*SPECIAL TIME*

The C. Peter McColough Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

The C. Peter McColough Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

The C. Peter McColough Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

The C. Peter McColough Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

Related Readings:

National Trade Estimate Report on Foreign Trade Barriers, 2010

The C. Peter McColough Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

The C. Peter McColough Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

The C. Peter McColough Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

Related Readings:

G20 Leaders Statement at Pittsburgh Summit: Creating a 21st Century International Economic Architecture

Global Imbalances, National Rebalancing, and the Political Economy of Recovery by Jeffry A. Frieden

The C. Peter McColough Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

The C. Peter McColough Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

The C. Peter McColough Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

The C. Peter McColough Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

The C. Peter McColough Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

The C. Peter McColough Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

The C. Peter McColough Roundtable Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

The C. Peter McColough Roundtable Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

The C. Peter McColough Roundtable Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

The C. Peter McColough Roundtable Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

The C. Peter McColough Roundtable Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

The C. Peter McColough Roundtable Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

The C. Peter McColough Roundtable Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

The C. Peter McColough Roundtable Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

The C. Peter McColough Roundtable Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

The C. Peter McColough Roundtable Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

The C. Peter McColough Roundtable Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

The C. Peter McColough Roundtable Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

The C. Peter McColough Roundtable Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

The C. Peter McColough Roundtable Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

The C. Peter McColough Roundtable Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

The C. Peter McColough Roundtable Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

The C. Peter McColough Roundtable Series on International Economics is sponsored by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

12:15 - 1:00 p.m. Lunch
1:00 - 2:00 p.m. Meeting

The C. Peter McColough Roundtable Series on International Economics is sponsored by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

7:45 - 8:00 a.m. Breakfast
8:00 - 9:00 a.m. Meeting

The C. Peter McColough Roundtable Series on International Economics is sponsored by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

5:30 - 6:00 p.m. Reception
6:00 - 7:00 p.m. Meeting

The C. Peter McColough Roundtable Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

7:45 - 8:00 a.m. Breakfast
8:00 - 9:00 a.m. Meeting

The C. Peter McColough Roundtable Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

7:45 - 8:00 a.m. Breakfast

8:00 - 9:00 a.m. Meeting

The C. Peter McColough Roundtable Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

7:45 - 8:00 a.m. Breakfast

8:00 - 9:00 a.m. Meeting

The C. Peter McColough Roundtable Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

7:45 to 8:00 a.m. Breakfast
8:00 to 9:00 a.m. Meeting

The C. Peter McColough Roundtable Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

3:00 - 3:30 p.m. Reception

3:30 - 4:30 p.m. Meeting

The C. Peter McColough Roundtable Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

7:45 - 8:00 a.m. Breakfast

8:00 - 9:00 a.m. Meeting

The C. Peter McColough Roundtable Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

5:30 - 6:00 p.m. Reception
6:00 - 7:00 p.m. Meeting

The C. Peter McColough Roundtable Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

The C. Peter McColough Roundtable Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

The C. Peter McColough Roundtable Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

7:45 a.m. Breakfast

The C. Peter McColough Roundtable Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

5:30-6:00 p.m. Reception
6:00-7:00 p.m. Meeting
7:00-8:00 p.m. Cocktail Reception

The C. Peter McColough Roundtable Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

The C. Peter McColough Roundtable Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

The C. Peter McColough Roundtable Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

5:30 - 6:00 p.m. Reception
6:00 - 7:00 p.m. Meeting

The C. Peter McColough Roundtable Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

7:45 am Breakfast

The C. Peter McColough Roundtable Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

The C. Peter McColough Roundtable Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

The C. Peter McColough Roundtable Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

Please note: We are wait listing only. Please call the Meetings Response line 212/434-9600 or email meetings@cfr.org.

**This meeting is on-the-record.

This meeting will be on the record.

Contact: Corporate Program 212-434-9684 or corporate@cfr.org

Contact: Corporate Program Office 212-434-9684 or corporate@cfr.org

Corporate Program Office 212-434-9684 or corporate@cfr.org

The founding blueprint for the IMF was created by Harry Dexter White, who ran the US Treasury's "Exchange Stabilization Fund" in the 1930s. It was based on the fatal fiction that "all currencies were created equal": that is, the US didn't lend money to poor countries, it exchanged dollars for the local fare. Transplanted to the IMF, this policy works as follows. When a member borrows from the IMF, it technically buys currencies of other members, paying the equivalent in its own currency. When the member repays the credit, it technically repurchases the IMF's holdings of its currency. This fiction fosters the idea that the borrower has not assumed a debt, and this fiction is reflected in the IMF's balance sheet. The asset side does not include an entry for loans to members. What it shows is the total amount of member country currencies that the IMF owns. Suppose that the IMF had not adopted the ESF fiction that all currencies are peers of the dollar. Suppose the IMF had adopted a lending policy based on market-based credit risk evaluations, rather than relying on "conditionality." Would the IMF be in less hot water today, and would their client governments be in better shape? These are the central questions Dr. Schwartz will address.

U.S. foreign assistance for poor countries continues to drop every

year, reaching today's unprecedented low levels. Moreover, even this aid

often fails to have its intended effect. Professor Sachs will discuss the

implications for the United States - and the world - and he will discuss

his ideas about new approaches to U.S. development assistance.

Jeffrey Sachs is currently the Director of the Center for

International Development, the Galen L. Stone Professor of International

Trade at Harvard University, a Research Associate for the National Bureau

of Economic Research and Chairman of the Commission on Macroeconomics and

Health of the World Health Organization. Dr. Sachs serves as an economic

advisor to governments in Latin America, Eastern Europe, the Former Soviet

Union, Asia and Africa. He also serves as Co-Chairman of the Advisory

Board of The Global Competitiveness Report, and has been a consultant to

the IMF, the World Bank, the OECD, and the United Nations Development

Program.

Robert Mundell’s pioneering work on international capital flows, exchange rate determination, and optimum currency areas laid the foundation for today’s European Monetary Union and earned him the 1999 Nobel Prize in economics. With the euro now launched, he will assess the political and economic hurdles still ahead and discuss the potential for replicating this model worldwide.

In today's expanding global economy, markets extend beyond national boundaries, yet laws remain national. With merger control laws in roughly 60 countries and M & A activity at an all time high, it is becoming increasingly likely that mergers with far-flung business operations will be reviewed by multiple jurisdictions. Last month, after two years of intensive study and public hearings, the International Competition Policy Advisory Committee— an advisory panel of top businessmen, lawyers, and scholars— submitted its report to Attorney General Janet Reno. The report recommended improving national antitrust laws to address the challenges posed by economic globalization, while at the same time developing a more seamless international system that facilitates the operation of global markets.

James Rill and Paula Stern are the co-chairs of the Committee, of which Eleanor Fox is a member and Merit Janow is Executive Director. Drawing on their work with the Committee, the speakers will address the increasingly critical competition issues facing business and governments in a changing global economy.

While the struggle to appoint a new head of the IMF continues, a special advisory commission is set to issue a report this week which criticizes the world body for failing to bring financial stability or economic growth to the developing world. Professor Charles Calomiris is part of the 11-member congressionally appointed panel which was established last year to report on the workings of international institutions. Professor Calomiris will brief us on the panel's findings and give us his prescription for reforming the IMF.

During his three-year tenure as chief economist at the World Bank, Joseph Stiglitz was often critical of the IMF’s policies and the Washington Consensus, which advocates adherence to free-market principles in developing economies. In particular, he expressed concern that the IMF’s strict monetary and fiscal policies only increased poverty in already weakened economies.

Prior to joining the World Bank in February 1997, Joseph Stiglitz served as chairman of the President's Council of Economic Advisers. Dr. Stiglitz will remain a special adviser to James Wolfensohn and will return to academia in the fall where he will resume his professorship at Stanford University.

To what extent is free trade responsible for growing income inequality in the United States and beyond? Can policy makers alleviate the ill effects of free trade while still reaping the benefits of open markets? Drawing on research from their recent book, economists Al Fishlow and Karen Parker will address the debate over wage inequality and offer policy recommendations.

Contact: Kimberly Knox, 212-434-9461 or kknox@cfr.org