Abstract
The financial crises in the emerging market economies of Asia, followed by those in Russia and Brazil, gave powerful impetus to proposals to strengthen the architecture of the international financial system to ensure that the potential benefits of globalization are realized by all member countries. Such proposals were a major focus of the Executive Board’s attention in 1998/99. A clear consensus had developed, both in the IMF and in the international financial community, in favor of strengthening the global financial system to reduce the risks posed by institutional weaknesses and the volatility of capital flows, and to facilitate access to capital markets by those countries that had yet to benefit from globalization.
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