Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), delivered remarks at the 25th Jacques Polak Annual Research Conference. She began by congratulating the Research Department and Pierre-Olivier for their achievements over the past 25 years.
Georgieva acknowledged the conference's role in addressing challenging questions within economics and assisting policymakers through complex issues. "My task is to honor this incredibly distinguished history—in under 5 minutes. Impossible, but I will try!" she stated.
The inaugural conference was held in 2000 under Michael Mussa, with Maury Obstfeld presenting a new international macroeconomics research agenda. This event occurred 15 years before Obstfeld became Chief Economist. Subsequent conferences led by Ken Rogoff and Raghu Rajan addressed vital topics like exchange rate regimes and capital flows, offering insights crucial during the Global Financial Crisis.
Simon Johnson's leadership followed, exploring factors impacting exchange rates and their policy implications—a contribution recognized as he later received a Nobel Prize. Olivier Blanchard's tenure coincided with the Global Financial Crisis, allowing reflection on macroeconomic policies which improved preparedness for future shocks.
Gita Gopinath’s sessions focused on integrating epidemiology into macroeconomic models during COVID-19, providing insight into pandemic-related impacts on capital flows. Under Pierre-Olivier’s guidance, a new strategy was developed to tackle post-pandemic challenges such as inflation and elevated debt.
Georgieva highlighted that current economic conditions include persistent inflation and fragmentation despite stabilizing growth prospects. Elevated debt limits fiscal space needed for essential spending in developing countries.
"This year will continue the ARC’s tradition of excellence," Georgieva expressed optimism about tackling these challenges at this year's conference themed "Rethink the Policy Toolkit in a Turbulent Global Economy." She emphasized addressing issues faced by central banks and fiscal authorities globally.
She concluded her remarks by wishing attendees an enlightening conference experience: "With Gita, Pierre-Olivier, and the RES team in the lead, you are in great hands."
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