Orchestrating Cooperation in a Multipolar World
Paris, France
May 23-24, 1996
Partners
Overview
The Mexican crisis, and its aftermath was still high on the agenda for the G7 although no one yet expressed the need for a firmer dialog with emerging markets. Nevertheless, the cost of close to 17 billion dollars to bail out Mexico raised the question of moral hazard. The idea of introducing collective action clauses in bond issuance was the highlight of the day. Jean Jacques Rey, who was one of the chairs of the working group established by the G10 countries, spoke at this conference about the importance of having a framework for crisis resolution. Few could have anticipated that almost 15 years later, that discussion on the resolution of financial crises would be the major preoccupation, not for emerging markets, but for advanced countries, with the new case study of Greece restructuring its domestic debt by incorporating collective action clauses. At this meeting Richard Cooper also laid out a taxonomy of the different G’s including the G5, G7, G8 and G10. He also suggested that when all was said and done, the only universal institution in charge of international economic policy making was the IMF due to its legitimacy and universal membership.
Agenda
Speakers
- Abdallah EL MAARUFI: Director, European Office, The World Bank
- Bernard WOOD: Director Development Division, OECD
- Carlos HURTADO: Mexican Ambassador to OECD
- Christian DE BOISSIEU: Professor of Economics, University of Paris I
- David VINES: Director, Global Economic Institutions, Oxford
- Gary SAMPSON: Director, Development Division, WTO
- George DE MENIL: Professor of Economics, Ecole Normale Superieure
- Ian CLARK: Canadian executive Director, International Monetary Fund
- Inge KAUL: Director, Office of Development Studies, UNDP
- Jean René CASSOU : Secretary General, Banking Regulation
- John LIPSKY: Managing Director, Salomon Brothers
- Koichiro MATSUURA: Japan Ambassador, Republic of France
- Kumiharu SHIGEHARA: Head of the Economics Department, OECD
- Marc UZAN: Executive Director, Reinventing Bretton Woods Committee
- Patricia JACKSON: Senior Advisor, Bank of England
- Renato FILOSA: Manager, Monetary and Economic Affairs, BIS
- Richard COOPER: Chairman, National Intelligence Council
- Rory MACMILLAN: Associate, Debevoise and Plimpton
- Ruben BELTRAN: Director, Policy Coordination Office, General Management, UNIDO
- Salvatore ZECCHINI: Deputy Secretary General, OECD
- Yves BERTHELOT: executive Secretary, Economic Commission for Europe
