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Mr. Chairman, Governors, honored guests, it is a pleasure to welcome you to these Annual Meetings. I would like to join Chairman Macki in extending special greetings to our newest member country, Timor-Leste, and to wish the Timor-Leste authorities every success in their task of building a new nation.

Nathalie Pouokam
Mr. Wayne W. Camard

What obstacles are there to the growth of emerging markets? “Round up the usual suspects,” advised Columbia University’s Frederic Mishkin at a January 11-12 Brookings-Wharton conference that focused on integrating emerging market countries in the global financial system. In response to Mishkin’s call, presenters looked at the role of property rights, bankruptcy law, standards and codes of best international practice, security market development, corporate governance, accounting standards, and bank regulation and supervision. Many also underscored how vital it is for emerging markets to be consistent in implementing the policies and the practices they choose to follow.

International Monetary Fund


Meetings of the Joint Development Committee were held jointly with the Board of Governors of the Bank. The sessions of the Annual Meetings were held jointly with the Boards of Governors of the World Bank Group.

International Monetary Fund. External Relations Dept.

For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.

International Monetary Fund. External Relations Dept.
On July 17, IMF First Deputy Managing Director Anne Krueger addressed a National Bureau for Economic Research (NBER) conference on the lessons to be learned from the Argentina crisis and how these can be used to raise the effectiveness of IMF efforts to prevent and resolve financial crises. Following are edited excerpts from her remarks; the full text is available on the IMF’s website (