At the beginning of June, Rodrigo Rato assumes the helm of the International Monetary Fund as its new managing director. He does so at a time when major global economic imbalances are contributing to exchange rate instability and when higher global interest rates could pose difficulties for the larger emerging market economies.

This seminar will assess the reforms that are needed at the IMF to allow it to meet these difficult challenges and the role that the IMF might play in promoting more orderly exchange markets. It will also discuss the reforms that might be desirable in the IMF's lending policy to the emerging markets and the IMF's efforts in emerging market debt restructuring.