At the start of a week of presentations on the link between structural reform and macroeconomic policies, it might be useful to stand back and consider why this topic is being stressed. I will therefore begin by briefly discussing the 20 or so years of experience that have led the IMF to become increasingly conscious of this particular link when looking at members’ policies. I will then explain how this growing awareness has helped the IMF and the World Bank fashion their approaches to dealing with member countries. Next, I will review the various areas of linkage between macroeconomic policy and structural reform that will be discussed during the course of this seminar, not only as they relate to the economies in transition, but as they apply to the IMF’s membership as a whole. Finally, I will say something about the general conclusions that may emerge during the course of the seminar.

Proceedings of the Seminar Coordination of Structural Reform and Macroeconomic Stabilization, Washington, D.C., June 17-26, 1993