At the dawn of the twenty-first century, Africa is at a crossroads. It must quickly select the path it wishes to follow. Either the continent takes its destiny squarely into its own hands, or it leaves the shaping of its future to chance or to special interests. Africa does indeed have a choice. On one hand, it can allow the forces of implosion and ethnic warfare to become the masters of its fate, to the advantage of a few potentates lacking in vision or warlords with transient alliances. Thus, history would repeat itself, with all the suffering that this entails, and this old continent will be at the mercy of all types of corruption. Africa would be stripped of the wealth of its soil and the promise of its youth and left marginalized, adrift in the wake of history.
It is great to be here today among friends and kindred spirits. The National Democratic Institute is a passionate advocate for the full participation of women in the life of nations. I admire you…I salute you…I am with you.
Well, friends, you can imagine that I am a bit overwhelmed by what I have just heard. I had the impression that you were talking about somebody else, Christine. But let me thank you for this kind introduction and, also, for the pleasure of being back here at the Fund. It’s like coming home, a very warm and welcome home.
It is a great honor to be here to deliver this year’s Stavros Niarchos Lecture. I would like to thank Adam Posen and the Stavros Niarchos Foundation for so kindly inviting me— and a special thanks to Larry Summers for his warm words of introduction.
A speech delivered by the IMF's Managing Director Christine Lagarde at the German Institute for Economic Research (DIW) as part of the Institute's Europe Lecture Series in Berlin, Germany, on March 26, 2018.
This chapter presents the content of the Richard Dimbleby lecture, which has been delivered by an influential business or a political figure every year since 1972. Christine Lagarde, Managing Director of the IMF, delivered the 2014 lecture at Guildhall in London on February 3. The 44 nations gathering at Bretton Woods have been determined to set a new course based on the principle that peace and prosperity flow from the font of cooperation. Fundamentally, the new multilateralism needs to instil a broader sense of social responsibility on the part of all players in the modern global economy. A renewed commitment to openness and to the mutual benefits of trade and foreign investment is requested. It also requires collective responsibility for managing an international monetary system that has travelled light-years since the old Bretton Woods system. The collective responsibility would translate into all monetary institutions cooperating closely mindful of the potential impact of their policies on others.