Timothy F Geithner: The Bretton Woods institutions in the 21st century Remarks by Mr Timothy F Geithner, President and Chief Executive Officer of the Federal Reserve Bank of New York, before the Bretton Woods Committee, New York, 10 June 2004. *  *  *  It is a pleasure to join you for this meeting of the Bretton Woods Committee. This is a great and accomplished organization. Although the international financial institutions are one of the most important legacies of the great statesmen of the last century, the task of supporting them is not always easy. The Committee has been effective in this role, not just by helping to explain the accomplishments of the International Monetary Fund and the World Bank to an occasionally skeptical public, but also by helping to shape the debate on how these institutions need to change. The Fund, from its inception, was burdened by a mismatch between the aspirations of its architects and the authority and instruments they gave the institution to pursue those ambitions. Its authority over the policies of its members was limited. Its resources were small, and the facilities established to deploy those resources were modest relative to the problems they were designed to address.
It will be followed around a year later by a polymer £ note featuring Jane Austen. The decision to move to polymer for these notes follows a three-year review and a broad public consultation exercise. Our research has shown a compelling case for polymer notes. Polymer notes bring three main benefits: •  They stay cleaner than paper banknotes because they are resistant to dirt and moisture;  •  They are more secure because they incorporate advanced security features that make them difficult to counterfeit;  •  And they are more durable, lasting at least 2½ times as long as paper banknotes, ensuring that notes in circulation remain of high quality. Because replacements are needed less often they are both cheaper over time, and more environmentally friendly. These advantages mean that a switch to polymer is a natural step in the evolution of banknote design. But you don’t have to take our word for it. Nearly 13000 people have told us what they thought, in surveys and at over 40 events up and down the UK, and 87% – the vast majority – were in favour of polymer notes, especially once they had a chance to see and handle prototype notes. After that public consultation, we’re confident that the switch to polymer will have broad public support.