Front Matter

Front Matter

International Monetary Fund
Published Date:
June 2012
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The IMF and the International Monetary System: Lessons from the Crisis

Axel A. Weber

Per Jacobsson Foundation


©International Monetary Fund. Not for Redistribution

ISSN 0252–3108

Editor: Michael Harrup

Cover Design and Production: IMF Multimedia Services

Composition: Maryland Composition, Inc.

The Per Jacobsson lectures are available on the Internet at, which also includes further information on the Foundation. Copies of the Per Jacobsson lectures may be acquired without charge from the Secretary.


The second Per Jacobsson Foundation Lecture of 2011, “The IMF and the International Monetary System: Lessons from the Crisis,” was presented by Axel A. Weber, Visiting Professor of Economics at the University of Chicago’s Booth School of Business and former President of the Deutsche Bundesbank. The lecture, part of the Annual Meetings of the World Bank Group and International Monetary Fund, was held on September 25 in the Gallery of the IMF’s HQ1 building in Washington, D.C. The event was moderated by Per Jacobsson Foundation Chair Guill-ermo Ortiz.

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 Foundation’s website (

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