International Monetary System, the IMF and the G20: A Great Transformation in the Making? World Economic Forum

The establishment in 1944 of the International Monetary Fund and the World Bank remains one of the most important achievements of international economic cooperation. Over the past six decades, the world has witnessed fundamental political and economic changes which have radically altered the environment in which the world"s leading international financial institutions have had to operate. The wave of financial crises during the past decade has contributed to an emerging consensus that the international financial system, and the institutions underpinning it, are in need of reform.

The International Monetary Convention Project has sought to contribute to the debate on the key elements of such reforms by creating a platform for dialogue and deliberation, involving G-20 policy-makers as well as leading members of the private sector and the academic community.

The book offers a representative sampling of some of the thinking surrounding the fundamental questions being explored in this series of roundtables, held in 7 countries over 2 years. What new or improved arrangements are needed to ensure the smooth functioning of the international financial system in the 21st century, given the emergence of a wider range of important national actors and the increased role of private capital flows?

It is hoped that the papers in this volume, written by leading participants in this critical international debate, will stimulate further creative thinking in the field of global monetary and economic governance.