Barry Eichengreen is well placed to introduce this session, having not only extensively studied the international monetary and financial scene as an academic, but also having recently spent a fruitful year at the IMF’s Research Department. His 1999 monograph on the international financial architecture (Eichengreen, 1999) reminded me of Fritz Machlup’s lucid survey of reform plans in the 1960s (Machlup, 1964), which helped me a great deal when I was a student grappling to understand the intricacies of the system. I will have something to say later on about Eichengreen’s proposals, many of which I agree with, but some of which I find less convincing.