This volume, edited by James M. Boughton and K. Sarwar Lateef, contains the proceedings of a conference held in Madrid, Spain, in 1994, by the IMF and the World Bank to commemorate the fiftieth anniversary of the Bretton Woods conference of July 1944 that created the two institutions. The conference provided a forum for reflection and for reassessing the roles of the institutions as they approach the twenty-first century.
This session featured two speakers from major countries who have played active and important roles in their countries for many years. The first speaker was Manmohan Singh, the Finance Minister of India and one of the chief architects of India’s recent economic reform program. He was followed by C. Fred Bergsten, the founder and Director of the Institute for International Economics and a former Assistant Secretary of the U.S. Treasury Department. After they addressed the global issues affecting the Bretton Woods institutions from their unique perspectives, the Chairman of the session—Lamberto Dini, Minister of the Treasury of Italy—offered an overview and synthesis of the suggestions presented. The speakers then responded to a number of questions and comments raised by other participants.
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