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September 3rd – 4th, 2014
Welcome dinner Tuesday, September 2

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Photos by Britt Leckman
Honoring the 70th anniversary of the original conference, Bretton Woods 2014: The Founders and the Future was held at the Mount Washington Resort in New Hampshire from Sept. 3rd to Sept. 4th. The hotel was exclusively available for the conference, just as it was in 1944. The event gathered prominent leaders from government, business, and academia in a working-group environment to focus on the future of finance and the international monetary system.

Topics included prospects for the world’s foreign exchange system; future of finance and financial institutions; technology and the future of the international financial system; how to better anticipate and manage future crises; the future of sovereign debt restructuring; the future role of the IMF and World Bank; and history and leadership at Bretton Woods in 1944.

Agenda with Links to Papers and Presentations

Tuesday, September 2 

Welcome message from Jacques de Larosiére - Managing Director of the IMF (1978 - 1987)  Read letter

Leadership and Strategic Vision at Bretton Woods: Lessons for the Future

Eric Helleiner - Author of Forgotten Foundations of Bretton Woods
Eric Rauchway - Author of The Money-Makers: The Invention of Prosperity
Kurt Schuler - Finder and editor of The Bretton Woods Transcripts

Lawrence Goodman - President of the Center for Financial Stability

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Wednesday, September 3                          

Keynote:  Future Prospects for the World's Foreign Exchange System

Future Prospects for the World‘s Foreign Exchange Rate System:
Political Design vs. Evolution
  Read remarks |  Read slides
Otmar Issing - Member of the Executive Board of the ECB (1998 - 2006)

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Nice-Squared - Near an Internationally Cooperative Equilibrium   Read remarks |  See video
John B. Taylor - Professor of Economics at Stanford University

A Few Thoughts on the Current International Monetary System  Read paper
Liu Mingkang - Chairman, China Banking Regulatory Commission (2003—2011) and Deputy Governor, People's Bank of China (2000 - 2002)

The International Monetary System: Alternative Perspectives and Prospects   

Peter Garber - Global Strategist at Deutsche Bank  
Ronald McKinnon*** - Professor of International Economics at Stanford University - Bretton Woods Reconsidered:The Dollar Standard and the Role of China  Read paper | Read slides
Yu Yongding - Member of the MPC of the People’s Bank of China (2004 - 2006)

Guillermo Ortiz - Governor, Bank of Mexico (1998 - 2009) / Finance Minister (1994 - 1998)

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Future Challenges for Advanced Economy Reserve Currencies 

Adnan Akant - Head of Foreign Exchange, Fischer Francis Trees and Watts           
Takatoshi Ito - Member, Economic and Fiscal Counsel, Japan, MoF (2006 - 2008)
Richard Portes - Professor of Economics at London Business School

Yves-André Istel - Senior Advisor and former Vice Chairman of Rothschild, Inc.

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Marriner Eccles: Father of the Modern Federal Reserve  Read remarks

Spencer F. Eccles - Chairman Emeritus, Wells Fargo Intermountain Banking Region

Emerging Markets: New Reserve Currencies and Spillovers from Advanced Economies

Domingo Cavallo - Minister of the Economy, Argentina (1991 - 1996, 2001)
Edward Offenbacher - Member of the Management Board, Bank of Israel
Qiao Yide - Vice Chairman of the Shanghai Development Research Foundation

Eduardo Aninat - Deputy Managing Director of the IMF (1999 - 2003)

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Future of Finance and Financial Institutions

Sheila Bair - Chair of the FDIC (2006 - 2011)
Charles Goodhart - Member of the Bank of England's MPC (1997 - 2000)
Richard Sandor - CEO, Environmental Financial Products

Robin Lumsdaine - Center for Financial Stability Senior Fellow and American University Professor

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Delegate-led Discussion Groups

Argentina’s Debt: What to Do?
Domingo Cavallo - Minister of the Economy, Argentina (1991 - 1996, 2001)

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Beyond Lending: Innovative Financial Solutions at the World Bank
Madelyn Antoncic - Vice President and Treasurer of the World Bank

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Timing and Market Consequences of Renminbi and Interest Rate Liberalization
Huang Haizhou - MD, China International Capital Corporation

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Cybersecurity and the Financial System: Threats and Solutions
David X Martin - Special Counselor, Center for Financial Stability

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Exorbitant Privilege - Does the Role of the USD Confer Rents on the Economy?
Robert McCauley - Senior Adviser, Bank for International Settlements

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What Have We Learned from Recent Research on Bretton Woods?  Read paper
Eric Helleiner, Eric Rauchway, and Kurt Schuler

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Transmission of Global Liquidity through Capital Flows
Brenda Gonzalez-Hermosillo - Deputy Division Chief, International Monetary Fund

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Bretton Woods Honorary Committee Address

Critical Issues for the Bretton Woods Institutions  Read remarks
William R. Rhodes - President and CEO of William R. Rhodes Global Advisors

The 1944 Keynes Plan: An Idea whose time has now returned?  Read remarks
Charles Goodhart - Member of the Bank of England's Monetary Policy Committee (1997 - 2000)

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Thursday, September 4 

Technology and the Future of the International Financial System­

Peter N. Johnson - VP, Enterprise Application and Information Services, MetLife
Stephen Kealhofer - Managing Principal, Chief Risk Officer, Co-Founder, DCI
Dexter Senft - Co-head of Electronic Markets, Morgan Stanley

Jack Malvey - Chief Global Markets Strategist, BNY Mellon

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How to Better Anticipate and Manage Future Crises

Robert Aliber - Co-author of Manias, Panics, and Crashes: History of Crises   
Nick Sargen - Chief Economist, Fort Washington Investment
Paul Tucker - Deputy Governor (2009 - 2013) / MPC Member, Bank of England (2002 - 2013)

Lawrence Goodman - President of the Center for Financial Stability

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The Future of Sovereign Debt Restructuring      

Whitney Debevoise II - Senior Partner at Arnold & Porter LLP
Sean Hagan - General Counsel and Director of the Legal Dept. at the IMF
Richard Portes - Professor of Economics at London Business School

Robert Gray - Chairman of Debt Finance and Advisory at HSBC Bank

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Mexico's Role at Bretton Woods: An Assessment 70 Years Later  Read remarks

Francisco Suárez Dávila - Ambassador of Mexico to Canada
(Son of Eduardo Suárez - Chair of Commission III in 1944)

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The Future Role of the World Bank

Nancy Birdsall - Founding President, Center for Global Development
Franco Passacantando - ED and Dean of the World Bank Board (1995 - 2003)
Peter Woicke - MD of the World Bank and CEO of the IFC (1999 - 2005)

Carole Brookins - U.S. Executive Director of the World Bank Group (2001 - 2005)               

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The Future Role of the IMF

David DeRosa - President, DeRosa Research and Trading
Guillermo Ortiz - Governor, Bank of Mexico (1998 - 2009) / Finance Minister (1994 - 1998)
Siddharth Tiwari - Director of Strategy, Policy, and Review at the IMF
Ted Truman - Senior Fellow, Peterson Institute for International Economics
Tao Zhang - Executive Director for China, IMF

Randal K. Quarles - Under Secretary for Domestic Finance, U.S. Treasury (2005 - 2006)

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Summary and Next Steps  Read remarks

Randal K. Quarles - Under Secretary for Domestic Finance, U.S. Treasury (2005 - 2006)

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In Light of Recent Experiences: Is There a Future for International Cooperation?

Ernesto Zedillo - President of Mexico (1994 - 2000)

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Thoughts on World War II in July 1944  Read remarks

Carole Brookins - U.S. Executive Director of the World Bank Group (2001 - 2005)

Informal Discussions & Quiet Reflections

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Photos by Britt Leckman

*** We are saddened by the loss of Professor Ron McKinnon, who enthusiastically shared his intelligence and humor with colleagues in New Hampshire earlier in the fall.


We are grateful to the Marriner S. Eccles Foundation, BNY Mellon, the Citrone Foundation, and the Y.A. Istel Foundation for their vision and support of Bretton Woods 2014: The Founders and the Future.

Charter Sponsors
Other Sponsors


Honorary Committee

Eduardo Aninat
Bill Bradley
Jacques de Larosière
Charles Goodhart
Otmar Issing
Yves-André Istel
Takatoshi Ito
Henry Kaufman
Guillermo Ortiz
Randal K. Quarles
William R. Rhodes
Richard L. Sandor
John B. Taylor
Yu Yongding

Steering Committee

Robert Aliber
Carole Brookins
Barry Eichengreen
Lawrence Goodman
Steve Hanke
Robin Lumsdaine
Jack Malvey
Kurt Schuler


Below are articles about the conference and interviews with delegates.

From Bretton Woods, Calls for Global Monetary Stability
Bloomberg, Rachel Evans

What the World Needs Now Is NICE Monetary Policy, John Taylor Says
The Wall Street Journal, Josh Zumbrun

Argentine Economist Says Bond Holdouts Should Be Paid
The New York Times, Landon Thomas Jr.

Yen to Weaken After Pension Fund Reforms, Panel Adviser Ito Says
Bloomberg, Rachel Evans

The Secret Life of Marriner Eccles
The Wall Street Journal, Josh Zumbrun

Ex-FDIC Chief Bair Criticizes Bank Rules for Adding Complexity
Bloomberg, Rachel Evans

I.M.F. Considers Rules to Force Bondholders to Share Cost of Restructuring
The New York Times, Landon Thomas Jr.

Ex-BOE’s Tucker Says Bank Regulation Susceptible to Arbitrage
Bloomberg, Rachel Evans

U.S. Should Expand Role with World Bank, Former Official Says
Bloomberg, Rachel Evans

Dollar Still Premier Reserve Currency, For Now
MNI News, Vicki Schmelzer

Bloomberg Radio Interviews of Conference Delegates on The Hays Advantage: