Our symposium is organized in three panels:  II  •  § in the first panel, we will discuss as to whether the international monetary system does function efficiently at present;  •  § the focus of the second panel will be on international financial stability and the respective contributions from national policies and international institutions;  •  § the third panel will concentrate on the role of the IMF in the international monetary and financial system: Can the IMF be a panacea for every problem?
Functioning of the international monetary system  Over the last few years, the major challenge of promoting financial stability has come from the growing size of international capital flows and the greater use of new financial instruments and technology, particularly the increasing role of complex and leveraged instruments. Moreover, many emerging and developing countries become increasingly integrated in the global financial markets.