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English
Keywords:
PJ; governor of the Banque de France; managing director of the International Monetary Fund; year's lecture; use of time; IMF surveillance
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Abstract

This paper discusses how international financial institutions (IFIs) can deal with new global challenges. The paper highlights that surveillance is the primary responsibility of the IMF. To make it more effective, more attention should be paid to long-term, structural developments that, if left unaddressed, can over time create intractable rigidities and obstacles to growth. These include labor market rigidities, the consequences of demographic trends such as aging, and even the accumulation of international reserves. The interrelations between countries and the systemic impact of policies should also be a key focus of surveillance.

International Financial Institutions:

Dealing with New Global Challenges

Michel Camdessus

Washington, D.C. • 2005

©International Monetary Fund. Not for Redistribution

ISSN 0252-3108

Editor: Archana Kumar Cover design and production: IMF Multimedia Services Division Typesetting: Alicia Etchebarne-Bourdin

CONTENTS

  • Foreword

  • Opening Remarks Andrew D. Crockett

  • International Financial Institutions: Dealing with New Global Challenges Michel Camdessus

  • Biography

  • The Per Jacobsson Lectures

  • The Per Jacobsson Foundation

Foreword

On Sunday, September 25, 2005, a lecture sponsored by the Per Jacobsson Foundation was presented by Michel Camdessus, Honorary Governor of the Banque de France and Former Managing Director of the International Monetary Fund, at the George Washington University campus in Washington. Mr. Camdessus spoke on the topic, “International Financial Institutions: Dealing with New Global Challenges.”

The lecture was delivered in conjunction with the Annual Meetings of the Boards of Governors of the International Monetary Fund and the World Bank, as is traditionally the case. Per Jacobsson Foundation events, which include not only lectures but also occasional symposia on topics in finance, economic policy, and international cooperation, are also sometimes held in the context of the Annual General Meeting of the Bank for International Settlements (BIS) in Switzerland.

The Per Jacobsson Foundation was established in 1964 to commemorate the work of Per Jacobsson (1894-1963) as a statesman in international monetary affairs. Per Jacobsson was the third Managing Director of the IMF (1956-63) and had earlier served as the Economic Adviser of the BIS (1931-56). Per Jacobsson Foundation lectures and contributions to symposia are expressions of personal views and intended to be substantial contributions to the field in which Per Jacobsson worked. They are distributed free of charge by the Foundation. Further information about the Foundation may be obtained from the Secretary of the Foundation or may be found on the website, www.perjacobsson.org.

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Cover International Financial Institutions
International Financial Institutions
Dealing with New Global Challenges
ISBN:
9781451950199
ISSN:
0252-3108
Publication Date:
04 Nov 2005
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781451950199.028
Pages:
39