The Third EMEPG Meeting on International Financial Archtecture

The financial crisis in Asia in 1997-98 brought new impetus to the discussion of international financial architecture. The so-calledMeltzer Report and the Council on Foreign Relations Task Report were the two most important outcomes of such discussion. However, the views of emerging markets were not represented in those reports. So with the Ford Foundation's support, the Emerging Markets Eminent Persons Group (EMEPG) was established to produce a report on the international financial architecture from emerging markets’ perspective. Three international seminars were held in the process of writing the report.

The final EMEPG major recommendations were discussed and the basic framework of the EMPEG report was agreed upon at this meeting. Paul Volcker, Joseph Stiglitz, Ernest Stern, Ronald McKinnon and Rolf Lüders participated in the discussion as members of the EMEPG Advisory Board, in addition to EMEPG members.