October 6, 1998


The global economy simply cannot live with the kinds of vast and systemic disruptions that have occurred over the last year. We must modernize and reform the international financial system so that it is ready for the 21st Century.

President Bill Clinton
October 6, 1998

Today, President Clinton addresses the annual meeting of the World Bank/International Monetary Fund (IMF). The President will outline the short term challenge of strengthening responsiveness to the current global economic crisis and the long-term challenge of building a stronger global financial architecture to better prevent financial instability.

Addressing The Short-Term Challenge. Over the past year, economic disruptions around the globe have caused real and dramatic hardship to the citizens of the world. The President is calling for decisive action by the leading nations of the world to end this crisis and modernize and reform the international financial system so we are all ready for the challenges of the 21st Century:

Building A Strong Framework For The 21st Century. As the current financial crisis subsides, we must begin reforming the global financial architecture to better prevent financial instability, and to allow the system to manage instability when it occurs with a minimum amount of damage. The President is calling for:

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