Untitled Document

"America can and must continue to act and to lead to take the urgent steps needed today to calm the financial crisis, restart the engine of growth in Asia and minimize the impact of financial turmoil on other nations and to make certain that for tomorrow the institutions and rules of international finance and international trade are prepared to support steady and sustainable growth over the long term."

President Clinton,
Council on Foreign Relations, New York
September 14, 1998

The global imperative for the Clinton Administration has been to build a global financial system in which capital account crises of the scale of the Asian financial crisis will not reoccur. There are three core components to building such a system: Enhancing the capacity of emerging market economies to absorb capital safely; reducing countries' vulnerability to sudden turnarounds in confidence, whatever their origin; and developing the most effective international tools for responding to these new kinds of crisis.


G-7/8 Leadership

Financial Crisis

Mexican Peso Crisis

Asian Financial Crisis

Brazilian Financial Crisis


September 14, 2000

IMF Executive Board votes to cut duration of its loan programs and introduces premium pricing for habitual borrowers to encourage countries to rely more on private markets.

June 4-5, 2000

President Clinton visits Moscow to meet with newly elected Russian
President Putin and encourages Russia to move ahead with a strong
economic reform program.

February 7, 2000

President Clinton issues his FY 2001 budget request, including a $600 million contribution to the HIPC trust fund.

January 29, 2000

President Clinton addresses the World Economic Forum in Davos,
Switzerland regarding international finance and debt relief.

December 15, 1999

First meeting of G-20 Finance Ministers in Berlin. New group will meet
annually so views of key emerging market countries can be heard.

September 29, 1999

President Clinton addresses the World Bank and International Monetary
Fund annual meeting and emphasizes the importance of debt relief and a
strong international financial architecture.

June 18, 1999

President Clinton and the other G-7 Leaders at the Cologne Summit
agree on steps to strengthen the international financial architecture and
called for faster, broader and deeper debt reduction.

June 16, 1999

President Clinton pledges to find the resources to contribute to the HIPC

March 16, 1999

President Clinton proposes the HIPC Initiative, in order to "ensure that no country committed to fundamental reform is left with a debt burden that keeps it from meeting its people's basic human needs and spurring growth."

October 6, 1998

President Clinton speaks to the IMF and the World Bank to encourage strong action by both organizations to stave off the growing financial crisis and to encourage the Congress to fulfill its financial obligations to the IMF.

September 14, 1998

In a speech to the Council on Foreign Relations, President Clinton sets goals to expand efforts to enable viable businesses in Asia, to ask the World Bank to expand its support for a social safety net in Asia, to urge the use of $15 billion in emergency IMF funds to prevent the contagion of the financial crisis, and to make Congress meet our obligations to the IMF. The speech serves to temporarily calm unpredictable international markets.

September 1998

President Clinton visits Moscow and stresses the importance of Russia's economic recovery to the United States and to the world.


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