Address by MICHEL CAMDESSUS,
Chairman of the Executive Board
and Managing Director of the International Monetary Fund,
to the Board of Governors of the Fund
BOARDS OF GOVERNORS l 1998 ANNUAL MEETINGS l WASHINGTON, D.C.
INTERNATIONAL MONETARY FUND
WORLD BANK GROUP
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
INTERNATIONAL FINANCE CORPORATION
INTERNATIONAL DEVELOPMENT ASSOCIATION
INTERNATIONAL CENTRE FOR SETTLEMENT OF INVESTMENT DISPUTES
MULTILATERAL INVESTMENT GUARANTEE AGENCY
Press Release No. 2
October 6 - 8, 1998
Address by Michel Camdessus
Chairman of the Executive Board and
Managing Director of the International Monetary Fund
the Board of Governors of the Fund
Washington, D.C., October 6, 1998
Mr. Chairman, Governors, ladies and gentlemen, let me extend a warm welcome to
you all, particularly the Governor for the Republic of Palau, our 182nd member, and, among
the observers, to Wim Duisenberg in his new capacity as President of the European Central
Bank. Wim, in welcoming you, allow me to salute on behalf of the Fund, the extraordinary
achievement of Europe in availing itself of a single currency, after many years of patient work
and steady convergence. I wish also to express our deep gratitude to President Clinton and
President Menem for their presence with us today, for the encouragement that they have given
us, and for the inspiration that we can draw from their remarks.
Governors, you have come this year in the midst of a crisis. A crisis that has already
cost hundreds of billions of dollars, millions of jobs, and the unquantifiable tragedy of lost
opportunities and lost hope for so many people, particularly among the poorest.
This is a time then, for hard thinking, for recognizing errors, and for bold steps. So let
us try together to find answers to four basic questions:
Where do we stand?
What has gone wrong?
What should be the basis of a new financial architecture? And,
How can we travel from today’s crisis to a more secure, stronger international
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