The Bretton Woods 2014 Conference - The Center for Financial Stability (CFS)

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

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

Moderator:
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)

Moderator:
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

Moderator:
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

Moderator:
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

Moderator:
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

Moderator:
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)

Moderator:
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

Moderator:
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)

Moderator:
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

Moderator:
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





More images		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.