Conclusion The overarching theme in my remarks was a call to review the narrative about the international macroeconomic adjustment process. Such a restored narrative will need to be a more nuanced one compared to what we used to call the “Washington Consensus”.
Mr. Greenspan examines the crises in Asia, considers the existence and provision of safety nets and ponders possible policy responses to problems in the international financial system Remarks by Chairman of the US Federal Reserve System, Mr. Alan Greenspan, before the 34th Annual Conference on Bank Structure and Competition of the Federal Reserve Bank of Chicago on 7/5/98.