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 brought together a distinguished panel of senior policymakers from different regions of the world to discuss the lessons that had emerged from the conference for the future work of the Bretton Woods institutions. Kenneth Clarke, the Chancellor of the Exchequer of the United Kingdom, introduced and moderated the discussion. His opening remarks were followed by statements from the four panelists, each of whom played a key role in major economic transformations in his own country: Kwesi Botchwey, the Minister of Finance of Ghana; Moeen Qureshi, who has served both as a Senior Vice President of the World Bank and as Prime Minister of Pakistan; Leszek Balcerowicz, former Deputy Prime Minister and Minister of Finance of Poland; and Paul Volcker, former Chairman of the U.S. Federal Reserve System.
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