Appointment of Andrew Crockett as Chairman

International Monetary Fund
Published Date:
June 2004
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At its meeting on October 3, 2004, the Board of Directors of the Per Jacobsson Foundation unanimously selected Mr. Andrew Crockett as its new Chairman with effect from November 1.

Mr, Crockett, a Director of the Foundation since October 1993, succeeds Mr. Jacques de Larosière, Chairman since November 1999. Mr. de Larosière announced his retirement from the Chairmanship and the Board of Directors in recognition of the age limit for directors of the Foundation agreed by the Board. Mr. de Larosière served as Managing Director of the International Monetary Fund from 1978 to 1987 and thereafter, successively, as Governor of the Bank of France and President of the European Bank for Reconstruction and Development. The Board unanimously passed a vote of thanks for Mr. de Larosière’s services to the Foundation. Mr. Leo Van Houtven, former Secretary and Counsellor of the IMF, continues as President of the Per Jacobsson Foundation.

Mr. Crockett has been President of JPMorgan Chase International since 2003. After working at the Bank of England between 1966 and 1972, Mr. Crockett moved to the International Monetary Fund as a staff member between 1972 and 1989, rising to the position of Deputy Director of the Research Department. In 1989, he left the IMF to become an Executive Director of the Bank of England. In this capacity, he was a member of the Monetary Committee of the European Union, Alternate Governor of the IMF for the United Kingdom, and a member (subsequently Chairman) of Working Party 3 of the OECD. In 1993, Mr. Crockett left the Bank of England to become General Manager of the Bank for International Settlements, a post he held until 2003. Between 1999 and 2003, he also served as the first Chairman of the Financial Stability Forum. He was knighted by Her Majesty the Queen in 2003.

Established in 1964 in honor of the third managing director of the IMF, the Per Jacobsson Foundation sponsors lectures and panel discussions by eminent persons from the world of finance, economic policy, and international monetary cooperation. These events are designed to promote informed international discussion of current issues in monetary affairs. In 2004, the Foundation has sponsored two lectures—one in Zurich in June by Professor

C.A.E. Goodhart of the London School of Economics on “Some New Directions for Financial Stability?” and another in Washington in October by Dr. Lawrence H. Summers, President of Harvard University, on “The U.S. Current Account Deficit and the Global Economy.” Next year, there will be a lecture in Washington in connection with the Annual Meetings of the Boards of Governors of the International Monetary Fund and the World Bank. Two events are planned for 2006: one in Basel, Switzerland, in connection with the Annual General Meeting of the Bank for International Settlements and another in Singapore on the occasion of the Annual Meetings of the Boards of Governors of the International Monetary Fund and the World Bank.

The Per Jacobsson Lectures

2004 The U.S. Current Account Deficit and the Global Economy. Lecture by Lawrence H. Summers.

Some New Directions for Financial Stability? Lecture by C.A.E. Goodhart, CBE (Zurich).

2003 The Arab World: Performance and Prospects. Lecture by Abdlatif Yousef Al-Hamad (Dubai).

2002 The Boom-Bust Capital Spending Cycle in the United States: Lessons Learned. Lecture by EGerald Corrigan.

Recent Emerging Market Crises: What Have We Learned?Lecture by Guillermo Ortiz (Basel).

2001 No lecture took place due to the cancellation of the Annual Meetings of the IMF and the World Bank Group.

2000 Ten Years OnSome Lessons from the Transition. Lecture by Josef Tošovský (Prague).

Strengthening the Resilience of Financial Systems. Symposium panelists: Peter B. Kenen, Arminio Fraga, and Jacques de Larosière (Lucerne).

1999 The Past and Future of European IntegrationA Central Banker’s View. Lecture by Willem F. Duisenberg.

1998 Managing the international Economy in the Age of Globalization. Lecture by Peter D. Sutherland.

1997 Asian Monetary Cooperation, Lecture by Joseph C.K. Yam, CBE, JP (Hong Kong).

1996 Financing Development in a World of Private Capital Flows: The Challenge for International Financial Institutions in Working with the Private Sector. Lecture by Jacques de Larosière.

1995 Economic Transformation: The Tasks Still Ahead. Symposium panelists: Jan Svejnar, Oleh Havrylyshyn, and Sergei K. Dubinin.

1994 Central Banking in Transition. Lecture by Baron Alexandre Lamfalussy (London).

Capital Flows to Emerging Countries: Are They Sustainable? Lecture by Guillermo de la Dehesa (Madrid).

1993 Latin America: Economie and Social Transition to the Twenty-First Century. Lecture by Enrique V. Iglesias.

1992 A New Monetary Order for Europe. Lecture by Karl Otto Pöhl.

1991 The Road to European Monetary Union: Lessoris from the Bretton Woods Regime. Lecture by Alexander K. Swoboda (Basel).

Privatization: Financial Choices and Opportunities. Lecture by Amnuay Viravan (Bangkok).

1990 The Triumph of Central Banking? Lecture by Paul A. Volcker.

1989 Promoting Successful Adjustment: The Experience of Ghana. Lecture by J.L.S. Abbey.

Economic Restructuring in New Zealand Since 1984. Lecture by David Caygill.

1988 The International Monetary System: The Next Twenty-Five Years. Symposium panelists: Sir Kit McMahon. Tommaso Padoa-Schioppa, and C. Fred Bergsten (Basel).

1987 Interdependence: Vulnerability and Opportunity. Lecture by Sylvia Ostry.

1986 The Emergence of Global Finance. Lecture by Yusuke Kashiwagi.

1985 Do We Know Where We're Going? Lecture by Sirjeremy Morse (Seoul).

1984 Economic Nationalism and International Interdependence: The Global Costs of National Choices. Lecture by Peter G. Peterson.

1983 Developing a New International Monetary System: A Long-Term View. Lecture by H. Johannes Witteveen.

1982 Monetary Policy: Finding a Place to Stand. Lecture by Gerald K. Bouey (Toronto).

1981 Central Banking with the Benefit of Hindsight. Lecture by Jelle Zijlstra; commentary by Albert Adomakoh.

1980 Reflections on the International Monetary System. Lecture by Guillaume Guindey; commentary by Charles A. Coombs (Basel).

1979 The Anguish of Central Banking. Lecture by Arthur F. Burns; commentaries by Milutin Cirovic and Jacques J. Polak (Belgrade).

1978 The International Capital Market and the International Monetary System. Lecture by Gabriel Hauge and Erik Hoffmeyer; commentary by Lord Roll of Ipsden.

1977 The International Monetary System in Operation. Lectures by Wilfried Guth and Sir Arthur Lewis.

1976 Why Banks Are Unpopular. Lecture by Guido Carli; commentary by Milton Gilbert (Basel).

1975 Emerging Arrangements in International Payments: Public and Private. Lecture by Alfred Hayes; commentaries by Khodadad Farmanfarmaian, Carlos Massad, and Claudio Segré.

1974 Steps to International Monetary Order. Lectures by Conrad J. Oort and Puey Ungphakorn; commentaries by Saburo Okita and William McChesney Martin (Tokyo).

1973 Inflation and the International Monetary System. Lecture by Otmar Emminger; commentaries by Adolfo Diz and János Fekete (Basel).

1972 The Monetary Crisis of 1971: The Lessons to Be Learned. Lecture by Henry C. Wallich; commentaries by C.J. Morse and I.G. Patel.

1971 International Capital Movements: Past, Present, Future. Lecture by Sir Eric Roll; commentaries by Henry H. Fowler and Wilfried Guth.

1970 Toward a World Central Bank? Lecture by William McChesney Martin; commentaries by Karl Blessing, Alfredo Machado Gómez, and Harry G. Johnson (Basel).

1969 The Role of Monetary Gold over the Next Ten Years. Lecture by Alexandre Lamfalussy; commentaries by Wilfrid Baumgartner, Guido Carli, and L.K. Jha.

1968 Central Banking and Economic Integration. Lecture by M.W. Holtrop; commentary by Lord Cromer (Stockholm).

1967 Economic Development: The Banking Aspects. Lecture by David Rockefeller; commentaries by Felipe Herrera and Shigeo Horie (Rio de Janeiro),

1966 The Role of the Central Banker Today. Lecture by Louis Rasminsky; commentaries by Donato Menichella, Stefano Siglienti, Marcus Wallenberg, and Franz Aschinger (Rome).

1965 The Balance Between Monetary Policy and Other Instruments of Economic Policy in a Modern Society. Lectures by C.D. Deshmukh and Robert V. Roosa.

1964 Economic Growth and Monetary Stability. Lectures by Maurice Frère and Rodrigo Gómez (Basel).

The Per Jacobsson lectures from 1979 through 2004 are available on the Internet at, which also contains further information on the Foundation. Subject to availability, copies of the Per Jacobsson lectures from 1990 through 2004 may be acquired without charge from the Secretary. The Per Jacobsson lectures from 1964 through 1978 may be obtained for a fee from ProQuest Company, 300 North Zeeb Road, Ann Arbor, MI 48106-1346; Tel: (734) 761-4700 or (800) 521-3042; Fax: (734) 761-3940 or (800) 864-0019.

The Per Jacobsson Foundation

Honorary Chairmen:Eugene R. BlackMarcus Wallenberg
Past Chairmen:W. Randolph BurgessWilliam McC. MartinSir Jeremy MorseJacques de Larosière
Past Presidents:Frank A. Southard, Jr.Jacques J. Polak
Founding Sponsors
Hermann J. AbsViscount HarcourtJean Monnet
Roger AuboinGabriel HaugeWalter Muller
Wilfrid BaumgartnerCarl Otto HenriquesJuan Pardo Heeren
S. Clark BeiseM.W. HoltropFederico Pinedo
B.M. BirlaShigeo HorieAbdul Qadir
Rudolf BrinckmannClarence E. HunterSven Raab
Lord CobboldH.V.R. lengarDavid Rockefeller
Miguel CuadernoKaoru InouyeLord Salter
R.v. FieandtAlbert E. JanssenPierre-Paul Schweitzer
Maurice FrèreRaffaele MattioliSamuel Schweizer
E.C. FussellJJ. McElligottAllan Sproul
Aly GritlyJohan MelanderWilhelm Teufenstein
Eugenio GudinDonato MenichellaGraham Towers
Gottfried HaberlerEmmanuel MonickJoseph H. Willits
Board of Directors
Sir Andrew D. CrockettChairman of the Board
Abdlatif Y. Al-HamadMalcolm D. Knight
Nancy BirdsallHorst Köhler
Michel CamdessusEdwin M. Taiman
E. Gerald CorriganLeo Van Houtven
Toyoo GyohtenJacob Wallenberg
Enrique V. Iglesias
Leo Van HoutvenPresident
Graham HaccheVice-President and Secretary
G. Michael FitzpatrickTreasurer

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