At the time of this conference the global economy had been characterized by large imbalances. The US showed low savings and a huge current account deficit, while a number of Asian and oil exporting countries showed high savings ratios and large surpluses. To some economists this was seen as a warning of a painful adjustment to come, but to others it implied a necessary bi-product of globalization and shifting patterns of specialization. This conference allowed participants an opportunity to debate these differing positions in order to bring into focus the reforms undeniably needed to international financial system and help resolve the profound disagreements among policy makers and the private sector concerning how far and deep these reforms should go.