Annual Meetings  Boards of Governors OCTOBER 1998
			International Monetary Fund World Bank Group WASHINGTON, D.C.

	1998 Program of Seminars Seminar Schedule
	Last updated 10/2/98

	Tuesday, October 6, 1998
	2:00 - 3:30	A New Central Bank: The European Central Bank On June 1, 1998, the European Central Bank (ECB) was established, and the European System of Central Banks (ESCB) will start operations on January 1, 1999. New relationships will develop between the ECB and national economies as well as between the ECB and IMF. How will monetary policy be conducted in the Economic and Monetary Union? How will a single monetary policy be seen to affect the national economies and to whom will the ECB be accountable? How will external policies (exchange rate policy, interventions, relations with other central banks and international financial institutions) be carried out in the new regime? What kind of relationship will the ECB and the IMF establish? Discussion Leaders Michel Albert, Member of the Monetary Policy Committee, Banque de France, France Otmar Issing, Member of the Executive Board, European Central Bank Tommaso Padoa-Schioppa, Member of the Executive Board, European Central Bank Massimo Russo, Special Advisor to the Managing Director, International Monetary Fund Moderator Michael Mussa, Economic Counsellor, International Monetary Fund
	2:00 - 3:30	From Stabilization to Growth: New Investment Opportunities in Bulgaria Bulgaria's new government has undertaken a series of reforms that have revitalized the previously faltering economy and provided a stable framework for foreign investment. A privatization drive is currently creating new opportunities for partnership between the country and the international investor community. What makes Bulgaria an attractive investment partner? How is Bulgaria opening opportunities and reducing risks in its rapidly emerging market? How is the legal and business framework developing to support new foreign investment? Discussion Leaders Alexander Dimov Bozhkov, Deputy Prime Minister and Minister of Industry, Bulgaria Svetoslav Gavriiski, Governor, Bulgarian National Bank Andrew Kenningham, First Vice President of Emerging Markets Fixed Income Research, Merrill Lynch, United Kingdom Ilian Vassilev, President, Foreign Investment Agency, Bulgaria Moderator Nancy Schiller, Managing Director, Bulgaria-American Enterprise Fund, USA
	2:00 - 3:30	Labor Standards: Who Really Benefits? Labor standards - the rules and norms that govern working conditions and industrial relations - relate to human rights and often have important economic implications. While nearly all governments set workplace standards, these differ in their objectives; while some aim at protecting vulnerable workers and eliminating injustices, others aim at helping the market work better. What are the intended benefits - and possible unintended effects - of labor standards to workers and employers? How do these standards contribute to economic development? What are the roles of governments, employers, workers, and international organizations in designing and implementing labor standards that are beneficial to all? Discussion Leaders Douglas Cahn, Vice President, Human Rights Program, Reebok International Ltd., USA Katherine Hagen, Deputy Director General, International Labour Organisation John P. Martin, Deputy Director for Education, Employment, Labour & Social Affairs, Organisation for Economic Co-Operation and Development Govindasamy Rajasekaran, Secretary General, Malaysian Trades Union Congress, Malaysia Moderator Kaushik Basu, Professor of Economics, Cornell University, USA
	4:00 - 5:30	Corruption and Policy Reform Corruption is a symptom of problems in a country's public sector. It interferes with at least three core functions of government: allocation of resources, the maintenance of a stable economic framework, and redistribution of income. Appropriate policies can minimize corruption and its consequences. How does corruption affect the core functions of government? How does corruption retard economic growth? What is the link between corruption and human capital formation? How does corruption affect income distribution and poverty alleviation? Discussion Leaders Michael Jendrzejczyk, Washington Director, Asia Division, Human Rights Watch, USA Daniel Kaufmann, Lead Economist, Development Economics Group, World Bank Vito Tanzi, Director, Fiscal Affairs Department, International Monetary Fund Alfonso Valdivieso, Ambassador, Colombia Mission to the United Nations Shang-Jin Wei, Associate Professor, Kennedy School of Government,Harvard University, USA Moderator Moisés Naím, Editor, Foreign Policy, USA
	4:00 - 5:30	Financial Sector Reform in Hungary Hungary is the first of the transition economies to virtually complete the privatization of its financial sector. Driven by foreign strategic investors, such an effort has resulted in a unique corporate governance structure and an open business environment. How was this process achieved? What are the strengths of the financial sector and the remaining challenges? What are the links between the financial sector reforms and increases in foreign direct investment and capital market development? Discussion Leaders Tamás Erdei, President, Hungarian Banking Association, Hungary Ronald Freeman, Co-Chief Executive, Europe, Salomon Smith Barney, United Kingdom Zsigmond Járai, Minister of Finance, Hungary György Surányi, President, National Bank of Hungary Moderator Mark Palmer, President, Capital Development Company and Building DC, USA

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