February 23, 2000
Japan has the honor to nominate Mr. Eisuke Sakakibara of Keio University, former Vice Minister of Finance for International Affairs, for the post of Managing Director of the International Monetary Fund. Given his vision of what the IMF ought to be, his expertise in international finance, and his proven negotiation ability, Japan considers Mr. Sakakibara would be the most qualified leader of the IMF, especially during the period of its reform.
Mr. Sakakibara worked for the Ministry of Finance for more than 20 years, most notably as Vice Minister of Finance for International Affairs. He has broad and valuable experience in Government, especially in the area of international finance. He has shown superior ability in policy making and in consensus building among the international community. He made a great contribution toward improving the transparency and accountability of the Japanese Government. His success in gaining the support of the Japanese people for these and other reforms is evidence of his outstanding communication skills. As was apparent during the recent Asian crisis, Mr. Sakakibara always makes appropriate decisions, even in cases of crisis. He also has the ability to tackle global issues and understands the specific difficulties of developing and emerging market countries and the suffering of their people.
Mr. Sakakibara has a strong academic background. He received a Ph.D. in economics from the University of Michigan and served as Associate Professor at Harvard University. His expertise and ability as an economist in the area of international finance was enhanced through his experience as an economist in the IMF.
Especially in recent years, Mr. Sakakibara has exercised leadership in the field of international finance, shown the expertise crucial to the post of Managing Director of the IMF, and contributed greatly to the reform and stabilization of the international financial system. Faced with the outbreak of the Asian financial crisis in 1997, he played a significant role in a number of fora in supporting the crisis-affected economies and in resolving the crisis, including by organizing a meeting in Tokyo of prospective supporters of Thailand in August 1997. He was also deeply involved in the formulation of the New Miyazawa Initiative, designed to support Asian countries in overcoming their economic difficulties and in achieving economic recovery. His insight into the opportunities and risks posed by globalization has enabled him to make a number of valuable proposals on IMF reform and reform of the international financial architecture.
Professor of Keio University
MAJOR ENGLISH PUBLICATIONS:
"Dynamic Optimization and Economic Policy," American Economic Review, December 1970
"A Dynamic Approach to Balance of Payment Theory," Journal of International Economics, February 1975
"The Euro-Currency Markets and Their Implications," D.C. Heach, Lexington, Mass., March 1975 (with John Hewson)
"The Japanese Financial System in Transition," Tamir Agmon, Robert Hawkins and Richard Levich (ed.) The Future of the International Monetary System, Lexington Books, 1984
"The Internationalization of Tokyo's Financial Markets," A. Tan and B. Kapur (ed.), Pacific Growth and Financial Interdependence, 1986
"Beyond Capitalism - The Japanese Model of Market Economics," University Press of America, 1993
"The End of Progressivism," Foreign Affairs, Sep.-Oct., 1995
"The End of Market Fundamentalism," memo. Speech delivered at Foreign Correspondent Club, January 1999
Awards: Taylor's Award, University of Michigan