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Bringing Latin American and Caribbean Perspectives to IMF Reform Debates

Sponsored by the Centre for International Governance and Innovation

Initiative for Policy Dialogue, Columbia University

New Rules for Global Finance Coalition

Thursday, April 10, 2008

Location: Brookings Institution, Saul Room,

1775 Massachusetts Ave NW Washington DC, 20036

Meeting Objectives:

To date, the debate about International Monetary Fund (IMF) Reform has been shaped largely by conversations within and among OECD countries and orthodox or mainstream economists. This project proposes to remedy this imbalance to the debate by sponsoring and/or encouraging a series of regional conferences that would enable developing countries to articulate their needs and priorities for future services from the IMF. In addition to four other meetings around the world, this meeting in Washington, DC would provide an opportunity to consider future global systemic needs that a reformed IMF should be prepared to address.

The purpose of these conferences is to influence the policy process. Therefore the regional outputs as well as outputs from a concluding conference will be designed so that the IMF Board of Governors and the Executive Board can understand and begin to implement. This implies that following the conclusion of the conferences, the work of implementation continues. A goal for the overall project should be a presentation to the Executive Board, and at least a written submission to all Governors. The Latin America and Caribbean meeting will bring together senior officials and scholars from a number of countries of the region, along with a very select few other invitees, to analyze and discuss Latin American and Caribbean perspectives on global monetary cooperation.

Participant list

Bringing Balance Powerpoint Presentation (Jo Marie Griesgraber)

Background Papers:

Meeting Schedule

9:00 - 9:30

Introductions and Welcome Address

· John Sewell, Senior Scholar, Woodrow Wilson Center for International Scholars

· Bessma Momani, Assistant Professor, University of Waterloo and Senior Fellow, Centre for International Governance and Innovation

· Jo Marie Griesgraber, New Rules for Global Finance

· Jose Antonio Ocampo, Co-President, Initiative for Policy Dialogue, Columbia University

9:30 - 12:30

IMF and Latin America and the Caribbean

Ø What kinds of monetary cooperation are preferred by states in Latin America and the Caribbean?

Ø Does membership of the IMF matter to countries in the region?

Ø How has the IMF’s relationship with the region evolved and what are regional perceptions of the IMF today?

· Jose Antonio Ocampo, Co-president, Initiative for Policy Dialogue, Columbia University (Session Chair)

· Marion Williams, Governor Central Bank of Barbados

· Liliana Rojas-Suarez, Senior Fellow, Center of Global Development & Chair, Latin American Shadow Financial Regulatory Committee

· Arturo O'Connell, Member of Board of Directors, Central Bank of Argentina

12:30 -1:30

Lunch

1:30-3:30

IMF Functions

Ø What role is there for multilateral lending and conditionality? How should existing lending facilities in the IMF be modified, and new ones created?

Ø What is the role for regional institutions? What links should they have with the IMF?

Ø Are there areas in which the IMF could be a provider of technical advice?

· K Dwight Venner, Governor, Eastern Caribbean Central Bank (Session Chair)

· Oscar Dancourt, Professor Economics, Pontificia Universidad Catolica del Peru

· Leonardo Villar Gomez, Co-Director of the Board of Directors, Banco de la Republica de Colombia

· Stephany Griffith-Jones, Executive Director, Initiative for Policy Dialogue, Columbia University

· Carmen Reinhart, Professor, School of Public Policy and Department of Economics, University of Maryland

3:30 – 5:20

What (if anything) would need to change in the governance or work of the IMF for it to be a trusted multilateral agency in the region?

· Gert Rosenthal, Ambassador, Permanent Mission of Guatemala to the United Nations (Session Chair)

· Ariel Buira, former Director, G24 Secretariat

· Eloy B. Garcia, Professor, School of Advanced International Studies Johns Hopkins University

5:20 – 5:30

Wrap up and Summary

· Stephany Griffith-Jones, Executive Director, Initiative for Policy Dialogue, Columbia University (Wrap-Up and Summary)

* The planning committee has taken the liberty of assigning participants to a speaking role. Speakers do not have to make a formal presentation. This is a 7-10 minute introduction on the topic with the purpose of stimulating discussion. An LCD projector and laptop for PowerPoint will be available for your use.