The current international monetary system has certainly delivered a lot. But it also has flaws that need to be fixed, especially if the next phase of globalization is to succeed in bringing a strong and broad-based rise in living standards.
Reform of the international monetary system is wide-ranging and complex. Global debate is only just starting. But we must all recognize that this is not something academic or abstract. We need concrete ideas.
There was consensus in Daejeon this week that Asia has emerged from the crisis as an economic powerhouse. While initially hit hard, Asia has been able to bounce back quickly and return to a strong growth path.
As my IMF colleagues and I gather here in Daejeon, South Korea with many luminaries from the region, we have an important opportunity to reinvent how the IMF and Asia collaborate in facing global economic challenges.