Back Matter

Back Matter

International Monetary Fund
Published Date:
October 2011
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    Andrew Crockett

    Sir Andrew Crockett is the Special Adviser to the Chairman, and a member of the Executive Committee, JPMorgan Chase & Co. Before joining JPMorgan Chase, Sir Andrew had been General Manager (CEO) of the Bank for International Settlements, serving two five-year terms (1993-2003). At the request of the G-7 Finance Ministers, he also served from 1999 to 2003 as the first Chairman of the Financial Stability Forum, now the Financial Stability Board. Earlier in his career, he held senior positions at the Bank of England and the International Monetary Fund.

    Sir Andrew has served in the past as Chairman of Working Party 3 of the OECD, as the IMF’s Alternate Governor for the United Kingdom, as a member of the Monetary Committee of the European Union, and as a Trustee of the International Accounting Standards Committee Foundation. He is currently a member emeritus of the Group of Thirty, a member of the International Advisory Council of the China Banking Regulatory Commission, Director of the International Centre for Leadership in Finance (Malaysia), and a trustee of the American University of Beirut.

    Among honors received by Sir Andrew are Honorary LLD (University of Birmingham), European Banker of the Year (2000), and Knight Bachelor (United Kingdom, 2003). He is the author of several books on economic and financial subjects, as well as numerous articles in scholarly publications.

    Born in Glasgow in 1943, Sir Andrew was educated at Cambridge and Yale universities. He is married with three children.


    The views expressed in this lecture are in a personal capacity. Helpful comments on an earlier draft were provided by Paul Tucker, Morris Goldstein, Darrell Duffie, Ted Truman, Charles Goodhart, Bob Sleeper, Philip Turner, and Adam Gilbert, who are not responsible for the final version.

    The Per Jacobsson Lectures

    2011What Financial System for the Twenty-First Century? Lecture by Andrew Crockett.
    2010Navigating the New Normal in Industrial Countries. Lecture by Mohamed A. El-Erian. Markets and Government Before, During, and After the 2007—20XX Crisis. Lecture by Tommaso Padoa-Schioppa.
    2009Growth After the Storm? A Longer-Run Perspective. Lecture by Kemal Derviş.
    2008The Role and Governance of the IMF: Further Reflections on Reform. Symposium panelists: Stanley Fischer, Trevor Manuel, Jean Pisani-Ferry, and Raghuram Rajan. The Approach to Macroeconomic Management: How It Has Evolved. Lecture by Lord George.
    2007Balance of Payments Imbalances. Lecture by Alan Greenspan.
    2006Asian Monetary Integration: Will It Ever Happen? Lecture by Tharman Shanmugaratnam (Singapore).
    Competition Policy and Monetary Policy: A Comparative Perspective. Lecture by Mario Monti (Bern).
    2005International Financial Institutions: Dealing with New Global Challenges. Lecture by Michel Camdessus.
    2004The U.S. Current Account Deficit and the Global Economy. Lecture by Lawrence H. Summers. Some New Directions for Financial Stability? Lecture by C.A.E. Goodhart, CBE (Zurich).
    2003The Arab World: Performance and Prospects. Lecture by Abdlatif Yousef Al-Hamad (Dubai).
    2002The Boom-Bust Capital Spending Cycle in the United States: Lessons Learned. Lecture by E. Gerald Corrigan.
    Recent Emerging Market Crises: What Have We Learned? Lecture by Guillermo Ortiz (Basel).
    2001No lecture took place due to the cancellation of the Annual Meetings of the IMF and the World Bank.
    2000Ten Years On—Some Lessons from the Transition. Lecture by Josef Tošovský (Prague). Strengthening the Resilience of Financial Systems. Symposium panelists: Peter B. Kenen, Arminio Fraga, and Jacques de Larosière (Lucerne).
    1999The Past and Future of European Integration—A Central Banker’s View. Lecture by Willem F. Duisenberg.
    1998Managing the International Economy in the Age of Globalization. Lecture by Peter D. Sutherland.
    1997Asian Monetary Cooperation. Lecture by Joseph C.K. Yam, CBE, JP (Hong Kong SAR).
    1996Financing Development in a World of Private Capital Flows: The Challenge for InternationalFinancial Institutions in Working with the Private Sector. Lecture by Jacques de Larosière.
    1995Economic Transformation: The Tasks Still Ahead. Symposium panelists: Jan Svejnar, Oleh Havrylyshyn, and Sergei K. Dubinin.
    1994Central Banking in Transition. Lecture by Baron Alexandre Lamfalussy (London).
    Capital Flows to Emerging Countries: Are They Sustainable? Lecture by Guillermo de la Dehesa (Madrid).
    1993Latin America: Economic and Social Transition to the Twenty-First Century. Lecture by Enrique V. Iglesias.
    1992A New Monetary Order for Europe. Lecture by Karl Otto Pöhl.
    1991The Road to European Monetary Union: Lessons from the Bretton Woods Regime. Lecture by Alexander K. Swoboda (Basel).
    Privatization: Financial Choices and Opportunities. Lecture by Amnuay Viravan (Bangkok).
    1990The Triumph of Central Banking? Lecture by Paul A. Volcker.
    1989Promoting Successful Adjustment: The Experience of Ghana. Lecture by J.L.S. Abbey. Economic Restructuring in New Zealand Since 1984. Lecture by David Caygill.
    1988The International Monetary System: The Next Twenty-Five Years. Symposium panelists: Sir Kit McMahon, Tommaso Padoa-Schioppa, and C. Fred Bergsten (Basel).
    1987Interdependence: Vulnerability and Opportunity. Lecture by Sylvia Ostry.
    1986The Emergence of Global Finance. Lecture by Yusuke Kashiwagi.
    1985Do We Know Where We’re Going? Lecture by Sir Jeremy Morse (Seoul).
    1984Economic Nationalism and International Interdependence: The Global Costs of NationalChoices. Lecture by Peter G. Peterson.
    1983Developing a New International Monetary System: A Long-Term View. Lecture by H. Johannes Witteveen.
    1982Monetary Policy: Finding a Place to Stand. Lecture by Gerald K. Bouey (Toronto).
    1981Central Banking with the Benefit of Hindsight. Lecture by Jelle Zijlstra; commentary by Albert Adomakoh.
    1980Reflections on the International Monetary System. Lecture by Guillaume Guindey; commentary by Charles A. Coombs (Basel).
    1979The Anguish of Central Banking. Lecture by Arthur F. Burns; commentaries by Milutin Ćirović and Jacques J. Polak (Belgrade).
    1978The International Capital Market and the International Monetary System. Lecture by Gabriel Hauge and Erik Hoffmeyer; commentary by Lord Roll of Ipsden.
    1977The International Monetary System in Operation. Lectures by Wilfried Guth and Sir Arthur Lewis.
    1976Why Banks Are Unpopular. Lecture by Guido Carli; commentary by Milton Gilbert (Basel).
    1975Emerging Arrangements in International Payments: Public and Private. Lecture by Alfred Hayes; commentaries by Khodadad Farmanfarmaian, Carlos Massad, and Claudio Segré.
    1974Steps to International Monetary Order. Lectures by Conrad J. Oort and Puey Ungphakorn; commentaries by Saburo Okita and William McChesney Martin (Tokyo).
    1973Inflation and the International Monetary System. Lecture by Otmar Emminger; commentaries by Adolfo Diz and János Fekete (Basel).
    1972The Monetary Crisis of 1971: The Lessons to Be Learned. Lecture by Henry C. Wallich; commentaries by C.J. Morse and I.G. Patel.
    1971International Capital Movements: Past, Present, Future. Lecture by Sir Eric Roll; commentaries by Henry H. Fowler and Wilfried Guth.
    1970Toward a World Central Bank? Lecture by William McChesney Martin; commentaries by Karl Blessing, Alfredo Machado Gómez, and Harry G. Johnson (Basel).
    1969The Role of Monetary Gold over the Next Ten Years. Lecture by Alexandre Lamfalussy; commentaries by Wilfrid Baumgartner, Guido Carli, and L.K. Jha.
    1968Central Banking and Economic Integration. Lecture by M.W. Holtrop; commentary by Lord Cromer (Stockholm).
    1967Economic Development: The Banking Aspects. Lecture by David Rockefeller; commentaries by Felipe Herrera and Shigeo Horie (Rio de Janeiro).
    1966The Role of the Central Banker Today. Lecture by Louis Rasminsky; commentaries by Donato Menichella, Stefano Siglienti, Marcus Wallenberg, and Franz Aschinger (Rome).
    1965The Balance Between Monetary Policy and Other Instruments of Economic Policy in aModern Society. Lectures by C.D. Deshmukh and Robert V. Roosa.
    1964Economic Growth and Monetary Stability. Lectures by Maurice Frère and Rodrigo Gómez (Basel).

    The Per Jacobsson Lectures are available on the Internet at, which also contains further information on the Foundation. Copies of the Per Jacobsson Lectures may be acquired without charge from the Secretary. Unless otherwise indicated, the lectures were delivered in Washington, D.C.

    The Per Jacobsson Foundation

    Founding Honorary Chairmen:Eugene R. Black
    Marcus Wallenberg
    Past Chairmen:W. Randolph Burgess
    William McC. Martin
    Sir Jeremy Morse
    Jacques de Larosière
    Sir Andrew D. Crockett
    Past Presidents:Frank A. Southard, Jr.
    Jacques J. Polak
    Leo Van Houtven
    Founding Sponsors
    Hermann J. AbsViscount HarcourtJean Monnet
    Roger AuboinGabriel HaugeWalter Muller
    Wilfrid BaumgartnerCarl Otto HenriquesJuan Pardo Heeren
    S. Clark BeiseM.W. HoltropFederico Pinedo
    B.M. BirlaShigeo HorieAbdul Qadir
    Rudolf BrinckmannClarence E. HunterSven Raab
    Lord CobboldH.V.R. IengarDavid Rockefeller
    Miguel CuadernoKaoru InouyeLord Salter
    R.v. FieandtAlbert E. JanssenPierre-Paul Schweitzer
    Maurice FrèreRaffaele MattioliSamuel Schweizer
    E.C. FussellJ.J. McElligottAllan Sproul
    Aly GritlyJohan MelanderWilhelm Teufenstein
    Eugenio GudinDonato MenichellaGraham Towers
    Gottfried HaberlerEmmanuel MonickJoseph H. Willits
    Board of Directors
    Guillermo OrtizChairman of the Board
    Abdlatif Y. Al-HamadHorst Köhler
    Caroline AtkinsonAlassane D. Ouattara
    Nancy BirdsallShigemitsu Sugisaki
    Michel CamdessusEdwin M. Truman
    Jaime CaruanaLeo Van Houtven
    E. Gerald CorriganMarcus Wallenberg
    Malcolm D. Knight
    Caroline AtkinsonPresident
    Kate LangdonVice-President and Secretary
    Chris HemusTreasurer
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