THE WORLD BANK GROUPA World Free of Poverty


Policy Challenges for the Financial Sector in the Context of Globalization


Chairman of the Board of Governors of the Federal Reserve System
Alan Greenspan
took office June 20, 2000, as Chairman of the Board of Governors of the Federal Reserve System for a fourth four-year term ending June 20, 2004. Dr. Greenspan also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. He originally took office as Chairman and to fill an unexpired term as a member of the Board on August 11, 1987. Dr. Greenspan was reappointed to the Board to a full 14-year term which began February 1, 1992. He has been designated Chairman by Presidents Reagan, Bush, and Clinton.

Dr. Greenspan was born on March 6, 1926, in New York City. He received a B.S. in economics (summa cum laude) in 1948, an M.A. in economics in 1950, and a Ph.D. in economics in 1977, all from New York University. Dr. Greenspan also has performed advanced graduate study at Columbia University.

From 1954 to 1974 and from 1977 to 1987 Dr. Greenspan was Chairman and President of Townsend-Greenspan & Co., Inc., an economic consulting firm in New York City. From 1974 to 1977 he served as Chairman of the President's Council of Economic Advisers under President Ford and from 1981 to 1983 as Chairman of the National Commission on Social Security Reform.

Dr. Greenspan has also served as a member of President Reagan's Economic Policy Advisory Board, a member of Time magazine's Board of Economists, a senior adviser to the Brookings Panel on Economic Activity, and a consultant to the Congressional Budget Office.

His previous Presidential appointments include the President's Foreign Intelligence Advisory Board, the Commission on Financial Structure and Regulation, the Commission on an All-Volunteer Armed Force, and the Task Force on Economic Growth.

Dr. Greenspan in recent years served as a Corporate Director for Aluminum Company of America (Alcoa); Automatic Data Processing, Inc.; Capital Cities/ABC, Inc.; General Foods, Inc.; J.P. Morgan & Co., Inc.; Morgan Guaranty Trust Company of New York; Mobil Corporation; and The Pittston Company.

His non-corporate positions have included Member of the Board of Trustees, The Rand Corporation; Director, Institute for International Economics; Member of the Board of Overseers, Hoover Institution (at Stanford University); and Vice Chairman and Trustee, Economic Club of New York.

Dr. Greenspan has served as Chairman of the Conference of Business Economists, President and Fellow of the National Association of Business Economists, and Director of the National Economists Club.

Dr. Greenspan has received honorary degrees from Harvard, Yale, Pennsylvania, Leuven (Belgium), Notre Dame, Wake Forest, and Colgate universities. His other awards include the Thomas Jefferson Award for the Greatest Public Service Performed by an elected or appointed official, presented by the American Institute for Public Service, 1976 (Joint recipient with Dr. Arthur Burns and William Simon); election as a Fellow of the American Statistical Association, 1989; and decorated Legion of Honor (Commander) France, 2000.

Managing Director of the International Monetary Fund
Horst Köhler assumed office as Managing Director of the International Monetary Fund on May 1, 2000. On March 23, 2000, the Executive Board of the IMF unanimously selected Mr. Köhler to serve as Managing Director and Chairman of the Executive Board.

He earned a doctorate in economics and political sciences from the University of Tübingen, where he was a scientific research assistant at the Institute for Applied Economic Research from 1969 to 1976. After completing his education, he held various positions in Germany’s Ministries of Economics and Finance between 1976 and 1989.

Prior to taking up his position at the IMF, Mr. Köhler was the President of the European Bank for Reconstruction and Development, a post to which he was appointed in September 1998. He was President of the German Savings Bank Association from 1993 to 1998. From 1990 to 1993, he served as Germany’s Deputy Minister of Finance, being responsible for international financial and monetary relations. During this time, he led negotiations on behalf of the German government on the agreement that became the Maastricht treaty on European Economic and Monetary Union, was closely involved in the process of German unification, and held the position of Deputy Governor for Germany at the World Bank. He was personal representative (“sherpa”) of the Federal Chancellor in the preparation of the Group of Seven Economic Summits in Houston (1990), London (1991), Munich (1992), and Tokyo (1993).

Mr. Köhler is the eighth Managing Director of the IMF. He directly succeeds Michel Camdessus, who retired from the IMF on February 14, 2000.

Director, Banking and Financial Restructure Department, The World Bank
Margery Waxman is currently the Director of the Banking and Financial Restructure Department at the World Bank.  She is a member of the Financial Sector Family and Financial Sector Board.  Her primary responsibility is to offer legal advice to the Financial Sector Vice President and Regional Financial Sector Leadership.  Ms. Waxman is an expert in legal issues affecting bank insolvency, bank restructuring and rehabilitation, establishment of asset restructuring mechanisms, development of central bank, and commercial banking laws drawing on international best practices.  Ms. Waxman recently supported the Bank's Special Financial Operations Unit in South Korea, Thailand, and Indonesia; banking law reform in Turkey, Philippines, and Vietnam.  She is also the author of a paper on "Legal Framework for Systemic Bank Restructuring" (1998) and co-author with Nagavalli Annamalai of "Systemic Bank Insolvency: A Legal Framework for Early Crisis Containment" (1999).

Director, Division of Banking Supervision and Regulation
Board of Governors of the Federal Reserve System
Richard Spillenkothen has been the Director of the Federal Reserve Board’s Division of Banking Supervision and Regulation since 1991.  In this capacity, Mr. Spillenkothen is the senior Federal Reserve Board staff official in the area of banking supervision and regulation.  He oversees the supervision and regulation of state member banks, bank holding companies, Edge and agreement corporations, and the U.S. branches and agencies of foreign banking institutions.  The Director also oversees the development and execution of supervisory policy regarding these institutions. 

Mr. Spillenkothen coordinates supervisory policy with Reserve Bank officials as well as with other federal, state and foreign banking authorities.  Mr. Spillenkothen also is responsible for overseeing the application process for becoming either a state member bank or a bank holding company. 

Mr. Spillenkothen is a member of the Basel Committee on Banking Supervision and is a participant on the Joint Forum of Banking, Insurance and Securities supervisors.  He is the Board’s representative on the Federal Financial Institutions Examination Council’s Supervision Task Force.

Program Manager, Banking and Financial Restructuring Department, The World Bank
Ernesto Aguirre is Program Manger at Banking and Financial Restructuring Department of the World Bank. Before joining the World Bank, he was Senior Counsel at the Legal Department of  International Monetary Fund, in charge of providing technical assistance to more than 30 countries (over 10 years) in most areas of the world, on legal and regulatory aspects related to their banking systems' organization, banking supervision and regulation, and bank restructuring.  Mr. Aguirre was Superintendent of Banks of the Republic of Colombia, which is an independent supervisory agency in charge of the regulation and supervision of banks, non-banking financial institutions, pension funds, and insurance institutions in the country.  He was also the Chief International Negotiator of the Republic of Colombia on economic and financial matters.

Mr. Aguirre holds a Doctor degree in Law from University Externado de Colombia, D.E.A. in Economic Law from Universitie de Paris I Pantheon-Sorbonne,  Master in Financial Law from  London School of Economics and  is now a Ph.D. candidate in Economics at the London School of Economics.



Governor, Federal Reserve Board
Laurence H. Meyer took office as a member of the Board of Governors of the Federal Reserve System on June 20, 1996, to fill an unexpired term ending January 31, 2002.  Dr. Meyer received a B.A. (magna cum laude) from Yale University in 1965 and a Ph.D. in economics from Massachusetts Institute of Technology in 1970.  Before becoming a member of the Board, Dr. Meyer was President of Laurence H. Meyer and Associates, a St. Louis-based economic consulting firm specializing in macroeconomic forecasting and policy analysis, and a professor of economics at Washington University. Dr. Meyer co-founded Laurence H. Meyer and Associates in 1982 with partners Joel Prakken and Chris Varvares. The firm provides economic forecasts and the use of its model to government agencies, trade associations, and private firms.

Dr. Meyer is widely recognized as one of the nation's leading economic forecasters. He was honored by Business Week in 1986 as the top forecaster for the year on its forecast panel. He was similarly honored in 1993 and 1996 with the prestigious Annual Forecast Award, presented to the most accurate forecaster on the panel for the Blue Chip Economic indicators.

Dr. Meyer has served as an economist at the Federal Reserve Bank of New York and as a visiting scholar at the Federal Reserve Bank of St. Louis. He has had numerous articles published in the top professional journals, has authored a textbook on macroeconomic modeling, and has testified before the Congress on macroeconomic policy issues.



Senior Advisor, Monetary and Exchange Affairs Department, International Monetary Fund
Tomás José T. Baliño holds a degree in Economics from the University of Buenos Aires, and a Master’s degree and Ph.D. from the University of Chicago, also in Economics. He joined the IMF in 1983 and is presently Senior Advisor in the Monetary and Exchange Affairs Department. Before joining the Fund he worked at the National Development Council and the Central Bank, both of Argentina. In Argentina he also taught at the University of Buenos Aires, the Southern University, and the Center for Macroeconomic Studies.  He is the author of a number of publications on monetary, exchange rate, and financial issues.



Director, Financial Sector Strategy and Policy Department, The World Bank
Gerard Caprio holds the joint appointment of Director of the Financial Policy and Strategy Department of the World Bank’s Financial Sector Operations Vice Presidency, and also serves as Manager of Financial Sector Research, in the Bank’s Development Research Group.  Before joining the Bank in 1988, he was Vice President and Head of Global Economics at J.P. Morgan, previously holding economist positions at the Federal Reserve Board, the IMF, and also teaching  at George Washington University.  Mr. Caprio has researched and written extensively on financial sector policy, financial reform, and monetary policy implementation, including Reforming Finance: Historical Implications for Policy; Financial Reform: Theory and Experience; and Financial Liberalization: How Far, How Fast (all Cambridge University Press). Most recently he co-authored Finance for Growth: Policy Choices in a Volatile World, with Patrick Honohan, with whom he serves as co-editor of the bi-monthly electronic newsletter, Interest Bearing Notes. His current research is on the links between financial sector regulation and supervision and the performance of financial institutions, as well as on financial crises.  Mr. Caprio holds an A.B. in Economics from Williams College and a Ph.D. in Economics from University of Michigan.



Senior Associate Director, Supervision Operations, International Coordination and Technical Assistance, Board of Governors of the Federal Reserve System
William A. Ryback is the Senior Officer responsible for the oversight of Supervision Operations and Technical Assistance for the Board of Governors of the Federal Reserve System.  He coordinates the System’s examination and supervision of bank holding companies, large complex banking organizations, regional and community banks, and foreign banking organizations.  His responsibilities also include managing the Federal Reserve’s technical assistance program in bank supervision and coordination of training with multilateral institutions including the World Bank, International Monetary Fund and Financial Stability Institute of the BIS.  Formerly, Mr. Ryback was responsible for implementation of the enhanced oversight program for foreign banking operations in the U.S.  Mr. Ryback was the Board of Governor’s representative on the Basel Committee on Banking Supervision (BCBS) from 1986 to 1994 and is active in many multinational and bilateral initiatives aimed at strengthening supervision of internationally active banks and enhancing communication between supervisors.  He represents the United States on the Core Principals Liaison Group and the Federal Reserve on the Cross-Border Banking Working Group.

Prior to joining the Board in March 1986, Mr. Ryback held various positions at the Office of the Comptroller of the Currency, his last position being Director of Multinational and Regional Bank Policy.

He holds a BS degree in finance from Seton Hall University


Chairman, Australian Prudential Regulation Authority
Jeffrey Carmichael ’s career experience includes senior positions with the Reserve Bank of Australia, seven years as Professor of Finance at Bond University and appointment to a number of Government inquiries and Government and private sector Boards. His academic qualifications include first class honors and honors Masters degrees from the University of NSW and an M.A. and Ph.D. from Princeton University.  He has published in a number of the world's leading journals, including the American Economic Review and the Journal of Finance.  In the past decade he served variously as: a Commissioner on the Queensland Government's Inquiry into Non-Bank Financial Intermediaries in Queensland and the Queensland Government's Audit Commission; Chairman of the Australian Financial Institutions Commission; and Chairman of the Queensland Office of Financial Supervision.  In June 1996 he was appointed as a member of the Commonwealth Government's Financial System (Wallis) Inquiry and in July 1998 he was appointed inaugural Chairman of the Australian Prudential Regulation Authority.  In 1995, Dr. Carmichael was awarded an Officer of the Order of Australia (AO) for service to finance, education and the community.
President, The World Bank Group


President, The World Bank Group
James D. Wolfensohn, the World Bank Group's ninth president since 1946, established his career as an international investment banker with a parallel involvement in development issues and the global environment.

Since becoming president on June 1, 1995, he has traveled to more than 100 countries to gain first-hand experience of the challenges facing the World Bank, and its 182 member countries.

On September 27, 1999, Mr. Wolfensohn was unanimously reappointed by the Bank's Board of Executive Directors to a second five-year term as president beginning June 1, 2000. This will make him the third president in World Bank history to serve a second term.

During his travels, Mr. Wolfensohn has not only visited development projects supported by the World Bank, but he has also met with the Bank's government clients as well as with representatives from business, labor, media, Non-Governmental Organizations (NGOs), religious and women's groups, students and teachers. In the process he has taken the initiative in forming new strategic partnerships between the Bank and the governments it serves, the private sector, civil society, regional development banks and the UN.

In 1996, together with the International Monetary Fund (IMF), Mr. Wolfensohn initiated the Heavily Indebted Poor Countries Initiative (HIPC) as the first comprehensive debt reduction program to address the needs of the world's poorest, most heavily indebted countries.

In January, 1999, Mr. Wolfensohn introduced the Comprehensive Development Framework (CDF), drawing on the lessons of development experience and putting into action the key concepts laid out in his Annual Meetings speeches of 1997 and 1998. Together with the Bank's partners, the CDF is now being piloted in 12 countries, and CDF principals are the basis for Poverty Reduction Strategies (PRSPs) being prepared in low-income countries.

The CDF is a holistic, long-term and country-owned approach that focuses on building stronger participation and partnerships to reduce poverty. It is meant to be a compass, not a blueprint for development.

The CDF is also meant to enhance the Strategic Compact, a major reform program in the Bank which Mr. Wolfensohn launched to improve the institution's effectiveness in fighting poverty by transforming the institution into a Knowledge Bank, and to meet the needs of a rapidly changing global economy.

Mr. Wolfensohn has been a strong proponent of designing a digital development architecture to harness knowledge and connectivity to leverage development, and to close the digital and knowledge divides. The Bank is now integrating Information Communications Technologies (ICTs) into the development dialogue, agenda and action, while implementing a series of ICT-based grant and distance learning programs to link developing communities as a means for increased participation, inclusion and opportunity.

Prior to joining the Bank, Mr. Wolfensohn was an international investment banker. His last position was as President and Chief Executive Officer of James D. Wolfensohn Inc., his own investment firm set up in 1981 to advise major U.S. and international corporations. He relinquished his interests in the firm upon joining the World Bank.

Before setting up his own company, Mr. Wolfensohn held a series of senior positions in finance. He was Executive Partner of Salomon Brothers in New York and head of its investment banking department. He was Executive Deputy Chairman and Managing Director of Schroders Ltd. in London, President of J. Henry Schroders Banking Corporation in New York, and Managing Director, Darling & Co. of Australia.

Throughout his career, Mr. Wolfensohn has also closely involved himself in a wide range of cultural and volunteer activities, especially in the performing arts.  Currently, in addition to serving as President of the World Bank Group, he is Chairman of the Board of the Institute for Advanced Study at Princeton University.  In 1970, Mr. Wolfensohn became involved in New York's Carnegie Hall, first as a board member and later, from 1980 to 1991, as Chairman of the Board, during which time he led its successful effort to restore the landmark New York building. He is now Chairman Emeritus of Carnegie Hall.  In 1990, Mr. Wolfensohn became Chairman of the Board of Trustees of the John F. Kennedy Center for the Performing Arts in Washington, D.C. On January 1, 1996, he was elected Chairman Emeritus.

Mr. Wolfensohn has been President of the International Federation of Multiple Sclerosis Societies, Director of the Business Council for Sustainable Development, and served both as Chairman of the Finance Committee and as Director of the Rockefeller Foundation and of the Population Council, and as member of the Board of Rockefeller University.

He is an Honorary Trustee of the Brookings Institution and a member of the Council on Foreign Relations and the Century Association in New York.

Mr. Wolfensohn is also a Fellow of the American Academy of Arts and Sciences and a Fellow of the American Philosophical Society. This year, he was the recipient of the Foreign Policy Association Medal, an Honorary Doctor of Public Service Degree from George Washington University, an Honorary Degree from Ben-Gurion University of the Negev, Israel and Michigan State University, the Africare Bishop John T. Walker Distinguished Humanitarian Award and the 2000 Global Leadership Award from the UN Association of the USA.

He has been the recipient of many awards for his volunteer work, including the first David Rockefeller Prize of the Museum of Modern Art in New York for his work for culture and the arts.  In May 1995 he was awarded an Honorary Knighthood by Queen Elizabeth II for his contribution to the arts. Mr. Wolfensohn has also been decorated by the Governments of Australia, France, Germany, Morocco, and Norway.

Born in Australia in December 1933, Mr. Wolfensohn is a naturalized U.S. citizen. He holds B.A. and LL.B. degrees from the University of Sydney and an M.B.A. from the Harvard Graduate School of Business.  Before attending Harvard, he was a lawyer in the Australian law firm of Allen Allen & Hemsley.

Mr. Wolfensohn served as an Officer in the Royal Australian Air Force, and was a member of the 1956 Australian Olympic Fencing Team.


Deputy Director, Policy Development and Review Department,
International Monetary Fund
V. Sundararajan oversees the department's policy development work on monetary and financial sector issues, and manages the joint World Bank-IMF Financial Sector Assessment Program (FSAP) at the Fund.  He is also co-Chairman of the joint World Bank-International Monetary Fund Financial Sector Liaison Committee, which coordinates Bank-Fund financial sector work, including on the FSAP.  He is a graduate of the Indian Statistical Institute and received his Ph.D. in Economics from Harvard University.  Mr. Sundararajan has published articles and books on central banking reforms and banking crisis and restructuring.


Senior Adviser, Financial Sector Strategy and Policy Department, The World Bank
Larry Promisel is the co-chair of The World Bank/International Monetary Fund Financial Sector Liaison Committee and also a key figure in implementing the joint Bank/Fund Financial Sector Assessment Programs (FSAP), came to the World Bank in July 1998.  His work has focused on policy issues associated with strengthening financial systems and on cooperation between the IMF and the World Bank.  He was involved in the G-22 process, participating directly in the working group on strengthening financial markets but also involved with the G-22 process more generally.  Mr. Promisel co-authored a World Bank paper on Strengthening Financial Systems in Developing Countries.  He also serves on the Secretariat of the Financial Stability Forum.  Mr. Promisel worked at the Federal Reserve Board in Washington for 30 years prior to coming to the Bank.  As a deputy to the Director of the Division of International Finance, he had broad-ranging responsibilities involving analysis of financial markets, financial system risk, and economic developments, policies, and prospects.  Within the Federal Reserve System, he worked closely with supervisory and legal staff on international supervisory and regulatory issues, and with others on payments system issues and strategic planning.  He worked with other U.S. government agencies on many issues, including the promotion of international financial stability in the context of the G-7 summit meetings.  He participated actively in many international committees and working groups, including, among others, the Euro-currency Standing Committee (now the Committee on the Global Financial System) at the BIS, and the Economic Policy Committee, Working Party 3, and the Committee of Monetary Experts at the OECD.  Mr. Promisel chaired a BIS working party that produced a report in 1992 on “Recent Developments in International Interbank Relations” (the “Promisel Report”), which was one of the first official analyses dealing with systemic risk, with derivatives markets and associated risks, and with linkages across countries and between banks and non-bank financial institutions. Mr. Promisel received his undergraduate degree from Cornell University and the London School of Economics and graduate degree from Yale University. 


Deputy Director, Policy Development and Review Department,
International Monetary Fund
Mark Allen was educated at Cambridge and Yale Universities. He has worked for the International Monetary Fund since 1974, working in the Exchange and Trade Relations Department, the African Department, and the Policy Development and Review Department. Mr. Allen has also worked in the Geneva office of the IMF, and served as resident representative in Poland and Hungary. Since 1998 he has been a Deputy Director in the Policy Development and Review Department.


Secretary General, Basel Committee on Banking Supervision
Danièle Nouy is currently the Secretary General of the Basel Committee on Banking Supervision.  Before serving as the Deputy Secretary General and the Secretary General of the Basel Committee on Banking Supervision, Ms. Nouy served as the Head of the Research Department and Policy Group at the Banking Supervisory Commission of France, the Director of Financial Institutions Supervision, and Director, Associate to the General Secretary of Commission Bancaire.  Ms. Nouy also represented the Banque de France in New York. 


Lead Financial Specialist, The World Bank
Michael Pomerleano is Lead Financial Specialist in the Financial Sector Development Department of the World Bank. He has extensive international financial consulting experience in Asia, transitional economies in Eastern Europe and Central Asia, where he has advised governments, central banks and commercial banks on financial sector reform on behalf of the World Bank, USAID and the Asian Development Bank since 1992. Prior to joining the World Bank, he was part of the National Banking Group of Citicorp, served as Managing Partner of MBC Associates (an owner-operator of commercial real estate) and worked in the Supervision and Regulation Division of the Board of Governors of the Federal Reserve System.  He received his M.A. in Business Economics, a joint degree awarded by the Harvard Business School and the Harvard Economics Department.


Advisor to Korean Executive Director, International Monetary Fund
Won-Dong Cho recently joined the International Monetary Fund from the Ministry of Finance and Economy in Korea.  He has been involved in various policy developments throughout his government career, especially in the period following the Korean financial crisis.  Among the various reforms that the Korean government has undertaken, corporate restructuring has been his major area of concern, although this issue was closely inter-related with other aspects of the reform agenda. Mr. Cho commenced his government career at the Economic Planning Board (EPB) in 1980.  When the EPB merged with the Ministry of Finance to become the Ministry of Finance and Economy, he was seconded to the President’s Office.  Upon the launch of new administration, Mr. Cho joined the economic team within the President’s Office and participated actively in policy formulation to overcome the Korean financial crisis.  He returned to the Ministry of Finance and Economy in 1999, assuming the position of deputy director-general for policy coordination.  During the course of his government career, Mr. Cho also obtained his Ph.D. in Economics at Oxford University.


Assistant General Counsel, International Monetary Fund
Sean Hagan is Assistant General Counsel at the International Monetary Fund and is responsible for coordinating the IMF’s corporate insolvency work and legal issues relating to sovereign debt. Prior to beginning work at the IMF, Mr. Hagan was in private practice, first in the New York office of Whitman and Ransom and subsequently in Tokyo at Masuda & Ejiri. Mr. Hagan received his J.D. from the Georgetown University Law Center and also holds a Master of Science in International Economic Policy from the London School of Economics and Political Science.


Managing Counsel, Legal Department, The World Bank
Douglas Webb is a New Zealand-trained lawyer employed by the World Bank in Washington, D.C.  Prior to joining the World Bank, he was for 18 years a partner in the New Zealand law firm of Rudd Watts & Stone, leading transaction teams for privatization of state-owned enterprises, advising major corporates, and serving on the board of directors of financial and insurance companies.  From 1982-1986, he worked in the Office of the General Counsel, Asian Development Bank, Manila, the Philippines.  He joined the Legal Vice Presidency, the World Bank, in 1991.  From 1993-1998, he was the Legal Adviser, Legal Reform and Private Sector Development and was the Bank-wide adviser on all legal aspects of legal and judicial reform.  From 1998-2000, he was the Legal Adviser, Finance and Private Sector Development, responsible for legal advisory services for the development of banking systems and capital markets, corporate sector reform and private investment in infrastructure.  He is currently the Managing Counsel, responsible for management and administration of the Legal Vice Presidency.


First Deputy Managing Director, IMF
Stanley Fischer is the First Deputy Managing Director of the International Monetary Fund, a post he assumed in September 1994.

Prior to taking up his position at the Fund, Mr. Fischer was the Killian Professor and the Head of the Department of Economics at MIT (Massachusetts Institute of Technology). From January 1988 to August 1990 he served as Vice President, Development Economics and Chief Economist at the World Bank.

Mr. Fischer was born in Zambia in 1943. He took the B.Sc. (Econ) and M.Sc. (Econ) at the London School of Economics from 1962-1966, and obtained his Ph.D. in economics at MIT in 1969. He was Assistant Professor of Economics at the University of Chicago until 1973, when he returned to the MIT Department of Economics as an Associate Professor. He became Professor of Economics in 1977. He has held visiting positions at the Hebrew University, Jerusalem, and at the Hoover Institution at Stanford.

Mr. Fischer is the author of Macroeconomics (with Rudi Dornbusch), and of several other books. He has published extensively in the professional journals.


Program Manager, Banking and Financial Restructuring Department, The World Bank
David Scott joined the World Bank in 1990 and is the manager of the Bank’s financial sector program in China.  Prior to that assignment he principally was engaged in supporting governments in resolving financial sector crises.  He managed the Bank's financial sector program in Korea during the Asian crisis and advised in Mexico (1994-1996), Thailand (1997) and Ecuador (1999-2000).  Mr. Scott is a cofounder of The Toronto International Leadership Centre for Financial Sector Supervision, an executive development institute for top banking, securities and insurance supervisors sponsored by the World Bank, Government of Canada, IMF and BIS/FSI.  He serves as a member of the Toronto Centre board of directors and executive committee.  Prior to joining the World Bank, Mr. Scott worked for fifteen years at the U.S. Office of the Comptroller of the Currency.


Vice Chairman, Council of Economic Advisors to the Prime Minister of Thailand and Former Minister of Finance
Thanong Bidaya is the Vice Chairman of the Council of Economic Advisors to the Prime Minister of Thailand.  He has had extensive experience in the public, private, and academic sectors.  In serving the public sector, Dr. Bidaya was the former Minister of Finance in Thailand, and was a committee member of the National Legislative Assembly of Finance and Banking in Thailand.  He was the Executive Advisor, Director, President, and CEO of the Thai Military Bank Public Company Limited.  In the academic field, Dr. Bidaya holds a B.A. degree in Economics from Yokohama National University, a M.A. in Economics and a Ph.D. in Management from Northwestern University.  To name a few of Dr. Bidaya’s academic positions: he is currently the Director of the MBA International Program at Kasetsart University, Director of the College of Graduate Study in Management Khon Kacn University, and he was the Dean of the Business Administration Department at the National Institute of Development Administration.


Professor of Economics, Sogang University, Korea
Yoon Je Cho has been the Professor of Economics, as well as the Director of the Institute of International Studies at Sogang University in Korea since March 1997.  He received his B.A. in Economics from Seoul National University in 1976, and received his Ph.D. in Economics from Stanford University in 1984.  Previously he was the Senior Counselor to the Deputy Prime Minister and Minister of Finance and Economy, and served as the Vice President of the Korea Institute of Public Finance.  Outside of the academic field, Professor Cho is currently a member of Deliberation Committee for Financial Sector Development, Ministry of Finance and Economy, Policy Advisory Committee of the Planning and Budget Commission, and Advisory Board of Transnational Research Corporation in the United States. 

Professor Cho has been published extensively in the areas of finance and development of Korea as well as other Asian nations.


Deputy Governor, Banco de Mexico
Jose Julian Sidaoui earned a B.A. in Economics from the Universidad de las Americas in 1973, a M.A. in Economics from the University of Pennsylvania in 1974, and a Ph. D. in Economics from the George Washington University in 1978.  From 1976 to 1978 he worked at the World Bank as economic researcher in the Latin America and Caribbean area.  Mr. Sidaoui joined Banco de Mexico in 1979 and has held several positions:  Economic Researcher, Deputy Manager of Financial Programming and Macroeconomic Analysis, Deputy  Treasurer, Treasurer, Director of Central Banking Operations and General Director of Central Banking Operations.  His responsabilities included the management of foreign exchange policy, the Central Bank´s open market  operations  and  management  of  the  Country´s  international reserves.  On December 5, 1994, he was appointed Deputy  Ministry of Finance and since January 1st, 1997, he is Deputy Governor of Banco de Mexico.

Mr. Sidaoui has authored several publications on topics such as Structural Change in the Mexican Economy, Manufactured Exports and Macroeconomic Policy. He has taught different subjects in Economics at Universidad Anahuac and at Instituto Politecnico Nacional.


Former President, Central Bank of Argentina
Roque Fernández is currently the Director of the Department of Accounting at the Universidad del Centro de Estudios Macroeconómicos in Argentina.  Previously, he served as the Minister of Economy and Public Works and Services from 1996-1999, and served as the Vicepresident, Director and also as the President of the Banco Central de la República Argentina.  Prof. Fernández has also held the seat of the President of the Board of Directors of Centro de Estudios Macroeconómicos de Argentina since 1986.

Professor Fernández has been extensively published in the field regarding Latin American financial policies.  He holds a Doctor en Ciencias Económica from Universidad Nacional de Córdoba in Argentina, and a Ph.D. in Economics from the University of Chicago.


Sector Director, Europe and Central Asia, The World Bank
Paul Siegelbaum is currently a Sector Director at the World Bank.  Previously, Mr. SiegeIbaum was a Country Director, responsible for the Bank’s program of lending and other activities in Ukraine and Belarus.  He has been with the World Bank since 1982, and initially joined as an attorney and a financial operations officer with the International Finance Corporation, and thereafter in charge of a group of attorneys responsible for the Bank’s financial operations, investments and financial policy.  From January 1990 through December 1992, Mr. Siegelbaum managed a division in the Treasury which was responsible for the Bank’s borrowings in U.S. dollars, Japanese yen, and other non-European currencies.  In 1993, he was appointed Chief of the Enterprise and Financial Sector Division at the World Bank, serving eight former republics of the Soviet Union.

Before joining the Bank, Mr. Siegelbaum spent two years with the Securities and Exchange Commission.  Prior to joining the S.E.C., he was associated with the New York law firm of Debevoise and Plimpton, where he specialized in corporate finance and securities law.


President of the Federal Reserve Bank of New York and Chairman of the Basel Committee on Banking Supervision
William J. McDonough was appointed the eighth president and chief executive officer of the Federal Reserve Bank of New York on July 19, 1993. In that capacity, he serves as the vice chairman and a permanent member of the Federal Open Market Committee (FOMC), the group responsible for formulating the nation's monetary policy. Mr. McDonough also serves as a member of the Board of Directors of the Bank for International Settlements and chairman of the Basel Committee on Banking Supervision.

Mr. McDonough joined the New York Fed in January 1992 as executive vice president, head of the bank's markets group, and the manager of open market operations for the FOMC.

Mr. McDonough, 66, retired from First Chicago Corp. and its bank, First National Bank of Chicago, in 1989 after a 22-year career there. He was vice chairman of the board and a director of the bank holding company from 1986 until his retirement. Before joining the New York Fed, Mr. McDonough served as an advisor to a variety of domestic and international organizations.

Prior to his career with First Chicago, Mr. McDonough was with the U.S. State Department from 1961 to 1967 and the U.S. Navy from 1956 to 1961.

Mr. McDonough earned a master's degree in economics from Georgetown University in Washington, D.C., in 1962, and a bachelor's degree, also in economics, from Holy Cross College in Worcester, Mass., in 1956.

Mr. McDonough is a member of the board of governors of the New York Academy of Sciences and a member of the board of directors of the New York Philharmonic Orchestra. He also serves as a member of the board of directors of the Foreign Policy Association, the Council on Foreign Relations, and the Americas Society. In addition, Mr. McDonough is a member of the Trilateral Commission and the Group of Thirty.

Mr. McDonough is married and lives in New York City.


General Counsel, Bank for International Settlements
Mario Giovanoli, a Swiss national, Doctor in Law and Bachelor in Political Science (Lausanne), is the General Counsel and a Manager of the Bank for International Settlements (BIS) in Basel, Switzerland. He is Professor of banking and monetary law at the University of Lausanne and Chairman of the Committee on International Monetary Law of the International Law Association (MOCOMILA). His publications include articles and studies on various topics of Swiss, European and international banking, monetary and financial law.


Sir John Lubbock Professor of Banking Law, University of London
Joseph Norton primarily teaches domestic and international business and banking-related courses.  He holds a dual appointment as the Sir John Lubbock Professor of Banking Law at the Centre for Commercial Law Studies at University of London, and the James L. Walsh Distinguished Faculty Fellow in Financial Institutions Law and Professor of Law at the Dedman School of Law at the Southern Methodist University.  He also is editor-in-chief of The International Lawyer, of NAFTA: Law and Business Review of the Americas, of the Kluwer international series on International Banking Regulation and International Economic Development Law, and of the Lloyd's of London Banking Law Publication Series. He is a senior research fellow at the Institute of European Finance (U.K.); he also is a regular visiting professor of law at the University of Münster, Germany, at the University of Stockholm, Sweden, and hold a Visiting University Chair in Law at Rand Afrikaans University, South Africa. He served for four years as the chief law examiner of the University of Hong Kong and he holds from 1999-2001, the Vice Chancellors Distinguished Visiting Professorship in Law at Hong Kong University.  Professor Norton is the executive director of the London Institute of International Banking, Finance and Development Law. He also has been a visiting professor at Soochow University, Taipei. Before joining the law faculty in 1981, Professor Norton was a director of a major Dallas law firm and an adjunct professor of law at SMU School of Law. From 1973-81 Professor Norton was a director of Dallas Legal Services, serving as its president in 1976-77, and in 1984 was again appointed a director until 1987. He has written extensively in domestic and international law journals, primarily respecting the domestic and international regulation of business enterprise and banking, serving as a member of the ABA and Texas Bar Banking Committees. He has published (as author or editor) over thirty treatises, and has written more than 100 articles, chapters, and research monographs on domestic and international business and banking matters. He is a founder and director of SMU's Institute on International Finance and of the reactivated Law Institute of the Americas, and for ten years was the director of the School of Law's annual Institute on the Law of Banking Institutions and annual Institute on Commercial Lending. He is a member of the American Law Institute.  He currently is actively engaged in emerging financial sector reform consultancies in Africa, South America, and East Asia.  In 1999, he was responsible for a global series of conferences on the new international financial architecture held at SMU and with leading universities in London, Cologne, Stockholm, Johannesburg, Bangkok and Hong Kong - with such series producing four major book publications.


Vice President, Financial Sector, The World Bank
Manuel Conthe joined the World Bank in April 1999 to lead a new Vice Presidency for the Financial Sector, with responsibility for Banking and Financial Institutions, Capital Markets Development, Financial Strategy and Policy, and the Special Financial Operations Unit.  From 1995 to 1996, he served as the Spanish Government’s Deputy Minister for Economy, after having served for seven years as Director-General of the Treasury and Financial Policy.  As Spain’s Chief Financial Officer, he played a leading role in modernizing and strengthening the domestic banking and financial markets.

During these years, he was also a member of the Board of Directors of the Bank of Spain and of Spain’s SEC. Mr. Conthe also served as a full member of the European Monetary Committee and was closely involved in the design of monetary union in Europe. He was a member of the Board of the European Investment Bank. He participated actively in the creation of the EBRD. For the last two years before joining the World Bank, he was Chief Economic Counselor to the EU in Brussels, working primarily on matters related to the World Trade Organization and international trade.



Director, Monetary and Exchange Affairs Department, International Monetary Fund
Stefan Ingves has a Ph.D. in Economics from the Stockholm School of Economics.  Mr. Ingves has served in a variety of posts including President of Sweden's options and futures exchange, Undersecretary in the Ministry of Finance, Director General of the Swedish Bank Support Authority, First Deputy Governor of the Central Bank of Sweden, and Member of the G-10 Deputies. Mr. Ingves is presently a member of the Financial Stability Forum and a Member of The Toronto International Leadership Centre for Financial Sector Supervision, and since 1999 he has been Director of the Monetary and Exchange Affairs Department of the IMF.


Chief Economist, Inter-American Development Bank
Guillermo Calvo is currently the Chief Economist at the Inter-American Development Bank.  Previously, he was the Distinguished University Professor and Director of the Center for International Economics at the University of Maryland.  He was also Francisco Soldati Professor of Economics at the Universidad Torcuato Di Tella, Buenos Aires, Argentina.  Dr. Calvo was also a Senior Advisor at the Research Department of the International Monetary Fund, and Professor of Economics at the University of Pennsylvania and Columbia University, New York.

He has published extensively in the areas of monetary and international economics. Two of his recent books include: Money, Exchange Rates, and Output (Cambridge, MA: The MIT Press, 1996) and Private Capital Flows to Emerging Markets after the Mexican Crisis (Washington, DC: Institute for International Economics, 1996).

His current research interests are: emerging markets, stabilization theory, and transition economies. Dr. Calvo holds a Master of Arts, a Master of Philosophy and a Ph.D. all from Yale University.









For more information contact:
Financial Sector Learning Program
The World Bank
Tel: + 1202 458 5047
Fax: + 1202 676 9874