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International Monetary Fund. External Relations Dept.

How can the United States successfully manage the challenges of globalization? A new paper by Peter Orszag (Brookings Institution) and Michael Deich (The Hamilton Project), “Meeting the Challenge of a Global Economy: Trade, Economic Security and Effective Government,” recommends a philosophy of “embracing international competition while investing in workers and market-friendly insurance.” The paper, which provided the basis for a July 25 seminar, at the Brookings Institution in Washington, D.C., calls for boosting overall productivity in the United States

International Monetary Fund

meetings with us and with others. This makes the Annual Meetings of the Bretton Woods institutions not only a unique occasion, but also a great opportunity to send to the world certain messages regarding the capacity of countries to face the challenges of a global economy. From the point of view of the Fund, this meeting also has been a very important step in our reform program. We had a very intense and successful working day on Saturday in the IMFC and I am very encouraged to see that consensus is building up on very difficult reforms in which everybody has to make

International Monetary Fund. External Relations Dept.

rigidities, and financial sector weaknesses. Reform of the international financial architecture The IMF has recently taken a number of initiatives that will enable it to assist members that have experienced difficulties over the past year and to better meet the challenges of a globalized economy. These initiatives (relating to governance, transparency, and crisis prevention) fall under the rubric of strengthening the international financial system. In late April 1999, the IMF created the Contingent Credit Lines to prevent crises by shoring up market confidence in

International Monetary Fund. External Relations Dept.

imbalances and protectionist demands. This same route is open to your countries as well. Regardless of the final monetary option chosen, the convergence and regional integration of your economies is essential to the strengthening of your countries and their ability to adapt to the new international financial environment. The fruits of these convergence efforts—the difficulties of which I fully recognize—could provide further evidence of the region’s determination to meet the challenges of a globalized economy and to continue managing their economies in a coherent and

International Monetary Fund. External Relations Dept.
In a statement issued on March 8, IMF Managing Director Michel Camdessus announced his intention to recommend to the IMF Executive Board that it approve the revised economic program for 1999-2001 proposed by the Brazilian government. The text of News Brief 99/10 follows.
International Monetary Fund. External Relations Dept.
U.S. fiscal outlook; U.S. inflation dynamics; Ireland, FYR Macedonia, El Salvador, Uruguay briefs; Egypt: growth and reform; Canadian female labor participation; EU: Stability and Growth Pact; Suspension of Doha talks; challenges of globalization.
International Monetary Fund. External Relations Dept.
The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx