International Monetary and Financial Committee (IMFC) Statement by Secretary of the Treasury Janet L. Yellen

This year’s Annual Meetings come as we celebrate the 80th anniversary of the Bretton Woods institutions and continue to reflect on the role of the International Monetary Fund (IMF). The IMF has achieved much since its creation 80 years ago and has adapted to changes in the international monetary system to address the needs of its members. From its original 30 members and 12-member Executive Board, the IMF has grown to 191 members, and we are about to welcome the 25th Executive Director, increasing the representation of sub-Saharan Africa. We have also seen the IMF respond to and learn from key events—from the international debt crisis of the 1980s, the fall of the communist bloc, the Asian financial crisis in the 1990s, and the Heavily Indebted Poor Countries Initiative for debt relief, to the global financial crisis and Eurozone crisis.