This book presents the main papers and discussion points of the conference held by the Commonwealth Secretariat, the World Bank and the IMF in 2000. Policy-makers from developing countries considered a new design of international financial architecture appropriate to the 21st century.

Introduction by Stephany Griffiths-Jones, Commonwealth Secretariat, and Amar Bhattacharya, Senior Advisor, Poverty Reduction and Economic Management Network, World BankPart 1. Report of the ConferenceDeveloping Countries and the Global Financial System by Stephany Griffiths-Jones and Amar BhattacharyaIntroductionOverviewInternational Standards and Domestic RegulationInternational Regulatory ChallengesPrivate Sector Involvement in Crisis ResolutionThe Role of the IFIs in the New Financial ArchitectureIssues of Global GovernanceCapital Account Liberation and its CritiqueConclusionsPart 2. Papers Presented at the ConferenceNew International Standards for Financial Stability: Desirable Regulatory Reform of a Runaway Juggernaut? by Shankar AcharyaSpeaking Notes on: International Standards and Domestic Regulation by Alastair Clark, Executive Director, Bank of EnglandThe Disturbing Interaction between the Madness of Crowds and the Risk Management of Banks by Avinash PersaudInternational Transparency and Regulatory Challenges by Stephany Griffiths-Jones and Amar BhattacharyaCrises and Global Financial Consolidation: Lessons International Regulation? by Philip Turner, Director, Emerging Markets, Bank for International SettlementsThe Future of the IMF and the World Bank by Montek S. Ahluwalia, Member, Planning Commission, IndiaThe Role of the IMF: A Guide to the Reports by John Williamson, Senior Fellow, Institute for International EconomicsFuture Role of the IMF: A Developing Country Point of View by Aziz Ali Mohammed, Adviser, G-24The World Bank in a 'Globalising' World by Shahid Javed Burki, Chief Executive Officer, EMP-Financial Advisors, Washington, DCSystemic Reform at a Standstill: A Flock of 'Gs' in Search of Global Financial Stability by Roy Culpeper, President, The North-South InstituteAppendix A. Conference ProgrammeAppendix B. List of Participants