Under Secretary for International Affairs on "International Economic Policy in a Globalized World"
Under Secretary for International Affairs
Opening Remarks by
Charles W. Freeman III
Freeman Chair in China Studies
Center for Strategic and International Studies
David H. McCormick is the principal advisor to Secretary Henry M. Paulson, Jr., the Secretary of the Treasury on international economic issues. Mr. McCormick oversees policies in the areas of international finance, trade in financial services, investment, economic development, and international debt policy. He also coordinates financial market policy with the Group of Seven industrialized countries.
Today's international economic policy makers must address new economic challenges brought about by globalization and the rise of emerging markets. Global financial integration, for all its benefits, also brings with it financial threats as terrorist networks try to exploit global markets for illicit purposes. In response, the Treasury Department is evolving its mission and capabilities to address new challenges such as the threat of terrorist finance, the economic consequences of climate change, and the increasing integration of markets through globalization. In addition to reforms taking place within government, the international financial architecture must also adapt to reflect the changing balance of economic power.