This book includes five speeches about the IMF, as well as its membership, which now lays in stormy, uncharted waters. The themes range from immediate crisis management to the broad questions of a new architecture for the global economy; and from the specific concerns of individual countries and regions to the conditions for a strong and equitable world economy. The first speech steps back from prevailing worldwide market turbulence, seeking lessons from the crises, and stressing that conditions vary extensively among emerging economies. The second speech sets out initial thoughts not just on the key elements of a new financial architecture, but also on the role that can be played by each constituency in the world economy. It consists of three themes:
- First, all countries should recognize the universal benefits of an integrated global economy and increasingly open, liberal capital flows.
- Second, to minimize the risks, governments and private participants in the market need to subscribe to some basic rules: transparency, good governance, and standards or codes of best practices in a wide range or economic and financial activity.
- Third, the international organization themselves, including the IMF, should be adapted and supported to enable them to fulfill their part in managing the global economy.
The remaining speeches elaborate some of these themes: good governance, broad institutional issues that illustrate just how far the IMF has come from its traditional focus on short-term macroeconomic stabilization.