Reform of the International Monetary System: The Palais Royal Initiative

Preface - Harinder S Kohli and Jack T Boorman 1: The Report of the Palais Royal Initiative-Reform of the International Monetary System: A Cooperative Approach for the 21st Century Introduction - Michel Camdessus and Alexandre Lamfalussy Palais Royal Initiative-Reform of the International Monetary System: A Cooperative Approach for the 21st Century February 8, 2011 2: BACKGROUND MATERIAL MOTIVATING THE INITIAL Discussions of the Palais Royal Initiative Reconstructing a World Monetary Order - Michel Camdessus, Alexandre Lamfalussy, and Tommaso Padoa-Schioppa Toward a New International Monetary System - Michel Camdessus Reforming Exchange Rate Relationships - Tommaso Padoa-Schioppa The Ghost of Bancor: The Economic Crisis and Global Monetary Disorder - Tommaso Padoa-Schioppa Toward an Orderly Supply of Reserve Currencies - Michel Camdessus and André Icard Strengthening IMF Surveillance - Jack T Boorman 3: CONTRIBUTIONS FROM PARTICIPANTS IN THE PALAIS ROYAL GROUP The Debate on the International Monetary System - Isabelle Mateos y Lago, Rupa Duttagupta, and Rishi Goyal Strengthening IMF Surveillance: A Comprehensive Proposal - Edwin M Truman Some Thoughts on Surveillance for Global Stability - Y Venugopal Reddy Thoughts on Reforming the International Monetary System and Enhancing the Role of the SDR - Xiaolian Hu Enhancing the Role of the SDR as a Reserve Asset - André Icard Making the SDR a More Attractive Reserve Asset: The Development of Private SDR Markets - Pietro Catte An SDR Based Reserve System - Peter B Kenen Global Liquidity: Where it Comes From and Why it Matters - Pietro Catte and Corrinne Ho The IMF as International Lender of Last Resort - Edwin M Truman 4: CONSIDERATIONS ON RECONSTRUCTING THE INTERNATIONAL MONETARY SYSTEM: CONTRIBUTIONS REQUESTED OF OTHER EXPERTS Introduction Contribution by Michel Aglietta Contribution by Peter Bofinger What International Monetary System for a Fast-Changing World Economy? - Agnès Bénassy-Quéré

Jack T. Boorman was the Director of the Policy Development and Review Department of the International Monetary Fund for more than a decade. In the latter years of his career with the Fund, he was Counsellor and Special Advisor to the Managing Director. He held several other positions in the Fund, including in the European and Asian Departments, and as Resident Representative in Indonesia. Before his career in the IMF, Mr. Boorman taught at the University of Southern California, from which he received his Ph.D. in Economics, and at the University of Maryland. He also served as a Financial Economist in the Research Department of The Federal Deposit Insurance Corporation. Mr. Boorman is the author of a number of books and many papers on diverse topics including development, structural adjustment, and developing country debt; emerging market country issues; international insolvency; governance; and IMF policies and country operations. Mr. Boorman currently serves as Advisor to the Director of the IMF Independent Evaluation Office, as a member of the Advisory Board of the Emerging Markets Forum, as the Chairman of the Investment Committee of the Board of Trustees of LeMoyne College, and continues to write on global governance, emerging markets, and other topics. Andre Icard is Honorary General Manager of the Banque de France and the former Deputy General Manager of the Bank for International Settlements. From 1964 to 1995, Andre Icard was at the Banque de France, where he was Member of the Inspection of the Bank and of the Banking Commission (1968-74), Manager of the Balance of Payments Division (1977-83), Manager of the Foreign Exchange Division (1984-86) and Manager of the Financial Markets division (1986-90) where he took part in the modernisation of the Paris money and financial markets. From 1990 to 1995, he was the General Manager of the Economic Department of the French central bank. From January 1996 to December 2005, he was Deputy General Manager of the Bank