Part I focuses on a broad agenda of reform. Issues discussed include: the crisis preventory role of regional institutions and monetary arrangements in the South; the lack of macroeconomic regulation and coordination at the world level; and the need for anti-cyclical monetary and financial policies in developing countries.

Part II looks at a new framework for private sector involvement in crisis prevention and crisis management.

Part III discusses recent initiatives to improve the regulation and supervision of private capital flows. It includes the diverging views of leading experts of the Bank for International Settlements and UNCTAD.

Part IV focuses on proposals to make the IMF more effective, transparent and accountable. Questions raised include whether the Fund should become a genuine lender of last resort and creator of international liquidity; act as an umpire in orderly debt negotiations between private and official creditors and their sovereign debtors; and, last but not least, whether it should become a truly global supervisor of the system by exercising effective surveillance over the exchange rate policies of the major international currency countries.