The power of partnership : selected speeches by Christine Lagarde, 2011–2019.

233 Pages·2019·2.201 MB·English

by  Christine Lagarde

I N T E R N A T I O N A L M O N E T A R Y F U N D
The Power
of Partnership
SELECTED SPEECHES BY
Christine Lagarde
2011–2019
©International Monetary Fund. Not for Redistribution
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©International Monetary Fund. Not for Redistribution
The Power
of Partnership
SELECTED SPEECHES BY
Christine Lagarde
2011–2019
I N T E R N AT I O N A L M O N E TA R Y F U N D
Washington, DC
©International Monetary Fund. Not for Redistribution
Cover photo by Karla Chaman.
Christine Lagarde met Maximiliana Taco during a visit to Ayacucho, Peru in 2014.
Maximiliana Taco is featured in the speech “Brothers and Sisters,
There is Much to Do” on page 115.
Copyright © 2011-2019
International Monetary Fund
Washington, D.C. 20090, U.S.A.
All Rights Reserved
ISBN: 978-151350990-7 (paper)
Please send orders to:
International Monetary Fund, Publication Services
P.O. Box 92780, Washington, D.C. 20090, U.S.A.
Tel.: [phone] Fax: [phone]
E-mail: [email protected]
www.imfbookstore.org
www.elibrary.imf.org
©International Monetary Fund. Not for Redistribution
Contents
Foreword ............................................................................................................................................................v
Forging a Stronger Social Contract: The IMF’s Approach to Social Spendin g..........................1
The Financial Sector: Defining a Broader Sense of Purpose ...........................................................9
Age of Ingenuity: Reimagining 21st Century International Cooperation ............................... 23
Winds of Change: The Case for New Digital Currency .................................................................. 37
A Compass to Prosperity: The Next Steps of Euro Area Economic Integration .................... 47
A Time to Repair the Roof ......................................................................................................................... 57
Central Banking and Fintech: A Brave New World .?...................................................................... 67
Making Globalization Work for Al l....................................................................................................... 77
Addressing Corruption Openly ................................................................................................................ 87
Demographic Change and Economic Well-Being: The Role of Fiscal Policy. .......................101
Brothers and Sisters, There Is Much to Do ........................................................................................115
Lifting the Small Boats ..............................................................................................................................125
The IMF at 70: Making the Right Choices—Yesterday, Today, and Tomorro. .w.................139
Economic Inclusion and Financial Integrity ....................................................................................149
Daring the Difference: The Three L’s of Women’s Empowerme .n..t............................................159
A New Multilateralism for the 21st Century ....................................................................................169
The Global Calculus of Unconventional Monetary Policie s.......................................................183
Global Risks Are Rising, but There Is a Path to Recovery. ...........................................................195
Complete List of Speeches, Blog Posts, and Articles ..................................................................205
About Christine Lagarde ........................................................................................................................221
©International Monetary Fund. Not for Redistribution
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©International Monetary Fund. Not for Redistribution
Foreword
“There are two ways of spreading light:
to be the candle or the mirror that reflects it.”
EDITH WHARTON
Inside this compilation of selected speeches by Christine Lagarde, Managing Director of the
International Monetary Fund from 2011 through 2019, you will find both the breadth and
depth of the insights that she brought to the Fund and shared more broadly with the global
economic community.
Her speeches cover some of the most pressing fiscal, monetary, and financial issues facing the
world today: from focusing on excessive inequality to strengthening the global trading system;
from showing the enormous growth potential of raising female labor force participation to high-
lighting the gaps in financial stability.
As you read these speeches, you quickly appreciate that this is a leader with a clear sense of the
world she wants to help improve and, more importantly, one who provides direction on how to
get there. The lodestar through this journey is multilateralism and the need for more interna-
tional cooperation.
Known affectionately inside the Fund as “MD,” we, her current and previous management team—
David Lipton, Mitsuhiro Furusawa, Tao Zhang, Carla Grasso, Min Zhu, Naoyuki Shinohara, and
Minouche Shafik—and Directors of the departments and offices at the IMF, wish through this
volume to pay tribute to her extraordinary ability to inspire.
The MD is both the candle and the mirror. She knows when to provide that guiding light of ideas,
which can lead us to an effective solution. Yet, as an exceptional leader, she also helped each of us
shine bright. We are truly indebted to her leadership, her vision, and her kindness.
IMF Management Team and Heads of Departments and Offices
September 2019
FOREWORD v
©International Monetary Fund. Not for Redistribution
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©International Monetary Fund. Not for Redistribution
Forging a Stronger
Social Contract
The IMF’s Approach to Social Spending
Delivered at the International Labour Conference
of the International Labour Organization in Geneva
on June 14, 2019
©International Monetary Fund. Not for Redistribution