Oct 29, 2014/IMF

By Christine Lagarde

Introduction: Diplomats and Economists

Good evening. Thank you so much, David, for your kind introduction. And let me also thank Secretary Pritzker and President Fred Hochberg for their generosity.

For almost half a century, Foreign Policy has been an indispensable voice in promoting global understanding and cooperation—in the service of diplomacy. This role has never been more important than today; a role that we are fortunate to have Foreign Policy play with such distinction under the leadership of David Rothkopf.

I am glad to say that we are on the same side in this never-ending struggle for a better and more peaceful world. Throughout its 70-year history, the IMF has also sought to promote understanding and cooperation—economic diplomacy in the service of global financial stability.

I am delighted, therefore, to accept this award as recognition of the goal that we pursue. I receive it on behalf of our membership and my colleagues at the Fund. I am proud to lead this exceptional group of public servants, who strive tirelessly to support a global economy in which all nations and people can prosper.

When one speaks of diplomacy, political issues, conflicts typically come to mind. Yet, my experience is that economic issues often lie just beneath the surface of many political disputes and weave the fabric for many political solutions. The IMF is often involved in this interplay between economics and politics.

As you know, the Fund was created in 1944 through far-sighted diplomacy, in which the United States played the leading role. As the heirs to the Bretton Woods legacy, we have every reason to claim that diplomacy is in our DNA.

The IMF’s stock in trade, of course, is economic expertise. However, we approach our work with the mindset of multilateralism: the idea that no nation can go it alone; that key policies spill over and back; that the best solutions are negotiated solutions; and that knowledge is to be shared.

This is not a new idea. But it has undergone many changes, and I believe it needs to further evolve.

Tonight, I would like to discuss our multilateralism—the past, the present, and especially the future, where a multilateralism for the 21st Century is needed.