This report contains the findings and recommendations of an
independent blue-ribbon commission on the future international
financial architecture. The commission was sponsored by the Council
on Foreign Relations, and co-chaired by Peter G. Peterson and Carla
A. Hills, with the Institute for International Economics' Morris
Goldstein serving as project director. The membership is listed
below. The report analyzes the main factors that give rise to
banking, currency, and debt crises, and it proposes a set of
interrelated recommendations for improving crisis prevention and
resolution. It also explains why the United States, despite its
impressive overall economic performance since the outbreak of the
Asian crisis, has a large stake in the future international
financial architecture. The commission's recommendations aim at
altering the behavior of emerging-market borrowers and their
private creditors in ways that would reduce vulnerabilities in the
exchange rate systems of emerging economies; inducing private
creditors to accept their fair share of the costs of crisis
resolution; reforming the IMF's lending policies; and refocusing
the mandates of the IMF and the World Bank on leaner agendas. Its
recommendations range well beyond the decisions taken to date by
the international financial community. A series of dissenting
opinions by individual members is included. Other members of the
commission were Paul Allaire, C. Fred Bergsten, Kenneth Dam, George
David, Jorge Dominguez, Kenneth Duberstein, Barry Eichengreen,
Martin Feldstein, Maurice Greenberg, Lee Hamilton, John Heimann,
Peter Kenen, Paul Krugman, Nicholas Lardy, David Lipton, Ray
Marshall, Norman Ornstein, William Rhodes, Stephen Roach, Henry
Schacht, James Schlesinger, George Soros, Laura Tyson, Ezra Vogel,
Paul Volcker, and Vin Weber.
General
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