Globalization is one of the most charged issues of the day. A multifaceted concept, globalization is seen by its critics as widening the gap between rich and poor and devastating the environment, while fervent supporters see it as a high-speed vehicle for achieving universal peace and prosperity. Recent economic crises and market instability, along with growing outcries from global civil society, have underscored the need to continue to examine globalization from a number of different perspectives. The Keystone Roundtable of the 2000 Program of Seminars brings together a distinguished group of international thinkers, leaders and trendsetters who will share their views on the risks, challenges, and opportunities of globalization, analyze the debate about its impact on people, and discuss how the public and private sectors should respond. Speakers and participants will elaborate on these issues in the seminars and workshops that will take place over the ensuing four days. Among the critical topics they will consider are:

• Why have there been such large differences in rates of poverty reduction in the developing world, and to what extent may these be related to globalization?
• How can policymakers exploit the opportunities for higher economic growth and better living standards resulting from globalization and, at the same time, mitigate the risks and promote greater equity?
• Is globalization hindering countries’ efforts to set environmental standards?
• How much of the responsibility to share the benefits of globalization rests with the corporate sector?
• What kinds of governance and regulations are needed to capture the benefits from an integrated world economy?
• How best can international financial cooperation and the opportunities presented by an open world economy toward achieving prosperity for all sections of society?

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Community-driven development can be an important element of poverty reduction strategies, by achieving immediate and lasting results at the "grass-roots level". Community-driven development has the potential to make allocation of resources more responsive to the needs of the poor, to lead to more sustainable outcomes, and to increase the power of poor communities to interact with government, the private sector, and civil society. While many local successes have been achieved, they have not been multiplied, replicated on the scale required. Against this backdrop, the main objective of the seminar will be to explore sustainable ways to take community-driven development to scale, by fostering partnerships between communities, the private sector, local governments and civil society.

• What are the links between community-driven approaches and poverty reduction?
• What are the options of the institutional and organizational arrangements needed for creating the proper incentives to scale up community-driven development, including the necessary mechanisms for decentralization, and macro policies and legal frameworks?
• What are the mechanisms for sustainable financing of community-driven programs?
• How can community-driven development be used more effectively as a main element of the World Bank’s poverty reduction strategy?
• What lessons have been learned from experience?

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Three major currency areas are likely to dominate the first decades of the 21^st century: a dollar, a euro and an Asian currency. Whereas the shape of the first two can already be clearly discerned, that of the third is more uncertain. The evolution of these currency areas will have profound implications for the world's monetary system.

• What are the probable forms and memberships of the dollar and euro currency areas?
• What are some possible scenarios for the emergence of an Asian currency area?
• What are the prospects for the relations between these areas and implications for the international monetary and financial system as a whole?

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Moderator:

• Yung-ChuI Park is Professor of Economics at Korea University, and Chairman of the Board of the Korea Exchange Bank in Seoul, Korea. He previously served as the Chief Economic Adviser to President Doo Hwan Chun of Korea, as President of the Korea Development Institute, as President of the Korea Institute of Finance, and as a member of the Bank of Korea's Monetary Board. He was also the Director of the Institute of Economic Research at Korea University and a visiting professor at Harvard University and Boston University. He managed the merger of Korea's two largest commercial banks as Chairman of the CBK‑Hanil Bank Merger Committee.
• Alexander Swoboda is Senior Policy Advisor and Resident Scholar in the International Monetary Fund’s Research Department. He is on leave from the University of Geneva and the Graduate Institute of International Studies where he is Professor of International Economics. He is also the Founding Director of the International Center of Monetary and Banking Studies and was recently elected to the Council of the Swiss National Bank.
• Hans Tietmeyer is Professor at the Martin Luther University in Halle Wittenberg and President of the European Business School in Oestrich-Winkel/Rheingau. From 1993 until 1999, Mr. Tietmeyer was President of the Deutsche Bundesbank in Frankfurt. Prior to joining Deutsche Bundesbank, he was Deputy Minister in the German Finance Ministry. In 1999 the G7 Ministers and Governors endorsed his proposal for establishing the International Stability Forum Bâle.

The vast majority of poor people make their living from market activities. How well markets function and especially the conditions for the private enterprise development are of paramount importance to the material well-being of the poor. Under the right conditions, the operation of markets can be the engine of poverty reduction. But what are those conditions? The panel will review circumstances in which markets can be "for" the poor—that is, be a force for greater equity and poverty reduction. The discussion will take place in the context of the experiences of market-oriented reforms in the developing world over the past two decades.

• How can governments best encourage job-creating enterprises?
• Under what conditions is trade liberalization good for promoting equity and reducing poverty?
• What is the connection between local level regulation and entrepreneurial activity in the informal sector and in small and medium enterprises?
• Under what conditions can large domestic firms and Foreign Direct Investment (FDI) help reduce poverty?
• What is needed to make privatization of State Owned Enterprises (SOEs) pro-poor?

• Carol Graham is Senior Fellow and Co‑Director of the Center on Social and Economic Dynamics at the Brookings Institution and a Visiting Professor in the Economics Department at The Johns Hopkins University. She has served as Special Advisor to the Vice President of the Inter‑American Development Bank and as a Visiting Fellow in the Office of the Chief Economist of the World Bank. She is the author of several books and articles on the political economy of market reform, institutional change, and poverty reduction.
• Reema Nanavaty is General Secretary of the Self Employed Women’s Association (SEWA) in India. She co-ordinates the Rural Development programs of SEWA, ranging from community-based water resource management to savings and credit programs focusing on supporting full employment and self-reliance of women
• Nicholas H. Stern is Chief Economist and Senior Vice President at the World Bank. Prior to joining the World Bank Group, he was Chief Economist at the European Bank for Reconstruction and Development (EBRD). Previously, he served in various capacities at the London School of Economics, Oxford, Warwick University, MIT, Ecole Polytechnique in Paris, Indian Statistical Institute in Bangalore and Delhi, and People's University of China in Beijing.
• Magatte Wade is Director General of Agence d'Exécution des Travaux d'Interet Public (AGETIP) in Senegal. Mr. Wade was a former IBM Regional Manager for French-speaking countries in West Africa.

In September 1999, the Interim and Development Committees endorsed a framework to strengthen the link between debt relief and poverty reduction and to enhance the poverty focus of all Bank and Fund concessional lending. The new approach is based on poverty reduction strategies prepared by countries and embodied in Poverty Reduction Strategy Paper (PRSPs). Moreover, it was recognized that the PRSP process would need to evolve over time and that early experience would be evaluated and used to refine the process of strategy implementation on an ongoing basis. The seminar will attempt to draw lessons learned from the experiences of the countries of Bolivia, Senegal, Zambia and Mauritania that have prepared Interim PRSPs already under consideration by the Boards of the International Monetary Fund and the World Bank Group.

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• Leonor Arauco is Executive Director of the National Union of Institutions for Social Action Work (UNITAS), a national network of Bolivian NGOs, where she has been in charge of international relations and lobbyng activities. Herformer professional experience includes work in the areas of training and technical assistance for microentrepreneurs, advisory services in labor relations, human rights, microcredit, and rural development. She was also Director of INIS- Bolivia, a public sector research institute focusing on social and labor issues.
• Eveline Herfkens is Minister for Development Cooperation in the Ministry of Foreign Affairs in the Netherlands. Previously she served as Ambassador Extraordinary and Plenipotentiary at the United Nations. Ms. Herfkens was Executive Director of the World Bank Group following a period of being a member of the Lower House of Parliament.
• Ousmane Ndoye is Division Chief of General Planning for Senegal. He develops strategies for medium and long-term public investments. Mr. Ndoye has authored many articles on national planning systems using his experience in macroeconomics and econometrics at University Cheikh Anta Diop in Dakar.

Recent financial crises have brought to the fore questions concerning the involvement of the private sector in the resolution of financial crises. The seminar will examine issues associated with the circumstances in which the official community should be willing to rely on the traditional catalytic role of the Fund to produce spontaneous capital inflows, and the circumstances in which this should be buttressed by more concerted techniques for securing private sector involvement.

• How can countries limit their vulnerability to crises, and establish constructive dialogues with foreign investors?
• Should the international community move toward a rules-based system for determining when concerted private sector involvement would be required in the resolution of crises?
• How are efforts to secure private financing in the resolution of crises likely to affect the pattern of capital flows to emerging market borrowers?

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Moderator:

Morris Goldstein, Senior Fellow, Institute of International Economics, USA

• Jack Boorman is Director of the Policy Development and Review Department at the International Monetary Fund. He was Deputy Director for three years and also Division Chief in two country departments. Before coming to the International Monetary Fund, Mr. Boorman held positions on the faculties of the Universities of Southern California and Maryland and was a Research Economist at the Federal Deposit Insurance Corporation.
• Russell Cheetham is Advisor to the Chairman of the Frank Russell Company. He was Vice President of the World Bank responsible for operations in the Asia-Pacific Region. After retiring from the World Bank, he established the Asia-Pacific Investment Services Corporation, which provides a range of services to businesses and governments in the Asia-Pacific region and the former Soviet Union. Mr. Cheetham is Chairman of the U.S. Financial Markets Committee of the Pacific Economic Cooperation Council (PECC), and is a member of the Advisory Board for the East West Institute’s Private Sector Initiative in Russia.
• Mohamed A. El-Erian is Managing Director and a senior member of PIMCO’s portfolio management and investment strategy group and head of the emerging market portfolio management team. Prior to joining the firm, he was associated with Salomon Smith Barney/Citibank in London as Managing Director, head of the emerging markets economic research team. He previously spent 15 years with the International Monetary Fund. He has published on international economic topics and is frequent commentator on international financial issues.
• Morris Goldstein is the Dennis Weatherstone Senior Fellow in International Finance at the Institute for International Economics in Washington, D.C. Previously, he served as a staff member of the International Monetary Fund and was Deputy Director of the Research Department. He has published widely in the field of international economics, particularly on capital flows.
• Takatoshi Ito is Deputy Vice Minister for International Affairs in the Ministry of Finance of Japan. Prior to joining the Ministry, he was a professor at the Hitotsubashi University and held positions at the University of Minnesota and Harvard University. He has been Senior Advisor in the Research Department, International Monetary Fund.
• Wolfgang Wendt is Managing Director of the Global Banking Division of Deutsche Bank. He is the Global Head of Sovereign Debt Restructuring and he has chaired several Bank Advisory Committees including The London Club Advisory Committee for Russia.

The world’s economy will continue to integrate, driven by the erosion of national borders and the escalating power of technology. As developing country companies enter the global marketplace, they must tackle the often formidable forces of global competition. This seminar will highlight some of the key challenges—and solutions—for these companies to become global players.

• What is an appropriate strategy for developing countries corporations to respond to the challenges of global competition?
• How can companies from developing countries compete in domestic markets against established multinationals?
• What is the approach of large multinational companies in developing countries as they accelerate their strategies to match the pace of globalization?
• What is the appropriate policy framework for developing country governments to adopt?

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Moderator:

• Deaje Chin is President and CEO of Samsung Electronics Co., Ltd., since January 2000. He is responsible for the Digital Media Business that includes key products such as Color TV, VCR. Camcorder, Computer, PC Monitors and Printers. Since he joined Samsung Electronics, he pioneered the semiconductor development and as a result of his work in this field, Samsung Electronics has become a leading company within the worldwide semiconductor industry. Prior to joining the Samsung Group in 1985 he worked at the Watson Reserarch Centre at IBM.
• Pankaj Ghemawat is the Jaime and Josefina Chua Tiampo Professor of Business Administration at Harvard University's Graduate School of Business Administration. Prior to joining the Harvard Business School in 1983, he worked as a consultant with McKinsey & Company in London. Mr. Ghemawat’s research and teaching focus on the dynamics of globalization and generic strategies for globalizing firms. He is also the Chairman of Counterpoint Capital and a member of the international advisory councils of Enron and of the Instituto de Altos Estudios Empresariales (Buenos Aires).
• Martin Wolf is Associate Editor and Economics Commentator at the Financial Times, London. Prior to joining the Financial Times, he was Director of Studies at the Trade Policy Research Centre in London for six years. He began his professional career at the World Bank Group in 1971.

The Comprehensive Development Framework, or CDF, builds on the lessons of development experience. It is anchored on four key principles: developing a long-term, comprehensive policy framework through a process of national consultations; building stronger country ownership of the development agenda; promoting more effective partnerships; and a sharper focus on development outcomes. Since its introduction in January, 1999, implementation of the CDF concept and principles has been monitored in the following 12 pilots: Bolivia, Côte d’Ivoire, the Dominican Republic, Eritrea, Ethiopia, Ghana, the Kyrgyz Republic, Morocco, Romania, Uganda, Vietnam, West Bank and Gaza. The workshop will gather development policy makers to focus on:

• What are the lessons from the pilot and non-pilot countries implementing the CDF approach?
• What are the challenges ahead? How can we proceed forward?
• What is the wider applicability of the CDF approach to other countries including the implications for the practices and procedures of development agencies and developing country governments?

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Moderator:

• James D. Wolfensohn is in his second five-year term as President of the World Bank Group. Before joining the World Bank Group, he was an international investment banker and a key supporter of the performing arts. He has held the positions of President and Chief Executive Officer of James D. Wolfensohn Inc., Executive Deputy Chairman and Managing Director of Schroders Ltd. and Chairman of the Board of Trustees of the John F. Kennedy Center for the Performing Arts and of New York’s Carnegie Hall.

Welcome Reception