This volume, edited by James M. Boughton and K. Sarwar Lateef, contains the proceedings of a conference held in Madrid, Spain, in 1994, by the IMF and the World Bank to commemorate the fiftieth anniversary of the Bretton Woods conference of July 1944 that created the two institutions. The conference provided a forum for reflection and for reassessing the roles of the institutions as they approach the twenty-first century.
This session focused on the challenges that the Bretton Woods institutions face in helping member countries make the transition from central planning to a market economy. The first speaker was Liu Zhongli, the Minister of Finance of the People’s Republic of China, who spoke about China’s approach to reform. He was followed by Richard Portes, who, as Director of the Centre for Economic Policy Research, has undertaken an extensive program of research on these issues. He discussed the experience of Eastern Europe in economic liberalization. The session was chaired by Viktor Gerashchenko, the Chairman of the Central Bank of the Russian Federation.
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