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.
The first day of the conference concluded with a dinner at the Castillo de Vinuelas outside Madrid. In that historic setting, Pedro Aspe Armella, the Secretary of Finance and Public Credit of Mexico, presented the second keynote address on the implications for the Bretton Woods institutions of the transformations under way in Mexico and many other developing countries. Mr. Aspe’s speech was introduced by Wim Duisenberg, the President of De Nederlandsche Bank and of the Bank for International Settlements. Mr. Duisenberg’s remarks focused on the importance for the IMF of maintaining its monetary character as it responds to a changing world economy.
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