Bill Clinton: “Bank September 29, 1999 Thank you very much, Secretary Summers, President Wolfensohn, Chairman Acharya, Director…”

“Bank September 29, 1999 Thank you very much, Secretary Summers, President Wolfensohn, Chairman Acharya, Director Camdessus, Vice President Fall, Secretary Anjaria. Let me begin by saying how very grateful I am to be here with all of you. I appreciate the generous introduction. Some of you may have heard me say this before, but the introduction that Secretary Summers just gave me is an illustration of one of my unbending laws of political life: Whenever possible, be introduced by someone you have appointed to high office. [Laughter] It is much easier because he's done such a superb job, and I thank him. Let me say, all of you know that a year ago we were here in a time of crisis, perhaps the most severe financial crisis in the global economy since the end of the Second World War, a grave challenge to the IMF and the World Bank. Thanks to the hard work that you and your countries have done, economies that were sliding down are rising again. We have also worked hard, as Secretary Summers said, in the wake of these crises to prevent future ones, to respond more quickly and effectively, to lessen the toll they take on ordinary citizens. We have intensified our efforts to construct a global financial architecture that is stable and strong in the new conditions of the new economy. Still, those who were hit by this crisis were hit very hard, and many are still reeling. People lost jobs and businesses and dreams.…”