The Fund’s Strategy

It is a privilege and an honor to participate in this very important retreat to discuss the Fund’s strategic direction. Management and directors of all institutions, private as well as public, have no more important duty than to decide periodically on answers to three questions. Where are we? Where are we trying to go? How can we get there from here? As a sometimes critic of international financial institutions, I am pleased to be asked to participate in trying to answer these questions, especially questions one and three. I accepted this invitation in the hope that we can conduct a dialogue about possible answers and their consequences including how we can get better arrangements that reduce risk, and if we can agree on what those arrangements are.