Strengthening the International Financial Architecture: Recommendations of the Council on Foreign Relations Task Force
In discussing the future international financial architecture—and the future of international financial organizations in particular—I am going to draw heavily on the findings and recommendations of a recent Council on Foreign Relations task force report.1
KeywordsInternational Monetary Fund Moral Hazard Market Discipline Asian Crisis Private Creditor
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- 1.Peter G. Peterson and Carla A. Hills (co-chairs), Morris Goldstein (project director), 1999, Safeguarding Prosperity in a Global Financial System: The Future International Financial Architecture, Council on Foreign Relations Task Force, Washington: Institute for International Economics, September.Google Scholar
- 2.The task force members were: Paul Allaire, C. Fred Bergsten, Kenneth Dam, George David, Jorge Dominguez, Kenneth Duberstein, Barry Eichengreen, Martin Feldstein, Morris Goldstein, Maurice Greenberg, Lee Hamilton, John Heinmann, Carla A. Hills, Peter Kenen, Paul Krugman, Nicholas Lardy, David Lipton, Ray Marshall, Norman Ornstein, Peter G Peterson, William Rhodes, Stephen Roach, Henry Schacht, James Schlesinger, George Soros, Laura Tyson, Ezra Vogel, Paul Volcker, and Vin Weber.Google Scholar
- 3.For example, William Rhodes, vice chair of Citigroup, dissented from the task force’s recommendations on private sector burden sharing and on use of collective action clauses in bond contracts.Google Scholar