By John Lipsky, First Deputy Managing Director, International Monetary Fund
New York, December 10, 2009
As Prepared for Delivery
Good afternoon. It’s a pleasure to be here. This venue is appropriate for today’s discussion. The Japan Society is dedicated to fostering dialogue between the United States, Japan and East Asia. The Society’s foundation is the understanding that international cooperation serves common global goals. This same understanding motivated the architects of the International Monetary Fund, and it inspires the Fund’s work today.
The global financial crisis has underlined in a painful way that the globalized economy is a fact. As we know all too well, problems welling up in a narrow segment of the U.S. housing market metastasized into the most serious global downturn since the Great Depression.
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