This session focused on the challenges that the Bretton Woods institutions face in helping member countries make the transition from central planning to a market economy. The first speaker was Liu Zhongli, the Minister of Finance of the People’s Republic of China, who spoke about China’s approach to reform. He was followed by Richard Portes, who, as Director of the Centre for Economic Policy Research, has undertaken an extensive program of research on these issues. He discussed the experience of Eastern Europe in economic liberalization. The session was chaired by Viktor Gerashchenko, the Chairman of the Central Bank of the Russian Federation.