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International Monetary Fund. External Relations Dept.

Immediately prior to leaving office as IMF Managing Director, Michel Camdessus delivered his final speech to the Tenth United Nations Conference on Trade and Development (UNCTAD) in Bangkok on February 13 (see page 50). Renewing his recent pleas for an all-out effort to address the “systemic threat of poverty,” Camdessus cited “incoherence” in efforts to move to the necessary higher level of international cooperation. He called for a “reinvigorated multilateralism,” which would imply extending the vision for the world’s economic and financial system beyond trade and payments to cover the whole gamut of international transactions. The need is to convince the public and political leadership, Camdessus said, that only multilateralism can succeed in humanizing globalization. To that end, it is essential to ensure that the IMF and other multilateral institutions are seen—far more visibly—to have the legitimate support of their shareholders.