World Economic Forum since 2003, and Director of its Global Competitiveness Program, a research project whose aim is to determine the impediments to economic growth in more than 120 countries. He has an abiding interest in the growth and development of global interdependence and cooperation and the importance of international institutions in their principal role of promoting and safeguarding human prosperity.