Financial Crisis and Trade: Informal Seminar for World Bank/ IMF Executive Directors (March 2010)

Rethinking Bretton Woods | Thu, Mar 4, 2010

RBW organizes an informal seminar for Executive Directors offices of the World Bank and IMF on the theme “The Global Financial Crisis and Trade.” The event is scheduled for March 5, 2010.

On March 5, 2010, at the World Bank Main Complex, Washington DC, an informal seminar “Global Financial Crisis and Trade: What Way forward for the Bretton Woods Institutions?” was organized by the Rethinking Bretton Woods Project. The event was held with the generous support of the Swedish Ministry of Foreign Affairs and the Ford Foundation.

A premise of the seminar was that, besides market access, the success of developing countries in the trade system lies, to a significant extent, on meaningful reforms to the internal and external financial structures in which context such trade is conducted. This has implications as the world exits from the deep global financial crisis of 2008-09.

In his opening words to welcome participants, RBW Director Aldo Caliari stated, referring to the recovery that is underway, that "the forms and strategies by which countries individually and collectively choose to pursue economic development, how trade figures in those forms and strategies – will be of extreme relevance for the strength, sustainability and equity of such recovery."

The seminar sought to provide an opportunity for an informal dialogue among shareholders of these institutions on how to put the trade needs of developing countries at the center of financial and monetary responses to the crisis that the Bretton Woods Institutions are currently developing, providing and guiding. It was attended by Executive Directors, Alternates and Senior Advisors from more than 25 Executive Directors offices of the Bank and International Monetary Fund, in addition to some invited members of staff.

Click here to download the seminar concept note.

Keynote Speech by Mr. Justin Lin, Chief Economist of the World Bank