Location: Mexico
Date: 28 - 29 January, 2005
Hosted by: Instituto Tecnologico Autonomo de Mexico

Context: "The 1997-2003 debate about reforming the international financial architecture produced little by way of new kinds of international support for the orderly resolution of debt crises beyond voluntary codes of conduct for investors, and financial codes and standards for governments (many of which have been signed up with little real change in behaviour). After Argentina?s dramatic default and its aftermath in 2003, countries have simply been muddling through however they can. It is likely that over the next few years we will see several more serious financial crises which will renew attention to the international architecture and efforts to ensure a more orderly working out of financial crises."

"The membership of the G20, if structured so as not to marginalize the non-G7 members, would automatically put different priorities on the table and therefore influence the agenda, and equally importantly, the priority accorded to specific issues within the agenda. Within the G7 structure, it is obvious that managing financial crises is an issue for Finance Ministers. This is not the case for emerging countries whose crises put in jeopardy every aspect of the social and political status quo, sometimes including the position of the head of state. For this reason, in a G20 in which all members had a significant voice, there would be a strong rationale for meeting on this issue at leaders? level."

Papers

Ngaire Woods		Program on International Economic Institutions (1)
Diana Tussie		Program on International Economic Institutions (2)
Morris Goldstein		A Note on Improving the International Financial Architecture
Ariel Buira		Financial Crises and International Cooperation
Barry Eichengreen		Preparing for the Next Financial Crisis

Backgrounders

Ngaire Woods		The Orderly Resolution of Financial Crises
Andrés Rozental, President - Mexican Council on Foreign Relations (Mexico)		Financial Crises