HISTORIC PRESS RELEASE : Chancellor Gordon Brown Appointed to Leading International Role [September 1999]

The press release issued by HM Treasury on 10 September 1999.

The Chancellor Gordon Brown has been appointed as the new chairman of the Interim Committee of the International Monetary Fund.

The Prime Minister welcomed the news and said:

“This is a tremendous accolade both for the Chancellor and for Britain.

“It shows the high regard in which Gordon is held both at home and abroad, the leading influence of British ideas in the international financial community and his personal leadership on issues such as Third World debt.”

The Committee was established in 1974 to advise the IMF on the management of the international monetary system as well as dealing with any sudden shocks to the system. The Chancellor replaces Carlo Azeglio Ciampi who resigned in May 1999 when he became President of Italy.

The Chancellor said:

“I am looking forward to working with my international colleagues to ensure the Committee plays an effective role in the international monetary system and in the governance of the IMF.

“This is an important time for international financial institutions and I am looking forward to leading the debate about reforms to the Committee to give it a permanent standing as well as further reforms to bring greater stability to the international financial system.”

The Chancellor will lead the discussions on reform of the Interim Committee following proposals put forward by the G7 Finance Ministers earlier this year. Those proposals included putting the Interim Committee on a permanent footing and giving it the name ‘International and Financial Monetary Committee.’

Discussions will also focus on a number of reforms to the international financial architecture, including involving the private sector in crisis prevention and resolution within the international financial system and the Heavily Indebted Poor Countries Initiative to help relieve Third World debt.