{
  "title": "Managing Director's Opening Remarks at the IMF's 12th Michel Camdessus Lecture",
  "publication": "IMF News, September 18, 2025",
  "sourceUrl": "https://www.imf.org/en/news/articles/2025/09/18/sp091825-md-opening-remarks-12th-michel-camdessus-lecture",
  "canonical": "https://www.imf.org/en/news/articles/2025/09/18/sp091825-md-opening-remarks-12th-michel-camdessus-lecture",
  "overlayPath": "/en/news/articles/2025/09/18/sp091825-md-opening-remarks-12th-michel-camdessus-lecture/index.md",
  "summary": "Managing Director's Opening Remarks at the IMF's 12th Michel Camdessus Lecture",
  "publishDate": "2025-09-18",
  "sections": [
    {
      "heading": "Introduction and speaker",
      "content": "- Event: twelfth annual Michel Camdessus Central Banking Lecture.\n- Speaker introduced: Chang Yong Rhee, Governor of the Bank of Korea.\n- Personal note: Chang Yong previously served as Director of the IMF’s Asia and Pacific Department and is described as \"very much a member of the family.\""
    },
    {
      "heading": "Governor Chang Yong Rhee — background and accomplishments",
      "content": "- Leadership roles:\n  - Director of the IMF’s Asia and Pacific Department (provided intellectual leadership in the region).\n  - Governor of the Bank of Korea.\n  - Board member at the Bank for International Settlements, where he chairs the committee on the global financial system.\n- Contributions highlighted:\n  - Early emphasis on demographic shifts and other structural forces shaping the region.\n  - Pioneer in integrating surveillance and capacity development to increase traction of Fund policy advice in the Asia-Pacific region.\n  - Ahead of the curve in raising interest rates to curb inflation.\n  - Managed the institution through the credit crunch of 2022.\n  - Led pioneering work on digital money and AI.\n- Quotation: Chang Yong has called central banking an “art,” defined as a judicious blend of economic rigor and pragmatic judgment."
    },
    {
      "heading": "Context and scene-setting — major global points",
      "content": "- Point one: “we live in a world of profound uncertainty, with tectonic shifts in global trade and ongoing geopolitical tensions—all of which can have a major impact on growth and inflation.”\n- Point two:\n  - Capital continues to flow across borders seeking good investments and strong returns.\n  - Open capital accounts can help channel savings to where they are most needed, improving growth prospects and creating incentives for prudent policy in recipient economies.\n  - Flexible exchange rates are described as fundamental for helping countries adjust to shocks.\n- Point three: Policymakers often face difficult tradeoffs in managing volatile capital flows while preserving macroeconomic and financial stability."
    },
    {
      "heading": "Integrated Policy Framework (IPF) — guidance and tools",
      "content": "- Purpose: gives policymakers guidance on how best to deploy an expanded toolkit—when needed—to help manage shocks, strengthen resilience, and reinforce credibility.\n- Tools included in the IPF:\n  - foreign exchange interventions,\n  - macroprudential policy measures,\n  - capital-flow management measures.\n- Emphasis and cautions:\n  - The Framework provides guidance to ensure that any resort to these tools is well calibrated, minimizing unintended side effects.\n  - Using these tools must never substitute for necessary fiscal and monetary adjustments."
    },
    {
      "heading": "Monetary policy space and institutional considerations",
      "content": "- Observation: some countries may run out of conventional monetary policy space as trade shocks and other factors weigh on growth going forward; this may push countries to consider unconventional monetary policy tools.\n- Institutional recommendations:\n  - Central bank independence is critical.\n  - Clear communication is critical, and doubly so when resorting to unconventional monetary policy tools."
    },
    {
      "heading": "Framing metaphor and transition to lecture",
      "content": "- Metaphor: central banking compared to golf — one cannot play a whole course with just one club; the skill is to read the course, feel the wind, and choose the right club at the right time.\n- Transition: Managing Director invites Chang Yong to deliver the lecture focused on the Integrated Policy Framework.\n\nSeptember 18, 2025 — IMF Communications Department; PRESS OFFICER: Phone: +1 202 623-7100 Email: MEDIA@IMF.org\n\n---\n\n\n References\n\n- 2025 Michel Camdessus Central Banking Lecture\n- https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva\n- Republic of Korea and the IMF\n- Thailand and the IMF\n- Speeches\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2025/09/18/sp091825-md-opening-remarks-12th-michel-camdessus-lecture"
    }
  ],
  "bullets": [
    "[Markdown version](/en/news/articles/2025/09/18/sp091825-md-opening-remarks-12th-michel-camdessus-lecture/index.md)",
    "[Structured JSON version](/en/news/articles/2025/09/18/sp091825-md-opening-remarks-12th-michel-camdessus-lecture/index.json)",
    "[Bundle manifest](/en/news/articles/2025/09/18/sp091825-md-opening-remarks-12th-michel-camdessus-lecture/bundle-manifest.json)",
    "Published: September 18, 2025",
    "Event: twelfth annual Michel Camdessus Central Banking Lecture.",
    "Speaker introduced: Chang Yong Rhee, Governor of the Bank of Korea.",
    "Personal note: Chang Yong previously served as Director of the IMF’s Asia and Pacific Department and is described as \"very much a member of the family.\"",
    "Leadership roles:",
    "Contributions highlighted:",
    "Quotation: Chang Yong has called central banking an “art,” defined as a judicious blend of economic rigor and pragmatic judgment.",
    "Point one: “we live in a world of profound uncertainty, with tectonic shifts in global trade and ongoing geopolitical tensions—all of which can have a major impact on growth and inflation.”",
    "Point two:",
    "Point three: Policymakers often face difficult tradeoffs in managing volatile capital flows while preserving macroeconomic and financial stability.",
    "Purpose: gives policymakers guidance on how best to deploy an expanded toolkit—when needed—to help manage shocks, strengthen resilience, and reinforce credibility.",
    "Tools included in the IPF:",
    "Emphasis and cautions:",
    "Observation: some countries may run out of conventional monetary policy space as trade shocks and other factors weigh on growth going forward; this may push countries to consider unconventional monetary policy tools.",
    "Institutional recommendations:",
    "Metaphor: central banking compared to golf — one cannot play a whole course with just one club; the skill is to read the course, feel the wind, and choose the right club at the right time.",
    "Transition: Managing Director invites Chang Yong to deliver the lecture focused on the Integrated Policy Framework.",
    "[2025 Michel Camdessus Central Banking Lecture](https://www.imf.org/en/News/Seminars/Conferences/2025/09/18/2025-michel-camdessus-central-banking-lecture)",
    "[https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva](https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva)",
    "[Republic of Korea and the IMF](http://www.imf.org/external/country/KOR/index.htm)",
    "[Thailand and the IMF](http://www.imf.org/external/country/THA/index.htm)",
    "[Speeches](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
  ],
  "alternates": {
    "markdown": "/en/news/articles/2025/09/18/sp091825-md-opening-remarks-12th-michel-camdessus-lecture/index.md",
    "json": "/en/news/articles/2025/09/18/sp091825-md-opening-remarks-12th-michel-camdessus-lecture/index.json",
    "bundleManifest": "/en/news/articles/2025/09/18/sp091825-md-opening-remarks-12th-michel-camdessus-lecture/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-26T04:07:58.133Z"
}