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News Release

Fischer, McDonough, Soros, and Summers Join Board of Directors of Institute for International Economics

January 22, 2002

Contact:    C. Fred Bergsten    (202) 328-9000

Washington, DC—The Institute for International Economics is delighted to announce the addition of four new members to its Board of Directors: Stanley Fischer, William J. McDonough, George Soros, and Lawrence H. Summers. All four are extremely distinguished citizens who have served with the highest distinction in government, business, and/or the academic world. They will help shape the future program of the Institute as it attempts to anticipate and address the chief problems facing the world economy.

Stanley Fischer has recently been named Vice Chairman of Citigroup. From 1993 until 2001, he served as First Deputy Managing Director of the International Monetary Fund. He had previously served as Vice President for Development Economics and Chief Economist of the World Bank from 1988 to 1990. From 1973 through 1999, he was a professor of economics at MIT. Dr. Fischer has published extensively on a wide range of international economic issues, especially financial crises and exchange rate systems, as well as on numerous macroeconomic topics.

William J. McDonough has been President and CEO of the Federal Reserve Bank of New York since 1993. In that capacity, he also serves as Vice Chairman and a permanent member of the Federal Open Market Committee, the group responsible for formulating the nation's monetary policy. He is a member of the Board of Directors of the Bank for International Settlements and is Chairman of the Basel Committee on Banking Supervision. Mr. McDonough spent 22 years at the First Chicago Corporation and its bank, First National Bank of Chicago, concluding his service there as Vice Chairman of the Board and as Director of the bank holding company.

George Soros is President and Chairman of Soros Fund Management LLC, a private investment firm, which serves as principal investment advisor to the Quantum Group of Funds, a series of international investment vehicles. He is a major international philanthropist, funding a network of foundations operating in over 50 countries that are dedicated to building and maintaining the infrastructure and institutions of an open society. He is the author of several books, including Open Society: Reforming Global Capitalism (2000) and The Crisis of Global Capitalism: Open Society Endangered (1998).

Lawrence H. Summers became President of Harvard University in July 2001. He was Secretary of the Treasury from 1999 until January 2001 after having served as Under Secretary for International Affairs and then Deputy Secretary. He had previously served as Vice President for Development Economics and Chief Economist of the World Bank from 1991 to 1993. He was previously a professor of economics at Harvard from 1983 until 1991. Dr. Summers has received the John Bates Clark Medal, given every two years to the outstanding American economist under the age of 40, and was the first social scientist to receive the annual Alan T. Waterman Award of the National Science Foundation.

These four new Institute Directors join an outstanding Board that includes Maurice H. Greenberg, Chairman of the American International Group; former United States Trade Representative Carla A. Hills; Sony Chairman and CEO Nobuyuki Idei; David Rockefeller; Banque de France Governor Jean-Claude Trichet; former Federal Reserve Board Chairman Paul A. Volcker; and former President of Mexico Ernesto Zedillo. Honorary Directors include Federal Reserve Board Chairman Alan Greenspan and George P. Shultz, former Secretary of State and Secretary of the Treasury. The Institute's Board is chaired by Peter G. Peterson, Chairman of the Blackstone Group and former Secretary of Commerce.

About the Institute

The Institute for International Economics, whose Director is C. Fred Bergsten, is the only major research center in the United States that is devoted to global economic policy issues. Its staff of about 50 focus on macroeconomic topics, international money and finance, trade and related social issues, and international investment, and cover all key regions-especially Europe, Asia, and Latin America. The Institute averages one or more publications per month; holds one or more meetings, seminars, or conferences almost every week; and is widely tapped over its popular Web site. In 2001, it celebrated its twentieth anniversary and moved into its new headquarters at 1750 Massachusetts Avenue, NW. The Institute has recently helped create the Center for Global Development, an independent but closely affiliated institution that will address poverty issues in the developing countries and policies toward them in the United States and other industrial nations.