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The increased frequency and severity of financial crises raises an important question: Can IMF intervention improve on potential market solutions? That question, which is really a question of how alternative institutional arrangements affect debtor-creditor incentives and financial stability—is the focus of the Cato Institute's 20th Annual Monetary Conference, cosponsored with The Economist.

The failure of official intervention to end currency, banking, and debt crises in emerging market economies must be addressed.

• Should the IMF act as an international bankruptcy court?
• Would global capital markets be better served by new contractual arrangements that rely on market discipline, not politics, to determine bankruptcy procedures in the case of sovereign doubt?
• What lessons can be learned from the Argentinean default?
• Which is more likely to bring about monetary stability— currency unification or competition?
• Will the new Basel capital standards improve risk assessment or simply add new regulations that limit socially beneficial innovation?

Leading experts will examine those questions and related issues to better understand the role of government versus the market in resolving international financial crises and preventing their recurrence. Don't miss your opportunity to meet with the distinguished speakers to discuss the future of the global financial architecture.

Featured Speakers

William McDonough President Federal Reserve Bank of New York	Ricardo López-Murphy former Finance Minister Argentina	Jeffrey Sachs Director The Earth Institute at Columbia University	John Taylor Undersecretary for International Affairs U.S. Treasury