Bretton Woods

Dollars, Debt, and Deficits—60 Years After Bretton Woods

International Conference Co-organized by the Banco de España and the International Monetary Fund
Madrid, Spain, June 14-15, 2004

The Banco de España and the International Monetary Fund organized an international research conference to mark the sixtieth anniversary of the Bretton Woods System. The conference took place in Madrid, Spain on June 14-15, 2004. The main goal of the conference was to promote an exchange of views between leading academics, high-level officials and private sector representatives on issues related to debt, deficits, and exchange rates, three broad policy areas that are widely seen as critical for the future configuration of the international monetary system.

Conference attendance was by invitation only. Queries regarding the conference may be addressed to RESMadridConference@imf.org.

View the webcast of the opening remarks and press conference

PROGRAM

Monday, June 14
09:00 am OPENING REMARKS
 

Rodrigo Rato, Managing Director, International Monetary Fund
Pedro Solbes, Second Vice President of the Spanish Government and Minister for Economy and Finance
Jaime Caruana, Governor, Banco de España

10:00 am SESSION 1. GLOBAL IMBALANCES
 

Chair: José Viñals, Director General of International Affairs, Banco de España

Discussant: Jaume Ventura, CREI and University Pompeu Fabra

11:30 am Coffee Break
12:00 pm SESSION 2. EXCHANGE RATE ISSUES
 

Chair: Raghuram Rajan, Economic Counsellor and Director of Research, IMF

Discussant: Daniel Cohen, University of Paris

13:30 pm Lunch
 

Speaker: Agustín Carstens, Deputy Managing Director, IMF

15:15 pm SESSION 3. DEBT IN EMERGING ECONOMIES
 

Chair: Miguel Savastano, Division Chief, International Monetary Fund

Discussant: Carmen Reinhart, University of Maryland

16:45 pm Coffee Break
17:00 pm PANEL: GLOBAL IMBALANCES AND EXCHANGE RATES—PRESENT AND FUTURE
 

Chair: Agustín Carstens, Deputy Managing Director, International Monetary Fund

Stanley Fischer, Vice Chairman, Citigroup
Malcolm Knight, General Manager, BIS
Ruogu Li, Deputy Governor, People´s Bank of China

20:30 pm Dinner
 

Key-note speaker: Jean-Claude Trichet, President, European Central Bank

Tuesday, June 15
08:30 am SESSION 4. THE ROLE OF THE IMF
 

Chair: Hervé Hannoun, Deputy Governor, Banque de France

Discussant: Lorenzo Bini-Smaghi, Director General, Ministry of Economy and Finance, Italy

10:00 am Coffee Break
10:30 am SESSION 5. INNOVATIONS IN PRIVATE AND MULTILATERAL LENDING
 

Chair: Jaime Caruana, Governor, Banco de España

Discussant: John Murray, Adviser, Bank of Canada

12:00 pm PANEL: FUTURE OF THE INTERNATIONAL FINANCIAL ARCHITECTURE
 

Chair: Roger Ferguson, Vice-Chairman, Federal Reserve Board

Michael Mussa, Institute for International Economics
Guillermo Ortiz, Governor, Banco de Mexico
Richard Portes, President of CEPR and London Business School

13:30 pm CONCLUDING REMARKS
 

Raghuram Rajan, Economic Counsellor and Director of Research, IMF

José Viñals, Director General of International Affairs, Banco de España

13:45 pm Lunch
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