Center for Financial Stability

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Future of the Global Monetary and Financial System:
75 years after Bretton Woods

Roundtable Discussion
Thursday, 17th October, 2019 - The Willard Hotel, Washington, DC

The global economy and financial system confront challenges of epic proportions. Even the monetary and financial institutions that have been in place at Bretton Woods 75 years ago are evolving and may need to evolve further.

This conference co-organized by the US-based Center for Financial Stability and the European Euro 50 Group, gathered high-level thinkers coming from all over the world. It evaluated the current financial architecture and exchanged views about reforms for a more effective and stable global financial system.

Welcome remarks:

  • Edmond Alphandéry, Chairman of the Euro 50 Group

Session I – Old institutions facing new monetary challenges: coping with a new global monetary environment

The new monetary world

This session will explore the features of the monetary environment (low and even negative interest rates, inflation below two percent, growing public and private debt…) and the sustainability of the new monetary policies (will central banks ever return to “normal” and does it matter? What about the efficiency of the monetary measures? Is central bank independence in jeopardy?)

Moderator:Judy Shelton , Economist and Author of Money Meltdown: Restoring Order to the Global Currency System


  • Robert Holzmann, Member of the ECB Governing Council; Governor of the Oesterriechische Nationalbank
  • Nouriel Roubini, Professor of Economics and International Business at NYU Stern School
  • Paul Tucker, Chair of the Systemic Risk Council; Research Fellow at the Harvard Kennedy School; Former Deputy Governor of the Bank of England
  • Miao Yanliang, Chief Economist at State Administration of Foreign Exchange Investment Center

Roundtable discussion with invited delegates

Spillover effects from monetary policies: focusing on future policy options

This session will deal with spillover effects of monetary policies abroad. How is the conduct of monetary policies impacted by carry trade on capital flows? Should monetary policies be better coordinated? What about the role of the US dollar at the centre of the international monetary system? Is there a case for exchange rate management for a better global financial stability?

Moderator: Eduardo Aninat , Former Minister of Finance for Chile & Deputy Managing Director of the International Monetary Fund


  • Charles Goodhart, Member of the Financial Markets Group at London School of Economics; Former Member of the Bank of England's Monetary Policy Committee
  • Dong He, Deputy Director of the Monetary and Capital Markets Department (MCM) of the International Monetary Fund
  • John Taylor, the Mary and Robert Raymond Professor of Economics at Stanford University; Former Under Secretary of the U.S. Treasury Department

Roundtable discussion with invited delegates

Session II – The International financial system: facing financial innovation

This session will deal with the implication of the emergence of the new tech finance. The development of new financial products, of cryptocurrencies and the spread of digitalization are raising new challenges to the conduct of monetary policy and financial regulation. Are there risks ahead? An appraisal of the current answers: challenges for the future.

Moderator: William R. Rhodes, President and CEO of William R. Rhodes Global Advisors, LLC; Former Senior Vice Chairman of Citigroup


  • Sheila Bair, Former Chair of the U.S. Federal Deposit Insurance Corporation (FDIC)
  • Richard Sandor, Chairman and CEO, American Financial Exchange (AFX)

Roundtable discussion with invited delegates

Session III – The Bretton Woods Institutions (BWIs): are they still fit for purpose?

Taking stock of the analyses of the previous sessions, participants will be invited to debate about the relevance of the Bretton Woods Institutions: are they fit for purpose? The participants will be asked to revisit the vision of the BWI founders. Should we rethink the BWI framework in the face of the new global environment?

Moderator: Guillermo Ortiz, Board Member and Chairman of BTG Pactual in Mexico; Former Governor of Banco de Mexico


  • John Lipsky, Distinguished Visiting Scholar, Johns Hopkins University; Former First Deputy Managing Director of the International Monetary Fund
  • Tao Zhang, Deputy Managing Director of the International Monetary Fund

Roundtable discussion with invited delegates

Wrap up of the Roundtable

  • Lawrence Goodman, President of the Center for Financial Stability View remarks.