The first day of the conference concluded with a dinner at the Castillo de Vinuelas outside Madrid. In that historic setting, Pedro Aspe Armella, the Secretary of Finance and Public Credit of Mexico, presented the second keynote address on the implications for the Bretton Woods institutions of the transformations under way in Mexico and many other developing countries. Mr. Aspe’s speech was introduced by Wim Duisenberg, the President of De Nederlandsche Bank and of the Bank for International Settlements. Mr. Duisenberg’s remarks focused on the importance for the IMF of maintaining its monetary character as it responds to a changing world economy.