In the lane Hodge Memorial Lecture the Governor looks at some of the more important features of the IMF and World Bank as they are today, forty years after the Bretton Woods conference which established them, and goes on to think about their future in the fight of the problems with which they have to deaf. He concludes:
- The Fund is still ... the only international institution which can provide the expertise, together with the lubricating finance to help economies return to equilibrium.
- The World Bank's role in assisting structural adjustment in developing economies should assume greater importance. To ensure this ... a general capital increase is likely to be necessary.
- The Fund and Bank need to work more closely together on questions related to developing countries, though we have to recognise that they cannot between them provide all the finance that economies in difficulty are likely to need.
The role and future of the international financial institutions - delivered by the Governor